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Market data is provided by the HitBTC exchange.
Discussions on blockchain and cryptocurrency have entered the United Nations General Assembly. In his recent speech, Maltese Prime Minister Joseph Muscat said that cryptocurrencies and blockchains can solve various problems and become the money of the future.
This year, Malta has positioned itself as a "blockchain island", introducing favorable norms for the new asset class. While other nations regard the encrypted industry as a problem, Malta has chosen to consider the benefits it can offer and has taken it wholeheartedly.
In the United States, several blockchain companies have formed a coalition and hired Klein / Johnson Group, a bipartisan lobby. An interesting point to note is that the company has agreed to accept part of its payment in digital currencies.
Even though China has banned cryptography, the Beijing Sci-Tech Report (BSTR), China's oldest technology publication, said it will accept Bitcoin for subscriptions in 2019.
The flow of fundamental news in 2018 was positive. Could you start to influence cryptocurrency prices? Investors should start buying now? Let's find out.
BTC / USD
Bitcoin is consolidating into a small range in the last two days. Both moving averages are flat and the RSI is close to neutral territory. This suggests a balance between buyers and sellers.
However, this small range is unlikely to last long. Since the cryptocurrency has made a series of lower highs in 2018, the failure of the bulls to break the air resistance will attract the sale.
If the bears collide and remain below the trendline, the BTC / USD pair may fall to $ 6,341 and fall below the critical support zone of $ 5,900- $ 6,075.
On the upside, the $ 6,831.99 line is critical resistance. If the bulls exceed this limit, a rally will result at $ 7.413.46. We anticipate a far-reaching move within the next two days. For now, traders can keep their long positions with stop losses (SL) at $ 5,900.
ETH / USD
Ethereum has been trading near the 20-day EMA in the last seven days. Both moving averages have become flat and even the RSI has been suspended around the midpoint. This shows a consolidation in the range of $ 200- $ 250.
The interruption of the resistance at the head of $ 250 and the 50-day SMA will incline the budget in favor of the bulls. Above $ 250, the ETH / USD pair could recover for $ 300- $ 322.57.
The key support to look downward is the $ 192 – $ 200 zone. If bears sink the pair below this support, a lows' repetition is likely. We should get a decisive move in both directions this week.
XRP / USD
Ripple continues to consolidate in the range of $ 0.425 to $ 0.625. The bulls tried to get out of this band on September 30th, but they did not succeed. However, since the price has risen above $ 0.583, it has triggered our purchase proposal.
Currently, the price has decreased compared to the environmental resistance. The 20-day EMA is likely to act as a strong support. If bears knock down this support, the XRP / USD pair may fall to $ 0.4255.
The digital currency will gain momentum above $ 0.625. As both moving averages are on the rise and the RSI is near the overbought area, we suggest traders to maintain their long SL positions at $ 0.42.
BCH / USD
Although Bitcoin Cash has held the SMA for 50 days in the last two days, the bulls have not managed to get a rebound. This shows that purchases have run out and if mobile medium supports break down, the digital currency can retest the recent lows.
The BCH / USD pair will indicate a trend change if it breaks out at $ 600. The key levels to look at upwards are $ 660.0753 and $ 880.
As the price has remained above the downtrend channel and the moving averages of the last four days, we suggest traders to maintain the long position with $ 400 stops.
EOS / USD
EOS has struggled to support over $ 5.65 in the last three days. The lack of rebound in moving averages indicates the absence of purchases at higher levels.
The EOS / USD pair was re-adjusted for the 20-day EMA. The area between both moving averages is an important support. If this breaks, the next level to look down is $ 5. Below $ 5, a new test of $ 4.49 is likely. Therefore, we suggest traders to keep their long positions with a stop at $ 4.9.
If the pair does not move within the next two days, we will close the position.
XLM / USD
Stellar has held over $ 0.24987525 in the last five days, but is still struggling to get out of the downtrend line of the downward triangle.
If the XLM / USD pair is lower than current levels, it may break down both moving averages and move to the next support at $ 0.21489857.
The bearish model will be invalidated only if the bulls sustain above the downtrend line of the descending triangle. The levels to look upward are $ 030434761 and $ 0.36065937.
Since both moving averages are increasing and the RSI is in the positive zone, long positions can be maintained with stops at $ 0.21.
LTC / USD
The out-of-range range is still elusive as Litecoin remains stuck between $ 49.466 and $ 69.279. The longer the consolidation, the stronger the break or break will be.
Currently, the LTC / USD pair has been adjusted against moving averages. A small trend line is also found at this level. So, we expect strong support for $ 58.
If bears break below the trendline, the virtual currency may fall to $ 54.5 and eventually to the bottom of the range at $ 49.466.
The downward trend will resume in the event of a break in the interval and a double fund will complete with a break of $ 69.279. We will wait for prices to remain above the environmental resistance before suggesting long positions.
ADA / USD
Cardano has formed three successive intraday candle models. This shows that the interval has shrunk and an expansion is due within the next two days. The 20-day EMA is flat and the 50-day SMA is flattening. The RSI is in the neutral zone. This shows a balance between buyers and sellers.
If bears break under the 20-day EMA, it is likely to fall to $ 0.71355. If this level breaks too, a new test of $ 0.060105 is possible.
On the upside, a 50-day SMA rupture will indicate strength. The ADA / USD pair will gain momentum above $ 0.94256.
We do not find any reliable purchase configuration, so we are not proposing any negotiation in the pair.
XMR / USD
Monero turned down the 50-day SMA on September 29, where the purchase emerged. However, the bulls could not push over $ 120, which shows nervousness buying at higher levels. Both moving averages are flat and the RSI is close to 50 levels, showing a state of balance between the bulls and the bears.
The inability to exit the downtrend line will attract the booking of profits and new shorts if bears support under the 50-day SMA. The next level to look downward is $ 96.390. Therefore, we recommend keeping the stops at $ 100 on long positions.
The XMR / USD pair will show signs of strength if it is kept above the downtrend line. It will gain momentum if it comes out of the symmetrical triangle.
DASH / USD
Dash has been traded between the 20-day EMA and the 50-day SMA in the last two days. A 50-day SMA analysis will complete a symmetrical triangle break that may result in a decline to $ 159.416 and below $ 130.024.
If support holds and the DASH / USD pair exits 20-day EMA, it may attempt to exit the triangle.
We will wait for a confirmed break of the triangle before recommending any operations in it.
Market data is provided by the HitBTC exchange. Analysis charts are provided by TradingView.