Though the cryptocurrencies prices will have to be tolerated, it hasn’t organized ever to terrify away investors. A report by the Satis Group presented prophecy about digital currency trading volume what is growing by over 50 percent in 2019. They also predict a compound annual growth rate (CAGR) of about 9 percent all the way until 2028.
Many people of different regions are representing measures to make beneficial from the increased adoption of the blockchain technology and crypto trading. Many top players in the crypto space provoked the U.S. lawmakers to come up with clear crypto regulations, the alternatives will be lost due to competition in crypto world.
Similarly, tech giants are making their minds to rise cryptocurrencies. Google has partially canceled its ad ban for cryptocurrency exchanges advertising in the U.S. and Japan. The fundamentals of the sector are improving and investors are likely to jump on the bandwagon once a confirmed bottom is in place.
Let’s identify digital currencies that have completed a bottom formation.
Bitcoin could not be succeeded to hold the support at $6,583.46 and dived again to a low of $6,341 on September 25. A break of $6,341 can result in a decline to the critical support zone of$5,900–$6,075.
The BTC/USD pair is currently trying to make scaling above $6,583.46 once again. If successful, a move to the gradual reduction line of the descending triangle is probable. A break out of this will invalidate the bearish pattern, which should invite short covering.
The pair should be managed force to bring on level above $7,413.46 and quickly rise to $8,566.4.
Both moving averages are flat and the RSI is close to the midpoint, indicating that the bulls and the bears are in a state of equilibrium. A fall below $6,341 will tip the scale in favor of the bears, while a rally above the downtrend line will win it for the bulls.
Traders can hold their long positions with the stops at $5,900
Ethereum has gone below the 20-day EMA but is being attempted to hold the $200 mark. A break of this can be added the correction to $192.5 and further to $167.32.
On the upside, the ETH/USD pair will face resistance at the 20-day EMA and the 50-day SMA. Though the trend is down, the 20-day EMA is flattening, which shows that the selling pressure in the near-term has weakened.
The first sign of a change in trend will be when the price scales above the 50-day SMA. We shall wait for the breakout before proposing a trade on it.
Ripple has begun a new gradual increment. The upsloping shaking averages and the RSI close to the overbought territory indicate that the buyers have an edge in the near-term. We had expected the current pullback to end between the 50 percent and 61.8 percent Fibonacci retracement levels and that is what happened. Prices bounced sharply from $0.435 on September 25.
Currently, the higher levels are witnessing some profit booking. After such a volatile rally, the XRP/USD pair might enter a consolidation period for a few days, before resuming its uptrend. Therefore, we shall wait to buy on dips or on a confirmation of the resumption of the uptrend. Our bullish view will be invalidated if the bears sustain the price below $0.4255.
After operating in a less successful way in the current reduction, Bitcoin Cash has made a sharp increment today. It is trying to break out of the 50-day SMA and the resistance line of the descending channel.
If the eccentrics succeed in closing (UTC time frame) above the channel, a rally to $660 is probable. A breakout will also signal a change in trend.
If the people defends instead of selling shares with the overhead resistance, the BCH/USD pair might remain inside the moving down channel. The traders can start a position on the long side after the price sustains above the channel. The stops can be kept at $400.
EOS is currently is struggling to hold the critical help at the shaking averages. A break of the 50-day SMA can result in a fall to $4.493.
Any recovery attempt will meet resistance at $5.65 and above that at $6.3117. The digital currency will pick up momentum above $6.8299.
Stellar went below the critical support of $0.24987525, both yesterday and today. On both occasions, the 20-day EMA provided a strong support. The black marketers can try to run due to fear of lowing profits line of the descending triangle. If successful, a retest of the September 23 intraday high of $0.30434761 will be on the cards.
The XLM/USD pair will stop officially the bearish descending triangle pattern if it sustains above the downtrend line for three days. This is a bullish sign and can lead to a rally to $0.36 and higher. Therefore, we suggest traders hold their long positions with the stops at $0.21.
On the downside, a break of the 20-day EMA can sink the virtual currency to $0.21489857, below which a retest of $0.184 is possible.
Litecoin is currently range bound between $49.466 and $69.279. As the previous trend leading into the consolidation was down, we have to wait for a breakout to confirm a change in trend. Any break down from the range will resume the downtrend.
Both moving averages are flat and the RSI is close to the midpoint. This shows balance between demand and supply. The first sign of a change in trend will be when the LTC/USD pair breaks out and sustains above $69.279. Such a move will complete a double bottom at $49 and can result in a rally to $89–$94. Hence, the traders can initiate long positions on a breakout and close above the range. We won’t find any buy setups for as long as the pair keeps trading inside the range.
Cardano is trying to jump off the help at $0.071355. If successful, it will again attempt to break out of the 50-day SMA and the intraday high of September 23.
The 20-day EMA is smooth and the RSI is near the neutral zone. This displays that the selling has weakened but the buyers are yet to return. There are no buy setups on it yet.
The ADA/USD is likely to shape a distance for a few days before starting a new uptrend. Our neutral view will be invalidated if the bears sink the price below $0.071355.
The black marketers appears to have been trying to hang on to the 20-day EMA for the past two days. However, they haven’t been able to rise the price higher. Monero has a strong support between the 20-day EMA and the 50-day SMA. The XMR/USD pair will weaken if it breaks down and sustains below the trendline of the triangle. In such a case, the lower targets of $96.390 and $87.382 will come into play before a retest of the lows. we recommend traders hold their existing long positions with the stop loss at $100.
A strong jump from the recent levels can carry the virtual currency to $128.650 and thereafter to $142.710.
With both moving averages flat and the RSI close to neutral territory Dash currently, range has lagal duty. This upgrades the possibility of the virtual currency being stuck within the boundaries of $130.024–$224.830. The longer the time spent in the range, the stronger will be the eventual change from it.
Currently, the DASH/USD pair is taking support at the 50-day SMA. We predict a strong defense of $160 by the bulls because if this support breaks, the virtual currency will start its journey towards the lows level.
On the other upside, a break out of $224.830 will signal a probable 1-2-3 bottom. Though there is a hard refusal close to $278, we shall try to buy if the price sustains above the overhead resistance for three days. Until then, we propose traders to remain on the sidelines.
Mark Peter is a full-time member of the reporting team at Bitconews. He is a finance major with one five of writing experience. He has not held any value in Bitcoin or other currencies. He joins Bitconews as a freelance journalist, blogger and forex trader.
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