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4 Crypto Charts

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That's a good idea for a new thread @PandaFace, crypto chart comparison, especially as they are taking off at the mo, Ripple the current out performer.

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Looking at the hourly charts this morning and all are pulling back from their run up yesterday. Ripple had made a tentative break over it's weekly resistance level on Thursday (red) but waited for a push by bitcoin on Friday to take off into clear space.

Bitcoin currently testing possible support around 6640 to form a base before another attempt higher.  And whoops no, that's just gone, now looking at 6557.

 

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Bitcoin again trying to breach 6751 which has capped price for several days now, a breakout could lead to a bull rush. 

Remarkable correlation between the ether and litecoin charts though lite has just made a break while ether is capped by it's weekly support level red 247 and it's last 9 4hour bars have closely matched bitcoin so waiting for a break as well.

4 hour charts and 15 min bitcoin.

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Litecoin is cheaper to trade than say Bitcoin so when Cryptos in general are trending up then on Spreadbetting platforms the margins required on Bitcoin are far greater than on the likes of Ripple, Litecoin and Stellar. 

This creates a 'market' for the smaller traders to trade Cryptos when they are trending strongly whether that be in the short term, medium term or longer term. The charts will have similarities for these but at the same time there will be differences. For example Bitcoin and Ether are different and Ether and Ripple are different. They may all be going in the same direction downwards and upwards during similar time periods but there distinct differences in the sharpness of certain moves like in Ripple right now for example compared to say Litecoin.

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Quite correct, it's the similarities and differences I'm looking to highlight as well as seeing if bitcoin acts as a catalyst for them all and how quickly the others might respond, whether it's algo quick and/or human quick.

Ripple was interesting as it had made a break above the weekly resistance level and then didn't really know what to do until bitcoin made a break, then ripple took off into the clear space with nothing to slow it down until bitcoin halted at 6751 which was an old support level from the end of August.

Litecoin looks rearing to go but seems to be waiting for bitcoin and ether to overcome immediate resistance while ripple looks to be taking the day off, probably has a hangover after it's recent exertions. ?

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You may want to include Stellar and have a look at the chart. 

Stellar is the one to watch right now. Its partnership with IBM and very interest and exciting.

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I just realised that IG turn off their Crypto trading desk on Saturday mornings. I use IG for all stock trading, and would like to keep using them for Crypto CFD.  Unfortunately, its not possible...BTC moves fast and by holding a position over the weekend I risk being stopped out with significant loss.  Would be good if they opened the crypto desk 24/7...crypto never sleeps!

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So no break for bitcoin over the weekend but the bull flag remains intact as the 6639 level is being defended this morning.

With regards the platform down time @Me7 & @TrendFollower it does give rise to gaps which can play havoc but even the exchanges themselves have to have periodic shutdowns for maintenance and updates. It wasn't that long ago when everything shut down for the whole weekend and gap fill strategies were part of the traders repertoire.

One aid that maybe useful would be the ability to add a guaranteed stop for over the weekend, I know some brokers provide this but not IG I think.  

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All 4 are backing away from recent highs and searching for support, the next tested level down for bitcoin is not until 6086.

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Bitcoin has found support at 6306 but the bounce looks weak, the other 3 are trying to follow but are struggling as well. 

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All 4 halted in their leg up mid way, consolidating testing short-term high/lows while waiting for something to break.

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Could well see some consolidation on bitcoin here, the dominate chart feature being the descending triangle with it's oppressive down trendline looming ahead. Ether and lite remain in step and in touch with their weekly support levels.

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Just an update on the Bitcoin chart with the big gap down during IG market close, the attempt to gap fill failing at 6580 and now looks to be retesting the recent low at 6442.

Plus a special bonus, The Wall Street Cheat Sheet with an overlay of the rollarcoaster ride of the Crypto trader >

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Daily charts and Bitcoin looking a bit undecided, is tentatively heading back towards 6771 but is staring at horizontal and trendline resistance. The trendline in the past has triggered powerful down day bars and the bulls are weary. 

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