Mike Novogratz, CEO of crypto investment firm Galaxy Digital Capital Management, does not see Bitcoin scaling above $9,000 in 2018.So, has Bitcoin bottomed or can it fall further?
BTC/USDThe bears did not take advantage of the breakdown below the trendline and Bitcoin has bounced back above the 20-day EMA. The important level to watch on the upside is the downtrend line of the descending triangle and $6,832.
If the bulls scale above these two levels, it will invalidate the bearish pattern, which is a bullish sign.
The first sign of bullishness will be a breakout and close above $250. Such a move will attract buyers and can carry the ETH/USD pair to the next level of $322.57.On the downside, a break of the $200 level could plunge the virtual currency to the Sept. 12 low of $167.32, below which the downtrend will resume.
We do not find any reliable buy setups at the current level; hence, we are not recommending a trade on it.
XRP/USDFor the past two days, Ripple has been trading between $0.50-$0.55.
As the price is still above the moving averages - which are trending up - we suggest holding long positions on the XRP/USD pair with a stop loss of $0.42.BCH/USDBitcoin Cash has been holding above the 20-day EMA for the past two days but the bulls have not been able to push prices higher.
A close below the trendline of the triangle could sink prices back to the $4.49 level.
The flat moving averages and the RSI close to the 50 level shows equilibrium between the bulls and the bears.
XMR/USDMonero has been trading close to the $115 level since Sept. 29.
Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, October 5
Published on Oct 5, 2018
by Cointele | Published on Coinage
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