Ether and Litecoin – News and Talking Points
– Litecoin bounces off support but how long will this hold?
– Ether nears support – set-up remains weak.
To see how retail traders are currently positioned in cryptocurrencies and what it means for the market looking forward, download the IG Client Sentimentpage.
Litecoin (LTC) and Ether (ETH) Test Support Levels
We wrote last Friday about the weakness seen in the cryptocurrency market – currently $35 billion lower over the weekend at $306 billion – and highlighted a range of technical support levels that we felt the market would test. While Bitcoin (BTC) and Ripple (XRP) still have further to fall before coming up against support, Litecoin (LTC) and Ether (ETH) have touched, or are very close to touching, key levels which may determine their direction in the short-term.
Over the weekend Litecoin (LTC) bounced off the March 30 – April1 double low at $110 but the rebound currently looks weak and the token looks likely to re-test this support level. A break and close below opens the way to the February 2 low at $102 ahead of the psychological $100 level.
Litecoin Four Hour Price Chart (March 15 – May 29, 2018)
Ether (ETH) also probed downside support over the weekend, breaking through $567 with ease. The next level is the December 22 swing low at $497 before a large gap until the April 1 low at $359 comes into play.
Ether Daily Price Chart (October 2017 – May 29, 2018)
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.
