Crypto Frontline

Weekly Crypto Analysis September 24-30, 2018

Weekly Crypto Analysis September 24-30, 2018

Weekly Crypto Analysis September 24-30, 2018
September 23
09:10 2018

 

Bitcoin

Bitcoin weekly analysis

Source: tradingview.com

Although it had been under pressure for the first half of the week, the Bitcoin price had managed to rebound around the 6,100 area and managed to rally towards the key 6,800 level where it found short-term support. We have mentioned that level in our last weekly analysis and several times in the last few weeks, claiming that it is a very interesting key level.

The market continues to react each time that level is reached, so a breakout and hold above it will raise the prospects for a bullish parabolic structure heading towards the 7,300 area, where the last selloff had started.

From a longer-term perspective, Bitcoin managed to rebound around 6,000 for several times, which means a bottoming formation might be forming. Judging by the current market sentiment, Bitcoin and the other majors might be poised for some gains at the end of 2018.

 

Ethereum

Ethereum weekly analysis

Source: tradingview.com

As we have mentioned in our last analysis, the 220 level was a resistance and if a breakout will occur, 250 will be the next target. If you look at the chart, that is exactly what happened, and the Ethereum price is currently consolidating lower after testing the 250 resistance level.

In line with the market momentum, Ethereum managed to erase some of the losses for the past week and the prospects begin to look more encouraging. We also have spotted an upward trend line, confirmed by two points. Together with the 220 broken level, it should form a nice support zone where buyers could be willing to step in again.

Above 250, buyers might be able to push the price towards 297. We must also emphasize that this is a bottoming formation, so it could take longer than anyone anticipates. Buying on dips seems to be the best approach right now.

 

Tron

Tron weekly analysis

Source: tradingview.com

We have talked about Tron last week as well and at that time we said that the coin could form a nice double bottom formation. Since we wrote our material, the price had been slowly building up towards the key neckline resistance, located around 0.027 area. We could see some reaction from the sellers there, but if a breakout above it will take place, followed by buyers holding the price above the area, we believe that will unlock more profit potential towards 0.038.

If stronger resistance will emerge around the neckline, sellers might be in control in the short-term horizon. However, we believe the downside should be limited and we expect buyers to manage to absorb all the selling pressure. The entire market seems to be poised for a recovery in late 2018 and Tron, being one of the major coins, should not be excluded.

Briefings about ICOs

According to icoalert.com, Trufield is an ICO project that is currently active and it will run for 2 more days. The project aims to create an innovative medical records system for people living in poor countries.

In terms of ICO projects that will start in the near future, Wono is a P2P platform for rentals and freelancing without taxes. The fundraising campaign will start on October 1st.