BTC/USD
Bitcoin dipped below the moving averages on Oct. 19, but the bears could not capitalize on the fall, as the price climbed back up the next day. The 20-day EMA is flat while the 50-day SMA is gradually sloping down. The RSI is at the midpoint. All the indicators and the price action suggest a state of equilibrium between the buyers and the sellers.
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If the bears break below $6,500, the fall can extend to $6,200. The critical level on the downside is the support zone of $5,900–$6,075.04. If this breaks, we anticipate panic selling that can result in a steep decline.
On the upside, a break out of $6,831.99 will attract buying and force the short sellers to cover their positions, propelling the BTC/USD pair to $7,400.
Volumes have dropped and there is no confident trading either from the bulls or the bears. We have to wait for either party to make a decisive move. Until then, sluggish, range bound action is likely to continue. Traders who own long positions can keep a protective stop at $5,900.
ETH/USD
Ethereum continues to trade below both moving averages, which is a negative sign. It can now slide to the first support at $192.5, below which a retest of the Sept. 12 low of $167.32 is probable.
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On the upside, if the ETH/USD pair breaks out of the moving averages, it can reach the top of the $192.5–$249.93 range.
The digital currency will become positive if it can scale $250. If the bulls sustain above the range, a rally to $322 is probable. We can’t find any setups as long as the price remains inside the range.
XRP/USD
The bears have successfully defended the 20-day EMA for the past four days. Ripple can now correct to the 50-day SMA, which might act as a support.
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If the bears break below the 50-day SMA, the XRP/USD pair can drop to $0.37185. On the upside, a break and close (UTC time frame) above the 20-day EMA can carry prices to $0.5, $0.55, and further to $0.625.
We couldn’t find any reliable buy setups at the current levels, hence we are not suggesting any trades in the pair.
BCH/USD
Bitcoin Cash is struggling to bounce off the support line of the symmetrical triangle. The price has failed to rise above the 20-day EMA, which is a bearish sign. Both moving averages are sloping down and the RSI is also in the negative territory. This shows that the bears have an upper hand.
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A break down of the triangle and the Sept. 11 intraday low of $408.0182 will resume the downtrend, pushing the price to the next support at $300. Therefore, traders can keep a stop loss at $400 on their existing long positions. The BCH/USD pair will show signs of a pullback if it breaks out of the triangle.
