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 supported by the 170-190 zone of the triangle support. The key upside level for the reversal is 245 level followed by the downtrend channel resistance 350 level. We could see a test of this level as long as the 170-190 zone is holding. A daily close below this zone could lead to a downside extension. Since there is a positive divergence look for the long trade entries with the stop loss below the 190 level.
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Bitcoin – the instrument is in the long-term wedge which is narrowing. We expect an upside continuation in the case of a daily close above the 6850 level followed by 7250level. Look for the long trade entries with the stop loss below the 6100 level for now. The key near-term upside resistance level is 6600 followed by 6850 level.
Litecoin – the instrument is in the triangle formation with the 45-50 support zone. The key uptrend reversal level near-term is 60. A daily close below the 45 level would lead to a downside extension and a downtrend continuation. The RSI (13) positive divergence is supporting the bullish upside reversal.
Ripple – the instrument is completely reversing the downtrend with the recent swing up. A daily close above the 0.6000 level for the upside reversal and a continuation into 1.0000 level.
EOS – the instrument is bouncing of the 4.9000 support level after the first rejection of the strong upside resistance 6.0000 level. We could see another swing up into the key upside resistance level as long as the 4.5000-4.9000 zone is holding.
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