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Cryptocurrency Analysis & Charts - Bitcoin, Ripple, Litecon and Ethereum

Cryptocurrency Analysis & Charts - Bitcoin, Ripple, Litecon and Ethereum

2018-04-06 16:00:00
Nick Cawley, Strategist
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Bitcoin, Ripple, Ether, Litecoin - News and Talking Points

- A break below $5,932 could see Bitcoin fall further.

- Ripple can’t buy a break, or a listing.

To see how retail traders are currently positioned in cryptocurrencies and what it means for the market looking ahead, check out the IG Client Sentimentpage.

Bitcoin - Nears February 6 Low

Another down week for the cryptocurrency giant with any rally finding sellers, while buyers continue to sit on the sidelines. A lack of any positive news continues to weigh on the token keeping it below the ongoing down trend channel and beneath the descending wedge from the February 6 of $5,932, which is now the latest target for the coin ahead of the November 12 low at $5,622. To the upside a break, and close, above the down channel at $7,330 is needed to improve sentiment before the 20-day moving average at $7,880 comes into play.

Bitcoin (BTC) Price Chart Daily Time Frame (October 2017 – April 6, 2018)

Cryptocurrency Analysis & Charts - Bitcoin, Ripple, Litecon and Ethereum

Ripple – Can’t Buy Me Love

Media stories this week rumor that Ripple has tried, and failed, to buy listings on both the Coinbase and Gemini exchanges recently, leaving it looking vulnerable to further downside. The failure to list on two of the largest US cryptocurrency exchanges, and the subsequent loss of face if the story/stories are correct will leave the downside as the path of least resistance. Currently trading around $0.465, a break and close below the December 22 low at $0.42 could see XRP fall all the way back to the start of the sharp rally at $0.20. On the upside, $0.57 should cap any bullish move.

Ripple (XRP) Price Chart in US Dollars (November 13, 2017 – April 6, 2018)

Cryptocurrency Analysis & Charts - Bitcoin, Ripple, Litecon and Ethereum

Ethereum – Respecting the Downtrend

The second-largest token ETH has now shed in excess of $100 billion in market capitalization since its January 15 spike high of $134.7 billion. The chart below shows how all rallies have been sold into, while the down trend from the mid-January high continues to limit any upside move. The recent low at $357 looks likely to come under pressure again which leaves a large drop down to the two lows seen in October and November 2017 around $275-$278. On the upside $405 currently guards the 20-day moving average at $471.

Ethereum (ETH) Price Chart in US Dollars (October 13, 2017 – March 23, 2018)

Cryptocurrency Analysis & Charts - Bitcoin, Ripple, Litecon and Ethereum

Litecoin – Nears February ‘Double Low’

Another token to fallen heavily, Litecoin has at least shown some signs of stabilization over the last 9 trading sessions. Haven fallen below Fibonacci retracement at $118, LTC currently trades around $114 with a double low around $106-$107 from February in view. LTC also is trading either side of the downtrend from the December 19 high. To push higher the token needs continued consolidation in the days ahead which would open the way back up to $137 ahead of $150. A break below the double low would leave LTC vulnerable to further losses with weak support around $70-$72 the first target.

Litecoin (LTC) Price Chart in US Dollars (August 26, 2017 – March 23, 2018)

Cryptocurrency Analysis & Charts - Bitcoin, Ripple, Litecon and Ethereum

Essential Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars

Please note that we currently use two different charting systems on cryptocurrencies to obtain maximum price information.

If you are interested in trading Bitcoin, Ripple, Ether or Litecoin we can offer you a wide range of free resources to help you. We have an Introduction to Bitcoin Trading Guide along with a Free Practice Account. In addition we run a Weekly Bitcoin Webinar and have an IG Bitcoin Sentiment Indicator to help you gauge the market and make more informed trading decisions.

What’s your view of the cryptocurrency market – oversold or overbought?

You can leave your comments in the section below or you can contact the author by email at nicholas.cawley@ig.com or via Twitter @nickcawley1.

--- Written by Nick Cawley, Analyst.

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

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