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Bitcoin, Litecoin & Ripple: Selling Set to Intensify Below Noted Levels

Bitcoin, Litecoin & Ripple: Selling Set to Intensify Below Noted Levels

Paul Robinson, Strategist

Technical Highlights:

  • Bitcoin broke wedge, watching 9222 closely
  • Litecoin also broke wedge, watching 137
  • Ripping dropping towards 87-line, break to accelerate

See how traders are positioned in Cryptocurrencies and what it might mean on the IG Client Sentiment page.

Bitcoin broke wedge, watching 9222 closely

The other day, we noted wedge formations ready to break in Bitcoin and Litecoin, and indeed they made bearish breaks as anticipated. The drop so far hasn’t been fierce, but support is coming up soon, which if broken, should lead to an acceleration in selling.

The Jan 17 spike-low at 9222 is the big level to watch here. A breakdown below there and 7888 (also in confluence with the 200-day) becomes next up as targeted support. Below there, nothing signficant until 5555.

Want to learn more about cryptocurrencies? Check out this guide, Introduction to Bitcoin Trading

Chart 1 – BTC/USD: Daily

bitcoin daily log chart

Litecoin also broke wedge, watching 137

While all cryptos are trading lower, Litecoin and Bitcoin have had very similar paths. They both formed solid-looking wedges and broke at the same time. The big level to watch is at 137.57, also a spike-low created on 1/17. Below there, nothing meaningful until just under 110 (also in confluence with the 200-day).

Chart 2 – LTC/USD: Daily

Litcoin daily log chart

Ripple dropping towards 87-line, break to accelerate

Ripple is slowly trading lower in 'drip-drip-drip' fashion, which looks poised to accelerate, especially on a break of 87 cents. A break below will bring in the 50 cent area, where the trend-line from a year ago and the 200-day arrive.

Chart 3 – XRP/USD: Daily

Ripple daily log chart

Whether you’re a new or experienced cryptocurrency trader, we have several resources to help you;Introduction to bitcoin trading guide, indicator for tracking trader sentiment, and a weekly webinar discussing the latest developments.

---Written by Paul Robinson, Market Analyst

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You can follow Paul on Twitter at @PaulRobinsonFX

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