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Cryptocurrency Latest: Bitcoin (BTC), Ripple (XRP) Weekend Price Slump

Cryptocurrency Latest: Bitcoin (BTC), Ripple (XRP) Weekend Price Slump

2020-02-17 12:00:00
Nick Cawley, Analyst
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Bitcoin (BTC) and Ripple (XRP) Price, News and Analysis:

  • Cryptocurrency market roiled over the weekend.
  • Technical set-up remains positive for now.

A Guide to Day Trading Bitcoin and Other Cryptocurrencies

Bitcoin (BTC) – Two-Month Rally Intact

Weekend trading in the cryptocurrency space has seen sharp moves before, and this weekend was no different with a sharp sell-off across the board wiping out last week’s rally. According to market reports, one seller slammed Bitcoin lower on Saturday, taking the rest of the market lower in its wake.

cryptocurrencies prices showing sharp falls

Prices via CoinMarketCap.com

Despite the weekend sell-off, cryptocurrencies across the board are still sharply higher off the multi-month lows made in mid-December. Looking at Bitcoin, the daily chart remains positive with a series of higher highs and higher lows made since the end of last year. Bitcoin also broke above a longer-dated lower high made on October 28 last year, although this level is now being tested. The moving averages also throw a positive shadow on the chart with the 50-dma (blue) looking to break above the 200-dma (black), a bullish formation known as a ‘golden cross’. If Bitcoin can consolidate above the $9,500 level in the short-term, the market may look to press higher.

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Bitcoin (BTC) Daily Price Chart (June 2019 – February 17, 2020)

bitcoin prices falling
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Ripple (XRP) Slumps Nearly 20% in Three Days

Ripple, the third-largest crypto by market capitalization, has shed nearly 20% over the last three days as prior enthusiasm for the token evaporated. According to IG Client Sentiment, 97% of customers are net-long XRP, an extreme position. The chart shows that the recent rally broke the longer-term trend of lower-highs and, as with Bitcoin, if the price can consolidate around current levels, then the recent bullish momentum will remain intact. The 50-dma/200-dma crossover is also close and mat give Ripple a boost if/when it takes place.

Ripple (XRP) Daily Price Chart (May 2019 – February 17, 2020)

Ripple chart showing prices falling

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Bitcoin (BTC) and Ripple (XRP) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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