Bitcoin Update; September, October, November & December 2019

Bitcoin (BTCUSD)

As suggested in our last cryptocurrency analysis, bitcoin found support and then became bullish. Price struggled to swing higher though and has since formed a lower swing high and is now ranging between 9385-12000, signalling weakening upside momentum. The moving averages continue to be bullish and widen, suggesting that bitcoin may attempt another bullish move higher.

Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). Buying opportunities could exist around the dynamic support of the moving averages and around the horizontal levels at 8355 and 6110. A bullish move may be rejected or reverse around the diagonal resistance areas and around the horizontal resistance levels at 12000 and 12865.

Ethereum (ETHUSD)

Price continues to be indecisive and range between 81 and 361. The moving averages confirm the market indecision – they are tightening and are moving sideways.

Trading opportunities could exist around the support and resistance areas of the range and and if Ethereum closes out of the range (break-out trade).

Ripple (XRPUSD)

As suggested in our last cryptocurrency analysis, ripple has been finding support around 0.25. Price continues to be indecisive and range between 0.25 and 0.58. The moving averages are tight and moving sideways – confirming the market indecision.

Trading opportunities may exist around the support and resistance areas of the range and if XRPUSD closes out of the range (break-out trade).

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