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Market data are provided by the exchange HitBTC .
The total capitalization of encryption has plummeted from $ 239 billion in September from $ 5 billion to $ 200 billion on September 6, according to CoinMarketCap data. One of the likely triggers of the fall was a Business Insider report that Goldman Sachs was downloading his plans to launch a cryptocurrency trading desk.
On September 6, Goldman Sachs finance chief Martin Chavez called the news "false". he clarified that the investment bank is still working on a type of Bitcoin derivative. Although this news stabilized the markets, it did not lead to a strong recovery in prices. This shows that the bulls are cautious, following frequent failed attempts to start a new uptrend.
Coinbase encryption exchange said it is exploring the possibility of creating an exchange-traded fund (ETF) based on cryptocurrency with BlackRock's help. . While institutional actors are thinking of entering this space, retail investors are losing interest as cryptocurrencies are thrown to new lows.
In a recent YouGov Omnibus survey, 49% of respondents were happy that they did not buy Bitcoin, while 15% wanted to buy Bitcoin earlier, but I think it's already too late to invest. Only a few respondents are planning to buy Bitcoin in the near future. This shows that sentiment is largely bearish among retail investors and could be a contrarian sign of background training in the near future.
Some cryptocurrency shows signs of change of trend? Let's find out.
BTC / USD
Bitcoin hit our suggested stops on long-break positions on September 5th. The cryptocurrency formed a series of lower highs in 2018, shown as ellipses on the chart. By joining all the turning points it forms a downward descending triangle pattern, which will complete in the event of a failure and will close below $ 5,900.
Another bearish pattern you are configuring is the head and shoulders, which will also complete in a subdivision under $ 5,900. So, the key level to keep under control is the support area of $ 5,900- $ 6,075.04, which was held on four previous occasions. ; year
If the bulls maintain the support zone, the BTC / USD pair will make another attempt to form a higher maximum and start a new uptrend, the force will be a break above the downtrend line of the triangle and the right shoulder. The failure of a bearish pattern is a bullish signal. The uptrend will be further confirmed on a rally over $ 8.566.4.
On the other hand, if bears support below the level $ 5,900, a decline to $ 5,450 and
We'll have to wait that the virtual currency shows strength before suggesting long positions.
ETH / USD
Ethereum is firmly in control with both downward moving averages and RSI in oversold territory. The bulls are trying to defend the psychological level of $ 200 but they are not able to push the higher prices.
A break below the lows of September 6 will increase the likelihood of a fall relative to the $ 192.93 model goal.
Following recent disruptions, we believe the ETH / USD pair will need traders to begin a long process of expansion before the new uptrend begins. Traders should expect the decline and a new bullish pattern before attempting a purchase.
XRP / USD
Ripple dropped to a low of $ 0.26801 on September 6, where some purchases have appeared, but every small increase is facing a selling pressure: a break from the $ support zone 0.24508 to $ 0.27 will resume the downward trend and push prices to the next support level at $ 0.24001.
Both moving averages are sloping, which shows that the sellers still have the upper hand.
If the XRP / USD pair rises above $ 0.37390, it will indicate that buying interest is returning. A break above the downtrend line could start a new uptrend. Traders should wait for the formation of a new purchase order before starting any long position.
BCH / USD
The bulls defended the critical support of $ 473.9060 on September 6 but are facing the sale at $ 529. If the support breaks, Bitcoin Cash could collapse to $ 400.
If the support is valid, the BCH / USD pair will try to new to exit the moving averages: we will become positive if the bulls survive above the level of $ 670. Until then, traders should avoid bottom fishing at lower levels.
EOS / USD
EOS has broken below the Support $ 5.65 and the trend line on September 5. The recovery attempt is currently facing resistance to the trend line.
If the bulls fail to If the support area is $ 4.50- $ 4.80, the EOS / USD pair can retest the August 14th low of $ 4.778.
Any relegation from the current level will gain strength only if the bulls resist above $ 5.65. Traders can keep their remaining long positions with the stop loss at $ 4. If the virtual currency does not exceed $ 5.65 within a couple of days, we may suggest closing the position.
XLM / USD
Stellar continues to operate within the range of $ 0.184- $ 0.24987525, however, pressure towards the negative side has increased. Both moving averages have lowered, having remained flat in the last days. CSR is also immersed in negative territory. These signs indicate the possibility of an attempt by the bears to break down the range.
If the bears succeed, the XLM / USD pair will complete a bearish downtrend pattern and fall to $ 0.11812475 and lower.
On the other hand, if the bulls hold the supports, the virtual currency may take a few more days in the range. Traders should expect a breakout of the interval before starting any long position.
LTC / USD
The recovery attempt in Litecoin met strong resistance to the 50-day downtrend and SMA line. On the downside, the 20-day EMA and $ 62,319 did not provide any support.
Since both moving averages have lowered and The RSI is also in negative territory, probably the possibility of a fall to a minimum of August 14th of $ 49.466 has increased.If this level breaks, the next stop is $ 44.
The LTC / USD pair will seem stronger if the 50-day SMA is interrupted Until then, traders should remain on the sidelines
ADA / USD
Cardano has been traded within a range in the last 24 days. 39; analysis will restart the downward trend, with a model target of $ 0.054541. Moving downward averages and RSI in negative territory show that the path of least resistance is downward.
However, if the bulls maintain the bottom of the range, the ADA / USD pair could extend consolidation for a few more days. The first sign of strength will be a breakout of the resistance zone of $ 0.111843- $ 0.13.
We will wait for the trend to change and a new purchase set up to train before recommending any trade.
IOTA / USD
IOTA is threatening to fall below $ 0.5750, having left it over the last two days. A break of this support may result in a new test of the August 14th minimum $ 0.4037 If this support also cedes, the slide could extend to $ 0.3350.
The 20-day EMA is turning and the RSI is back in negative territory, demonstrating the fact that the sellers have control. A breakout of the air resistance zone between the 50-day SMA and $ 0.9150 will indicate a trend change.
We suggest traders to keep their long positions with stops at $ 0.46. If the IOTA / USD pair should recover within a couple of days, we may recommend closing the remaining position.
XMR / USD
The bulls tried to support Monero in the moving averages of the last two days, but I was not able to push the higher prices.
A break from the $ 109.22 level may lead to a decline in the trend line, which may offer less support. If the trendline support breaks, the XMR / USD pair could retest the $ 81 level.
A strong rebound from current levels will indicate demand at lower levels The virtual currency will confirm a trend change if it exceeds $ 150 for three days.As first level of support, we recommend that traders keep their long positions with the stop loss at $ 90.
market are provided by the HitBTC exchange . Graphs for analysi s are provided by TradingView.