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 120 level of the channel support and this break is opening the downside extension into the 60-80 zone. Only a daily close above the 125 level will invalidate the swing higher. Look for the sell trade entries with the stop loss above the 105 level. In the case of a daily close above the 105 level, we could see a corrective pullback into the 155 level.
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Bitcoin – the instrument has broken below the strong resistance 5950 level and is breaking below the 4500-5000 zone for a downside continuation into the 2300 level. It has reached a strong resistance 2950 level and a daily close below this level is required for a downside continuation. Without the daily close below 2950 level we could see a corrective bounce from here to 4050 level.
Litecoin – the instrument is breaking the rectangle and a descending triangle 35 level. This break is now marking a complete reversal lower. Look for the downside support at 35 level where corrective pullbacks should end.
Ripple – the instrument is testing the uptrend line 0.3500 level for the downside continuation into the 0.2500. Look for the short trade entries with the stop loss above the 0.3500 level.
EOS – the instrument is breaking below the 3.3600 level for a downside extension into the 2 level. This break is marking an important reversal lower. Look for the short trade entries with the stop loss above the 2.59 level.
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