Weekend Traded Crypto Technical Analysis - Articles - Dukascopy Bank

Tue, 15 Sep 2020 10:26:53 GMT
Source: Dukascopy Bank SA
 
Starting from the 11th of September 2020 Dukascopy Bank and Dukascopy Europe expand trading hours for margin trading on BTC/USD, ETH/USD and LTC/USD. These are the first-ever instruments to be tradable over-the-weekend through Dukascopy platforms. It also replaces the existing rule to close all crypto-pair positions before the weekend. 

To further increase the appeal of crypto trading, Dukascopy has secured a significant reduction of the spread on BTC/USD.  

Due to this reason, Dukascopy Analytics offers long term technical analysis of the three over the weekend to be traded instruments.

BTC/USD

The Bitcoin cryptocurrency has been appreciating in an ascending channel pattern against the US Dollar for the past six months. In addition, the BTC/USD pair breached the 23.60% Fibonacci retracement level at 10519.0 on September 13. 

Due to that reason the more favored forecast is for a surge up to the monthly pivot point at the 11524.80 level and afterwards the previous high of 12500.00.

However, given that the cryptocurrency exchange rate had shortly breached a strong support level near the $10k area, bears could push the Bitcoin lower during the coming weeks. The potential target for bearish traders would be at the 50.00% Fibonacci level at the 8397.00 mark.

Afterwards, if the support formed by the 50.00% Fibonacci retracement level holds, the long term target for the Bitcoin cryptocurrency would be at the $15k region. 



 ETH/USD

The Ethereum cryptocurrency rose to 474.00 in August. However, the ETH/USD pair has declined by 30% during the past two weeks. The currency pair tested the 38.20% Fibonacci retracement level at 339.80 on September 8. 

As for the near future, the cryptocurrency exchange rate could continue to edge lower. The likely target for bears would be near the 50.00% Fibonacci retracement line at 293.90. 

A possible upside reversal could occur from a support cluster formed by the 100- day moving average and the 50.00% Fibo at 293.9 during the following trading weeks.



LTC/USD

The Litecoin cryptocurrency has been trading sideways since the beginning of September. The LTC/USD exchange rate traded between the ranges of 50.63/45.10 during the past two weeks.

Two scenarios are likely to occur during the following weeks. If the cryptocurrency exchange rate breaks the 50.63 level, a surge towards the $60 mark could be expected in the nearest future.

However, if the currency pair passes the 45.10 region, bearish traders could push the price towards the $40 area during the coming weeks. 


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