Let us see where are the opportunities and market positioning in the cryptocurrencies.
Ethereum – the instrument broke below an important downside resistance 567 level. After the brief test of 414 the instrument is pulling back again to 550 downside support level. Loom for the possible sell entries on this pullback as the pair is in a downtrend.
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 7500 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 on this pullback into the downside support. Projected target after the descending triangle downside break is around 30 level.
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Ripple – the instrument is testing the 0.43 level of the strong upside support. Look for the reaction here and in the case of a pullback downside support is 0.54 level.
Happy trading! (click on the chart to enlarge it)
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