Cryptocurrencies trading overview – Ethereum, Bitcoin, Litecoin, Ripple, EOS
Let us see where are the opportunities and market positioning in the cryptocurrencies.
Ethereum – the instrument is breaking below the 195 level of the strong downside resistance and we could see an extension lower to 120 level which is also the channel support. Look for the short trade entries with the stop loss above the 195 level.
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Bitcoin – the instrument is in the long-term wedge which is narrowing. The recent break below the 5985 levl could indicate the possible downside reversal into the 3500 level. Only a daily close above the 6000 level could lead to an upside reversal.
Litecoin – the instrument is breaking the triangle formation below the 47.87 level which could lead to a downside extension into the 30 level. The downside support is 45-50 zone and a stop losses on the short trade entries should be above this zone.
Ripple – the instrument is testing the channel top. A daily close above the 0.5500 level for the upside reversal and a continuation into 1.0000 level. A daily close below the 0.4500 level is required for the extension lower to 0.2500.
EOS – the instrument is bouncing of the 4.9000 support level after the first rejection of the strong upside resistance 6.0000 level. We could see another swing up into the key upside resistance level as long as the 4.5000-4.9000 zone is holding.
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