What’s Up With Cryptocurrency Signals? - Forex News by FX Leaders

What’s Up With Cryptocurrency Signals?

Posted Tuesday, November 7, 2017 by
Skerdian Meta • 1 min read

We have a couple of live long-term cryptocurrency signals which we opened last week. Digital currencies were facing some challenging times late last week and on Thursday in particular. We thought that this was a good opportunity to look for longs since the trend has been forever bullish in cryptos.

Now the price is back above the 100 SMA (green).

We decided to buy Ethereum near the bottom of the range as well as opening a buy Litecoin signal. The entry price in Litecoin was much better since we entered near the $50 level, which is a big round number as well as a support & resistance area.

Eventually, the price returned higher after the decline stopped, as expected. Now, the whole picture looks a lot brighter. As you can see from the H1 Ethereum chart below, this altcoin was trading in a range below 50 SMA (yellow) and 100 SMA (red) in the last couple of days.

The long wick candlesticks today show that the buyers are active.

Today though, the range has shifted higher, between those two moving averages at the bottom and the 200 SMA (purple) at the top. Besides that, most of today’s hourly candlesticks have a long wick at the bottom.

This means that the sellers are trying to push lower, but buyers keep pushing back up to close the candlesticks around the opening price. From this sort of price action, we can conclude that there is some strong buying pressure. The situation is similar in Ethereum, so I can say that these two cryptocurrency signals look pretty good now.

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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