CoinFinex Daily Market Review for 09.10.2018

Bitcoin – BTC/UST

For the past few days there is not a lot of activity within the traders. The Bitcoin is being traded in short trading range and currently is priced at 6645 USD per coin. It seems that the holders are not willing to sell of their Bitcoin at this level and the new investors are hesitating if it is the right moment to enter. The expectation is that in a few days or maybe one to two weeks we will see a huge breakout on the BTC/UST chart, or even a break down and start of a new trend.
A possible breakout will push the Bitcoin upside to 7400$ levels and this will be a bullish sign. On the other hand, a break through 6300$ might activate the bearish sell wave and drag the cryptocurrency down to 5900$ levels as first stop and then at 5500$ and 5000$ as critical support lines.

Ethereum – ETH/UST

Ethereum looks the same as Bitcoin. The ETH/UST pair is stacked in a trading range from 200$ to 260$ USD. The moving averages are flat which indicates that there is not much trading activity in the past days and a breakout is also expected, hence there is no indicators which direction will choose the Ethereum.
If the bears successfully push the cryptocurrency above the 250$, the target on the upside will be 300$ and 320$. On the other hand, bellow the 200$ price levels the only resistance is at 160$. Traders should wait for a breakout in a direction or follow up the fundamental news that might push up the cryptocurrency or drag it down.

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