Cryptocurrency Update – October, November & December 2020


Below is our usual quarterly technical analysis update of the Crypto markets…

Bitcoin (BTCUSD) – Daily & Weekly Charts 

BTCUSD Weekly Chart
BTCUSD Daily Chart

As suggested in our last cryptocurrency chart analysis, price has swung higher.

Bitcoin continues to look indecisive on the weekly time-frame but also be slightly bullish. The weekly moving averages confirm the current indecision – they are moving sideways. BTCUSD may start ranging between 5330 and 11900.

On the daily time-frame, price has been up-trending. The daily moving averages are bullish and steady, suggesting that the upside direction may continue. Price action has formed a potential bullish channel.

Buying opportunities could exist around the daily bullish channel support area, around the weekly diagonal support area, around the daily and weekly moving averages and around the horizontal levels at 10180, 9020, 5300, 4760 and 3250. A bullish move may be rejected or reverse around the daily channel resistance area and around the horizontal resistance levels at 11960. 12300 and 19065.

Ethereum (ETHUSD) – Daily Chart 

ETHUSD Daily Chart

Price failed to swing lower, as suggested in our last crypto chart analysis.

ETHUSD has formed a large bullish move and is currently in a retrace phase. Price has swung above the recent bearish channel resistance area and the daily moving averages are bullish and widening, signalling that price could start up-trending.

Opportunities to go long may exist around the longer-term moving average, around the previous bearish channel resistance area (as support) and around the horizontal levels at 285, 250, 190 and 105. A bullish move could find resistance around the shorter-term moving average and around 475.

Ripple (XRPUSD) – Daily & Weekly Charts 

XRPUSD Weekly Chart
XRPUSD Daily Chart

As suggested in our last cryptocurrency analysis, XRPUSD reversed around 0.3350.

On the weekly time-frame, price has moved above the recent trend resistance area, suggesting that the recent downside direction may be over – Ripple may start up-trending. The weekly moving averages are tight and moving sideways though – signalling market indecision.

On the daily time-frame, XRPUSD has been bullish. Price action has formed higher swing highs and higher swing lows and also a bullish channel, signalling a potential uptrend. The moving averages confirm the potential upside – they are bullish and widening.

Long opportunities could exist around the bullish channel support areas, around the longer-term moving average and around the horizontal support levels at 0.175, 0.135 and 0.120. A bullish move may stall or reverse around the shorter-term moving average, around the horizontal resistance at 0.335 and around the bullish channel resistance area.

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