Crypto, as the majority of the stocks and commodities, is traversing a sea full of tumultuous red waves with total market cap currently just above 2T USD. Most of the crypto’s are double digit % down at the time of writing trading well below the 50 EMA and retesting previous support (September 7th 2021) levels.
Depending on your trading style, it is important during such times to know your levels and respect them in order to preserve your capital from possible further losses. That’s why, E-Club Trading community is continuously emphasizing on the importance of technical analysis in trading stocks and crypto’s. Our use of technical analysis is being proven by our top returns in the past years, which have been well above the main indices. September month is historically a very difficult month, so it’s important to be pragmatic and look for opportunities to re-enter some of your favorite names knowing your support and resistance levels. E-Club Trading is providing daily and weekly through it’s market leading products comprehensive fundamental and technical analysis on the major stocks & crypto’s. Our products such as the Morning Game Plan is enjoyed by numerous audiences and we encourage you to subscribe as well in order to be best prepared for the trading day ahead.
In the meantime, here’s below a couple of analysis on some of the main crypto’s.
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BTC/USD:
42900 and 42470 USD are the two immediate supports. If you’re searching for an opportunity to enter/re-enter crypto by potentially buying a dip (as El Salvador previously announced that it is taking advantage of the recent drop and it is increasing it’s number of Bitcoins with an additional 150 coins valued at 6.8M USD) we recommend you keep these 2 major support levels in consideration. If those are broken, then next support is at 200EMA at 41700 USD. On the upper side, 48500 USD remains a significant resistance that was not overtaken since the past weeks.
https://www.tradingview.com/x/NAXJEA93/
ETH/USD:
Ethereum low of the day is at 2912 USD. That is below the previous low of September 7th, which is a bearish technical sign. If you’re keen in the coin use today’s low as a pragmatic stop loss. 3339 USD is 1st resistance level followed by 3456 USD and 3677 USD.
https://www.tradingview.com/x/do1n6czX/
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E-Club Trading team