BTCUSD Coinbase
Source: tradingview.com
As we’ve expected for the past weeks, Bitcoin started to weaken impulsively and it is now trading around $9,600 on the Coinbase exchange. We don’t think the selling had ended and there could more room in the near term.
The key support area to watch stands between $9,100 and $8,800, which is the only place where buyers could resume impulsively. In case of a strong breakout lower, we should see Bitcoin dropping even further, towards $7,000 or $6,000. However, it should be interesting to watch how the price will perform around the support.
Although the bigger picture continues to deteriorate and we could see Bitcoin erasing more gains until 2019 ends, we think there will be choppier activity around the support and no strong impulsive move below, just in the next week. It also depends on any new significant news that might impact the market meaningfully.
ETHUSD Kraken
Source: tradingview.com
Ether reached the $165 area where it found support and it’s currently consolidating after a new bearish leg. Looking at the bigger picture, things don’t look good for the second-largest cryptocurrency, as bearish parabolic structure can be spotted.
In case the corrective move will continue to extend higher, it should encounter resistance around the $190 where the 4h chart 200 moving average will also be located. Any significant upside gains should be limited until there won’t be any ground-breaking news.
If the price will continue to weaken, the $150 area seems to be its most likely destination, a key support area, where we’ve seen buyers reacting in the past as well. As with Bitcoin, the bias remains towards the sell side in the near term, given the price action does not show any signs of improvement.
LTCUSD Coinbase
Source: tradingview.com
Litecoin lost more than 50% of its value since the end of June, a massive drop that may suggest the price is not in extremely oversold territory. What’s even more interesting is that we are now starting to see a head-and-shoulders pattern and if that’s true, we should see LTC starting to pick up in value.
The neckline is located around $62.5-$65.6 and thus far it’s encouraging to see that sellers did not break impulsively below the area. That confirms the buyers managed to level the playing field and raises the prospects for the next few weeks.
If the bullish move will start to build up, we may see LTC heading towards the $98 area in the near future. However, this is a negative pattern long-term, since that could be the beginning of a new major bearish move.
As long as there won’t be any major breakout below the neckline, the prospects for a strong bounce higher are elevated.
Briefings about ICOs
The Bow ICO has 15 days left and it aims to raise funding for a blockchain solution that will help stakeholders, guaranteeing the goods’ authenticity, estimating value and rarity, as well as making buying certificates easier.
Birdlance is an ICO project which will start on September 18th. It is seeking to provide a solution for managing online stock images and authenticity management for photographs and to become an important online marketplace for pictures.
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