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Altcoin Analysis for 25-09-2017: LTC, DASH, IOTA, XMR and NEM

September 25, 2017 Guest Author 0

LITECOIN – LTCUSD TECHNICAL ANALYSIS There is an obvious price rejection at 47.00 recorded on Saturday. However, since bears are in charge, my recommendation will be to initiate short positions and this means we wait for any strong sell signal in the 1HR chart and do the honors. Potential sell zones will be at around … Continue reading Altcoin Analysis for 25-09-2017: LTC, DASH, IOTA, XMR and NEM

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Bitcoin analysis for September 25, 2017

September 25, 2017 Forex analysis review 0

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The Bitcoin (BTC) has been trading sideways at the price of $3.775. The news about China is still a big threat for buyers.Chinese bitcoin exchange ViaBTC has announced it will cease trading at the end of September – the second exchange in as many days to do so.According to an announcement, following the recent statement from the People’s Bank of China and other authorities on exchange regulation and ICO risks, ViaBTC has decided to shutter its China-facing website. The Techincal picture is still bearish and buyers are weak.

Trading recommendations:

According to the 1H time frame, I found strong resistance cluster at the price of $3.810. The strong support now became strong resistance, which is a sign that buying looks risky. There is also a broken rising wedge in the background, which is another sign of weakness. My advice is to watch for potential selling opportunities. Downward targets are set at the price of $3.463 and $2.978.

Support/Resistance

$3.810 –Resistance cluster (price action)

$4.000 – Major cluster resistance (price action)

$3.651 – Intraday support (price action)

$3.463 – Pattern objective target

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