Cryptocurrencies trading overview – Ethereum, Bitcoin, Litecoin, Ripple
Let us see where are the opportunities and market positioning in the cryptocurrencies.
Ethereum – the instrument broke below an important downside resistance 567 level. After the brief test of 414 the instrument is pulling back again to 550 downside support level. Look for the possible sell entries on this pullback as the pair is in a downtrend as long as the 567 level is not broken to the upside.
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Bitcoin – the instrument is pulling back into the downside support 7000-7500 zone. This zone could provide another opportunity for selling the instrument as the large descending triangle has been formed and we already had a brief break below the 6430 level. The upside is limited by the mentioned downside support zone.
Litecoin – the instrument is breaking below the 97.30 level for an extended downside into the 55-60 zone. Look for the short trade entries with the SL above the 97.30 level on this pullback into the downside support. Projected target after the descending triangle downside break is around 30 level.
Ripple – the instrument is testing the 0.45 level of the strong upside support. Look for the reaction here and in the case of a pullback downside support is 0.54 level. The instrument is inclined for a near-term break. Look for the possible sell entries on a daily close below the 0.45 level.
Happy trading! (click on the chart to enlarge it)
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