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New to crypto trading? Read CoinDesk’s full set of guides . Fibonacci retracement. Sounds sophisticated? But what does it do? And does it work? Luckily for traders, Fibonacci retracements are far more than just a nifty word. In fact, it’s the name of a tool used to predict potential support and resistance levels for price action. First, let’s define what this so-called “Fibonacci” is so you have a better idea as to why it is a concept relevant to trading cryptocurrencies. Leonardo of Pisa (A.K.A. Fibonacci) was an 11th-century mathematician responsible for introducing a unique sequence of numbers to the West, now known as the “Fibonacci Sequence.” The Sequence 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 233, 377, 610, 987, 1597, 2584… (pattern repeats to infinity) Each number in the sequence is derived from the sum of the preceding two numbers. Clever, right? Not only that, but each number is roughly 1.618 times greater than the number before it. This creates a value ...

Maybe you’re the type of trader that keeps metrics to make important life decisions? If you fit the description, you may want to add  moving averages to your aresenal to discover just how much they can improve your trading strategies. Not sure where to begin? Moving averages are a useful tool for tracking the direction and strength of a trend by capturing specific price data points over a specified period of time (as defined by the time frame you are looking at) to constantly update the average price as it moves along the chart. Indeed, the position of the moving averages depends upon the nature of the asset you are looking at. Generally, when prices are below a particular moving average, it signals to traders that the price has lost momentum and the trend has turned bearish (meaning price and sentiment are trending down). Conversely, if prices are above a moving average it can generally be considered bullish, as long as prices remain on top and have the backing from other i...

Key Highlights Ripple price found a strong buying interest around $0.3120 and recovered sharply against the US dollar. There was a break above a key connecting bearish trend line with resistance at $0.3340 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair tested the $0.3550 resistance and is currently consolidating gains above $0.3200 . Ripple price reversed yesterday’s losses and gained traction against the US Dollar and Bitcoin. XRP/USD broke the $0.3350 level to move into a positive zone. Ripple Price Upside Move Yesterday, we saw a bearish reaction below the $0.3300 level in Ripple price against the US Dollar. The XRP/USD pair tested an important support area near $0.3120 where buyers emerged. A low was formed at $0.3125 before the price started an upside recovery. The price broke the $0.3300 resistance to start a decent recovery. Later, it cleared the 61.8% Fib retracement level of the last drop from the $0.3534 high to $0.3125 low. It opened ...

Key Highlights Ripple price gained momentum recently and settled above the $0.3000 and $0.3200 resistances against the US dollar. There is a new important connecting bullish trend line in place with support at $0.3310 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair remains well supported on the downside above $0.3200 and is placed in an uptrend. Ripple price is placed in a positive zone against the US Dollar and Bitcoin. XRP/USD could continue to gain traction above the $0.3400 and $0.3500 levels. Ripple Price Support This past week, there was a nice upside move in Ripple price above the $0.2800 resistance level against the US Dollar. The XRP/USD pair gained traction and buyers were successful in pushing the price above the $0.3000 and $0.3200 resistance levels. The price also climbed above the $0.3500 resistance level and traded close to the $0.3800 level. A high was formed at $0.3765 and later the price corrected lower. It declined below the $0...

New to crypto trading? Read CoinDesk’s full set of guides . Are you a crypto trader struggling to find a footing in a volatile crypto market? If yes, then the first thing you need to master is the art of identifying support and resistance levels. Imagine bouncing a ball inside your house. There are two barriers that will limit the flight and fall of the ball – your floor and ceiling. In trading, there are similar barriers that limit the movement of price action known as support and resistance. Such barriers in trading can have long-lasting effects on an asset, since price action rarely forgets its past. If traders regard a certain price level as a great entry or exit point, it will likely continue to act as a barrier for prices until all of their respective needs are satisfied. Support For example, buyers will generally continue to buy at a specific price, given the asset is perceived as undervalued, until all of their demand is fully absorbed by the market. So, if buyers enga...

