Cryptocurrencies trading overview – Ethereum, Bitcoin, Litecoin, Ripple, EOS
Let us see where are the opportunities and market positioning in the cryptocurrencies.
Ethereum – the instrument has broken the wedge to the upside and is retesting the broken line 135 level. A daily close above the 175 level is required for an upside continuation. Only a daily close below the 130 level will invalidate the upside reversal extension
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Bitcoin –Â Instrument 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 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 above the ascending triangle 33.86 level for a breakout and an upside extension into the 47.500. The next big resistance is 49 level.
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. Rejection could lead to a possible new swing down to 1.5.
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