Cryptocurrency Update – July, August & September 2020

Bitcoin (BTCUSD) – Daily & Weekly Charts

As suggested in our last cyptocurrency chart analysis, bitcoin has been finding resistance around 10340.

On the weekly time-frame, price has broken above the recent bearish channel resistance area, suggesting that the downtrend could becoming to an end. BTCUSD is now looking indecisive though and seems to be moving sideways. The moving averages are also moving sideways – confirming the market indecision. Price action is forming an ascending triangle pattern, signalling that BTCUSD could attempt a bullish move higher.

Price is also looking indecisive on the daily time-frame.

Trading opportunities may exist around the moving averages, around the diagonal support area (ascending triangle support) and around the horizontal levels at 3250, 4760, 10125, 11510, 12870 and 19065.

Ethereum (ETHUSD) – Daily Chart

Ethereum reversed off the bearish channel support area and has since been finding resistance around the bearish channel resistance area (as suggested in our last cryptocurrency chart analysis).

Price continues to downtrend within a large bearish channel and is currently in a retrace phase. The moving averages have been crossing frequently and are moving sideways , signalling indecision – ETHUSD may struggle to swing lower.

Selling opportunities could exist around the bearish channel resistance area and around the horizontal resistance levels at 249, 263 and 333. An attempt to move lower may stall or reverse around the moving averages, around the channel support area and around the horizontal levels at 160 and 103.

Ripple (XRPUSD) – Daily & Weekly Charts

As suggested in our last cryptocurrency update, price reversed around the 50.0% Fib level and has since been bearish.

XRUSD continues to look indecisive on the weekly time-frame but is clearly down-trending on the daily. Price action has formed a bearish channel and price is down-trending within the channel. Just like other cryptocurrencies though, the moving averages are crossing frequently, suggesting market indecision. Ripple could start ranging between 0.1195 and 0.3350.

Shorting opportunities may exist around the bearish channel resistance area and around the horizontal resistance levels at 0.2270, 0.3350 and 0.4690. A bearish move could be rejected or reverse around the recent lows at 0.1195 and around the bearish channel support area.

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