Cryptocurrencies trading overview – Ethereum, Bitcoin, Litecoin, Ripple, EOS
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. Look for the possible sell entries on this pullback as the pair is in a downtrend as long as the 567 level is not broken to the upside. Safe short trade entries will be below the 390 level. Invalidation of the downside move upon a daily close above the 580 level.
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Bitcoin – the instrument is trying to break above the 8500-9300 zone for the upside to continue. For a downside extension we need to see a daily close below the 7100 level. Any break above the 9300 level would give a higher probability of the uptrend continuation.
Litecoin – the instrument is breaking below the 97.30 level for an extended downside into the 55-60 zone. A bearish flag has been formed with the upside 95-100 resistance zone. This zone needs to hold for the downside continuation and a test of 75 level for a bearish flag break.
Ripple – the instrument is testing the 0.45 level of the strong upside support. Look for the reaction here and in the case of a pullback downside support is 0.54 level. The instrument is inclined for a near-term break. Look for the possible sell entries on a daily close below the 0.45 level.
EOS – the instrument has formed a triangle and is moving inside the 8-10 zone. We need to see a daily close below the 8.000 level for the downside continuation into the long-term support 6.000 level.
