September-Crypto-Price-2018

Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), EOS, Stellar (XLM), Tron (TRX), Cardano (ADA), Litecoin (LTC) and DASH Sept 2018 Outlook

Bitcoin price mostly struggled in August 2018 and declined towards $6,000. Later, BTC/USD formed support and recovered above $6,500. Similarly, altcoins like ETH, XRP, BCH, EOS, XLM, TRON, ADA, LTC and DASH declined heavily before correcting slightly. The market sentiment is improving, but bitcoin and altcoins are facing many resistances on the upside. Let’s analyze charts and understand whether the crypto market can stage a decent recovery in September 2018.

Bitcoin Price Analysis (BTC/USD)

Bitcoin price fell sharply during the first two weeks of August 2018 and declined below the $6,500 support against the US Dollar. The BTC/USD pair traded as low as $5,862 and later formed a support base for an upside correction.

Looking at the daily chart, the price formed a base near $6,000 and consolidated for a few days. Later, bitcoin buyers gained traction and pushed the price above the $6,500 resistance and the 21-day simple moving average.

Moreover, the price broke the 23.6% Fib retracement level of the last decline from the $8,534 high to $5,862 low. It opened the doors for more gains and the price settled above the $6,500 and $6,600 resistance levels.

The price is now approaching a major resistance near $7,000 and a connecting bearish trend line on the same chart. A successful daily close above $7,000 is needed for more gains in bitcoin in the near term.

The next resistance above $7,000 is the 50% Fib retracement level of the last decline from the $8,534 high to $5,862 low at $7,198. Any further gains could push the price towards the $7,513 level, which is the 61.8% Fib level of the last decline.

On the flip side, if the price fails to break the trend line, there could be a bearish reaction back towards the $6,600 level. Below this, the next major support is the $6,500 level and the 21-day SMA. If bitcoin fails to stay above the 21-day SMA, it will most likely move back in a bearish zone towards the $6,200 and $6,000 levels.

Overall, BTC/USD is trading with a positive angle, but a daily close above $7,000 is must for buyers to take control. If not, the price may decline once again towards $6,500 and $6,200.

Possible Bitcoin News

As B.E.G. news will surely cover it when it transpires, Bitcoin investors are expecting its most-promising ETF proposal to have a legitimate shot at being accepted by the SEC as the first-ever regulated Bitcoin ETF approval which would surely open up the price/charts once more. Another news, we are expecting bitcoin to possibly get its first 60-minutes airtime possibly as we see major shows like 60 Minutes are airing September 30, 2018 which ironically is the day the VanEck SolidX Bitcoin ETF has to be approved or denied by (likely before given how the last ones went). We will be sure to update everyone here as the possible bull run story and news unfolds.

Ethereum Price Analysis (ETH/USD)

Ethereum price remained under a lot of pressure and declined heavily below the $350 support area against the US Dollar. In the August 2018 outlook, we discussed a bearish structure for the ETH/USD pair and a couple of important resistances near the $470 and $500 levels.

The daily chart indicates that the price topped near the $517 level and started a sharp downside move. It dropped significantly and broke many support levels like $450, $418, $350 and even $300.

The decline was such that the price closed below the $300 level and the 21-day simple moving average. It tested the $250 support zone and later started consolidating losses.

At the moment, the price is still trading well below the $300 level and the 21-day SMA. Above these two, the 23.6% Fib retracement level of the last decline from the $517 high to $250 low is positioned at $313.

More importantly, there is a crucial bearish trend line in place on the daily chart with resistance at $360. Above this, the 50% Fib retracement level of the last decline from the $517 high to $250 low is positioned at $383.

Finally, the most important resistance for ETH buyers is near the $400-418 zone, which was a support zone earlier. Therefore, if Ethereum price corrects higher from the current levels, it is likely to face many hurdles like $300, $313, $360 and $383.

On the downside, the $250 level is a strong support. Having said that, a break below $250 could ignite more selling pressures on ETH and the price is likely to drop towards the $200 level.

