It's not so good that different exchanges have a big difference in prices for the same market. It makes trading more complicated as you have to monitor several sources and get exact levels for every exchange. But what is good, that we have the same movements and structures and TA analysis can be used properly even the prices are different.
I prefer to use Bitstamp prices for my market overviews, but some of you asked to use Bitfinex. So, here is the market overview based on Bitfinex prices.
The price bounced from the support zone formed by SMA50, SMA100 and 3750.00 support level. The bullish candle and RSI confirmed the price reversal from this zone and gave a possible entry level for buying above the high of the candle - it's 3970.00 level. MACD histogram supports the upward movement. This buy signal can be used for short or medium term trading with stops below the local support zone (for short term) or the uptrend line (for medium term) and the main profit target at 4265.00 resistance. For medium-term trades it will be possible to leave the part of trade volume for 6000.00 resistance level.
If we talk about the long term trading, the high of the bullish candle can be used for buying too, and additional volume can be added based on a breakout signal above the nearest swing high. Stop orders for long term trading should be placed below the uptrend line, or the better position will be below 3000.00 support level. The main profit target for long term trades is 6000.00 resistance.
As the market has no fundamental support, it can continue the sideways or make a new downward movement to the uptrend line any time. The price action at the uptrend line will be very important for the further main trend. If the price can break the uptrend line, the bullish structure will be broken and it will be possible to see the falling to 3000.00 zone one more time.
As the cryptomarkets are perfect for manipulations, the market conditions which we have now are very suitable for any manipulators. It means that we should be ready to see more unpredictable movement and trading in short term looks much risky than trading in long run. You should be careful!
If you want to comment my work, you can do it below this post! Also, share your thoughts and ideas in comments and don't forget to support them by arguments!
If you like this market overviews, please support it by your LIKEs!
I prefer to use Bitstamp prices for my market overviews, but some of you asked to use Bitfinex. So, here is the market overview based on Bitfinex prices.
The price bounced from the support zone formed by SMA50, SMA100 and 3750.00 support level. The bullish candle and RSI confirmed the price reversal from this zone and gave a possible entry level for buying above the high of the candle - it's 3970.00 level. MACD histogram supports the upward movement. This buy signal can be used for short or medium term trading with stops below the local support zone (for short term) or the uptrend line (for medium term) and the main profit target at 4265.00 resistance. For medium-term trades it will be possible to leave the part of trade volume for 6000.00 resistance level.
If we talk about the long term trading, the high of the bullish candle can be used for buying too, and additional volume can be added based on a breakout signal above the nearest swing high. Stop orders for long term trading should be placed below the uptrend line, or the better position will be below 3000.00 support level. The main profit target for long term trades is 6000.00 resistance.
As the market has no fundamental support, it can continue the sideways or make a new downward movement to the uptrend line any time. The price action at the uptrend line will be very important for the further main trend. If the price can break the uptrend line, the bullish structure will be broken and it will be possible to see the falling to 3000.00 zone one more time.
As the cryptomarkets are perfect for manipulations, the market conditions which we have now are very suitable for any manipulators. It means that we should be ready to see more unpredictable movement and trading in short term looks much risky than trading in long run. You should be careful!
If you want to comment my work, you can do it below this post! Also, share your thoughts and ideas in comments and don't forget to support them by arguments!
If you like this market overviews, please support it by your LIKEs!
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