Fundamental analysis and financial markets. – Chart breakouts push all cryptocurrencies higher – Ripple boosted by fiat currency news.
To see how retail traders are currently positioned in cryptocurrencies and what it means for market prices looking ahead, download the IG Client Sentimentpage. The Bitcoin revival from its $6,440 April low print continues with the largest cryptocurrency now trading around $2,000 higher on the month.
We noted in the last two weeks that the downtrend line from the December high had been broken and that the low seen in April may represent Bitcoin’s nadir in 2018. The token is currently challenging the uptrend from the April low around $8,600 and if this is successfully taken out a move towards 61.8% Fibonacci retracement cannot be ruled out in the short-term.
Downside protection is provided by recent candle lows at $7,840. The third-largest cryptocurrency soared on reports that exchange Binance is adding US dollar pairs with Ripple seen as one of the most likely beneficiaries.
Ripple has now pushed back to the 78.6% Fibonacci retracement of the December – January rally at $0.87 and eyes cluster resistance at $0.95 and the double February high at $1.15. Support is seen at $0.63. Read more from dailyfx.com…
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