BTCUSD Coinbase
Source: tradingview.com
What we’ve assumed for the past few weeks turned out to be right and Bitcoin eventually broke below the triangle formation, as well as below the daily 200 moving average. The bigger picture had shifted towards the sell-side and we believe there’s more pain ahead for the largest cryptocurrency.
At the time of writing, we’re below the daily 200 MA, but we must point that the selling had tempered in the past few days. In case buyers will start to push the price higher, we expect to see Bitcoin retesting the key $9,100 area, which was previous support.
On the other hand, if the selling continues, our first target remains the same – $7,500. Further selling below it will unlock further downside potential towards $6,800. The bottom line is that sellers are the ones favorite and going against the trend is not the best thing to do right now.
ETHUSD Kraken
Source: tradingview.com
Even though Ether had been outperforming Bitcoin for the first three weeks of September, things changed last week and the second-largest token by market cap dipped below the August lows, communicating sellers had been eager to enter impulsively following a decent run higher.
If the selling pressure will continue, we expect to see Ether edging towards the $146 area, where an April swing low is located. Below that zone, $130, a price level not seen since March this year, is next on our list. Bitcoin continues to drive the entire market and how it will perform will influence Ether, as well.
On the upside, we expect resistance around $188 and $222, with the daily 200 MA between them. Since the sellers managed to make a new lower low, that’s not an encouraging sign for buyers, and we should at least see the current September lows retested.
LTCUSD Coinbase
Source: tradingview.com
Litecoin had been another underperformer for the past week after breaking below the August 30th low. That’s not a sign that the price will recover in the near term and we should expect to see LTC continuing to erase the 2019 impressive gains.
A corrective move on the upside should be capped by the $62-$65 resistance area, two significant swing lows from August 2019, and April 2019, respectively. Given the impulsiveness of the selling move, it’s unlikely the buyers will manage to simply break impulsively above that zone and march higher.
In the selling will continue to unfold, we suspect Litecoin is headed towards the $42-$39 support area, where buyers reacted back in February this year. Three months ago, we have the price at $145 and now we’ve down substantially. That’s not a motivation for long-term buyers and could continue to weight on the price.
Briefings about ICOs
EMJAC is an IEO which will start on September 30th, proposing a renewable energy solution, by integrating the blockchain technology to recycle and reduce illegally dumped waste tires globally, aiming to enhance the transparency and full traceability of tire wastes.
On October 2nd, the Swiss blockchain venture SonoCoin will end its ICO, as it attempts to raise funding for the offering of white-labeled data-over-sound enterprise solution based on a native blockchain protocol.
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