Let us see where are the opportunities and market positioning in the cryptocurrencies.
Ethereum – the instrument broke below an important downside resistance 567 level which has been retested recently. Another rejection is leading for a test of the 390-414 zone which is the last line of the uptrend defense.
New prop-trading opportunity!
Bitcoin – the instrument is breaking below the key downside resistance level 6440 level. A break below this level could lead to an extension lower into the 3500-4000 zone. Look now for the short trade entries with the stop loss above the 7200 level.
Litecoin – the instrument is breaking below the 97.30 level for an extended downside into the 55-60 zone. Look for the short trade entries with the SL above the 97.30 level. Projected target after the descending triangle downside break is around 30 level.
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Ripple – the instrument is pulling back in a consolidation to test the 0.5120 level of the downside resistance. Stay away from the trade entries for now.
Happy trading! (click on the chart to enlarge it)
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