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 testing the uptrend line 0.3500 level for the downside continuation into the 0.2500. Look for the short trade entries with the stop loss above the 0.3500 level.
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. Look for the short trade entries with the stop loss above the 2.59 level.
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