Fundamental analysis and financial markets.
Bitcoin, Ripple, Litecoin, Ethereum News and Analysis
– Cryptocurrency market records intense losses
– Bitcoin, Ripple, Litecoin and Ethereum may be oversold ter the short-term
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Cryptocurrency Market Drowns &ndash, Dual Digit Losses Across the Houtvezelplaat
The cryptocurrency market has suffered another 24-hours of strenuous losses spil sellers predominate the market, pushing prices through support levels and back towards multi-weeks lows. Ter just overheen two months, the overall market value has fallen from a record $830 billion to a current level of $317 billion and is on course to succesnummer the $279 billion low on February 6.
While all the major crypto currencies still look powerless &ndash, see below &ndash, it should be noted that all of them are presently utterly oversold according to stochastic indicator at the bottom of each chart. This may prompt a petite bounce te the tokens before they resume their downward budge.
Top Six Cryptocurrencies by Market Value &ndash, March 15, 2018
Bitcoin (BTC) Re-Enters Downward Channel
Bitcoin&rsquo,s outlook remains negative te the short- to medium-term with the token back te the downward channel from the December 17 high print. Fibonacci support at $8523 wasgoed cracked lightly on March 14 leaving BTC vulnerable to further bouts of selling with little te the way of support until the February 6 low of $6000 comes into play. On the upside resistance at $8523 ahead of $9235.
Bitcoin Price Chart Daily Time Framework (November 23, 2018 – march 15, 2018)
Ethereum (ETH) Bounces of February 6 Low But for How Long?
After hitting a high of $1427 two months ago, ETH has fallen steadily all the way down to the February 6 low of $565 before a petite re-bound. Nine out of the last eleven candles display lower highs, a negative chart set-up, which leaves another test of $565 on the cards which would open the way to support at $524. Resistance around $717 should prove difficult to pauze te the short-term.
Ethereum Price Chart Daily Time Framework (October Five, 2018 &ndash, March 15, 2018)
Ripple (XRP) and Litecoin (LTC) Eye Further Losses
Ripple proceeds to fade lower and again is looking at the February 6 low of $0.57 spil the very first level of support. Pauze and close below opens the way to the December 22 spike low at $0.42 ahead of $0.20, the commence of the rally on December 7.
Ripple Price Chart Daily Time Framework (November 6, 2018 &ndash, March 15, 2018)
Litecoin remains te the one-month downtrend and has cracked through support at $173. A dual low at $106 is protected by Fibonacci support at $118 and may prove difficult to test with a cluster of trade inbetween $138 and $159 providing a modicum of support. On the upside $172 should be within reach before the down channel comes back into play.
Litecoin Price Chart Daily Time Framework (October Five, 2018 &ndash, March 15, 2018)
Cryptocurrency Trader Resources &ndash, Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars
If you are interested ter trading Bitcoin, Bitcoin Contant or Ethereum wij can offerande you a broad range of free resources to help you. Wij have an Introduction to Bitcoin Trading Guide along with a Free Practice Account . Te addition wij have an IG Bitcoin Sentiment Indicator to help you gauge the market and make more informed trading decisions.
What&rsquo,s your opinion on the cryptocurrency market at the ogenblik ? Share your thoughts with us using the comments section at the end of the article or you can voeling the author via 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.