Let us see where are the opportunities and market positioning in the cryptocurrencies.
Ethereum – the instrument is pulling back to a broken downside resistance now acting as a support 640-680 zone. This zone needs to hold for the upside continuation higher. Look for the buying opportunities here with the SL below the 650 level. A break above the 720 level is needed for the upside continuation.
Bitcoin – the instrument is consolidating between the 7500 and 10000 level. This are the key levels for an upside continuation or a dowsnide extension. The 200 SMA level is 8000 and this level is acting as an upside support. The instrument is in a flag formation which needs to be resovled for the trend direction.
Litecoin – the instrument has broken below the bearish flag 140 level and we could see a downside extension into the key support zone 97-110. Look for the sell trade entries only on a break below the 97 level.
Ripple – the instrument is pulling back in a consolidation to test the 0.65-0.80 upside support zone which was a previously an upside resistance. The break above the 0.9300 level is required for an upside continuation. Consolidation is not offering a good trade entries.
Happy trading! (click on the chart to enlarge it)
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