So for many of the coins, our short term buys were triggered just about a month ago as we’ve seen a solid bull rally northward. This week….not so much. We’re seeing several indicators that are indicating to me at least it’s time to be on high alert. All the coins are setting up to make a move one way or another. It’s your job as a trader to be on watch, and react accordingly!
In addition there’s been a slew of negative press, from Bill Gates (someone should tell him he COULD short BTC if he wanted) to Warren Buffett all hating. While it’s not really anything new, it certainly never helps. Couple this, with price failing to break $10,000…well…we shall see!
Onto the charts!
As we mentioned, price has been hella strong for a month. However, I’m on serious watch for a break of the support at $9,200. If we close the daily under that candle, it will trigger a short term sell signal for me!
We can see really see the strong selling pressure after price failed to close over $10,000, which is also a strong psychological barrier to break. Immediately after you can see the long red candles…not good, as it fell down through it’s month long up ward channel. (While breaking the channel is certainly not what we want to see here, it’s not decisively a sell signal, as price may often flirt with the edges of that channel. Must take other indicators into consideration.)
Price is currently flirting with that support at $9,200. Be on high alert here!
Time to either buy more, or sell for the short term.
Levels of Support: $9,200 and $8,900
Levels of Resistance: $10,000 and $10,400
Ethereum’s chart looking much like BTC, except ETH is still riding inside that channel…which is a good sign!
Price has so far bounced positively off the $700 support line. A break down through that level would trigger a short term sell signal from our end.
There is an SEC hearing tomorrow to determine if ETH is a security…so I’ll be watching that closely to see how price reacts. So far, sentiment is positive, so I expect price to hold its channel…so long as BTC doesn’t tank it!
Levels of Support: $700 and $613
Levels of Resistance: $800 and $887
So some interesting and indecisive movements from LTC over the past month.
Our buy was technically triggered on the break out of the channel, out of the ascending triangle where price catapulted northward on a very sharp trendline (shown in dotted green). It was unable to maintain that level of ascent. However, price seems to have found a healthier trend line (dotted purple).
For now, it looks as support at $157 is holding. Depending on what Bitcoin does here, I expect Litecoin will follow suit. So if you’re trading this one….obvi, be on watch!
Levels of Support: $157 and $145
Levels of Resistance: $165 and $182
Honestly, I just can’t even with Bitcoin Cash. You know, like, we all have a coin that we hate? For no real reason and you could totally be making money/made money off of it but you still dislike it? Like it has a personality or something? Yeah.
It has certainly made a hell of a move though. Congrats if you caught it!
So as mentioned last week, BCH was about to pop out of its bullish pennant. Too much momentum there and it did. However, price appears to be forming a huge rising wedge…which is a bearish indicator. We’re also seeing the decline in volume and the bearish RSI divergence (rising price, falling RSI). Another bearish indicator.
Sell would be trigged if/when price falls throught he lower line of the wedge/support at $1,542!
Levels of Support: $1,540, $1,440, and $1,280
Levels of Resistance: $1,770 and $2,000
So not much action or change here from last week. We saw XRP fail to break out of its ascending triangle (it does that sometimes) and for the past week has just been bouncing around it’s channel.
A buy would be triggered if/when price can break out northward of the channel. Again, I’d be watching BTC for the clue here. If BTC can rally, I expect XRP will make another run at the upper resistance of the channel. If not…:(
Levels of Support: $.77 ad $.68
Levels of Resistance: $.93 and $1.14
As always, the above references the authors opinion and is for information and educational purposes only. It is not intended to be investment advice.