TriumphFX – Cryptocurrency Update – August, September, October 2022

Previous analysis… https://analysis.tfxi.com/2022/03/15/triumphfx-cryptocurrency-update-april-may-june-2022/

Bitcoin (BTCUSD) – Daily & Weekly Charts – Indecision. Further downside?

As suggested in our last chart analysis, Bitcoin has found support around 19000.

Price continues to look indecisive and lack trend momentum. Price action is forming a lower swing low though and potentially forming a head and shoulder pattern, suggesting possible downside. The moving averages continue to signal market indecision – they are tightening and are moving sideways.

On the daily time-frame, BTCUSD is clearly down-trending. The moving averages confirm the trend – they are bearish and steady.

Trading opportunities may exist the daily trend resistance area, the daily and weekly moving averages and around any of the identified horizontal levels at 3100, 5500, 12000, 19000, 31750, 46800, 60000 and 65500.

Ripple (XRPUSD) – Daily & Weekly Charts – Market indecision

Ripple is indecisive. The moving averages confirm the market indecision – they are tightening and are moving sideways. XRPUSD is ranging between 0.1250 and 1.3100.

The daily chart shows a recent downtrend with recent sideways price action – Ripple is indecisive on the daily time-frame also.

Trading opportunities could exist around the support and resistance areas of the weekly range and if price moves out of the range (break-out trade). Trading opportunities could also exist around the daily moving averages and the daily levels at 0.3000, 0.5930 and 0.8800.

Litecoin (LTCUSD) – Daily & Weekly Charts – Clear indecision

As suggested in our previous LTCUSD analysis, price has moved lower and continues to be indecisive.

Litecoin is clearly indecisive. Price has been moving within a large range at 24.00-387.00. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.

On the daily time-frame, LTCUSD has been down-trending and is currently in a retrace phase. The daily moving averages are bearish and steady, signalling that the downside direction could continue.

Trading opportunities may exist around the support and resistance areas of the range, if Litecoin moves out of the range (break-out trade), around the daily and weekly moving averages and around the horizontal levels at 100.00, 135.00 and 278.00.

Start trading today with Triumph’s Forex MT4 trading platform – https://www.tfxi.com/