Advertisement
New Zealand markets close in 1 hour 51 minutes

  • NZX 50

    11,742.34
    -93.70 (-0.79%)
     

  • NZD/USD

    0.5867
    -0.0038 (-0.65%)
     

  • NZD/EUR

    0.5519
    -0.0025 (-0.46%)
     

  • ALL ORDS

    7,762.60
    -136.30 (-1.73%)
     

  • ASX 200

    7,512.60
    -129.50 (-1.69%)
     

  • OIL

    85.54
    +2.81 (+3.40%)
     

  • GOLD

    2,415.60
    +17.60 (+0.73%)
     

  • NASDAQ

    17,394.31
    -99.31 (-0.57%)
     

  • FTSE

    7,877.05
    +29.06 (+0.37%)
     

  • Dow Jones

    37,775.38
    +22.07 (+0.06%)
     

  • DAX

    17,837.40
    +67.38 (+0.38%)
     

  • Hang Seng

    16,094.34
    -291.53 (-1.78%)
     

  • NIKKEI 225

    36,818.81
    -1,260.89 (-3.31%)
     

  • NZD/JPY

    90.4430
    -0.8110 (-0.89%)
     

Bitcoin Accumulation Process – Triumph or Failure?

Yaron Mazor
Updated

Bitcoin price analysis

Bitcoin’s (BTC/USD) consolidation process is the main price action theme over the past four months. This kind of activity suggests that traders and investors are accumulating the digital asset, having in mind an assumption, that prices are relatively cheap at this level. The leading cryptocurrency quarterly price average crossed its monthly price average from the upside towards the downside, suggesting a temporary price recovery. However, the accumulation process will prove successful in case Bitcoin’s price will cross its 8,500 Key downtrend resistance level.

{alt}
Bitcoin Daily Chart

  • Support levels:

ADVERTISEMENT

Weak: 6,150          Strong: 6,000                   Key: 5,800

  • Resistance levels:

Weak: 6,850          Strong: 7,415                   Key: 8,500

  • Average prices:

Month: 6,446                    Quarter: 6,564                  Year: 7,928

Bitcoin Cash price analysis

Bitcoin Cash (BCH/USD) gained more than 20% on September 18. However, the 600 region remains a strong resistance level that Bitcoin Cash has not been able to test.

{alt}
Bitcoin Cash Daily Chart

  • Support levels:

Weak: 470.0          Strong: 424.0                   Key: 408.0

  • Resistance levels:

Weak: 555.0          Strong: 600.0                   Key: 660.0

  • Average prices:

Month: 464.8                    Quarter: 517.7                  Year: 948.8

Ethereum price analysis

Ethereum (ETH/USD) is under a strong selling pressure, most probably with the support of its founder recent announcements. Adding to that fact the lack of technical recovery signals, Ether is expected to trade under pressure, waiting for a game changer to perform a recovery price action.

{alt}
Ethereum Daily Chart

  • Support levels:

Weak: 200.0          Strong: 192.0                   Key: 167.0

  • Resistance levels:

Weak: 255.0                     Strong: 270.0                   Key: 300.0

  • Average prices:

Month: 213.5                    Quarter: 257.0                  Year: 556.5

Litecoin price analysis

Litecoin (LTC/USD) is range trading between its 50 key support region and the 70-downtrend resistance level. The downtrend is valid, as long as the cryptocurrency is trading below the 70 mark.

{alt}
Litecoin Daily Chart

  • Support levels:

Weak: 54.30          Strong: 50.00                   Key: 48.00

  • Resistance levels:

Weak: 60.00          Strong: 63.80                   Key: 70.00

  • Average prices:

Month: 55.99                    Quarter: 57.92                  Year: 119.58

XRP price analysis

XRP (XRP/USD) is showing signs of historical performance duplication. The daily chart shows XRP is building a technical pattern resembling its April 2018 performance. Seems like history repeats itself…

{alt}
XRP Daily Chart

  • Support levels:

Weak: 0.450          Strong: 0.360                   Key: 0. 246

  • Resistance levels:

Weak: 0.600          Strong: 0.700                   Key: 0.900

  • Average prices:

Month: 0.375                    Quarter: 0.344                  Year: 0.635

*Any views and opinions presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading.

This article was written by Yaron Mazor, a senior analyst at DX.Exchange 

This article was originally posted on FX Empire

More From FXEMPIRE: