Corrections are good for the strength of an uptrend because they eliminate unnecessary activity and allow traders who previously missed the bus to enter lower levels.

About 68 crypto investors did the same when they recently spent 1,000 to 10,000 Ether (ETH).

Buying against negative short-term feeling during a correction is not an easy task, but in general it is the right move if the middle trend is up.

Only the highs and lows are confirmed afterwards, so it is difficult to sell at the top or buy at the bottom. Alternatively, traders may consider buying after the price has repeatedly jumped from a support level.

Even these purchases are not guaranteed because the price all too often bounces around a bit and then turns sharply and breaks below the support. Therefore, traders should always have a stop loss to protect capital.

Let’s examine the charts to find out which cryptocurrencies are showing signs of decline.

Bitcoin / US dollars
The bulls are trying to defend the bitcoin (BTC) level of $ 9,835, as evidenced by the long tails of the lights over the past three days. However, they failed to raise the price above $ 10,625, indicating that purchases cease at higher levels.

The short-term trend was negative as the moving average completed its bearish crossover and the RSI indicator is in negative territory. This means that the bears are back in the game.

If they manage to get BTC / USD below $ 9835.20, there will be little support at $ 9,540, which is close to the large symmetrical triangle and is also a target for head and shoulder fractures.

If that support also breaks, it could drop to $ 9,000 and then to $ 8,000. Such a move could break emotions and intimidate buyers.

This bearish feeling would be invalidated if the bulls were able to push the price above $ 11,000 and keep it.

ETH / USD
The return from the $ 308,392 level did not even reach the previous level of support and resistance of $ 366 on September 6, which is seriously negative. A slight bounce after a sharp fall indicates that ETH is likely to face new sales.

If the bears keep the price below $ 308,392, it is possible to fall to $ 288. This is an important support to look for, because if it disappears, the fall could reach $ 220.

The 20-day exponential moving average ($ 390) is sloping and the RSI has fallen into negative territory, indicating that the bears are gaining the upper hand.

This bearish sentiment will be lifted if the ETH / USD pair breaks out of the $ 366-400 resistance zone.

XRP / US Dollar
The return from the $ 0.235688 support level on September 4 failed to rise above the $ 0.268478 resistance, indicating that the Bears aggressively defended the level. The bears are currently trying to resume the XRP correction.

If XRP / USD continues to stay below $ 0.229582, the next support will be $ 0.21, and if it also breaks, the decline could continue to $ 0.19.

The moving averages have completed the bearish cross, and the RSI is in negative territory, indicating the bears’ advantage.

This bearish view is invalid if the pair reverses and rises above the resistance level of $ 0.268478. Such a move indicates that the correction is over.

Link / USD
Chainlink (LINK) has fluctuated significantly in the $ 8,908-12.89 series over the past three days, indicating a battle between bulls and bears trying to prove their advantage.

The 20-day moving average ($ 13.83) is starting to fall, and the RSI is in negative territory, indicating the bears’ advantage.

If the LINK / USD pair breaks the trend line, it will likely fall to $ 8,908. This is an important support to look for, because if it crashes, it’s likely to drop to $ 7.

On the other hand, a break above $ 12.89 will be the first sign of strength. Above this level, the downward line can be moved. A breakout at this level will indicate that the correction has been completed.

BCH / USD
The recovery recovered from the $ 200 level to $ 240.38 on September 4, and the price fell again around $ 217.55. If the bears hold Bitcoin Cash (BCH) without this support, it could drop to $ 200.

Source: CoinTelegraph

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