CRYPTO TRADE OPPORTUNITIES

CRYPTONAIRE WEEKLY

CRYPTO investment journal

CRYPTO TRADE OPPORTUNITIES

BITCOIN - BTC/USD

Bitcoin bounced off the uptrend line on October 2 and formed a long tail on the candlestick, which shows strong buying by the bulls near the line. The bulls will now try to push the price above the overhead resistance at $11,200.

If that happens, the BTC/USD pair could pick up momentum and rally to $12,486.61. Though there is a resistance at $12,086, we expect it to be crossed.

However, the bears are unlikely to give up easily. They will try to stall the up-move at the 50-day SMA and again at $11,200. If the pair turns down from either level, a drop to the uptrend line is possible.

The 20-day EMA is currently flat and the RSI is also near the midpoint, which suggests a balance between supply and demand. The price can move in either direction, hence, traders can remain on the sidelines until a decisive breakout happens.

Traders can wait for a breakout above $11,200 to sustain for a few hours before buying with a stop below the uptrend line.

Another possible trading opportunity might open up if the pair turns down from the current levels but rebounds off the uptrend line. Although this is an early entry, the trade has a good risk to reward ratio, hence, can be attempted.

CRYPTONAIRE WEEKLY

CRYPTO investment journal

ETHEREUM - ETH/USD

Ether broke above the 20-day EMA and the overhead resistance at $364.49 on October 1, but could not sustain the higher levels, which gave an opportunity to traders to book partial profits as suggested in the previous analysis.

The bears attempted to sink the price back to $310 but the recovery from the intraday lows on October 2 showed that the bulls continue to accumulate at lower levels.

If the bulls can push the price above the 20-day EMA and $364.49, a move to $400 will be on the cards. However, the bears are unlikely to give up easily. They will aggressively defend the zone between the 20-day EMA and the 50-day SMA.

If the ETH/USD pair turns down from this zone, the bears will once again try to sink the price to $310. A breakdown of this support will be a huge negative as that could start a downtrend.

We do not find a reliable buy setup at the current levels; hence, we are not suggesting a trade now.

RIPPLE - XRP/USD CRYPTONAIRE WEEKLY

CRYPTO investment journal

XRP turned down from the 20-day EMA but found support close to $0.23, which suggests that bulls are not waiting for a deeper correction to buy as they expect prices to move higher.

The failure of the bears to sustain the price below $0.23 resulted in a spike on October 4 that drove it above the 20-day EMA. That move was followed up by further buying and the bulls have now pushed the price above the downtrend line.

If the XRP/USD pair sustains above the downtrend line, it will suggest a change in trend. The 20-day EMA has started to turn up gradually and the RSI has risen into the positive territory, which suggests that the bulls have the upper hand.

Traders can wait for the price to close (UTC time) above the downtrend line before buying with a stop-loss at $0.2280. The target objective is $0.30492 and above it $0.32750.

Contrary to this assumption, if the pair turns down from the current levels and plummets below $0.228, a retest of $0.22 will be on the cards.

CRYPTONAIRE WEEKLY

CRYPTO investment journal

BINANCE COIN - BNB/USD

Binance Coin broke above $28.77 resistance on September 30 but the bulls could not sustain the higher levels. That dragged the price down to the 20-day EMA on October 1 and 2 and that gave an opportunity to traders to buy as recommended in the previous analysis.

Currently, the bulls are again trying to push the price above the $28.77-$29.55011 resistance zone. If they succeed, the BNB/USD pair could rally to $33.33333.

Both moving averages are sloping up and the RSI is in the positive territory, which suggests that the bulls have the upper hand.

This bullish view will be invalidated if the pair again turns down from the current levels and breaks below the 50-day SMA. Such a move could result in a deeper fall to $22.

Traders can keep the stop-loss on the open trade at $25.80, which can be trailed higher after the bulls push the price above $29.55011.

CRYPTONAIRE WEEKLY

CRYPTO investment journal

BITCOIN CASH - BCH/USD

The bulls could not push and sustain Bitcoin Cash above the 20-day EMA on October 1, which shows that the bears are aggressively defending this resistance. However, the positive thing is that the bulls purchased the dip on October 2.

Currently, the bulls are again trying to drive the price above the downtrend line and the stiff overhead resistance at $240. If they succeed, the BCH/USD pair is likely to pick up momentum.

There is no significant resistance between $240 and $280, hence, we expect the pair to cover this journey quickly. Traders who are long from lower levels can trail their stops closely when the pair nears $280.

Contrary to this assumption, if the pair turns down from the current levels, the bears will once again try to break the $200 support. The downsloping moving averages and the RSI in the negative territory suggest that bears still have the upper hand. Hence, the initial stop-loss can be maintained at $190.