BTCUSD Coinbase
Source: tradingview.com
Following the September selloff, Bitcoin is now consolidating into an ascending channel. The past week had been choppy, with selling resuming after news that big payments companies withdrew from Facebook’s Libra project.
We now see a series of higher lows and higher highs building up, which means that Bitcoin might be poised to retest the key $9,100 area, where the 4h chart 200 moving average is also located. Traders should pay a close attention to the daily 200 MA as well, since the price had been capped below it since September 26th.
On the other hand, a breakout below the channel and below the October 6th low will unlock further downside potential and the $7,500 support is next on our list. We continue to believe Bitcoin is headed towards the $6,800 support area in the mid-term horizon.
ETHUSD Kraken
Source:: tradingview.com
The Ether price is also trading inside a channel, this time descending and covering a wider area. We continue to see this is a coin more resilient than Bitcoin in the face of selloffs. The price had rebounded from $150 and currently trades at $181.5 on the Kraken exchange.
Since buyers manage to generate new higher highs and jump in on minor pullbacks, we believe that Ether will continue to erase losses and edge towards the $215-$220 area, where the upper line of the channel is located. The current move starts to look parabolic and that will be a major tailwind for the price to continue higher.
If the selling resumed, the $150 area, or the area where the lower line of the channel is located, should provide enough support for Ether. However, at the present time, the bias is slightly tilted towards the bull side and that raises the prospects for more gains next week.
TRXUSD Bitfinex
Source: tradingview.com
Tron had been a major underperformer throughout the summer and almost reached the 2018 lows on September 24th. Something interesting happened since then, as the price climbed higher and erased a significant part of the losses seen last month.
What’s worth mentioning is that the Tron price broke above a falling channel that went back to July. At the time of writing, the price is above the 4h chart 200 moving average, and as long as sellers won’t drive it below again, there’s more upside potential, towards 2.1 cents or even 2.8 cents by the end of the year.
A strong breakout back inside the channel will be a bearish signal and could mean that Tron will be headed towards the 2018 lows, located around 1.1 cents. That should be a much stronger support zone and will provide a much better opportunity for buyers to get long.
Briefings about ICOs
Canlead is an IEO that will run for 7 more days and is introducing the CAND token used for job and business opportunity sharing platform. Accessible via a website or mobile apps, users can use it to refer people to job or business opportunities.
Nexxus Rewards is an IEO that will start on October 15th and aims to provide a blockchain-based solution for local community charities, merchants, and shoppers. It is a US-based project and will be featured on ProBit.
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