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 back into the wedge after a brief and not confirmed upside break above the 150 level. Strong support is 102 level and a daily close below this level would invalidate the upside reversal. We have a small channel upside channel formed.
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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 below the 35 level again after the false ascending triangle break. This can lead to a retest of the 22 level.
Ripple – the instrument is in the consolidation between the 0.30 and 0.45 level. We have a test of the test of a lower 0.30 level.
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 which is ongoing now.
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