Fundamental analysis and financial markets.
Bitcoin News and Talking Points
– Bitcoin may thrust back to $Ten,000 if resistance fails.
– Ethereum needs a thrust, Ripple builds on support.
Bitcoin (BTC) Breakout May Lead to a Test of $Ten,000 Shortly
After a few days of trading within a narrow range, the latest Bitcoin chart may see the largest cryptocurrency by market capitalization test $Ten,000 of more , but an upcoming resistance zone needs to be cracked to confirm higher prices. BTC presently trades at the top-side of an ascending triangle and above the 78.6% Fibonacci resistance level ($8,523) and a breakout would see the digital coin target the $9,300 – $9,900 resistance zone.
Bitcoin (BTC) Price Chart Daily Timeframe (October 8, 2018 &ndash, February 12, 2018)
IG Client Sentiment gegevens showcase 68.1% of traders are net-long with the ratio of traders long to brief Bitcoin at Two.13 to 1. The number of traders net-long is Two.7% higher than yesterday and 11.5% lower from last week, while the number of traders net-short is 8.0% higher than yesterday and 15.4% higher from last week.
Wij typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may proceed to fall. Yet traders are less net-long than yesterday and compared with last week. Latest switches ter sentiment warn that the current Bitcoin price trend may soon switch sides higher despite the fact traders remain net-long.
Ethereum (ETH) Needs a Decisive Upside Pauze
Ethereum&rsquo,s comeback after the latest sell-off has stalled around an significant technical resistance level for the last week. The 50% Fibonacci level at $853 has bot tested a duo of times but ETH needs to pauze and close above this level to keep the uptrend intact. Upside momentum could see Ethereum trade around $1,000 ter the short-term while on the downside $717 should provide healthy support. Te addition the stochastic indicator is still pushing higher indicating a degree of upside momentum.
Head foreign exchange instructor Jeremy Wagner has produced a detailed explanation on How to Trade with Stochastics spil part of a series of technical articles that can be found te the DailyFX Education Center .
Ethereum (ETH) Price Ch kunst Daily Timeframe (October 20 , 2018 &ndash, February 12, 2018)
Ripple (XRP) Clears Downtrend, Price Supported
Ripple has rebounded off a clear support level and looks set to shove ahead further albeit minor falls from the current level cannot be discounted . The clear pauze and close above the $0.86 -$0.92 support zone should leave the 61.8% Fibonacci level, and cluster of late-January highs around $1.38 spil the next achievable upside target. The stochastic indicator is te strongly overbought territory so buying on any pull-backs may be the best course of activity for now.
R ipple (XRP) Price Chart Daily Timeframe (November 11, 2018 &ndash, February 12, 2018)
Cryptocurrency Trader Resources &ndash, Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars
If you are interested te trading Bitcoin, Bitcoin Metselspecie or Ethereum wij can suggest you a broad range of free resources to help you. Wij have an Introduction to Bitcoin Trading Guide along with a Free Practice Account . Te addition wij run a Weekly Bitcoin Webinar and have an IG Bitcoin Sentiment Indicator to help you gauge the market and make more informed trading decisions.
If you any questions you can leave them ter the comments section at the end of this article or you can voeling mij via email at [email protected] 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.