The Bitcoin price is experiencing a decline of magnitude not seen since early August today. To what levels can the leading cryptocurrency be withdrawn?
Bitcoin: BTC / USD
Faced with selling pressure after accelerating up to 12400 levels, BTCUSD forced the 11900 resistance during the week, but could not find enough strength to break the area and turned to 11300 support. While the risk appetite and indices continue to rise in financial markets, there is a retreat in gold and crypto currencies. It is beneficial to closely monitor the events that will affect the USD index and the risk level of the investor. Decrease in risk appetite may cause upward movement in crypto currencies, while transition to risky assets may cause the opposite reaction on cryptocurrencies. On the other hand, it can be thought that the effects and developments created by COVID-19 also have an effect.
11300 and 11000 supports can be monitored if the market progresses with sellers. The downward break of the 11300-11000 band may cause the trend to continue up to 10600 levels in the first place. At this point, it is beneficial to closely monitor the support levels.
In case the investor’s demand for limited assets increases and there is a return from critical supports, 11530, 11600, 11775 and 11900 resistances can be monitored. In this case, the band range of 11900-12000 plays a decisive role. Breaking this band above can trigger the continuity of the reaction and create a new peak request.
Resistors: 11530 – 11600 – 11775 – 11900
Supports: 11300 – 11000 – 10800 – 10627
Ethereum: ETH / USD
Moving along the downtrend it entered since August 17, ETHUSD is testing 380 support for the second time in the week. On the 4-hour chart, 373 and 363 supports can be watched in case the market moves with sellers in the crypto currency moving in the oversold zone. It is important for the crypto currency to hold above 380 below. If it finds a buyer from the area it is testing, it seems possible to progress to the 407 resistance it was pulled during the day. When the 4-hour outlook is examined, it is important for the crypto currency to hold above the 407 resistance. Thus, 413, 418, 426 resistances can be monitored in close range in the crypto currency. In the continuation of the momentum, it is important to break 442, the area where it was tested and withdrawn, upwards. However, failure to break the 407 in a possible recovery may create selling pressure on the crypto currency.
Resistors: 388 – 392 – 400 – 407
Supports: 380 – 373 – 363 – 354
Stellar Lumens: XLM / USD
Priced within the upward channel created on the daily chart, XLMUSD advanced to the middle of the channel by recovering from the channel support it tested on August 19, 2020. The crypto currency, which could not find enough reaction to break the middle of the channel, faced sales pressure and fell out of the channel. Although the cryptocurrency has been trying to return to the channel for the past few days, its struggle for 0.1000 support continues. If XLMUSD can hold above 0.1000 level, acceleration to 0.1037 levels can be expected in the first place. In this way, he may want to try the channel support as resistance and continuity may come in the next process. However, with the 0.1000 support broken, the reaction can be expected to last up to 0.0900. In this case, a selling pressure may be triggered, unless the 20 MA breaks up on the daily chart.
Resistors: 0.1000 – 0.1037 – 0.1054 – 0.1087
Supports: 0.0978 – 0.0952 – 0.0922 – 0.0900