So as we mentioned last week, price was at a crucial junction and we were nearing the lowest lows we’ve seen all year. Lows where we have seen reversals happen before and lots of accumulation…and so far BTC has survived to fight another day. And boy is it a fight.
Trading range is tight here. Volume is relatively low. Where the swings used to be several thousand dollars, we’re only seeing several hundred dollar swings now. What does this mean? I’m not really sure, but it’s a change in patterns and when it comes to trading, if there is a change in pattern it’s something to pay attention to!
However, with no real catalyst in sight, it does appear that there won’t be any major moves. Currently, it looks like we’re moving up and for trading purposes, that’s good enough for me. For now. 😉
Onto the charts!
Checking out the 12 hour chart, we’ve moved up and out of the downward channel that’s been working since early May. This is good! While we’re not seeing as much volume as I’d like this could mean a few things, like sellers are exhausted. Volume is key, but to move price upwards you don’t need higher and higher volume. Just more buys than sells.
Price is currently testing support/resistance at $7,591 and we’ll see where we come out. That big green candle is encouraging and if price can close over $7,700 I’d say we would look good to continue northwards.
Will be watching to see if we can establish that new trend, and hold it for a while!
Levels of Support: $7,500 and $7,000
Levels of Resistance: $7,800 and $8,300
Ethereum still working on its reversal pattern over here with an inverse head and shoulders.
Assuming BTC doesn’t doing anything wonky and continues to climb, I suspect ETH will be retesting the $731 mark. That’s a perfect PT for the head and shoulders pattern reversal. The buy would be triggered for me once price pushes up through $620 to confirm the pattern.
Levels of Support: $570 and $500
Levels of Resistance: $620 and $670
Litecoin breaking through and up out of its falling wedge…but we haven’t really seen the explosive volume or buys to really take advantage of the pattern just yet. To see it play out, price will have to make its way up to the $144 area…which it still could! Especially if BTC plays nice.
Technically, the buy for LTC would have been on the break out of the wedge at $118. I’m not in this play, but that would have been the bull indicator there for you.
Chart looking very similar to BTC’s though with a new trend hopefully starting.
Levels of Support: $118 and $108
Levels of Resistance: $127 and $140
Bitcoin Cash too working on a similar inverse head and shoulders pattern like ETH.
The buy would be triggered on the break out through $1,180, with a PT in the $1,450 region! Again, as long as BTC stays moving in the positive, we can expect these reversal patterns to play out nicely.
Levels of Support: $1,050, and $970
Levels of Resistance: $1,180 and $1,300
So we see Ripple with the nice bounce like the others, also making a higher low from last month as well!
Price has broken out of its falling wedge and moving in the upward direction as well. We really want to see price break that $.90 area. That would be an extremely bullish move for XRP.
In the mean time, a solid PT for breaking out of the wedge would be in that familiar $.78 region. As always, keep one eye on BTC for a feel for where the markets going.
Levels of Support: $.64 and $.54
Levels of Resistance: $.69 and $.78
As always, the above references the authors opinion and is for information and educational purposes only. It is not intended to be investment advice.