Crypto Frontline

Weekly Crypto Analysis October 1-7, 2018

Weekly Crypto Analysis October 1-7, 2018

Weekly Crypto Analysis October 1-7, 2018
September 30
09:15 2018

 

Bitcoin

Bitcoin technical analysis

Source: tradingview.com

Bitcoin volatility had been low for the past week and the price action had been fluctuating inside an ascending channel formation. It’s worth to mention that the 6,800 key level held again successfully, showing that sellers are still treating it as an important level.

Since the price is inside the channel, if it will continue below the 6,550 support, the bottom line will be next in play, with the 6,100 following. Bulls should remain cautious at this point since the recovery following the slump is very week. Judging by the longer term picture, buyers are still weak and we suspect sellers might resume strongly at any point.

On the other hand, if the bulls continue to put pressure on the 6,800 key level, an upside break might be the next to happen, with the prospects of further gains to the upside increasing above the level. The upper line of the channel, followed by the 7,300 level in case of a break outside the formation, might be next potential targets.

 

Ethereum

Ethereum technical analysis

Source: tradingview.com

Similar to the Bitcoin performance, the Ethereum price is also floating inside an ascending channel. At the beginning of this week, the price action found support around the area formed by the 209 level and the bottom line of the channel, and since then it gradually consolidated higher.

However, the recovery is still weak, leaving Ethereum open for more weakness in case the price will reach again the 249 level. Sellers wanting to get short should wait to see how the price action will react around it.

On the downside, a break below the channel will mean a new wave of selling might drive the price towards the 2018 low, located around 170 area.

The clearance of the 249 level will mean buyers managed to pick up steam and more gains on the upside might be on the horizon.

 

Bitcoin Cash

Bitcoin Cash technical analysis

Source: tradingview.com

Since the middle of September, Bitcoin Cash had managed to recover around 25% from the lows, but still, the price action looks caught inside a downside channel formation. Right now, we expect the price to edge higher and reach the upper line, but buyers will need to be able to break impulsively above it in order to show that they are really in control of the order flow. Even if that will take place, we suspect sellers might be active around the 660 level, where the last leg down started.

With resistance on the upside, we expect the price of Bitcoin Cash to consolidate inside the channel and in the medium term, it should form a nice consolidation structure. That view will remain in place as long as the current yearly low will not be breached impulsively.

 

Briefings about ICOs

According to icoalert.com, Module is a project that will raise funds until tomorrow. It is a project that aims to create a unique token economy with a completely new platform that uses free storage.

On October 2nd, Your Data Safe in an ICO that will start raising funds. It is a GDPR-compliant Data Management and Rewards Platforms powered by the blockchain technology.