Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) News and Talking Points
– Little news but the market sheds around $30 billion.
– Two-month losses of around 50% are commonplace.
IG Client Sentimentshows how clients are currently positioned in a wide range of cryptocurrencies and how positioning has changed over the last week- and cryptos are overwhelmingly long.
Cryptocurrency Market – Support Levels are Becoming Harder to Identify
The overall sentiment in the cryptocurrency space remains negative with the latest move lower just another in a long line of sell-offs on little news. Turnover also remains light, indicating little interest on either side of the trading ladder, while technical now appear even more ominous. The sharp rally in many of the coins/tokens at the end of December left gaps on the charts on the way up which have filled reasonably easily on the way down. On the major tokens – BTC, ETH, BCH, XRP and LTC – that we looked at, there seems little in the way of strong support on the downside which could see losses accelerate further. The top five tokens are all brushing against oversold territory and may stabilize before the next leg lower.
Ripple (XRP) Analysis: Longs Lose 50% in Two Months
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 moves?
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.
