Weekly Technical Report on Crypto Currencies,

17th Sep 2019

BTC USD (CMP: 10200)

Diagram 1: Bitcoin Daily Chart

Price-action of last week was grossly inconsequent in Bitcoin although it continued to drift within a large bearish pattern of descending triangle.

The downside support at 9250 odd level is still maintained as make-or-break level for the intermediate trend. This support, if broken, will turn longer term trends down and we might have large downside target.

On the other hand, a downward sloping trendline have been drawn from Jun top. Any meaningful strength ought to be able to push prices on the other side of this trendline and until that happens chances are high that present weakness could be extended. Upon further examination, we may assert that 10800 is the level above which intermediate downtrend will be reverted.

Ripple USD (CMP: 0.266)

Ripple USD Daily Chart

Ripple has remained a gross underperformer for a pretty long time & we have had some decent short trades in this crypto in recent past. However, things might be improving form now as there are at least some signs of early recovery in XRP.

We observe an upside breakout of a falling wedge kind of pattern on daily chart of Ripple which suggest that the seller could be exhausted and there could be a significant relief rally in this battered counter.

0.269 will be an important resistance for Ripple and if it manages to go past it, the strength might be continued till 0.286. One could take this long position, keeping stop loss at 0.255.