Fundamental analysis and financial markets.
Bitcoin, Ripple, Ether, Litecoin – News and Talking Points
– Cryptocurrency market completes the week with strenuous losses.
– Litecoin set-up looks the most positive of the top Four digital tokens.
To see how traders are presently placed te cryp tocurrencies and what it means for the market looking ahead , check out the IG Client Sentiment pagina.
Wij will be discussing a broad range of topics covering blockchain and cryptocurrencies with former Ethereum CCO Stephan Tual at a Special Live Discussion on March 13 at 14:00 GMT.
Bitcoin (BTC) Price Chart Highlights Strenuous Losses
Five bearish lower high/lower low candles te a row this week emphasize the current powerless state of cryptocurrency heavyweight Bitcoin. Not only has BTC cracked through support suggested by zone one and two, it has also re-entered the downtrend from the December 17 high of just $20,000. And to add to the bearish outlook, the 78.6% Fibonacci retracement level at $8523 wasgoed violated, albeit BTC presently trades back above this level. Support presently around $7,600 &ndash, the bottom of the downtrend &ndash, ahead of $6,000, the February 6 low print. On the upside, BTC will have a cluster of resistance levels inbetween $9,300 and $11,600 to pauze and close above before the chart embarks to look positive.
Bitcoin (BTC) Price Chart ter US Dollars(September 29, 2018 &ndash, March 9, 2018)
Ripple (XRP) Price Chart Cracks Lower
Ripple price activity has bot predominated te the past month around a zone inbetween $0.83 and $0.93 an area that covers the Fibonacci retracement level (78.6%) at $0.86. The supportive nature of this area has now bot violated and failure to trade back above $0.93 could see XRP fall further. The February 6 low around $0.58 may suggest some support before a finish retracement back to the sta rt of the rally at $0.20 is back on the cards . For the chart to turn positive $0.93 vereiste be cracked decisively.
Ripple (XRP) Price Chart ter US Dollars (November 13, 2018 – March 9, 2018)
Ethereum (ETH) Price Chart Battles with Fibonacci Levels
The acute sell-off te the second-largest cryptocurrency by market capitalization wasgoed predicated by a stir under the lower upward trend line and the subsequent fall through Fibonacci retracement at $853. The market is now battling inbetween retracement levels at $717 (61.8%) and $524 (78.6%) albeit today&rsquo,s candle is fighting to turn positive . Note that both Bitcoin and Ripple have both traded through 78.6% retracement levels began te November albeit Ripples stir wasgoed more extended than either Bitcoins or Ethereums .
Ethereum Price Chart ter US Dollars (October 16, 2018 &ndash, March 9, 2018)
Litecoin (LTC) Price Chart Shows Utter Spike Retracement
The only chart with a notably positive day candle, Litecoin is displaying resilience after entirely retracing and then rebounding off the February 14 bullish candle low around $158. LTC also presently trades above 61.8% retracement at $172, indicating a budge back to $210 is possible. Support at $172 and $158 should provide some downside protection with 50% retracement and a cluster of trades around $210 the short-term upside target.
Litecoin Price Chart te US Dollars (October 16, 2018 &ndash, March Two, 2018)
Essential Cryptocurrency Trader Resources &ndash, Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars
If you are interested ter trading Bitcoin, Ripple, Ether or Litecoin wij can opoffering you a broad range of free resources to help you. Wij have an Introduction to Bitcoin Trading Guide along with a Free Practice Account . Ter 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.
What&rsquo,s your view of the cryptocurrency market &ndash, oversold or overbought? You can leave your comments te the section below or you can voeling the author by 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.