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Market data is provided by the HitBTC exchange.
Michael Novogratz, founder of the digital asset management company Galaxy Digital, recently reiterated his view that cryptocurrencies have hit bottom and a rebound is due. He believes that various institutional actors could invest in the market, increasing prices.
However, it will be a bit slower. We have also argued that this year's rally will be a gradual upward growth, unlike the vertical increase seen in 2017.
Another billionaire investor, Tim Draper is unperturbed by the continued decline of cryptography, considering it a purchase opportunity and sticks to its target of $ 250,000 by 2022. As for the news, the hack of a Japanese encryption exchange Zaif has not led to any sale of panic, which proves that bears are currently unable to capitalize on unfavorable securities.
Securities and Exchange Commission (SEC) stated that it had "reached no conclusion on any of the issues involved", with the proposal of the ETF (Bitcoin exchange-traded fund) supported by the investment company VanEck and the SolidX financial services. [19659004] The Commission requested further comments on this matter. This keeps alive the hope that an ETF can become a reality sooner than most expect.
When a class of assets does not fall on negative news but goes up on less positive, it indicates that investors are looking for reasons to buy. So, what are the cryptocurrencies that are showing background training? Let's find out.
BTC / USD
Bitcoin came out of both moving averages. It should now move towards the downtrend line of the descending triangle, which will act as a rigid resistance. The cryptocurrency has been refused four times from this line, making a lower minimum on every occasion.
This sequence will be interrupted if the bulls are able to push the price above the previous lower minimum of $ 7413.46. Such a move will cancel the descending triangle, which is a bullish sign the divergence on CSR is another indication of the accumulation of support.
The $ 5,900- $ 6,075.04 area has held five times since February of this year, making it a formidable support. Traders can expect that today's closing (UTC) is above $ 6,600 and buys 50 percent of the desired allotment in the $ 6,600- $ 6,750 range.
We do not want to buy the & # 39; full assignment at the current level because the downtrend line of the downward triangle may invite bears to be sold in. However, as prices have rebounded from the lows, we are t to start the partial position because the stops are close. it can be kept at $ 5.90 0.
If the BTC / USD pair struggles to exit the triangle's downtrend line, traders can follow the highest stops. We will add the remaining 50 percent of the position when the price remains above the downtrend line. The goals are $ 7413.46 and $ 8566.4. Our bullish vision will be invalidated if bears break the critical support zone.
ETH / USD
Ethereum did not participate in the withdrawal. Continue to languish under the 50-day SMA and inside the downtrend channel.
The 20-day EMA has flattened out and even the RSI is trying to move to positive territory, which shows that the selling pressure it has eased.
If the bulls can break outside the downtrend line of the downtrend and the 50-day SMA, a trend change is likely. We suggest that traders wait for the break before starting any long position.
If the ETH / USD pair fails to sustain over 50-day SMA, it may remain within a radius and enter a background formation.
XRP / USD
The ripple gathered more than 184% in just four days. With this move, it broke out from the bearish trend line with force The downward trend is over and a new trend has begun.
Moving averages have completed a bullish crossover and the RSI climbed into the overbought territory for the first time since April 2009. While all of these are positive signs, we will not attempt to pursue the highest rally. [19659004] Traders should wait for the rally to stop for a day or two and then build new positions because if a long position has started at current levels, the stop loss will have to be much lower, so although we are bullish on the XRP / USD pair , we will not suggest long positions at current levels.
The important level to keep an eye on the upside is $ 0.70, which acts as a rigid resistance.On any correction, the downtrend line, which up until so far it has acted as a resistance, will act as a strong support. [19659008] BCH / USD
Bitcoin Cash has also withdrawn together with the other cryptocurrencies. It came out of the 20-day EMA and can now move to the 50-day SMA, which is just below the resistance line of the downtrend channel.
A breakout of the downtrend channel will indicate a probable change in trend, upwards of $ 660 and over $ 880.
If the bulls fail to exit the channel, the BCH / USD pair may remain stuck between $ 400 and the resistance line of the channel. a confirmed break-out of the channel because until then, the trend remains unchanged
EOS / USD
EOS has risen above both the moving averages and the environmental resistance at $ 5.65, now it can go up to $ 6.8299. [19659004] Bulls could face sales in the area of $ 6.8299- $ 7.324. If this area is crossed, the rally can extend to $ 8. Therefore traders can maintain their remaining long positions with a stop at $ 4.4. The stop loss can be towed higher while the EOS / USD pair moves north.
XLM / USD
Stellar underwent a rally for the last two days and left the range for the first time since September 11th. has a model target of $ 0.3157505 with a lower resistance to the bearish trend line
On the previous two occasions, the XLM / USD pair had increased vertically after exceeded the 50-day SMA. Currently both moving averages are on the edge of a bullish crossover and the RSI is also in the positive territory.
A breakout of the downtrend line of the descending triangle will invalidate the bearish pattern, which is a bullish sign, so traders can enter long positions by closing above $ 0.255, with the stop loss at $ 0.18. $ 0.3157505 and $ 0.36 If the couple struggles to exit the bearish trend line again, traders can tighten their downtime.
LTC / USD
Litecoin interrupted the downtrend line and the 20-day EMA. He is currently facing a 50-day resistance to SMA. The bulls have not been able to sustain over the 50-day SMA since May 16 of this year. Thus, any interruption of this level will suggest a probable change in trend.
The important level to look at upwards is $ 69,279. If the LTC / USD pair comes out of this resistance, it will complete a double bottom formation, which has a target of $ 89.
Therefore, we suggest a long position on a breakout and close (UTC time frame) above $ 69.279. The initial stop loss can be placed at $ 49 and subsequently increased
ADA / USD
Cardano came out of the 20-day EMA and is close to the 50-day SMA. If the bulls push prices above the 50-day SMA, the pullback may extend to $ 0.111843.
Moving averages are going flattening and the RSI is trying to climb into positive territory, which increases the likelihood of a higher continuous move.
On the downside, the ADA / USD pair will find support for the 20-day EMA and $ 0 , 071355. We do not find any reliable purchase configuration on the cryptocurrency, so we will have to wait a few days before suggesting long positions in it
XMR / USD
The bulls successfully defended the 50-day SMA on Monero from 17 to 19 September and discontinued the downtrend line.There is a lower resistance to $ 122.6, above which a rally to $ 140 is probable.
The 20-day EMA showed up while the 50-day SMA became flat. The RSI entered n el positive territory.These signals indicate that the path of least resistance is that of As a result, traders can track their positions on long positions at $ 100. We reduce the risk on the trade.
On the downside, the XMR / USD has support for the 20-day EMA, the 50-day SMA and the triangle's trend line.
IOTA / USD
IOTA has retreated near the upper end of the range of $ 0.5- $ 0.6170, where it faces the 50-day SMA resistance and trend line down.
The 20 days EM A it has flattened out and RSI is moving closer to neutral territory, which shows that short-term sales pressure has shrunk, and if the bulls come out of the head resistances, a $ 0.7448 rally is likely. in addition to $ 0.8152
A scale error of more than $ 0.6170 will prolong the stay in the interval, traders can maintain their long positions on the IOTA / USD pair with the SL at $ 0.46.
Market data is provided by the HitBTC exchange Analysis charts are provided by TradingView.
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