Let us see where are the opportunities and market positioning in the cryptocurrencies.
Ethereum – the instrument is pulling back to a broken downside resistance now acting as a support 640-680 zone. This zone needs to be broken for the upside continuation. Look for the selling opportunities with the SL above the 680 level as long as the instrument is below 100 SMA (red line).
Bitcoin – the instrument is retesting the broken 200 SMA 9870 level (blue line). From here we are seeing the downside continuation into the targeted extension 3000-4000 zone. Look for the sell trades as long as the instrument is below 10000 level.
Litecoin – the instrument has broken below the consolidation triangle 150 level. This break is validating the downside continuation with the next resistance at 100 level. Look for new sell entries with the SL above the 150 level on the pullback that is happening now.
Ripple – the instrument bounced off the support and has reached the 100 SMA 0.8650 level. Look for the selling opportunities here with the SL above the 0.9000 level. In the case of a break above this level look for the buying opportunities.
Happy trading! (click on the chart to enlarge it)
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