Cryptocurrencies, where could they go from here? Bitcoin Update – October, November & December 2019

Bitcoin (BTCUSD)

As suggested in our last bitcoin analysis, price found support several times around the 38.2% Fib level and is now finding support around the longer-term moving average. The moving averages are bullish and steady, signalling that BTCUSD may attempt to move higher. Price action has formed a series of lower swing highs and resistance levels though, suggesting that BTCUSD may move even lower.

Opportunities to go short could exist around the diagonal resistance area, around the shorter-term moving average and around the horizontal levels at 8355, 9390, 12000 and 12865. A bearish move may reverse around the longer-term moving average and around the horizontal levels at 6110, 5775 and 4290.

Ethereum (ETHUSD)

Ethereum continues to be indecisive and lack trend direction. The moving averages are tightening and moving sideways – confirming the market indecision. Price is ranging between 81 and 361.

Trading opportunities may exist around the support and resistance areas of the range and if Ethereum moves out of the range (break-out trade).

Ripple (XRPUSD)

XRPUSD has closed below the range support area. Price is below the recent consolidation area and the moving averages have crossed bearish, all signalling that Ripple could move lower. Price action has formed lower swing highs and lows, suggesting a downtrend.

Selling opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.25, 0.28, 0.47, 0.55 and 0.58.

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