News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Long wick candles are recurrent within the forex market. This makes understanding the meaning behind these candles invaluable to any trader to comprehend the market dynamics during a specific period. Learn about the importance of extended wicks here: https://t.co/SIpslvhX0J https://t.co/jVxcE1QUBs
  • Safe haven stocks also allow traders to diversify their portfolio and reduce risk. Learn if safe-haven stocks are made for you here: https://t.co/MTc4tUDD6c https://t.co/DOQ6tyzep9
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/WQLZ1X7gIY
  • but the next major point in my view to monitor will be 52.76 - at least in the short term.
  • #Brent having broken above the pre-OPEC drop off at 45.51 is a huge deal considering it failed to crack resistance there in August (leading to the invalidation of "uptrend 2") and the psychological significance of that level https://t.co/LkEyRxFhnq
  • The New Zealand Dollar looks poised to extend its push higher against its haven-associated counterparts on robust economic data and a less dovish stance from the RBNZ. Get your $NZD market update from @DanielGMoss here:https://t.co/vytr4OR1Jy https://t.co/ZcxEUWIm8O
  • It seems the markets are riding high, but risk is always lurking around the corner. Consider your escape plan before you find yourself in collapsing market. What are the top havens for different conditions in 2020? Find out from @JohnKicklighter here: https://t.co/1oeXWEsJkb https://t.co/x8uyOHLtgE
  • The Swiss Franc may continue higher against the US Dollar as technical pressure favors USD/CHF bears..Get your $USDCHF market update from @FxWestwater here:https://t.co/yqJbbhAWiu https://t.co/CaMR0Vqd1m
  • The US Dollar lost ground to most ASEAN currencies as Emerging Market assets climbed despite US economic woes. USD/INR is eyeing third-quarter Indian GDP at the end of the week. Get your market update from @ddubrovskyFX here:https://t.co/urDN2b5Nwd https://t.co/toSDbVZCSi
  • The global stock market can be categorized into specific groups or ‘stock market sectors’. Organizing the vast number of stocks in this way helps traders to view assets in a more manageable way. Get your stock market sectors basics here: https://t.co/5gbiHmY8yl https://t.co/mQ6ty8Yalv
Bitcoin (BTC), Litecoin (LTC), Ripple (XRP) Outlook: Will Momentum Hold?

Bitcoin (BTC), Litecoin (LTC), Ripple (XRP) Outlook: Will Momentum Hold?

2020-11-18 01:00:00
Daniel Dubrovsky, Analyst
Share:

Bitcoin (BTC/USD), Litecoin (LTC/USD), Ripple (XRP/USD), Technical Analysis – Talking Points

  • Bitcoin is fast approaching 2018 highs, but momentum is fading
  • Litecoin surges in best day in over 8 months towards resistance
  • Ripple confirmed a push above key resistance, momentum holds
Advertisement

Bitcoin rose over 4.6% on Monday, extending remarkable gains that have pushed the cryptocurrency to set new highs this year. One of the more prominent fundamental forces driving it upward has been the boost to money supplies around the world thanks to central banks.

Given recent price action, might BTC/USD, Litecoin and Ripple prolong their momentum? Do keep in mind that cryptocurrencies can be quite volatile, and investors ought to take this into account in developing their unique trading styles. To find out which style may fit your personality, check out our DNA quiz here.

Bitcoin Technical Outlook

Bitcoin is fast approaching the 2018 high at 17178 after BTC/USD took out the 78.6% Fibonacci extension at 16595. Confirmation is lacking however. A further upside push may open the door to extending gains. However, negative RSI divergence is present. This shows that upside momentum is fading and can at times precede a turn lower. Key support sits below at 15145 which is the 61.8% Fibonacci extension.

Still, a bullish ‘Golden Cross’ formed back in October and remains in play. This is when the short term 20-day Simple Moving Average (SMA) crosses above the medium term 50-day one. As such, keep a close eye on these lines in the event of a turn lower as they may act as support. Otherwise, Bitcoin could be setting course to revisit the all-time high set back in 2017 before the cryptocurrency bubble burst.

Bitcoin Trading
Bitcoin Trading
Recommended by Daniel Dubrovsky
Get Your Free Introduction To Bitcoin Trading
Get My Guide

BTC/USD - Daily Chart

Bitcoin (BTC), Litecoin (LTC), Ripple (XRP) Outlook: Will Momentum Hold?

Chart Created in TradingView

Litecoin Technical Outlook

Litecoin surged 18.37% on Monday in its largest single-day surge in over 8 months. That has pushed LTC/USD above the 61.8% Fibonacci extension at 68.83. Prices stopped short of the 78.6% extension at 76.22. Taking out this price could open the door to testing current 2020 peaks which would make for a zone of resistance between 80.75 and 84.50.

This is underscored by a bullish ‘Golden Cross’ formed back in October. Taking out those highs would subsequently expose the 114.6% minor extension at 92.06. However, negative RSI divergence suggests that upside momentum is fading. Falling back under the 61.8% extension exposes the 64.38 inflection point as well as the 20-day and 50-day SMAs.

Litecoin BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 6% 5% 6%
Weekly 13% -35% 7%
How can retail positioning drive cryptocurrency?
Get My Guide

LTC/USD - Daily Chart

Bitcoin (BTC), Litecoin (LTC), Ripple (XRP) Outlook: Will Momentum Hold?

Chart Created in TradingView

Ripple Technical Outlook

Ripple has also extended higher as of late, pushing above the 0.2601 – 0.2677 inflection zone. Prices are approaching the 38.2% Fibonacci extension at 0.3017 as LTC/USD aims for August highs. The latter would make for a zone of resistance between 0.3154 and 0.3291. Beyond that sit current 2020 peaks. In the event of a turn lower, keep a close eye on the 50-day SMA which could act as support. Another point of interest is a rising range of support from March – red area on the chart below.

XRP/USD - Daily Chart

Bitcoin (BTC), Litecoin (LTC), Ripple (XRP) Outlook: Will Momentum Hold?

Chart Created in TradingView

--- Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

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

DISCLOSURES