Price analysis around the markets
Things have been pretty stable the last couple of days with various currencies making small gains or losses. This bodes well as many currencies have been able to fend off the wave of selling and make traction back north to better prices.
Bitcoin (BTC) is trading around $6,430 as of this writing. The currency has been trading in a range of $6100 – $6500. It is consolidating still, but for what still remains to be seen. I was bullish previously as MACD was rising as the price was declining slightly. However, that rise has seemed to fade out a bit.
A trader entering at these prices would need to keep track of certain levels in order to make a quick trade. Below $6100, is the nearest term support. Below that we have $5800 and then $5500. Any of those cold trigger a stop loss in order to protect cash. Observing price movement from there would determine th next entry if any. Most would hope those levels don’t break, especially the $5500 level.
Ethereum (ETH) is also in a tight range after steep decline at the beginning of September. The $230 level is still near term resistance. Stops could be seen at $192 and $167. Bullish traders really don’t want to see the price break $167 for too long. That would indicate it is possibly stair stepping down to lower prices.
Ripple (XRP) has had a recent breakout on news. The price broke above the $.28 near term resistance and is now trading at $.37. That price of $.37 is resistance from early August. A move above that and we are back trading in the $.40s levels. Volume is strong and I don’t see why we won’t see the 40s. Entering at this price and traders should watch the $.31 support level. Then look at the $.26-.27 support level. It may dip below, but bounce back, but an opportunity to get in at those prices may be short lived. So traders need to set up their triggers or alerts.
As of this writing, FunFair (FUN), Chainlink (LINK), and Decentraland (MANA) are trading with over 10% gains.