Cryptocurrencies price analysis: Bitcoin, Ethereum, Ripple - 18 June
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Bitcoin's Fear and Greed index hit the highest level on record
Bitcoin's Fear and Greed indicator reached extreme values on the back of the recent rally. At the time of writing, the value of the indicator is set at 84, which means that the market is "extremely greedy" about Bitcoin.
This is the highest level on record. Moreover, the indicator has moved above the 80 threshold for the first time since February 2018. In the previous week, the indicator showed 61.
Basically, this is a dangerous signal for buyers as it means that the market is overheated and ripe for a correction. However, in practice, the FOMO (Fear Of Missing Out) might drive the prices much higher before the bulls decide to hit a pause button or pocket some profits.
Ethereum market overview: ETH/USD bears tease breakdown under the rising channel
On the day that Facebook unveiled its much-hyped stablecoin and blockchain white paper, cryptocurrencies are navigating the sea of red. The correction across the board comes after a Bitcoin instigated bull rally that saw most of the major cryptocurrencies correct above key resistance levels.
Ethereum, for instance, pushed the recovery from the recent support at $225 within an up trending channel. Key levels broken include the resistance at $230, $240, $250 as well as $270. Further correction tested $280 but failed giving way for a correction that has dropped under $270 at press time.
Ripple market update: XRP/USD on full throttle amid stalling cryptocurrency prices
Ripple continues to form a higher high pattern while bouncing off a rising trendline. Recently, the support at $0.3900 allowed the bulls to regain control following a correction from the 2019 high around $0.482.
Jumping above $0.4000 during the weekend trading launched XRP/USD into a trajectory spiking past several key resistance levels that have since turned into support areas at $0.42, $0.43, $0.4400. Further gains sent XRP above the 61.8% Fib retracement level between the last drop from $0.482 to a low around $0.3916.
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