The daily RSI for ETH/USD is slowly recovering towards the 40 level, but there is clearly a lack in bullish momentum, signaling a strong bearish trend.

Ripple Price Analysis (XRP/USD)

Ripple price declined strongly in August 2018 and broke the crucial support at $0.4260 against the US Dollar. The XRP/USD pair was not able to settle above the $0.5000 resistance, resulting in a push below the all-important $0.4260 support.

Looking at the daily chart, the price declined sharply and broke the $0.3500 and $0.3000 support levels. The decline was such that the price spiked below the $0.2500 level before finding bids near the $0.2450 level.

A new multi-month low was formed at $0.2457 and the price settled below the 21-day SMA. Later, there was a strong correction initiated and the price recovered above the $0.3000 resistance.

There was also a break above the 23.6% Fib retracement level of the last significant decline from the $0.5260 high to $0.2457 low. The price also succeeded in settling above the $0.3200 resistance and the 21-day SMA.

However, ripple buyers are facing a tough challenge near the $0.3500 resistance and a key bearish trend line on the daily chart. A proper follow through above the trend line and $0.3500 could push the price towards the next resistance at $0.3850.

The stated $0.3850 level represents the 50% Fib retracement level of the last significant decline from the $0.5260 high to $0.2457 low. Finally, the most important resistance is $0.4260, which was a crucial support in July and August 2018.

On the other hand, if ripple buyers fail to push the price above the $0.3500 and $0.3850 levels, there could be a fresh bearish wave. On the downside, an initial support is near $0.3200 and the 21-day SMA.

Below $0.3200, the price is likely to break $0.3000 and move into a bearish zone. Overall, the next move in ripple could be positive once the price closes above $0.3500. If not, it may possibly drop back below $0.3000 in the coming weeks.

Bitcoin Cash Price Analysis (BCH/USD)

Bitcoin cash extended its decline below the $650 and $600 support levels against the US Dollar. In the August 2018 outlook, we discussed an important resistance and a bearish trend line, which prevented gains in the BCH/USD pair and pushed it below the $600 and $550 support levels.

Looking at the daily chart, the price even cleared the $500 pivot level and the 21-day simple moving average. A new monthly low was formed at $474 before the price started trading in a range.

The price is currently consolidating in a tiny range around the $500 level and it facing a major resistance near the 21-day simple moving average. The 23.6% Fib retracement level of the last slide from the $894 high to $474 low is also positioned at $573 to act as a key resistance for buyers.

However, the most important resistance for bitcoin cash buyers is near the $600-650 zone. There is also a connecting bearish trend line with resistance at $640 on the daily chart. Above all these, the 50% Fib retracement level of the last slide from the $894 high to $474 low is at $684.

Therefore, there are many hurdles for BCH above the $570 level and it won’t be easy for buyers to gain control. If they fail to push the price above the $580 and $650 resistance levels, there is a risk of more declines in September 2018.

Supports are visible at $500 and $475, below which the price is likely to tumble towards the $400 level. Buyers need to watch the $580 resistance zone very carefully for more gains or a bearish reaction in bitcoin cash price in the coming weeks.

EOS Price Analysis

EOS price was under a lot of pressure in August 2018 as it extended its decline below the range support at $6.55 against the US Dollar. The EOS/USD pair declined heavily below the $6.55 support and even broke the $5.00 pivot level.

The daily chart of EOS/USD suggests that the price followed a bearish pattern and declined below the $5.00 and $4.50 support levels. A new bi-monthly low was formed at $4.18 before buyers took a stand.

The price consolidated for a few days above the $4.20 support and later moved higher. Buyers were able to push the price above $5.00 and the 21-day SMA. More importantly, there was a break above a major bearish trend line with resistance at $5.00 on the daily chart.

It opened the doors for more gains and the price is currently trading near the 23.6% Fib retracement level of the last decline from the $9.38 high to $4.18 low. Should there be a proper break and close above $5.50, the price may accelerate gains towards the next resistance at $6.50.

