Analysis bitcoin ethereum ripple litecoin dash and
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Bitcoin is on the cusp of mass adoption, with futures trading starting on the CBOE from 6 p. This is an unprecedented event; hence, it is very difficult to forecast the final outcome. Nevertheless, the volatility is likely to remain high in the first few hours and days of futures tradingas both the bulls and the bears slug it out at the CBOE.
While the intraday traders can use the opportunity to profit from the volatility, it will be a difficult time for the investors. Additionally, how will the trading in Bitcoin affect the altcoins? Will it be bullish or will bitcoin garner all the attention? We will get the answers next week. Until I get a clear picture, I will not recommend any trading positions at the moment. The momentum in Bitcoin pierced through the critical Fibonacci resistance levels.
After three large range days, the digital currency is forming an inside day candlestick pattern. I believe that the first few hours of futures trading are likely to be very volatile. It is difficult to predict, which way will the prices move.
We can only keep certain levels in mind and work with them once the volatility subsides. These levels are only guidelines. Tomorrow, Bitcoin can easily breakout or breakdown of these, hence, please trade with caution. I recommend staying on the sidelines for the next couple of days, unless one is an experienced intraday trader. Yesterday, Bitcoin Cash dipped below our stop loss levels; so I shall consider the position as closed. However, the dip proved to be temporary, as prices again recovered quickly.
At the current levels, it is right analysis bitcoin ethereum ripple litecoin dash and the middle of the range. On the downside, the trendline of the analysis bitcoin ethereum ripple litecoin dash and is likely to act as a strong support. Ripple will become negative only on a fall below the analysis bitcoin ethereum ripple litecoin dash and.
Due to the volatility inside the triangle, the best place to buy is near the trendline support or on a breakout above the overhead resistance. Litecoin fell towards the day EMA, just as I expected. From there, strong buying propelled it to new highs. As the price has reached its target objective, partial profits can be booked at the current levels.
I anticipate a couple of days of consolidation after which the bulls will attempt to resume the uptrend once again.
The next target on the upside can be extrapolated only after the consolidation. Dash fell to the day EMA yesterday, where buying emerged, pushing it back into the ascending channel.
If the bulls manage to breakout of this analysis bitcoin ethereum ripple litecoin dash and resistance, we might see a rally towards the resistance line of the ascending channel. The market data is provided by the HitBTC exchange. To read more from Cointelegraph follow this link. Adaptation on Its Way. You Need a Crypto Hypnotist. Leave a Reply Cancel reply Your email analysis bitcoin ethereum ripple litecoin dash and will not be published.