The previous week we have seen Bitcoin push up to resistance at around the 9.2k level. Price pushed away from here relatively quickly, with indecision followed by a downward push.
Currently, price is at support – a relatively strong support area at the 7.8k level. Price was held here previously and there are signs it may be held again with a slight stall. BTC is not showing much opportunity to buy in its current state – it is in a bearish trend at the moment.
If you are investing in Bitcoin, it is looking like it may continue down in the medium term. If price stalls for a longer amount of time at the current support level, there may be a great trade setup that emerges.
Ether is currently headed down! There is a wick that pierced the support level a few days ago that we will look to for Ether pushing down to make lower lows.
If price pushes below this long wick on the daily AND closes below the $454.30 level, we could see Ether push even further down. Alternatively, if price stalls on current support then we may have an opportunity to enter into a small long trade toward the $580 level.
Currently in between support and resistance, LTC does not have as much correlation to other crypto pairs but it is experiencing an overall bearish trend.
The 200 moving average is acting as a moving SR area for LTC – looking to the left on your chart you will see that LTC reacted to a previous touch of the 200 moving average. Looking at the 200 MA, if price pushes below this moving average and closes beneath it we could very well see price push to the $126 support level.
If price does reach here, we would be looking to go long on a bullish move back up to around the $175 resistance level.
Ripple is also in a downtrend right now. We can see from the chart that it pushed below the 200 MA on our chart and actually tested it as resistance not too long ago. Price reacted and pushed down from it.
We don’t have much data with Ripple – it is one of the downsides of this crypto. This means we can’t place too much support near the current level of price. 0.5364 is the price line at which that long wick extended. If price pushes and closes below this level on the daily, we will be looking for a potential short trade.
There is not much upside potential, with heavy resistance just above price currently. Knowing where to buy in the future may be difficult with such little amount of data – we are able to identify two weaker support levels but these are not thoroughly tested.
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