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Market data is provided by the HitBTC exchange.
Mt.Gox, the failed Bitcoin exchange that collapsed in 2014, is expected to soon distribute $ 1 billion of cryptocurrencies to thousands of its creditors. Since it has been a long wait, some may download their bitcoins as soon as they receive them. Can this produce the next stage of the move down?
When commercial volumes are high, even such a large supply can only provoke an instinctive reaction, because buyers accumulate excess supply. However, the picture changes when the volume is low.
If the bulls anticipate a large offer, they could hold back their purchases expecting to buy at lower levels. With the lack of buyers' prices, the sale of panic comes in and the bears keep the markets under pressure.
On the other hand, if recipients expect their Bitcoin and sell in a measured manner, markets can easily absorb small quantities of new supply without causing interruptions. It will be interesting to see how the markets respond.
What are the important levels below or above which the trend changes? We check the charts and find out.
BTC / USD
Withdrawal from close to $ 6.075 stopped at the 20-day EMA, inviting people to sell fresh from bears. Both negative formations – a head and shoulders and a descending triangle – will complete if Bitcoin breaks and closes below $ 5.900.
Even if goals like this are lower, we expect support for $ 5.450 and $ 5,000.
If the bulls defend the $ 5,900- $ 6,075.04 support area, the BTC / USD pair will again try to rebound higher $ 6,600.
Both moving averages are currently declining and RSI is also in negative territory. This demonstrates that a new support line test is likely
Considering bearish patterns, we suggest traders to wait for success to test the media again and buy the next pullback attempt, until then, traders should closely observe action on the price.
ETH / USD
The failure of the bulls to abandon the 20-day EMA for the last three days invited to sell. "Ethereum has less support at $ 203, at the below which the slide can extend up to $ 183.17. [19659004] The ETH / USD pair indicates a change in trend if it remains above the downtrend line of the downtrend channel and the SMA 50 days. Some days of action related to the interval are likely to have elapsed. We will wait for a new configuration of purchases to be developed before suggesting a trade on it.
XRP / USD
Ripple has hardly moved in the last four days. Continue trading near the support at $ 0.27. This shows that buyers are not in a hurry to get to current levels.
An analysis of the $ 0.24508 – $ 0.27 range will be a negative development that may lead to a further decline to $ 0.20.
If the bulls climb above the 20-day EMA, the XRP / USD pair can go up to the 50-day SMA and the $ 0.37390 SMA. We will become positive if the virtual currency remains above the downtrend line, because it will indicate a probable double fund.
BCH / USD [19659009] Buyers seem to have defected the Bitcoin Cash, as the price continues to clash near the lows since the beginning of the year
The downward-moving moving averages and the RSI in the negative region show that bears still have the upper hand. [19659004] The BCH / USD pair will show signs of a trend reversal if it comes out of the downtrend channel, and until then, all pullback attempts will have to face a 20-day rigid resistance and 50-day SMA. that the virtual currency forms a reliable purchasing configuration before proposing any exchange on it.
EOS / USD
EOS had passed close to the $ 5.65 mark in the last four days since the bulls failed to overcome resistance, prices are diminished i.
Prices may now fall to the next strong support at $ 4,493. If this support breaks down, it is likely to fall to $ 4.1778.
If support holds, the EOS / USD pair will attempt to exceed $ 5.65 and reach $ 6.8299. Traders can keep the remaining long positions with arrests at $ 4.4
XLM / USD
Over the past five days, Stellar has been trading within the broad range bar formed on 11 September. If the bulls climb the mark by $ 0.21489857, a passage at the top of the range is likely.
The trend will only become negative if bears sink and keep the price below $ 0.184. The longer the XLM / USD pair consolidates in the interval, the stronger the breakout or breakdown will be.
We have not found any reliable purchase configurations Within the interval, then we will wait for the breakout of the interval to remain for three days and then suggest a long position on the pair.
LTC / USD
Litecoin has refused 20-day EMA Bears will now attempt to disrupt critical support for $ 49,466.
If successful, the LTC / USD pair will resume its downtrend ace and will slide to the next support zone of $ 40- $ 44. On the other hand, if the support is valid, a probable double fund will be completed if the players burst by $ 69.279.
The objective of the model of such a move is $ 89. We will have to wait for the price to break before proposing any operation on it.
ADA / USD
Bears have successfully defended the overload resistance of $ 0.071355, causing prices to fall. Cardano will resume its downward trend if the intra-day low of September 12 breaks down. The next level to look downward is $ 0.054541.
Both moving averages are downhill and the RSI is close to the oversold territory, which shows that the sellers are in charge.
If the support is valid, the bulls will try again out of $ 0.071355. / USD spend some time forming a fund.We will wait for a reliable purchase configuration to be formulated before suggesting a trade on it.
XMR / USD
Monero has risen above $ 120 on 15 September, but failed to maintain the level.It remains the key resistance above which the pullback can gain momentum
During the descent, the 20-day EMA provided a strong support rto and the moving averages completed a bullish crossover, which is a positive sign: if the bulls sustain more than $ 120, a rally at $ 142.7 is probable. Long positions can be kept with the $ 95 stops. higher stops after the XMR / USD has been climbed above $ 120.
The digital currency has strong support for moving averages. A fall below 50-day SMA will weaken recovery and increase the likelihood of a decline to $ 96.39.
IOTA / USD
IOTA refused after the bulls failed to exceed the EMA of 20 days in the past four days Currently the price is locked in a narrow range of about $ 0.5- $ 0.6170.
This range is unlikely Restricted for a long time The IOTA / USD pair will break out or break in the next few days It is hard to predict how the move will occur
A breakout of the downtrend line may result in a rally of $ 0.81 and in addition to $ 0.9150, so we suggest keeping long positions with stops at $ 0.46. We will follow the stops higher at the first available opportunity.If the bears push lower prices, it is likely a decline to $ 0.45 and more than $ 0.4
Market data is provided by the HitBTC exchange Analyzes are provided by TradingView.
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