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Sunday Update for Week of 9/24 – Is the Crypto Craze Coming Back?

A prepared trader is a profitable trader, and Sunday is a great day to get ready for the week ahead by studying up from last week’s price action. This weekend, we are focusing on cryptocurrency as there were some massive moves within this sector last week.

As we did last weekend, we will be utilizing the newest Trendspider feature, lower indicators. For a full introduction and explanation of lower indicators, please check out the two following links:

Ticker #1: XRPUSD (Ripple)

Short-term technical setup: Daily candle

  • Ripple lead the way for cryptocurrency last week with the wedge breakout through the SMA (20) and EMA (50).
  • The MACD also recently crossed to the upside but the RSI and %R both are getting pretty overbought. However, this has not always been an indication of a top in the past.

Long-term technical setup: Weekly candle

  • The longer-term setup shows the price breaking through the moving averages as well with a MACD cross which has never happened on the weekly candle.
  • The RSI and Williams % Range both show there is more room to move up here before becoming overbought.

Ticker #2: BTCUSD (Bitcoin)

Short-term technical setup: Daily candle

  • Bitcoin is trading in a strong symmetrical wedge setup. The MACD backtest here shows the price has generally moved up after a bullish cross in the past.
  • The SMA (20) is trying to break through the EMA (50) which has been a bullish indicator for further action up in the past.

Long-term technical setup: Weekly candle

  • Bitcoin is trading right near the wedge resistance with a MACD cross on the weekly candle. The RSI and Williams % Range have barely budged which could suggest there is more room to move.

Ticker #3: ETHUSD (Ethereum) 

Short-term technical setup: Daily candle

  • Ethereum is looking interesting into next week as the price is nearing the MA resistance above.
  • There is more room to move up on both the RSI and % R as well as strong volume showing demand may be coming back into the picture.

Long-term technical setup: Weekly candle

  • The weekly candle on Ethereum looks a little different than the other two cryptos with a recent breakdown of the SMA (20) through the EMA (50) which is generally looked at as a bearish signal.
  • On the bullish side of things, volume picked up significantly in the last few weeks as well as the MACD is curling here with more upside possible to at least the MA resistance above.

Timestamps of the Week!

TRXC

CHK

OGEN

 

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REMEMBER: These are charts that have interesting technical setups based on automated technical indicator analysis included. Charts and analysis provided for educational reasons only. TRENDSPIDER IS A CHART ANALYSIS PLATFORM. IT IS NOT INTENDED TO BE TRADING OR INVESTING ADVICE. ALWAYS DO YOUR OWN DUE DILIGENCE USING MULTIPLE SOURCES OF INFORMATION AND/OR SEEK THE ADVICE OF A LICENSED PROFESSIONAL BEFORE TRADING OR INVESTING. Please read our full risk disclaimer on our website by clicking here.