Apparently August wasn’t a good month for cryptocurrencies as nearly all of the top cryptos plummeted in value. Start of the autumn could be a perfect chance to add cryptocurrencies to our wallets with a discount or maybe it is a beginning of long a bearish winter? Let’s see what graphs say in technical analysis column for a 2019 September.
Crypto Market Index 10
Index of top 10 cryptocurrencies is above 5600 level which seems to be a key support level for the last few months. Index is still far behind its summer peak of 8800. If current support level holds we could see market going up all the way to the 7200 resistant level.
Bitcoin (BTC/USD) Technical Analysis
Bitcoin seems to regain some of its positions for the last several days, after gaining a support from 9300 level. Clearly a triangle is forming in Daily and 4H charts and future trading decision should be made only after breakout to one or the other direction. EMA 100 and 200 on H1 shows downtrend.
I will look for long positions over 10000 level and for short positions under 9300. This week could be a beginning of new trend for Bitcoin, whether it is uptrend or downtrend in my option is too early to tell.
Ethereum Technical Analysis
Ethereum is in a downtrend on Daily and H4 charts. It is gaining support from a historical support at 160 closest resistant level being at 235 there is a great opportunity for a short term long trade. H1 indicators are rather neutral.
I will look for a long positions over 160 if ETH breaks 160 level then we are looking forward for a long drop probably all the way to 100.
All technical analysis in this column is just my personal opinion and under no circumstances could be taken as serious financial advice.