Above $6.50, the next major resistance is the 50% Fib retracement level of the last decline from the $9.38 high to $4.18 low at $6.78. If EOS buyers gain momentum above the $6.78 resistance, there could be a rally towards the $9.00-9.40 resistance zone, which is also a pivot area.

On the other hand, if the price fails to settle above $5.50 or $6.00, it could correct lower. An initial support is at $5.00, below which there is a risk of a fresh decline towards the $4.20 support area.

Stellar Price Analysis (XLM/USD)

Stellar price topped around the $0.3500 level in August 2018 and started a downside move against the US Dollar. The XLM/USD pair declined and broke the $0.3000 and $0.2500 support levels to move into a bearish zone.

Looking at the daily chart, the price even traded below the $0.2000 level and the 21-day simple moving average. A low was formed at $0.1938 before the price started consolidating losses.

It recently moved higher and cleared the $0.2200 resistance plus the 21-day SMA, which is a positive sign. However, the price is facing resistance near the 23.6% Fib retracement level of the last drop from the $0.3511 high to $0.1938 low.

Above $0.2310, the price will most likely test the $0.2450 resistance, which prevented upsides on a couple of occasions. Above this, the next significant hurdle for buyers is near the 50% Fib retracement level of the last drop from the $0.3511 high to $0.1938 low at $0.2725.

The overall price action indicates a positive bias for stellar above the $0.2000 level. There is also a key connecting bullish trend line with support at $0.2050 on the daily chart. Therefore, dips in XLM/USD are likely to find bids near the $0.2050 and $0.2000 levels.

To sum up, stellar is currently placed nicely above the $0.2000 support. On the upside, a convincing break above the $0.2450 resistance is likely to clear the path for buyers to take control. On the flip side, a daily close below $0.2000 is likely to push the price back in a bearish zone towards the $0.1800 and $0.1600 support levels.

Technically, the daily RSI for XLM/USD is showing positive signs around 50, indicating more gains above the $0.2300 level in the near term.

Cardano Price Analysis (ADA/USD)

Cardano price failed to hold an important support near $0.1500 and $0.1400 against the US Dollar. The ADA/USD pair declined heavily and broke the $0.1400 and $0.1200 support levels.

Looking at the daily chart, the price declined aggressively and settled below the $0.1200 support and the 21-day simple moving average. There was even a break below the $0.1000 support and the price formed a multi-month low at $0.0840.

Later, the price started consolidating losses above the $0.0850 level and slowly moved higher. There was a test of the 23.6% Fib retracement level of the last decline from the $0.1973 high to $0.0840 low.

However, ADA buyers failed to gain momentum and the price declined back below $0.1000. Recently, there was a fresh upside wave and the price was able to clear a major bearish trend line with resistance at $0.0900 on the daily chart.

If buyers remain in control, the price may perhaps move above the $0.1100 resistance and the same 23.6% Fib level. Above this, there is another important resistance waiting near the $0.1400 level and a bearish trend line.

The 50% Fib retracement level of the last decline from the $0.1973 high to $0.0840 low is also around the same trend line resistance. Therefore, if the price corrects above the $0.1100 level, it is likely to face a strong resistance near the $0.1400 level.

On the other hand, if ADA price fails to move above $0.1100 or $0.1400, it could slide once again. In the mentioned case, a daily close below $0.0900 may perhaps accelerate losses in ADA/USD towards the $0.0600 level in the coming weeks.

Overall, the current price action is positive for cardano, but a break and close above $0.1100 is needed for a decent recovery.

Litecoin Price Analysis (LTC/USD)

Litecoin price came under a lot of selling pressure after buyers fails to hold the $75.00 and $70.00 support levels against the US Dollar. The LTC/USD pair tumbled and broke the $60.00 and $55.00 support levels.

The daily chart indicates that the price declined steadily after a close below the $70.00 level and there was even a spike below the $50.00 support. The price traded as low as $49.16 and later started an upside correction.

