So per last week’s warning to be on alert…well you saw what happened. Red all week. However, we’re seeing several reversal indicators for the short term, that the trend could/is potentially reversing.
Onto the charts!
So. Short term sell was on the break of support at $9,200. You can see that’s what happened based on that big ass red candle. And it was just several days of downward momentum from there.
However we’ve seen solid support holding at $8,400 and these levels really need to hold and as of current it is. All the alts are starting to recover at these prices too, which is a solid sign that a bottom here has been found. As you can see price hit support and it’s long term trend line, shown in dotted green. Price has got to hold there. In the long term chart we are still making higher lows from the big tumble back in Jan/Feb down to the $6,000 region.
So we are at a buy area IMO. MACD is turning up and RSI seems to have reset. But as always, be on high alert as we’re still in the reversal zone. If buyers don’t step in, price could continue downwards. Volume is a little low for my taste. We’ll need to see that change!
Levels of Support: $8,400 and $74,000
Levels of Resistance: $8,800 and $9,400
So as I mentioned, the alts are all green and playing solid. Good sign. Ethereum actually didn’t tumble quite as far down tho like BTC did. You can see it’s long term trend line still pretty far below price which is interesting to me. Shows strength.
As of current, if you’re holding ETH you’re sitting pretty from the buy zone back in early April. Up over almost 100% there. Solid gains. My sell was technically on the break down of the upward channel. But this looks like another buy/add zone to me!
Will be on watch for the break of $818 to see if momentum can really ramp up here.
Levels of Support: $670 and $608
Levels of Resistance: $725 and $800
Litecoin looking like the others, finding support and looking bullish. You can see it’s working on a new trend. Look for the purple dotted line to act as a strong resistance as well probably near the $166 resistance area.
Price is currently testing another resistance area right now. I suspect though price will simply follow BTC. So keep your eyes on that one as a lead indicator for what will happen here with LTC.
Levels of Support: $135 and $114
Levels of Resistance: $145 and $155
So BCH is still trucking along! Last week we saw a large rising wedge forming, which is traditionally a bearish indicator. Coupled with BTC’s downswing, it looked for sure about to break down, which it did.
Interestingly however, it’s chart is looking more like Ethereums, in how it found support relatively quickly. This indicates to me that there is some strong positive sentiment, and I have seen some positive press for BCH, which is clearly working in it’s favor right now.
Would be watching for bull confirmation by breaking through $1,550. If price stalls there, we might be seeing the making of a head and shoulders reversal.
Levels of Support: $1,445 and $1,350
Levels of Resistance: $1,540 and $1,675
So as mentioned last week, XRP was bouncing in it’s channel and that it depended on BTC. Well we saw how it all played out and price fell down through that channel, before finding support at the $.68 level of support.
I like this area for a buy zone for sure. RSI was completely oversold, which we weren’t really seeing with the other indicators. News has been pretty quiet for a while on XRP too, so they are due.
I’ll be watching the $.77 mark for confirmation of real bullishness here, but I suspect $.93 resistance is going to be a tough nut. But again, always keep BTC in mind!
Levels of Support: $.71 and $.62
Levels of Resistance: $.78 and $.93
As always, the above references the authors opinion and is for information and educational purposes only. It is not intended to be investment advice.