Bitcoin seemed on the verge of a breakout above $6,650 but a failed third attempt, followed by a lack of buying interest has given bears an opportunity to snatch back control and it looks like BTC has dropped a shelf for a bit of sideways trading in the $6,200 – $6,400 range. Bitcoin Price Market Overview Earlier this week on CNBC Fast Money, host Melissa Lee described the narrow channel between $6k and $7k as ‘Bitcoin Purgatory”. Guest speaker and head of Digital Assets group at Susquehanna International Group, Bart Smith, said “Bitcoin is in show me mode ” as the cryptocurrency market currently seems resistant to trend changes driven by good news and positive developments for cryptocurrencies. Smith believes investors are searching for verifiable proof that the market has turned bullish before setting up positions, hence the sporadic spikes and trend of declining volume for bitcoin. It seems the entire market is contingent on the SEC’s approval or denial of exchange-traded fu...

Canadian Coinberry and Swiss-based BRD announced a partnership, which is set to introduce 1.2 million BRD customers to crypto trading. New Crypto Trading Platforms Streaming Into the Market Trading bitcoins and other cryptocurrencies continues to attract investors. For instance, despite a bear market, cryptocurrency trading platforms are still being added to the market. On August 15, 2018, Coinberry and BRD announced a partnership “which will introduce 1.2 million BRD customers to the Canadian crypto trading platform.” Better together. We’re happy to announce the @BRDHQ & @coinberryio partnership at @Futurist_conf . Now it’s easier than ever to buy and safely store your #crypto . Stay tuned, we heard there’s another announcement coming soon! #FUTURIST18 pic.twitter.com/HFN0gEWRDR — Coinberry (@coinberryio) August 15, 2018 BRD claims to have been the first cryptocurrency app available in the iOS space. According to the announcement: Now available via iPhone and Andr...

Key Highlights Ripple price is moving higher and it has settled above the $0.2800 and $0.2900 resistances against the US dollar. Yesterday’s highlighted key bearish trend line is almost breached near $0.3020 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is likely to gain momentum above the $0.3020 and $0.3080 levels in the near term. Ripple price is gaining bullish momentum against the US Dollar and Bitcoin. XRP/USD could continue to move higher once it settles above $0.3020. Ripple Price Trend During the past two sessions, there were positive moves in Ripple price above the $0.2700 level against the US Dollar. The XRP/USD pair traded higher and broke the $0.2800 and $0.2900 resistance levels. It even settled above $0.2900 and the 100 hourly simple moving average. Moreover, there was a break above the 38.2% Fib retracement level of the last decline from the $0.3575 high to $0.2466 low. The current price action indicates that ripple could contin...

Key Highlights Ripple price corrected higher recently and broke the $0.2660 and $0.2800 resistances against the US dollar. There is a new connecting bearish trend line formed with resistance at $0.3010 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is currently below the 100 hourly SMA, but it remains supported near $0.2660. Ripple price is showing a few positive signs against the US Dollar and Bitcoin. XRP/USD must stay above $0.2660 to recover further above $0.3000 in the near term. Ripple Price Support Yesterday, a decent upside move kicked off and Ripple price moved above the $0.2660 resistance against the US Dollar. The XRP/USD pair even broke the $0.2800 and $0.2850 resistance levels to set the pace for more gains. However, the $0.3000 resistance acted as a major hurdle for buyers. The price failed to settle above $0.3000 and formed a high at $0.3029. Later, it corrected lower below the 23.6% Fib retracement level of the last wave from the ...

Key Highlights Ethereum classic price tumbled and broke the $12.50 and $11.20 support levels against the US dollar. There is a key connecting bearish trend line forming with resistance at $11.30 on the hourly chart of the ETC/USD pair (Data feed via Kraken). The pair is slowly correcting higher towards the $11.00 and $11.30 resistance levels. Ethereum classic price made a sharp U-turn against the US Dollar and Bitcoin. ETC/USD broke the $12.50 support and is currently at risk of clearing $10.00. Ethereum Classic Price Support It seems like ETC price was rejected from well above the $14.00 level against the US dollar. The ETC/USD pair traded and consolidated above the $12.50 support for some time. However, sellers had the upper hand as they succeeded in clearing the $12.50 support. The price declined sharply below the $12.00 and $11.50 levels. The decline was such that the price even broke the $11.20 and $10.50 support levels. A new monthly low was formed at $10.11 and the p...