Crypto Frontline

Weekly Crypto Analysis October 7-13, 2019

Weekly Crypto Analysis October 7-13, 2019
October 06
08:10 2019


BTCUSD Coinbase

BTCUSD technical analysis October 2019


For the past week, the Bitcoin’s performance had been quiet, but still, sellers had been the ones in control over the order flow. At the time of writing, we’re back below the $8,000 area and it seems like the sellers want to retest the short-term bottom located around $7,700.

Looking at the 1h-chart above, we see that the 200 MA had capped the upside and that is why we keep our $7,500 price target unchanged. As we’ve mentioned a week ago, that area won’t hold, Bitcoin is likely headed towards $6,800.

On the flip side, the price action will need to break above the 1h 200 MA and above this week’s high in order to suggest that further gains on the upside are possible. The global risk sentiment looks to be deteriorating and if that persists, it will be a major headwind for cryptocurrencies.


ETHUSD technical analysis October 2019


After breaking below the August lows more than a week ago, Ether had been on a consolidative path which is already showing signs of weakness. The price rose from $152 towards $185, much better than Bitcoin, but yet, it seems like the sellers are back in the game.

The price is below a short-term ascending trend line, which communicates the buyers are not treating it anymore as a level of support. If weakness will continue to persist in the entire market, we think Ether might be headed towards $163, or $152, two significant support areas where buyers could react.

If buyers will push the price higher, they could encounter resistance around the 4h chart 200 MA, where they failed on October 1st. Only a strong breakout above the MA will signal more gains ahead, potentially towards $220, where the selloff started in mid-September.


XRPUSD technical analysis October 2019


A few weeks ago, we’ve talked a key support area in XRP, located between 20.5 cents and 22.8 cents and as it can be seen from the chart, the buyers jumped into the market impulsively around it. Since a strong wave of selling had been capped by our zone, it could signal more gains for the third-largest cryptocurrency.

The broad market weakness seems to be the only headwind for XRP and the main reason why we could see a new retest of our key support zone. That should be treated as a new opportunity to get long, since the coin had been a major underperformer for a long time.

If the buyers will keep pushing the price on the upside, resistance areas are located around 27.8 cents and the daily 200 MA. If both fail, then XRP is likely headed towards 45 cents. This target is achievable in a few months and will depend on how the other large-cap tokens will perform in the meantime.

Briefings about ICOs

Coin Island Air is an IEO that will run for 5 more days and represents a blockchain-based global cryptocurrency payment system wanting to connect consumers and stores around the globe.

Hasanah is an ICO based in Indonesia which will start to raise funds on October 11th. Its ERC-20 coin called HUT is a utility token aiming to encourage the adoption of digital assets among cooperatives with sharia-based transaction patterns.


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