Bitcoin, Ripple, Ether, Litecoin - News and Talking Points
- Chart breakouts push all cryptocurrencies higher
- Ripple boosted by fiat currency news.
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Bitcoin Breakout Leads Market Higher
The Bitcoin revival from its $6,440 April low print continues with the largest cryptocurrency now trading around $2,000 higher on the month. We noted in the last two weeks that the downtrend line from the December high had been broken and that the low seen in April may represent Bitcoin’s nadir in 2018. The token is currently challenging the uptrend from the April low around $8,600 and if this is successfully taken out a move towards 61.8% Fibonacci retracement cannot be ruled out in the short-term. Downside protection is provided by recent candle lows at $7,840.
Bitcoin (BTC) Daily Price Chart in US Dollars(August 2017 – April 20, 2018)
Ripple Soars on Fiat Currency News
The third-largest cryptocurrency soared on reports that exchange Binance is adding US dollar pairs with Ripple seen as one of the most likely beneficiaries. Ripple has now pushed back to the 78.6% Fibonacci retracement of the December – January rally at $0.87 and eyes cluster resistance at $0.95 and the double February high at $1.15. Support is seen at $0.63. Ripple client positioning remains heavily biased to the long side with in excess of 96% of IG retail customers net-long.
Ripple (XRP) Daily Price Chart in US Dollars (January 7 – April 20, 2018)
Ethereum Rises 65% in April
After hitting a 2018 low of $360 on April 1, Ethereum has continued to move higher making 12 higher lows in a row. Resistance from the February 6 swing low at $567 was overcome today and ETH is trading just short of $600 with 61.8% Fibonacci retracement at $667 the next upside target. On the downside, $567 should provide some support before stronger support at $497.
Ethereum (ETH) Daily Price Chart in US Dollars (September 1, 2017 – April 20, 2018)
Litecoin Hits a Three Week High
Litecoin is another to continue its recent rally adding around $25 this week to currently trade at $151, its highest level in three weeks. The recent consolidation phase around $110 has given LTC a good base to rally off, helped by the overall bullish cryptocurrency tone, while the break of the downtrend from February 20 has reinforced the move. Resistance levels are seen between $165 and $175 while to the downside, $109-$103 should provide strong support.
Litecoin (LTC) Four Hour Price Chart in US Dollars (February – April 20, 2018)
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--- Written by Nick Cawley, Analyst.