Market Commentary of The Crypto Market, September 2018

This Crypto Market Commentary covers various topics and understanding of cryptocurrencies market activity and engaging information for an astute trader and investor, of the global crypto market by demonstrating how interconnected the economies of nations have become.

September 25, 2018: Shorts have returned in full-court pressure in the crypto currency segment as XRP coin (Ripple) retraced a substantial slice of last week’s spike on Friday trading session. The crypto coin pulled the whole marketplace lower, along with Bitcoin, Ethereum Classic, and every one of the major crypto currencies registering considerable losses.

The five to ten percent drop for majors and also the nearly 20 percent tumble of Ripple damage the total marketplace capitalization of the crypto coins terribly, which decreased by a lot more than $15 Billion off the Saturday and Sunday levels to about $210 Billion.

The simple fact that the majority of the crypto coins would not extend the gains coming from the previous week, resulting in bearish medium to long-term technical setups unchanged (as stated before) is detrimental for the forthcoming months, with particularly Bitcoin’s relative lack of strength being concerned for bulls. Even though there is still the expectation that leading coin might establish itself, with all the likes of Ethereum, Monero, Dash, or Ripple.

The Ripple needs to withstand higher than the Mean Support $0.412 for 2-3 trading sessions before TSS confirmation a medium to short-term trend change, for the time being, some weakness in the remainder of the market makes a go questionable.

Bitcoin dropped back under $6500 in the midst of the wide-ranging selloff, and it is heading towards previously specified Key Support $6134 (Stage 3), while a short to medium-term sell signal has been triggered while back (See previous chart analysis).

A sustained push below Key Support $6134 would be a very bearish indication and also is likely to make a re-test of the August Low $5900, Yearly Low $5777, and aiming to complete Inner Coin Dip $5620 reality.

September 24, 2018: The Friday trading mania was a Ripple coin (XRP) which by the way has been the center of focus for the past several days. XRP coin more than doubled within twenty-four hours, and the currency has been way up to triple off its low price from earlier this month of September just before going into a pullback in the last half of the trading day.

Ripple coin in the short term took over Ether coin as the 2nd largest sized coin by market capitalization, at approximately $23B given that much as 15% gains in overall market capitalization. Ether also hit a nearly three-week high in the midst of the wide-ranging move within the crypto segment.

Inside a significant landmark for Ripple Labs Inc., has been the announcement on September 19, because PNC Financial Services Group, Treasury Management team is going to be utilizing its xCurrent software program strategy to speed up cross-border transactions for the bank’s American business-related clients.

Ripple Labs generally includes a bank each week to the system network, and RippleNet is life throughout forty countries and six continents. PNC Financial Services Group is the latest introduced bank, and that demonstrates that Ripple Labs is creating enormous success globally when it comes to mainstream adoption, offering faster, cheaper and a lot more transparent payments.

XRP coin settled down at the $0.573 level on Saturday session close to the market cap of ETH, however in short-term, the currency is significantly overbought, and a pullback to the Mean Support $0.412 zone is very much likely whether or not the coin can hang on to its outstanding results and enter in medium to long-term rising trend.

In the meantime, a medium to long-term trend change to Coin Rally $0.881 isn't validated, in spite of the significant bullish move, with many of the crypto segment coins continue to keep remaining in bearish medium to long-term trends.

With that being said, the medium to short-term buy/sell signal is not on the radar in Trade Selector Signal trend model, and traders should not enter new positions at this time. The support levels are found at Mean Support $0.412, and $0.263 respectively, with significant Key Support, is looking at $0.147, while Key Resistance $0.730 and Recent High $0.800 is ahead. 

September 20, 2018: Considering the variety of cryptocurrency pairs shedding off nearly as much as 90% of their value for money from current year’s high, it might seem that crypto coins are very deep in the bear area. Even though you have been following Trade Selector Signal chart analysis series, the downside move since Sept 3 (Stage 1) might have caused it to be easy for you to validate the claims. Nevertheless, we see an affirmation that the all-around crypto sentiment is actually little by little getting bullish.

Bitcoin has held steadily at Key Support $6134 for the past twelve days but is struggling to move up (Stage 2). Both Mean Resistance points $6533, and $6750 respectively are waiting to be played out for the next several days.

A violation of the Key Support $6134 zone will challenge three downside price targets, August Low and Yearly Low as well Inner Coin Dip $5620 pattern (Stage 3). As a result, I suggest traders, as well as investors, should steer clear of catching the dropping knife if the Key Support breaks down.

The significant price level that can offer some support is the Coin Dip. However, after a break from such a major Key Support or Mean Resistance $6550, some dead-cat-bounces will take place, resulting in a quick and short up moves. 

In Summary: Cryptos may be slowly and gradually temporarily moving out of bear territory. A previous couple of weeks had been challenging; however, overall, crypto coins have gotten moderately bullish. This definitely seems to be the case for the top ten significant altcoins track by Trade Selector Signal.

September 18, 2018: The crypto altcoins carry on and are showing mixed short-term warning signs following previous week’s Ethereum-led 'dead-cat-bounce,' and also the soon after consolidation. On Monday session, every one of the majors sold off following the American market open.

With Ethereum felling below  $200 price level, the altcoin is attempting to determine some level of stableness. While Bitcoin was thrown off back to $6200 level once again following unable to show any bullish momentum last week, and even though the altcoin continues to be trading with relatively lower volatility, currently staying comfortably above the crucial Key Support $6134 price.

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