Cryptocurrencies trading overview – Ethereum, Bitcoin, Litecoin, Ripple, EOS
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. Safe short trade entries will be below the 390 level. Invalidation of the downside move upon a daily close above the 580 level.
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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. The invalidation of a downside move only in the case of a daily close above 8000 level.
Litecoin – the instrument is breaking below the 97.30 level for an extended downside into the 55-60 zone. A bearish flag has been formed with the upside 95-100 resistance zone. This zone needs to hold for the downside continuation and a test of 75 level for a bearish flag break.
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.
EOS – the instrument has formed a triangle and is moving inside the 8-10 zone. We need to see a daily close below the 8.000 level for the downside continuation into the long-term support 6.000 level.
Happy trading! (click on the chart to enlarge it)
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