The expected hard fork of the Bitcoin’s SegWit2x has not happened, which became the largest scale dumping of the cryptocurrency. This made Bitcoin Cash to wake-up and surprise everybody with its huge vertical increment.
Rather than Ethereum flipping Bitcoin for the leader’s position, Bitcoin Cash threw Ethereum to take the second place. Anyhow, the gravity caught up with the Bitcoin Cash through helping the Ethereum to regain its numbers.
At the same time, the experts started providing the confident forecasts for Bitcoin again for short-term and long-term.
Let’s know, what it describes
After the growth from $650 to $2,969.99, the cryptocurrency has taken support at the 50% Fibonacci retracement levels. In the second level of the growth, which took Bitcoin from $1,752 to $4,975, the correction extracted to 61.8% Fibonacci retracement levels. The current fall has retraced about 50% of the growth from $2,974 to $7,875.
Both the previous lowest part had formed with a large range confident bar at the lows. Today’s strong confident move is very similar to the price action during the previous two lowest part formations.
Anyhow, the current growth is facing resistance at the trendline, which previously had acted as a support. The 20-day EMA also lies at the same levels. So, we need to watch the $6,500 levels carefully.
If Bitcoin is able to cross the trendline, chances of a retest of the growth increases. On the other side, if the digital currency turns down from the trendline, a retest of yesterday’s decrement will be like before.
Before few months, Ethereum was so close to the traders. Anyhow after sometimes, it does not generate any notable buying interest.
Ethereum was traded within the range of $280 to $315 and successfully broke out and closed the overhead resistance on two occasions, but they could not support the growth.
Anyhow, the third breakout of the range seems to be successful. So, it is recommended to buy the cryptocurrency at a close above $315.The first target object is $353; Anyhow, it is expected to be broken. Thus, once prices grow to $353.
We had correctly pointed out the growth in Bitcoin Cash in the initial stages. The price increased over the last couple of days, and end up hurting a lot of buyers who arrived late, on fears of having missed out on the growth. So, many times, we prefer to miss the growth if we don’t have a good risk to reward ratio, instead of jumping in and repent later.
As of now, Bitcoin Cash is correcting the amazing growth, which took it from under $300 levels to $2,799, an 833% of growth within a matter of 21 days.
The usual Fibonacci retracement levels did not offer any support during the correction. We expect the digital currency to find support at the $972 levels, which was the previous high, created on Aug. 19 of this year.
If the support holds, we may see continuous of the uptrend. Anyhow, there will be a huge number of sellers, stuck in the higher positions. So, we don’t expect a repeat
If, the support of $972 breaks, the cryptocurrency seems to fall to $611 levels. We did not find any buy setups on Bitcoin Cash since we are not recommending any trade on it.
Ripple has been slowed. The investors have not shown any buying interest, even when the other altcoins were on fire.
Ripple has been trading within the narrow range of $0.18 on the lower end and $0.22 on the upper end. It attempts to break out and breakdown of this range have become unsuccessful.
Additionally, the previous attempt to rally faced significant resistance at the downtrend line. Therefore, unless the cryptocurrency breaks out of $0.22, it is unlikely to find buying support.
On the downside, a breakdown and close below $0.18 will sink Ripple to $0.166 levels.
It might be a good idea to buy Ripple on a breakout and close above $0.22. The stop loss for the trade should be kept at $0.17.
On the upside, we expect a rally to $0.3 levels.
Though we haven’t seen any magic in Litecoin, it has broken out of the range from $44 to $57.7.
Litecoin’s attempts to break out the range have faced into the selling pressure at the higher levels. Anyhow, the investors have maintained their buying level, increasing the chances of a growth.
The target of the breakout of the range is $71.
We suggest purchasing Litecoin at the current levels of $60.4, with a stop loss of $52. Won’t be a good idea.
Please book 50% profits at $71 and raise the stops on the remaining position to break even because we expect a growth to $80 levels.