0
📈 Price Predictions
105 views

Bitcoin on the Down Channel, Ripple Possible “Double Bottom,” DASH Showing Some Strength: Crypto Price Analysis Update, Sept. 11, 2018

Put your
crypto to
work
  • 0.00

    Interest per week

  • 0.00

    Interest per year

  • 0.0

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Vaido Veek
    📈 Price Predictions

    Bitcoin on the down channel, XRP possible “double bottom, ” DASH showing some strength

Bitcoin on the Down Channel, Ripple Possible “Double Bottom,” DASH Showing Some Strength: Crypto Price Analysis Update, Sept. 11, 2018
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

ByBit

*** Please note the analysis below is not investment advice. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of U.Today. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin possible ‘short’ area

After the Sept. 9  inverted "hammer," yesterday we got a green candle close. Yesterday’s candle closed above the mentioned strong level $6,250 but the volume is very low to get any information from this candle.

Bitcoin

In the four-hour chart, we could see that we are still moving downwards in the down channel which will guide us to the $6,000 level and there is also the major counter trendline. So, at the moment, we can't make any precise prediction because the signs are just too unclear. We have to wait for this level or better price action from the current level.

In the four-hour chart BTC still makes lower highs and lower lows but if you zoom in, then in the shorter timeframes there is a sign which will tell us that the small price structure could change because there we can see some lower highs which tell us that buyers don't want to let the price down and we could see a bounce upwards.

If we break upwards from the current channel then technically a good short opportunity- short opportunity, because our bias is bearish based from the previous week candle close (yesterday's post)- would be around $6,700-$6,800 and the area criteria are:

  1. The Fibonacci retracement 50 percent (pulled from Sept. 5 to Sept. 6)
  2. The Fibonacci extension 141 percent to 161 percent (pulled from Sept. 7 to Sept. 8)
  3. Strong resistance area $6,787-$6,800
  4. Different timeframes EMA's starts to work as resistances

Currently, our recommendation is, stay away from the market and wait for those levels that we mentioned above. From these areas, we can make better decisions but let’s look at what the few altcoins charts show us.

Ripple (XRP/USD) possible "double bottom"

Currently, Ripple trades between the $0.25 and $0.3 levels. The short-term price structure is still lower highs and lower lows but the chart shows us that it slowly starts to slow down after the drop from $0.35. A first possible support is the August low/ 2018 low and the round number area $0.25. If it finds support from this area then we have also a bullish chart pattern called "double bottom" and currently looks like the channel guide us into this area.

Ripple

To enter the market from the mentioned area we have to watch what Bitcoin does, if it also shows us some positive signs then definitely this is a place where Ripple may bounce upwards.

Upwards target would be the trendline which is pulled from July 4th’s wick. This trendline starts to work as a resistance and if we get a candle close above the trendline and above the round number $0.3, then we have an almost free ride to the $0.35 or $0.4, depends how healthy the market is.

Bearishness will be confirmed if we get a candle close (at least four-hour) below the August low which matches almost exactly with the round number $0.25, then this is our confirmation and we can be almost certain that XRP' could drop as low as $0.2. There is the rally month low (December low), historically nothing more and the psychological number. The rally month low- December last year's rally started from this area! So, if we drop below the $0.25 next stop would be around $0.2.

DASH (DASH/USD)looks good compared to other alts

Currently, DASH trades above the round number $200. After the massive market drop and after the tough weekend, DASH shows us positive signs.

First of all the rare case is the EMA's, in the four-hour chart we trade above the all-important EMA's (50, 100, 200).

If you look at the monthly chart then there we could see that we got a bounce upwards from the 50 EMA. This worked as a support and now if the market stays stable for a while then we could beat the blue trendline, which is almost the last down-trendline on DASH’s chart.

If we break above the trendline then the next strong area would be around $230. There are the August high point and the area where the price started the last year's rally upwards.

Let's call this area the August high, this strong price level has worked historically very nicely and we can read this area to our key area. After the breakout above this price level could mean that Dash has good times ahead, we make a new clean higher high and ready to climb upwards.

Currently, the price shows us (even in this tough market situations) very nice price action but if we want to confirm bearish price action then it would be a candle close below the short blue up-trendline. In this case we traded above the EMA's, we broke the minor trendline and it made a new short-term lower-low, this means that it 'wants' to go and retest the lower prices around $125.

Join our Telegram channel to get news even faster!

About the author

Vaido Veek hopes to become a leading voice in technical analysis by educating people about how the perfect TA  should look like. He has over 5 years of charting experience and loves to solve the patterns that   they show us. His slogan is "keep it simple"!

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted
0
📰 News
32 views

Bitcoin Price Forms Diamond Bottom Pattern, Signalling Bullish Breakout

Put your
crypto to
work
  • 0.00

    Interest per week

  • 0.00

    Interest per year

  • 0.0

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Alex Dovbnya
    📰 News

    Bitcoin could witness a bullish breakout if its looming diamond pattern gets confirmed

Bitcoin Price Forms Diamond Bottom Pattern, Signalling Bullish Breakout
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

ByBit

The Bitcoin price is on the verge of forming a diamond bottom, which represents two juxtaposed symmetrical triangles. This a major bullish pattern that could be the bellwether of substantial price gains. 

👉MUST READ

Top Bitcoin Trader on BitMEX Says He's "Long and Strong" as BTC Price Struggles to Hold $8,000

Top Bitcoin Trader on BitMEX Says He's

According to cryptocurrency trader "The Moon," Bitcoin has a 70 percent chance of a bullish breakout if the aforementioned pattern gets confirmed.   

That said, Bitcoin would need a huge buying volume for this scenario to translate into fruition. 

Trading vet Peter Brandt noticed that the XRP/BTC pair was about to complete a diamond bottom. However, Ripple's native token failed to rally even before the much-awaited SWELL event that took place on Nov. 7-Nov. 8.     

👉MUST READ

Bitcoin Price Could Soon Drop 40 Percent, BitMEX Data Shows

Bitcoin Price Could Soon Drop 40 Percent, BitMEX Data Shows

As reported by U.Today, BTC dropped to the low-$8,000 level due to lack of enthusiasm on the buyer's side who failed to step in to reclaim $9,000. At press time, the coin that started it all is changing hands at $8,165 after being rejected at $8,200. 

Given that Bitcoin has trimmed all of its recent gains, market sentiment is now predominantly bearish. It remains to be seen how long it will be able to hold the crucial $8,000 support.      

Bitcoin Price
image by coinstats.app

Earlier, market analyst Willy Woo claimed that BTC's bearish price action ahead of the halvening event could mean that it might not witness another bull market. 

Subscribe to the official U.Today Telegram channel. Get news first!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted