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Market data is provided by the HitBTC exchange.

While crypto markets have given up much of their Oct. 15 gains, they are still trading well above the recent lows, which is a positive sign. A knee-jerk reaction to a news event can propel the markets only to a certain level, after which fundamentals take over. The next leg of the up move will be based on strong fundamental news flows.

Crypto markets have been waiting for institutional investors to take it to the next level. Mike Novogratz, CEO and Founder of Galaxy Investment Partners believes that larger players might enter the markets in Q1 or Q2 of next year, pushing it to new highs.

The launch of Fidelity Digital Asset Services, by leading U.S. investment firm Fidelity, is a step in the right direction, providing institutional players a “secure, compliant, and institutional-grade omnibus storage solution for Bitcoin, [Ethereum] and other digital assets.”

However, larger players are likely to test the waters before jumping in, which may take some time. Until then, is it worthwhile to buy and hold or is there a risk of a further fall? Are any of the top cryptocurrencies showing a reliable buy setup? Let’s find out.

BTC/USD

After the spurt on Oct. 15, Bitcoin has been consolidating just below the overhead resistance at $6,831.99. Ideally, after invalidating a bearish pattern, the price should have rallied, but that has not happened.

Now, if the bulls fail to scale the resistance levels quickly, it will invite selling by the bears. A drop below the moving averages will retest the critical support zone of $6,075.04–$5,900.

Though the BTC/USD pair has broken out of the downtrend line of the descending triangle, it has not picked up momentum. The moving averages remain flat, which shows equilibrium between the bears and the bulls.

The balance will tilt in favor of the bulls if the virtual currency sustains above $6,831.99. The upside targets to watch are $7,400 and $8,400. Traders holding long positions can maintain the stop loss at $5,900.

The next few days are critical and will provide an insight on the next direction of the digital currency.

ETH/USD

Though Ethereum continues to consolidate, the bears have pushed it down towards the lower half of the range. The price is trading below both the moving averages and the RSI is also in negative territory.

If the bulls fail to scale the moving averages within the next few days, the ETH/USD pair might retest the support at $192.50, below which a drop to the Sept. 12 low of $167.32 is probable.

Contrarily, a rally above the overhead resistance will indicate strength and can carry the digital currency to the next resistance at $322.57. Therefore,traders should wait for a close (UTC time frame) above $249.93 before initiating any long positions.

XRP/USD

Among all the top 10 cryptocurrencies, Ripple is the only one that has risen above its Oct. 15 intraday high. It is also trading above the moving averages, which is a positive sign.

The XRP/USD pair is on track to move up to $0.50 where it might face some resistance. Above this level, a rally to $0.55 and $0.625 is probable.

If the digital currency turns down from $0.50, it can decline to the 50-day SMA, which should act as a support. Both the moving averages are flat and the RSI is close to the midpoint. This points to a consolidation in the short-term.

BCH/USD

Bitcoin Cash continues to trade inside the symmetrical triangle as a breakout or a breakdown evades it.

The BCH/USD pair is trading below the moving averages and the 20-day EMA is turning down. The RSI is also in negative territory; which shows that the bears have an upper hand.

A breakdown of the triangle will resume the downtrend, with minor support at the Sept. 11 low of $408.0182. The digital currency will show strength if it breaks out of the triangle. The traders can keep the stop loss on their existing long positions at $400.

EOS/USD

EOS is currently trading close to the midpoint of the $6.8299–$4.4930 range. Both the moving averages are flat and the RSI is also in neutral territory. This shows that neither party has an upper hand.

A new uptrend will start on a breakout and close above the overhead resistance of $6.8299. Such a move can carry the EOS/USD pair to $9 and higher.

On the downside, if the bears break below the immediate support of $5, a fall to the lower levels of $4.49 and $3.8723 is possible. Therefore, traders can protect their long positions with a stop loss of $4.90.

XLM/USD

Stellar has been trading above the moving averages, which is a bullish sign. It is currently trying to break out of the downtrend line and the overhead resistance at $0.24987525.

If successful, it will invalidate the bearish descending triangle pattern and rally to $0.36, with a minor resistance at $0.30 probable. Traders can initiate a long position on the XLM/USD pair if it closes (UTC time frame) above $0.27.

On the downside, the digital currency has support at the moving averages and below that in the $0.204–$0.2148 zone. If this zone breaks, a retest of the critical support at $0.184 will be in the cards.

LTC/USD

After the surge on Oct. 15, Litecoin has again fallen to the bottom half of the range. Both the moving averages are flat and the RSI is in the negative zone.

If the LTC/USD pair trades below the moving averages for a few more days, the bears might attempt a breakdown of the range once again. Any breakdown of the $47 level will resume the downtrend and push prices to the next support at $40.

The digital currency will form a reversal pattern if the bulls breakout and sustain above $69.279. We don’t find any trade as long as the price remains inside the range.

ADA/USD

Cardano is struggling to climb above the moving averages. Currently, it is trading between the 20-day EMA and $0.073531.

Both the moving averages are flat and the RSI is close to the 50 level, which shows a neutral sentiment. If the bears break below the intraday low of Oct. 15, the ADA/USD pair can retest the low at $0.060105.

The digital currency will show signs of strength if it breaks out of the overhead resistance at $0.094256. We suggest traders remain on the sidelines until a new buy setup forms.

XMR/USD

Monero has broken below both the moving averages. It is currently trying to stay above $107.80, below which it can slide to the $100 level once again.

Failure of the bulls to keep prices above the moving averages shows weakness. If the bears break below $100, a retest of $81 is probable.

The XMR/USD pair will gain strength above $128.65. Currently, we don’t find any buy setups, hence, we are not suggesting any trade.

TRX/USD

After failing to sustain above the overhead resistance on Oct. 15, TRON is currently back in the range. The bulls are trying to keep the price above the moving averages, below which the digital currency can drop to the bottom of the range.

We don’t find any buy setups as long as the TRX/USD pair remains stuck inside the $0.02815521–$0.0183 range. Its next move will start either on a breakout of the range or a breakdown from it.

There have been two intraday breakouts of the range that failed to sustain. Therefore, traders should wait for a close (UTC time frame) above the range before establishing any long positions.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.