Crypto outlook | negative trend continues

Published Mon 09 Sep 2024 01:38 by vantageplus

Fundamental data:

The negative trend is also continuing in the crypto markets. Overall, the negative risk sentiment in equities appears to be exerting further pressure here, with the weaker dollar hardly providing any positive impetus. On the contrary, precious metals still seem to be in the lead, with no signs of any potential for positive momentum on the crypto markets.

Technical analysis:

– BTC: Bitcoin is trading at USD 54,440. The weekly chart shows directly that the market had continued to move downwards and was initially able to catch up at the 50- moving average last week.

There could now be slight upward potential here, at least in the short term. Bitcoin could then test the price range at USD 60,000, where it will then have to be decided whether further potential will emerge.

– ETH: Ethereum is trading at USD 2,289.00. The trend here currently looks even weaker than in comparison to Bitcoin. However, based on the monthly chart, the market is currently not too far away from the 50- moving average.

If ETH does not break through the 2,055.00 zone to the downside, there could then be renewed upward potential. On the other hand, the short-term charts in particular are currently pointing downwards.

The daily chart indicates that slight upward potential was repeatedly sold off.

– XRP: Ripple is trading at USD 0.5320. The market is still in a broad sideways trend, although further downward pressure seems to be building up at the moment. On the weekly chart, XRP continues to trade below the 50- moving average. This currently marks an important resistance zone.

However, as the lower range was already tested last week, there could also be further slight upside potential if the moving average can be broken to the upside. However, if the support area at 0.5000 is broken to the downside, the market could then test the 0.4000 area.

– LTC: Litecoin is trading at USD 63.55. Litecoin also tried to take a chance to break out to the upside last week, but failed to do so. The market briefly broke through the USD 65.00 area, but then had to settle below the falling trend line again.

This could now lead to the market falling further. The important psychological price mark of USD 60.00 is not far away. Lower prices could then quickly follow if no buyers enter the market.

Vantage does not represent or warrant that the material provided here is accurate, current, or complete, and therefore should not be relied upon as such. The information provided here, whether from a third party or not, is not to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any financial instruments; or to participate in any specific trading strategy. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. We advise any readers of this content to seek their own advice. Without the approval of Vantage, reproduction or redistribution of this information is not permitted.

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