Bitcoin, Ethereum, Ripple Analysis: Prices Slump amid Market Rout
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Bitcoin, Ethereum, Ripple Analysis: Prices Slump amid Market Rout

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Bitcoin, Ethereum, Ripple: Prices, Charts and Analysis

  • Bitcoin (BTC) small bounce off support but sub $6,000 levels are expected.
  • Ripple (XRP) has no technical support until early-mid $0.20s
  • Ethereum (ETH) needs to hold $359 or sub-$300 levels come into play.

IG Client Sentiment Report shows that retail investors are 76% net-long of Bitcoin , a bearish contrarian indicator . See how daily and weekly holdings move and how they affect investor sentiment.

Bitcoin, Ethereum, Ripple - Cryptocurrency Market Crushed

A sea of red in the cryptocurrency space after an announcement from the SEC that it was delaying a decision on a Bitcoin ETF (Van Eck/SolidX) for another month sent prices pinning lower. Yet the decision - purely procedural - was expected by many in the market, prompting questions over the severity of the sell-off. The cryptocurrency market has been weak across the board in recent days with support levels falling with ease and rebounds sold into .

The latest sell-off has seen around $25 billion wiped off the cryptocurrency market capitalization, which now stands at $232 billion, down from a $810 billion+ peak at the height of the crypto craze in January. Double-digit losses were also made by a wide range of alt-coins, giving back a majority of their recent gains.

We will be covering Bitcoin, Ripple, Ethereum and a range of other cryptocurrencies, at our Weekly Cryptocurrency Webinar on today (Wednesday) at 12:00pm.

Bitcoin (BTC) Looking to go Below $6,000 Again

The chart below shows a classic head and shoulders pattern taking place in the largest crypto, suggesting lower prices ahead. A close below $6,438 will leave the market looking at $5,932 and $5,622 and both levels could be made quickly if the negative sentiment persists.

Bitcoin Daily Price Chart (December - August 8, 2018)

Ripple (XRP) Fall Accelerates - Little Support Seen

Ripple has slumped overnight, breaking noted support at $0.425 with ease . The four-hour chart set-up shows little or no technical support and we need to go back to December 12 to find potential support. There is a gap on this candle between $0.35 and $0.28 which needs to be filled with the next level of any technical significance the start of the XRP rally - all the way up to $3.30 - at $0.205.

Ripple Four Hour Price Chart (June - August 8, 2018)

Ethereum (ETH) Sell-Off Needs Next Support to Hold

Another crypto nearing an important support level with ETH looking at the $359 double-low made on April 1 and April 6 as the last line of defense until lows between $ 2 80 and $260 made at the end of last year come into play. There is also a strong possibility that ETH may give back all of its September - January rally and trade back around $200.

Ethereum Daily Price Chart (September 2017 - August 8, 2018)

You can contact me on Twitter @nickcawley1 or via email at nicholas.cawley@ig.com.

--- Written by Nick Cawley , Analyst .

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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