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 bouncing off the 85 level and is getting back into the wedge with a daily close above the 102. Although the instrument is in a downtrend this bounce could be used for long trade entries with the stop loss below 102.
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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 which is ongoing. Look here for a consolidation or a possible pullback into the 3000. A daily close above the 4000 could be used for long trade entries targeting 5000.
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. A daily close below the 21.50 level would indicate a downside continuation. A daily close above the 35 is required for long trade entries to target 50.
Ripple – the instrument is in the consolidation between the 0.30 and 0.45 level. The midpoint is on a test now 0.38 level. A daily close above or below this level would lead to a test of 0.30/0.47.
EOS – the instrument is breaking below the 3 level for a downside extension into the 2 level. Downtrend channel is formed and we have a pullback into the strong previously broken resistance 3. A daily close above this level is required for an upside continuation into the channel top. So far price action is indicating a possible new swing down to 1.5.
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