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 a strong long-term downside resistance 400-410 zone and has broken below the 310 level of the strong downside resistance. This is now a downside support for a continuation into the 200 level. Look only for the selling trade entries here.
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Bitcoin – the instrument is testing the descending channel breakout 5900-6000 zone. Break below the 5900 would open a downside extension into the 4000-4500 zone. Invalidation of this downside extension only in the case of a daily close above the 8850 level. Look for the sell entries here with the stop loss above the 7300 level.
Litecoin – the instrument is breaking below the 68.94 level and is extending downside into the 40 level. Look for the short trades with the stop loss above the 69 level. The downside support zone is 65-69 and is so far rejecting the instrument.
Ripple – the instrument is breaking below the 0.45 level with confirmation. An extended downside is calling for a 0.10-0.15 zone test. The downside support now is 0.35 level.
EOS – the instrument is breaking below the 5.000 level. This break would lead to a 3.100 level test. Look for the short trade entries with the stop loss above the 5.000 level on this pullback.
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