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Market data is provided by the HitBTC exchange.
The market is finding it difficult to support the total cryptocurrency market capitalization above the $ 200 billion mark. The news of the US Securities and Exchange Commission (SEC) that suspends trading in the Bitcoin Tracker One and Ether Tracker One securities has further eased sentiment.
While the total market capitalization has dropped sharply from the start of the year, it is still higher than a year ago. On 10 September 2017, the total market capitalization was approximately $ 140 billion. This shows that the current fall has only removed the excess foam from the system, which is bullish from a long-term perspective.
Ethereum co-founder (ETH) Vitalik Buterin believes that space does not witness another 1000 times growth. We have also argued that it is unlikely to repeat the powerful rally last year, but growth in this sector is only just beginning. With the increase in its adoption, the business of both retail and institutional investors will give another price boost.
However, it is advisable to wait for prices to show background training before buying. Let's see if we identify a reliable purchase configuration in one of the best cryptocurrencies we monitor.
BTC / USD
Bitcoin is currently attempting to rebound from the $ 5.900- $ 6.075.04 support zone, but is facing the sale just above $ 6,400 mark.
A bearish downward triangle and a head and shoulder pattern have developed but will only complete in the event of a failure and will close below $ 5,900. Until then, the models are not considered complete.
Although the goals of the breakdown model are much lower, we will have to look at the $ 5,450 and $ 5,000 downtrend levels. Both moving averages have lowered, which shows a sales pressure.
Any attempt at recovery will encounter resistance to the 20-day EMA and the 50-day SMA. A break above the downtrend line of the descending triangle will indicate a likely trend change and a move above $ 7.413.46 will confirm it.
As long as the BTC / USD pair is higher than $ 5,900, we remain positive on a pullback at $ 8,566.4. Therefore, we will propose a long position if we identify a purchase configuration. Until then, we suggest traders to stay on the sidelines.
ETH / USD
Ethereum continued its journey south. It fell below its $ 192 target and made a new 52-week low at $ 185.12 on September 9th.
The next support to look downward is $ 176. Although the trend is falling, the RSI is deep in the oversold territory, indicating a likely pullback in the coming days.
Any upward recovery attempts will face a tough 20-day EMA resistance and the downtrend line. We will wait for the ETH / USD pair to end its decline and form a new buying approach before recommending a trade on it
XRP / USD
Ripple has tried to keep the $ 0.27 level in the last two days. A break below this can sink to the next support at $ 0.24001.
The trend remains firmly low with both downward moving averages and RSI in negative territory. The failure to rebound strong supports is another sign of weakness.
If the XRP / USD pair holds $ 0.27, it may remain within a few days. We will wait for the trend to change before suggesting a trade on it
BCH / USD
Bitcoin Cash broke below the August 14th low of $ 473.9060 on 7 September, recovering its downward trend. It can now flow up to $ 400.
Both moving averages are turning down and the RSI is in negative territory, which shows that bears are in charge.
On the upside, the bulls face a stiff resistance at the 20-day EMA and at the 50-day SMA. We will wait for the BCH / USD pair to form a purchase configuration before proposing any transaction.
EOS / USD
EOS has tried to hold over $ 4.60 in the last two days, but is facing selling close to $ 5.15.
A break above $ 5.15 can bring the EOS / USD pair to 20 days, which is just under $ 5.65.
If bears force a break below $ 4.4930, repeat the critical support zone test of $ 4.1778- $ 3.8723 is likely. Traders can follow the stops on the remaining long positions at $ 4.4.
XLM / USD
Stellar has gradually slipped to critical support of $ 0.184, which has not been stopped convincingly since mid-December last year.
A close below $ 0.184 will complete a descending triangle pattern, which may result in a decline to $ 0.11812475 and lower. However, traders should note that on all three previous occasions when the XLM / USD pair had fallen below $ 0.184, bears could not sustain lower levels. Therefore, the allocation will only be considered valid if the bears manage to obtain three consecutive closures below $ 0.184.
We are not suggesting a purchase at current levels because the moving averages have lowered after remaining flat over the last few days, and the RSI is also in negative territory. This shows that the sellers have the upper hand. We will wait for buyers to come back before suggesting long positions.
LTC / USD
Litecoin has kept the $ 52 mark in the last two days, below which it is likely to fall to $ 49,466
Both moving averages continue to decline, which shows that sellers have the upper hand. RSI is also in negative territory.
The first sign of a change in trend will be when the bulls break out and lean over the downtrend line. However, after such a long downtrend, the LTC / USD pair will have to spend a few weeks before starting a new uptrend. We find no purchase configuration at current levels.
ADA / USD
Cardan fell below the critical support of $ 0.083192, which increases the probability of a fall relative to the $ 0.054541 target
 Both moving averages are sloping down and the RSI is close to oversold territory, which shows that the sellers are in charge. The failure of the ADA / USD pair to bounce back to critical support shows a lack of buying interest
Traders should wait for the virtual currency to stop falling and find a fund before starting any long position.
XMR / USD
Monero found support for the downtrend line on 9 September but bulls are facing a stiff resistance to moving averages, near $ 111.
Se the XMR / USD drops from the resistance in the head and breaks below $ 100, can test the $ 81 line again. Therefore, we suggest to exceed the stop losses above $ 95 on the long position.
On the other hand, if the bulls manage to break through environmental resistance, a shift to $ 120 and thereafter to $ 140 is likely.
IOTA / USD
IOTA is trying to bounce off the level of $ 0.5, but faces a stiff resistance to the 20-day EMA. If the cryptocurrency falls from the current level, it can slip to $ 0.45 and below this at the August 14th low at $ 0.4037.
Both moving averages are sloping, which shows that the sellers still have the upper hand.
However, if the bulls rise above the 20-day EMA, the IOTA / USD pair will try again to stop the 50-day SMA, which has been a major drag. Therefore, traders can hold long positions with stops at $ 0.46.
Market data is provided by the HitBTC exchange. Analysis charts are provided by TradingView.