Cryptocurrency News and Talking Points
– $70 billion wiped off the market capitalization.
– Lack of any significant rebound points to lower prices.
IG Client Sentimentshows how clients are currently positioned in a wide range of cryptocurrencies and how positioning has changed over the last week – and positioning looks highly stretched.
Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) Continue to Sell-off
The weekend’s heavy sell-off continues with all tokens showing double-digit losses. The charts also look ominous with recent support levels broken seemingly with ease, indicating a floor has yet to be found. Some of the hardest hit tokens are now nearing multi-month lows, wiping out any gains seen in 2018. Some of the support levels identified during the webinar include:
Bitcoin (BTC) – Support @ $6,438 (currently being tested), $5,932 and $5,622.
Ethereum (ETH) – Support @ $497 (now broken), $398 and $359.
While the market may be showing no signs of recovery yet, any bounce back should be treated with caution while the long-term downtrends persist in all the major tokens. We also spoke about how cryptocurrency ‘whales’ are in control of the market and how the ongoing CFTC investigation into potential market manipulation is weighing on investor sentiment.
Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars
If you are interested in trading Bitcoin, Bitcoin Cash or Ethereum 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 Demo Account. In addition we run a Weekly Bitcoin Webinar to help you keep in touch with the market and make more informed trading decisions.
What’s your opinion on the latest cryptocurrency slump? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at nicholas.cawley@ig.com.
— Written by Nick Cawley, Analyst.
