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Cryptocurrency Prices, News and Technical Analysis
- Bitcoin continues to lead the way and may continue to out-perform.
- A period of consolidation may lie ahead as news flows dry up.
Cryptocurrencies Edge Higher but Price Action is Not Wholly Convincing
The early August sell-off has now all but been retraced as Bitcoin leads the market higher in low volume trading. While BTC looks set to push further ahead, other tokens/coins are finding upward momentum difficult to maintain with resistance levels nearing. Ethereum (ETH) and Bitcoin Cash (BCH) both seem stuck in a trading range, while Ripple faces strong resistance 3-4 cents higher.
Next week we will add regular analysis on EOS (EOS), Stellar (XLM) and NEO (NEO) to the five cryptos we currently cover.
Bitcoin (BTC) is currently back above $7,000 and has made eight higher lows in a row, a bullish chart pattern. There seems little in the way of a move back to the July 25 high at $8,481 although it may take time to achieve this target.
Bitcoin (BTC) Daily Price Chart (February - August 29, 2018)
We look at Bitcoin, and other cryptocurrencies, at our Weekly Cryptocurrency Webinar every Wednesday.
Cryptocurrency Trader Resources - Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars
If you are interested in trading Bitcoin, Bitcoin Cash, Ethereum, Litecoin or Ripple we can help you begin your journey. We have an Introduction to Bitcoin Trading Guide along with a Free Demo Account so you can practice trading this volatile asset class.
IG Sentiment Data show how retail traders are positioned in various cryptocurrencies and how changes in holdings can affect market sentiment and pricing.
What's your opinion on the latest market 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 .
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from IG .
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.
