Fundamental analysis and financial markets. 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. 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. Read more from dailyfx.com…
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