[27/09/2020] HUAX Technical Report : BTC, ETH，XRP | #4

The HUAX Technical Report is compiled by our quantitative analysts based on their technical understanding of the cryptocurrency market. To summarize the technical model and forecast of future price trends. #HUAXGO

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BTC price movements

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After bouncing off the trend line, we are convinced that there are strong buyers around prices of $10000. Right now the buyers seem to be in control and although there is a resistance area at $11270, it seems that the momentum should be strong enough to break through it.

If we do get a breakout from the resistance area, after a small retest that should be our long entry as indicated in the chart. Do set your alarms for this trade setup.

ETH price movements

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Ethereum (ETH) price movements are more or less in a consolidation range right now. We can see that the prices are hovering in between $323 and $382. If we do get a retest of the prices at the bottom of the range, we will look for a long setup for ETH. This should be a good setup if the prices hold nicely at the bottom range.

XRP price movements

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One of our focus for this week is Ripple (XRP), in the previous week there was a good setup for XRP after the price has broken down from its channel. For this week, what we are looking at is a long setup for XRP.

From the chart we can see that there are buyers stepping in at the $0.22 area and buyers had pushed the price up to $0.244. Right now what we want to see is for a small retest back to the support area and we will look for a long setup for XRP. Do keep a look out for this setup and this trade should give a really good risk vs reward.