CoinFinex Daily Market Review for 19.09.2018

The weekend was very calm on the cryptocurrency markets, during the Saturday and Sunday there were not any strong moves on the market, however with the start of the week we can see that the most prices are marked in green for Tuesday which means that the cryptomarket itself starts to gain more funds invested into it.

Bitcoin – BTC/USD

The current price of the bitcoin is 6350$, the cryptocurrency made a slight improvement since yesterday and growth by 1% for the last 24 hours. However the price of the BTC/UST pair is still very close to the critical support levels. The pair didn’t succeed to break the moving average and to place itself above the resistance lines and that’s why the trend will remain bearish for now. If the bears push harder than the bulls and succeed to break the support at 6100$ we might see a drop of the price to 5900$. Breaking this support will drag the cryptocurrency lower to 5400$ and 5000$ the critical support for the miners, since the costs for mining bitcoin is around 5000$. On the other side if the bulls set up a good BUY positions they might break the resistance at 6500$ and start a rally to 7100$, once the price of the BTC/UST pair is above the moving averages and the 20 days EMA then we can be sure that the trend is changed from bearish to bullish.

Ethereum – ETH/UST

Ethereum made a slight correction after falling bellow 200$ levels, during the weekend the cryptocurrency showed a growth up to 10% for 24% and now it’s stabilizing above 200$ price levels. The current price of the ETH is 210$ per coin. If the bears again push the cryptocurrency bellow the 200$ support levels we might see a future drop down to 180$ . The bulls need to push the price above the moving averages and the RSI in order to initiate a new bullish trend, also in order to to that the traders will need to prepare a good BUY setup which means that the EHT/UST pair will be traded in tight range for a few days before choosing a direction to continue.

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