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Crypto Frontline

Weekly Crypto Analysis September 23-29, 2019

Weekly Crypto Analysis September 23-29, 2019

Weekly Crypto Analysis September 23-29, 2019
September 22
08:07 2019

 

BTCUSD Coinbase

BTCUSD analysis September 23-29

Source: tradingview.com

The Bitcoin volatility continues to compress as the price fluctuates inside a nice symmetrical triangle structure. Since the market had almost filled the entire structure, a breakout looks imminent somewhere during the next two weeks.

Thus far, the 4h chart 200 MA acted as a dynamic resistance, which is not a very good sign for the sellers. In case of a breakout lower, the $9,000 area seems to be the next support, but our take is that if Bitcoin reaches that zone, the likelihood for more losses in high. More specifically, we assume Bitcoin will head towards the $7,500 support area.

On the upside, Bitcoin will first have to break above the 200 MA + the upper line of the triangle. If that will be the case, we should carefully watch how the price action will unfold around the $11,000 area. We’ve seen similar patterns in the past, when buyers broke above a triangle formation and sellers resuming then impulsively to reverse the trend.

ETHUSD Kraken

ETHUSD analysis September 23-29

Source: tradingview.com

Ether managed to outperform Bitcoin for the past week and we were right in our last weekly crypto analysis about the direction of the price action. It climbed above $200 and despite some short-term weakness, the overall picture had improved substantially.

If the selling will continue, support could be encountered around $204, where we see the order flow reversed on September 19th. In case a breakout below it will occur, the $190 area, doubled by the 4h chart 200 MA should provide stronger support.

Speaking about the upside targets, we do not want to make any changes, so Ether should continue on its way up towards $236 and if that zone will be breached, $275 is the next target, reachable in a few weeks. It will be interesting to watch whether Ether and other Altcoins will continue to outperform Bitcoin, since that will be signaling investors are diversifying their portfolio.

TRXUSD Bitfinex

TRXUSD analysis September 23-29

Source: tradingview.com

Tron had been a huge underperformed the entire summer, but things started to change two weeks ago. The price action had reached the key 1.6 cents support and despite spending several days below it, the buyers had resumed quite strong.

This is an encouraging sign and could be just the beginning of a major move higher. We suspect buyers will resume in case the 1.6 cents area will be retested. In terms of the upside target, we expect Tron to head towards the daily 200 moving average, or the 2.8 cents resistance levels. A breakout above them will unlock further upside potential, towards, the 4.1 cents area.

Below the current September low, 1.1 cents, which is the 2018 low, is the next support to watch, in case the selling will resume impulsively. Even though we might see some choppiness, the upside looks more favored.

Briefings about ICOs

Until September 26th, idap.io will run its ICO for building an international digital asset platform, which will provide a complete derivatives ecosystem for crypto assets, including futures, butterfly spreads, options, and many others.

Also, on September 26th, Stan World will start an ICO for a next-gen social media platform powered by VR, blockchain, and AI. The company wants to raise funds until November 2nd, with a soft cap placed at $5 million.

As we’ve talked recently, ICOs managed to raise approximately $2 billion during the first half in 2019, with private and retail investors still showing that there are some projects worth investing in.

https://t.co/2VetZgwqxj

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