The price traded above the $55.00 resistance and managed to settle above the 21-day SMA. At the outset, the price is about to clear the 23.6% Fib retracement level of the last decline from the $94.58 high to $49.16 low.

If LTC buyers gain control, the price may possibly recover nicely in the coming weeks. The next important resistance is near the $70.00 level, which coincides with the 50% Fib retracement level of the last decline from the $94.58 high to $49.16 low.

However, a break above the $70.00-72.00 resistance zone won’t be easy since it was a strong support earlier and it will most likely act as a barrier for litecoin buyers. On the flip side, if the price fails to gain momentum above $60.00 and $62.00, it could correct lower.

On the downside, the $50.00 support holds a lot of importance. Below this, the price is likely to decline sharply towards the $45.00 and $40.00 levels. Overall, the current price action is very positive for LTC/USD and it seems like the pair is likely to recover further towards the $65.00 and $70.00 levels in the coming days. Any further gains above $70.00 could be difficult unless the market sentiment turns super bullish for bitcoin and altcoins in September 2018.

Dash Price Analysis

Dash price was not able to hold a couple of important supports above $200 against the US Dollar. The DASH/USD pair broke the $210 and $200 support levels and declined heavily.

Looking at the daily chart, the price tumbled by more than $80 and broke the $180, $160 and $150 support levels. It traded close to the $125 support and settled below the 21-day simple moving average. A low was formed at $124 and later the price started an upside correction.

The recent moves in dash were positive as it gained traction above the $150 level. There was a break above a significant bearish trend line with resistance at $150 on the daily chart. The price also broke the 23.6% Fib retracement level of the last decline from the $293 high to $124 low.

It opened the doors for more gains and the price settled above the $165 resistance and the 21-day SMA. The next immediate resistance for buyers is near $200 and the 50% Fib retracement level of the last decline from the $293 high to $124 low.

The stated $200-210 resistance zone represents a monster hurdle for dash buyers since it was a crucial support in July and August 2018. Should buyers succeed in clearing the $200 and $210 resistance levels, the price will most likely move into a bullish zone.

The next hurdle above $210 is near $275, which is the 76.4% Fib retracement level of the last decline from the $293 high to $124 low. Above this, the final barrier awaits at $280.

On the flip side, if the price fails to move above $185 and $200 levels, it could decline once again. An initial support is $150 and the 21-day SMA. If the price fails to stay above the 21-day SMA, sellers are likely to take control and the price may well drop back to $140 and $125.

TRON Price Analysis (TRX/USD)

Tron price followed other major altcoins like Ethereum and declined heavily in August 2018 against the US Dollar. The TRX/USD pair broke a major support area near $0.0300 and started a nasty decline.

The daily chart suggests that the price fell sharply and broke the $0.0250 and $0.0200 support levels. There was even a close below the $0.0200 support and the 21-day simple moving average.

TRX/USD traded as low as $0.0162 before buyers appeared. There was a strong rejection noted around the $0.0162 level, resulting in a sharp upward move above the $0.0200 resistance.

The price even settled above the $0.0200 resistance and the 21-day SMA, opening the doors for more gains. Buyers were successful in clearing the 23.6% Fib retracement level of the last decline from the $0.0408 high to $0.0162 low.

It seems like the price may continue to rise towards the $0.0280 resistance. It represents the 50% Fib retracement level of the last decline from the $0.0408 high to $0.0162 low.

Moreover, there is a bearish trend line in place with resistance at $0.0300 on the daily chart. The stated $0.0300 and $0.03100 levels are important hurdles for buyers since they were supports earlier.

Therefore, any further gains above $0.0300 are very unlikely unless buyers are in full control. Once the current correction is complete or if the price fails near the $0.0280 resistance, there could be a fresh downside wave.

An initial support is near the $0.0220 level and the 21-day SMA. If there is a break and close below $0.0200, the price will most likely drop back towards the $0.0170 and $0.0160 levels.

Overall, the current price action is suggesting more gains in TRX/USD as long as the price is above the $0.0200 support level.

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