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Bounce Over for Cryptocurrencies? A look at Ethereum, Ripple & Litecoin

Bounce Over for Cryptocurrencies? A look at Ethereum, Ripple & Litecoin

Paul Robinson, Strategist

The other day we highlighted the weekend reversal bars carved out across the cryptocurrency spectrum, making note of how it should lead to further upside in the short-term. However, we are already seeing those bounces fizzle and the likes of Ethereum, Ripple, and Litecoin look headed towards taking out their respective key-reversal daily lows. If this happens look for another wave of selling to further damage the charts.

Traders are generally long Bitcoin, suggesting more weakness; See how positioning changes can help determine price direction on the IG Client Sentiment page.

Ethereum failing to climb above February spike-low

Ethereum (ETH/USD) had a swift reversal from around a congestion formed during November/December, but that powerful turnabout is already at risk of failing. The important February spike-low and 200-day MA are proving to be too much despite the abrupt pause in the recent decline.

A break of 452 will negate the bullish implications of the 3/18 reversal and have momentum back in favor of shorts. Looking lower, there is support around 400 from the wedge that formed during the second-half of 2017. This may be another point which gives pause to further weakness.

Check out this guide to learn more about how to trade Bitcoin and other cryptocurrencies.

ETH/USD Daily Chart

ethusd daily price chart

Ripple chart undermined by January 2017 trend-line break

Ripple (XRP/USD) dropped below the January 2017 trend-line before putting in a reversal day of its own, which already took a little wind out of the key-reversal. The 3/18 turn led to exactly one follow-through day as a result (just above the 200-day MA) and is now at risk of breaking the recent low at 5375.

A drop below will again have lower prices on the radar, with the next level of support arriving at just a shade under 40 cents. As is the case with Ethereum, still looking for a full reversal of the rally out of the H2 2017 wedge, which would take it all the way down to 25 cents.

XRP/USD Daily Chart

xrp/usd daily price chart

Litecoin reversal off September trend-line, 200-day may soon fail

Litecoin (LTC/USD) reversed around solid support by way of the September trend-line in confluence with the 200-day MA. This has this particular crypto positioned a bit better, but as goes the group will go Litecoin. A break of 137 will have not only be a breach of the bullish reversal, but also the aforementioned confluence of support.

This will have eyes down towards 103 as the next level of support, a substantial drop but very doable in fairly short order. Should it maintain a bullish posturing, the trend-line off the December high should prove problematic.

LTC/USD Daily Chart

ltc/usd daily price chart

Resources for Cryptocurrency Traders

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