Bitcoin H1 analysis
BITCOIN has been absolutely on the rise during this month, leading the cryptocurrency market to the upside. in the first few days of this month it was trading above $ 13,000 after a slight dip, but the 200 SMA (purple) held as support, despite being pierced briefly, which was not considered a breakout. Since then, the buying pressure has been quite strong and the moving averages have provided support during the pullbacks, driving the price up.
This week the uptrend has accelerated further as shown by the 20 (gray) SMA which has turned back into support. Earlier today, we saw a decline from $ 18,450 to $ 17,350, but the decline stopped right at the 50 SMA (yellow) of the H1 chart. The price has bounced off that moving average and is now around $ 500 more. Hence, the trend is bullish here and the pullbacks below the MA are good opportunities to go long. We could open a buy signal here.
Ethereum lags but remains bullish
ETH / USD towards the 50 SMA
ETHEREUM it has also been bullish since mid-March this year, but was lagging behind Bitcoin. It rose to $ 485 by September 1, but then retreated lower, although the moving averages were held as support on the daily chart and were pushing Ethereum higher, until earlier this month, when the price is climbed again. On the H4 chart, the 200 SMA (purple) provided support for ETH / USD earlier this month during the downward retracement, but as the uptrend resumed, the 20 SMA (gray) turned into support. Today we saw Ethereum climbing higher, heading towards the 50 SMA (yellow) which seems like a good place to go long.
Litecoin aims for the 20 SMA
Will the 20 SMA reach soon?
LITECOIN dived earlier this year, over $ 80 to $ 24. It started reversing to the upside after that, but is trading sideways instead, with the 200 SMA (purple) providing resistance until the last week of July. The buying increased at that time and the 200 SMA was broken. The 20 SMA has turned into support for LTC / USD and the price increased to $ 76.50. On the H4 chart, the picture is similar, with the SMA 200 moving from resistance to support in October, while the SMA 20 (gray) turned support this month as the bullish trend accelerated. Litecoin has retraced the downside of $ 6, but the 20 SMA is waiting to provide support again. If it holds and we see a bullish reversal signal forming above it, then we could buy Litecoin.
Limited Dash / USD trading range
Let’s see if the moving averages will turn into support for Dash
The Dash coin looked pretty good earlier this year when it jumped from around $ 40 to over $ 140. But the coronavirus crash came in mid-February and DASH / USD plummeted lower, dipping below $. 40. But the decline stopped in early March and the trend reversed, although it lacked strength. The 100 SMA provided resistance for a while but was eventually broken and the price briefly rose above $ 100 in the first week of August. However, DASH / USD failed to hold on to gains and reversed. It has been bearish since then, while other cryptocurrencies have risen apart from the past two weeks, indicating a decline for Dash. However, Ripple is a little more bullish than DASH XRP / USD is trading in a triangle, so we will see if the recent bullish move is strong enough to break above the triangle.
[ad_2]Source link
