As we move towards the end of summer, most of us, regardless where we reside may have been kissed, not gently, but rather the French variation by some scorching sun rays. One of the hottest summers recorded with parts of the globe not known for having cloudless summers, capitalizing on this opportunity and basking in this rarity. As the summer ends, the markets prep another storm this fall, with Brexit, Trump, Russia, all on the docket. For those who remember last fall however they will mainly be watching the current Crypto conundrum, and anticipating the moves predicted earlier in the year to finally be realised.

We look at the big 4 crypto’s to see how they are currently positioned heading into the fall and will continue to analyse them to see if the opportunities will be returning along with our scarfs and gloves. Welcome to Trading Technicals.

BTCUSD – Daily

Starting this week we saw the potential re-emergence of the now much-anticipated support/floor price in BTCUSD. Around the $6100 mark is now being viewed as the safeguard zone from further price decline, as this floor has yet to be truly broken this year in market trading. Due to this, day traders traditional have orders to buy at these areas. As expected, we have seen this level held, with expected buyers increasing the price from a low of $6106 – $6626 in trading on Friday alone. If what we have seen from this market to be true, we could see further rises, as the momentum begins to enter traditional buying zone. The rise may have been spurred by the fact late last week it was rumoured Starbucks would accept the crypto as payment, however as the validity of the rumour declined, more uncertainty would creep in here. Although the fundamentals may be slow on BTCUSD, the technical charts say otherwise.

LTCUSD – Daily

Litecoin is following a similar pattern as far as technical analysis. As we enter the fall months which saw the Crypto rally take place last year, Litecoin sits at the exact same level as it did entering September 2017, $51. It was at $369 4 months later. If we could go back we know what we would have done, but what about going forward? The Technicals also show this pairing (LTCUSD) is currently oversold, which usually is a sign of a future bull market to come. Regardless the signs, we must continue to keep a close eye and further analyse in order to find our trading opportunities.

Ripple & Ethereum

These 2 markets, both from different market timeframes, XRPUSD, 1 hour chart and ETHUSD – Weekly, both showing the same opportunities, or potential opportunities as the above which were analysed on a daily market window.

XRPUSD – Hourly

Ripple has been showing growth as highlighted by the ascending triangle, however as it reached the historically uncertain price point of $0.35 a ceiling was formed and dropped back to its floor $0.31. That drop again brought this market to oversold territory, with bulls maybe lurking for a long trade.

ETHUSD – Weekly

On a weekly Chart Ethereum has hit this floor for the first time since last year. It’s trading volumes also show this is the lowest point as far as this market being devalued or sold, since December 2016. Could there be a genuine play of bullish activity approaching in the coming months? Or are we seeing a bearish trap being set? Whatever the case this fall is heating up, maybe even more that the summer we are leaving.

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Eliman Dambell

 

Eliman Dambell
Business Development Manager
edambell@tvmarkets.com