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Cryptocurrency Technical Analysis - Bitcoin, Ether, Ripple, Litecoin

Cryptocurrency Technical Analysis - Bitcoin, Ether, Ripple, Litecoin

2018-05-11 17:30:00
Nick Cawley, Analyst
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Bitcoin, Ripple, Ether, Litecoin - News and Talking Points

- End of week sell-off brings support levels into view.

- Retail remain overwhelmingly long cryptocurrencies.

To see how retail traders are currently positioned in cryptocurrencies and what it means for the market looking forward, download the IG Client Sentiment page.

Bitcoin Slips Back Below 200-Day Moving Average

The recent move in Bitcoin below the 200-day moving average and the uptrend from the February 6 low casts a bearish shadow on the largest cryptocurrency. While BTC’s falls have been less than other tokens over the last 48-hours, the move may signal lower prices in the short-term although the longer-term uptrend remains in place for now. The 50-day moving average at $8,280 may provide some support, along with a cluster of trades between April 13 to April 20, although a sharp break and close below may negate the recent uptrend and threaten the April 1 low at $6,438. The 200-day ma, currently at $9,374 coincides with the 61.8% Fibonacci retracement at $9,385 and should provide resistance in the short-term.

Bitcoin (BTC) Daily Price Chart in US Dollars (June 2017 – May 11, 2018)

Cryptocurrency Technical Analysis - Bitcoin, Ether, Ripple, Litecoin

Ripple Breaks Down with Further Losses Eyed

Another poor week for Ripple with the token falling from $0.84 to a current level of $0.675 as sellers dominate. We have discussed how the token, along with Ether, is supposedly being talked about by the SEC over whether or not it should be classified as a security – a negative outcome – and with little in the way of news flow, the bears still control price action. The February 13 swing high at $0.708 was broken easily, as was the April 25 swing low at $0.747, leaving a gap on the April 12 candle around $0.60 the next level of downside interest. To the upside, the previously mentioned $0.70 and $0.75 levels remain as short-term targets. IG Client Sentiment shows that traders are 26 to 1 long-to-short, while the RSI indicator shows the token in extreme oversold territory.

Ripple (XRP) Four Hour Price Chart in US Dollars (April 27 – May 11, 2018)

Cryptocurrency Technical Analysis - Bitcoin, Ether, Ripple, Litecoin

Ethereum Nears Fibonacci Support

Another token hit by the general market sell-off, and the talk of SEC classification, Ethereum is nearing 61.8% Fibonacci support at $667 ahead of the 200-day moving average at $614.5. The cluster of trades in late April-early May that preceded the May 3 spike higher should also give the token support on the downside. On the upside $763 and $810 remain valid targets. As with Ripple however, any ruling either way on Ether’s classification by the SEC – or a denial of any ongoing classification meetings – will be the driver of Ether in the short-term.

Ethereum (ETH)Daily Price Chart in US Dollars (August 18, 2017 – May 11, 2018)

Cryptocurrency Technical Analysis - Bitcoin, Ether, Ripple, Litecoin

Litecoin Oversold and Testing Support Levels

A sharp sell-off this week has pushed Litecoin into oversold territory, according to the Relative Strength Indicator, and on top of 61.8% Fibonacci retracement at $137 and the April 3 double top at $136. A break lower could see $125 tested. To the upside $146 and $155 provide the first two targets.

Litecoin (LTC) Four Hour Price Chart in US Dollars (March 25 – May 11, 2018)

Cryptocurrency Technical Analysis - Bitcoin, Ether, Ripple, Litecoin

Essential Cryptocurrency Trader Resources

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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