Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, Dash: Price Analysis, September 26

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The market data is provided by the HitBTC exchange.

Though cryptocurrencies are stuck in a bear market, it hasn’t managed to scare away investors. A report by the Satis Group predicts digital currency trading volume to grow by over 50 percent in 2019. They also anticipate a compound annual growth rate (CAGR) of about 9 percent all the way until 2028.

Several nations are introducing measures to benefit from the increased adoption of the blockchain technology and crypto trading. Many top players in the crypto space urged the U.S. regulators to come up with clear crypto regulations, the alternative being to lose out to competition.

Similarly, tech giants are warming up to cryptocurrencies. Google has partially reversed its ad ban for cryptocurrency exchanges advertising in the U.S. and Japan. The fundamentals of the sector are improving and investors are likely to jump on the bandwagon once a confirmed bottom is in place.

Let’s identify digital currencies that have completed a bottom formation.

BTC/USD

Bitcoin failed to hold the support at $6,583.46 and dipped to a low of $6,341 on September 25. A break of $6,341 can result in a decline to the critical support zone of$5,900–$6,075.

The BTC/USD pair is currently attempting to scale above $6,583.46 once again. If successful, a move to the downtrend line of the descending triangle is probable. A break out of this will invalidate the bearish pattern, which should invite short covering.

The pair should pick up momentum above $7,413.46 and quickly rise to $8,566.4.

Both moving averages are flat and the RSI is close to the midpoint, indicating that the bulls and the bears are in a state of equilibrium. A fall below $6,341 will tip the scale in favor of the bears, while a rally above the downtrend line will win it for the bulls.

Traders can hold their long positions with the stops at $5,900.

ETH/USD

Ethereum has dipped below the 20-day EMA but is trying to hold the $200 mark. A break of this can extend the correction to $192.5 and further to $167.32.

ETH/USD

On the upside, the ETH/USD pair will face resistance at the 20-day EMA and the 50-day SMA. Though the trend is down, the 20-day EMA is flattening, which shows that the selling pressure in the near-term has weakened.

The first sign of a change in trend will be when the price scales above the 50-day SMA. We shall wait for the breakout before proposing a trade on it.

XRP/USD

Ripple has started a new uptrend. The upsloping moving averages and the RSI close to the overbought territory indicate that the buyers have an edge in the near-term.

XRP/USD

We had expected the current pullback to end between the 50 percent and 61.8 percent Fibonacci retracement levels and that is what happened. Prices bounced sharply from $0.435 on September 25.

Currently, the higher levels are witnessing some profit booking. After such a volatile rally, the XRP/USD pair might enter a consolidation period for a few days, before resuming its uptrend. Therefore, we shall wait to buy on dips or on a confirmation of the resumption of the uptrend. Our bullish view will be invalidated if the bears sustain the price below $0.4255.

BCH/USD

After underperforming in the current pullback, Bitcoin Cash has made a sharp upward move today. It is attempting to break out of the 50-day SMA and the resistance line of the descending channel.

BCH/USD

If the bulls succeed in closing (UTC time frame) above the channel, a rally to $660 is probable. A breakout will also signal a change in trend.

If the bears defend the overhead resistance, the BCH/USD pair might remain inside the descending channel. The traders can start a position on the long side after the price sustains above the channel. The stops can be kept at $400.

EOS/USD

EOS is currently range bound but is struggling to hold the critical support at the moving averages. A break of the 50-day SMA can result in a fall to $4.493

EOS/USD

The EOS/USD pair will resume its downtrend if the bears break and close below $4.493. Therefore, traders should protect their long positions with stops at $4.4.

Any recovery attempt will face resistance at $5.65 and above that at $6.3117. The digital currency will pick up momentum above $6.8299.  

XLM/USD

Stellar dipped below the critical support of $0.24987525, both yesterday and today. On both occasions, the 20-day EMA provided a strong support.

XLM/USD

The bulls will again try to break out of the downtrend line of the descending triangle. If successful, a retest of the September 23 intraday high of $0.30434761 will be on the cards.

The XLM/USD pair will invalidate the bearish descending triangle pattern if it sustains above the downtrend line for three days. This is a bullish sign and can lead to a rally to $0.36 and higher. Therefore, we suggest traders hold their long positions with the stops at…

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