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 breaking below the 120 level of the channel support and this break is opening the downside extension into the 60-80 zone. Only a daily close above the 125 level will invalidate the swing higher. Look for the sell trade entries with the stop loss above the 126 level.
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Bitcoin – the instrument has broken below the strong resistance 5950 level and is breaking below the 4500-5000 zone for a downside continuation into the 2300 level. Use any pullbacks to enter the sell trades with the stop loss above the 4650 level.
Litecoin – the instrument is breaking the triangle formation below the 47.87 level which could lead to a downside extension into the 30 level. The 30 level is being tested now and a confirmed daily close below this level would lead to an extension lower into the 10.500 level.
Ripple – the instrument is rejected by the channel top. A daily close above the 0.5500 level for the upside reversal and a continuation into 1.0000 level. A daily close below the 0.4500 level is required for the extension lower to 0.2500 which is ongoing now.
EOS – the instrument is breaking below the 3.3600 level for a downside extension into the 2 level. This break is marking an important reversal lower.
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