BTCUSD (Coinbase)
Source: tradingview.com
During the past week, Bitcoin continued to weaken, but the selling had been capped by the lower line of the ascending channel which we’ve talked about a week ago. The price had already tested it twice in the past two days, communicating there’s relatively strong buying interest.
As long as the price action does not break impulsively below the structure, we believe Bitcoin could recover some of the losses and edge towards the 1h chart 200 moving average. Above that point, the 8,800 area looks to be the next likely destination.
If the price will break lower, the $7,700 support level will follow, but we believe more selling pressure will prevail and Bitcoin will finally reach our $7,500 target, which we’ve highlighted several times in the past weeks. Traders should carefully watch whether the buyers will be able to keep the price inside the channel.
ETHUSD (Kraken)
Source: tradingview.com
Since the beginning of August, Ether had been locked in a downside channel formation and based on the performance it had during the past week, more selling seems to be ahead. The price action failed to remain above the 4h chart 200 moving average, which was one of the requirements needed to see the price heading towards the upper line of the channel again.
Based on the current price action structure, the sellers are the ones in control over the order flow, which means Ether is poised to head towards the $150 area again in the not too distant future. On the other hand, we would need to see the price breaking above the 200 MA in order to be sure that the bullish momentum is back on its track. It’s very tricky to trade right now, so the most conservative approach will be to see what happens when the price hits one of the channel sides.
XRPUSD (Kraken)
Source: tradingview.com
One of the best performing major cryptocurrencies for the past month had been XRP, which had rebounded strongly around a key support area. We’ve warned that the order will shift once the price gets there and thus far XRP rose around 8 cents.
Since it broke above the 4h chart 200 moving average, the next resistance lies around 32.7 cents, the high reached on September 18th. A break above that point will expose the 35 cents area. The price action is gradually building on the way up, with an ascending trend line that had not been breached so far.
A breakout below the trend line and below the 4h chart 200 MA will represent a negative sign and might suggest that XRP will retest again our key support area. It will be important to see how the market will perform, as well, since the current weakness is having a short-term influence on XRP.
Briefings about ICOs
Freelanex is an IEO that will run for another 4 days and aims to build a trusted, pleasant and endeavoring online workplace. It uses a decentralized system with smart contracts through a user-friendly interface.
On October 22nd, K.im will start its ICO for an ultimate content publishing and monetization platform. It will enable users to publish, sell, and consume digital content with a decentralized and peer-to-peer marketplace.
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