Bitcoin, Ripple, Ether, Litecoin – Week Ahead Charts, Prices and Analysis

Bitcoin, Ripple, Ether, Litecoin – News and Talking Points

– Cryptocurrency market ends the week with heavy losses.

– Litecoin set-up looks the most positive of the top 4 digital tokens.

To see how traders are currently positioned in cryptocurrencies and what it means for the market looking ahead, check out the IG Client Sentimentpage.

We will be discussing a wide range of topics covering blockchain and cryptocurrencies with former Ethereum CCO Stephan Tual at a Special Live Discussion on March 13 at 14:00 GMT.

Bitcoin (BTC) Price Chart Highlights Heavy Losses

Five bearish lower high/lower low candles in a row this week emphasize the current weak state of cryptocurrency heavyweight Bitcoin. Not only has BTC broken through support offered by zone one and two, it has also re-entered the downtrend from the December 17 high of just $20,000. And to add to the bearish outlook, the 78.6% Fibonacci retracement level at $8523 was broken, although BTC currently trades back above this level. Support currently around $7,600 – the bottom of the downtrend – ahead of $6,000, the February 6 low print. On the upside, BTC will have a cluster of resistance levels between $9,300 and $11,600 to break and close above before the chart begins to look positive.

Bitcoin (BTC) Price Chart in US Dollars(September 29, 2017 – March 9, 2018)

Ripple (XRP) Price Chart Breaks Lower

Ripple price action has been dominated in the past month around a zone between $0.83 and $0.93 an area that covers the Fibonacci retracement level (78.6%) at $0.86. The supportive nature of this area has now been broken and failure to trade back above $0.93 could see XRP fall further. The February 6 low around $0.58 may offer some support before a complete retracement back to the start of the rally at $0.20 is back on the cards. For the chart to turn positive $0.93 must be broken decisively.

Ripple (XRP) Price Chart in US Dollars (November 13, 2017 – March 9, 2018)

Bitcoin, Ripple, Ether, Litecoin - Week Ahead Charts, Prices and Analysis

Ethereum (ETH) Price Chart Battles with Fibonacci Levels

The sharp sell-off in the second-largest cryptocurrency by market capitalization was predicated by a move under the lower upward trend line and the subsequent fall through Fibonacci retracement at $853. The market is now battling between retracement levels at $717 (61.8%) and $524 (78.6%) although today’s candle is fighting to turn positive. Note that both Bitcoin and Ripple have both traded through 78.6% retracement levels started in November although Ripples move was more extended than either Bitcoins or Ethereums.

Ethereum Price Chart in US Dollars (October 16, 2017 – March 9, 2018)

Bitcoin, Ripple, Ether, Litecoin - Week Ahead Charts, Prices and Analysis

Litecoin (LTC) Price Chart Shows Full Spike Retracement

The only chart with a notably positive day candle, Litecoin is showing resilience after completely retracing and then rebounding off the February 14 bullish candle low around $158. LTC also currently trades above 61.8% retracement at $172, indicating a move back to $210 is possible. Support at $172 and $158 should provide some downside protection with 50% retracement and a cluster of trades around $210 the short-term upside target.

Litecoin Price Chart in US Dollars (October 16, 2017 – March 2, 2018)

Bitcoin, Ripple, Ether, Litecoin - Week Ahead Charts, Prices and Analysis

Essential Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars

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 [email protected] or via Twitter @nickcawley1.

— Written by Nick Cawley, Analyst.

Article Source…