Bitcoin and Ripple: prices, graphs and analysis
- Bitcoin (BTC) will struggle to maintain the momentum towards the top.
- Ripple (XRP) breaks significant support and is expected to fall further in the coming weeks.
The IG Client Sentiment report shows retail is 77% long of Bitcoin – normally a contrarian bearish signal – but recent daily and weekly changes suggest that Bitcoin could further increase in the short term. Download the report to see how it can help you make more informed trading decisions.
Bitcoin (BTC) Rebound will be Shallow and Short-Lived
After losing about 20% in the last two weeks, Bitcoin has raised an offer at the lowest lev els and has insinuated back above $ 7,000, but the move seems weak and unlikely to continue. A "head and shoulder" card training is taking place that suggests a lower break early, while BTC operates below the 20 and 200 day moving average and only a fraction above the 50-day average. The initial support will be around $ 6,438, before $ 5,932 and $ 5,622 come into play.
Chart of daily prices Bitcoin (December 2017 – 7 August 2018)
Ripple (XRP) Breakdown Continues
Ripple overcame the well-known $ 0.425 support by leaving the road open for further heavy crashes at levels seen at the end of last year. The level of support, made of a double minimum on June 29th and July 13th of this year, worked as support for last week, but the break of Monday leaves little support to the third largest cryptocurrency.
Ripple (XRP) Four-hour price table (25 June – 7 August 2018)
A look over a longer period of time shows that support does not come into play up to around $ 0.25 – $ 0.27, highs seen in mid-late November of last year before rally for $ 3.25. The token is traded below all three moving averages, although the RSI indicator points to consolidation / small short-term rebound.
Ripple (XRP) Daily price table (November 2017 – 7 August 2018)
We cover Bitcoin, Ripple and a series of other cryptocurrencies, to our Webinar Weekly Cryptocurrency Wednesday at 12:00 pm
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— Written by Nick Cawley analyst .