Bitcoin, Ripple & Ethereum Headed Towards Levels of Selling Interest (dailyfx.com)
by 
Paul Robinson, Market Analyst 















Cryptocurrency Technical Highlights:



  • Bitcoin has resistance ahead which could at least put pause in bounce

  • Ripple has a big level to contend with in addition to trend resistance

  • Ethereum holding up best, but won’t escape the pull of the group

See how traders are positioned in Cryptocurrencies and what it might mean on the IG Client Sentiment page.

Bitcoin has resistance ahead which could at least put pause in bounce



The other day with the cryptocurrency space in a free-fall,
we were looking to potential points where they may find support and
bounce. Bitcoin found buyers ahead of the targeted 5555 level, and has
thus far maintained a bid.

However, rallies, even though they might be fierce at times, are
still viewed as potential selling opportunities as the bubble continues
to burst.


The first level of resistance arrives around 9222, the Jan
spike-low, then a trend-line not far beyond that level. A turn lower
will bring the Tuesday low at 5920 back into focus and then the 5555 low
from November.

Weekly reversal bars could be carved out if turnarounds hold the
next couple of sessions. We’ll discuss the potential implications soon
if relevant.




Want to learn more about cryptocurrencies? Check out this guide, Introduction to Bitcoin Trading

BTC/USD Daily Chart



Bitcoin-Ripple-Ethereum-Headed-Towards-L


Ripple has a big level to contend with in addition to trend resistance



The low in Ripple the other day came just above the 200-day MA,
one of the targeted levels. But like Bitcoin, it is quickly coming up on
resistance. The area to watch runs from horizontal resistance over 87
cents up to the trend-line running off the Jan high, clocking in around
94 cents.



The thinking on this end is that Ripple still has more to go on
the downside despite having already lost such a significant amount of
its value. The January 2017 trend-line is in the cross-hairs, and
eventually a full-reversal of the rally from the wedge which formed
during the second-half of last year.


Wedges leading to final pushes higher have a tendency of getting
fully erased, which would mean a move still down to around 25 cents once
the dust eventually settles. However, if resistance isn’t soon honored a
larger rebound may be in store before resuming lower.

XRP/USD Daily Chart


Bitcoin-Ripple-Ethereum-Headed-Towards-L


Ethereum holding up best, but won’t escape the pull of the group



Ethereum continues to hold up the best of the group, and that may
continue to be the case, however; much lower prices over time look
inevitable for ETH/USD. Quickly coming into view is the underside of the
trend-line extending higher from November. This is also in proximity
with lows created during last month.




Looking lower, the low from Tuesday at 565 arrives as the first
level of support, followed up by the 200-day which is currently in
confluence with price support at 493. Like Ripple, a full reversal of
the rally from the 2017 wedge is anticipated at some point, which points
to a target of around 400.

ETH/USD Daily Chart


Bitcoin-Ripple-Ethereum-Headed-Towards-L


Trader Resources



Whether you’re a new or experienced cryptocurrency trader, we have several resources to help you;Introduction to bitcoin trading guide, indicator for tracking trader sentiment, and a weekly webinar discussing the latest developments.

---


Written by Paul Robinson, Market Analyst

To receive Paul’s analysis directly via email, please SIGN UP HERE

You can follow Paul on Twitter at @PaulRobinsonFX

Help friends or someone you care about discover blockchain and 

cryptocurrencies, by simply sharing this page. Don't keep it to 
yourself.....share Blockchain Company (BC).


Did You Know About This? 
You can curate a Personal Blockchain Page right here on Blockchain Company ( BC ) like these 2 great user examples here:

http://www.blockchaincompany.info/Paula
http://www.blockchaincompany.info/Francisco

Show
your blockchain page off to your employer, colleagues and friends. It 
demonstrates your professional awareness and competency of this 
revolutionary paradigm changing the world. It's free if you are a 
consumer user. Just 
Create your Account here in less than 3 mins! 

Or
Click Create Account above in the upper right corner. Instructions how 
to curate your blockchain page from information you discover on BC, is 
sent in your email after you sign up. 

You might be able to capture your ' first name " unique url for your blockchain page too! Like : http://www.blockchaincompany.info/robert

You
may be entitled to cryptocurrency tokens, offers and discounts at any 
time in the future once you are a user on our platform.