Just when we think we’ve got things figured…. we get a trading week like this! Love it. If you’re here, we’re going to assume you’re probably well aware of the news driving some of the monster move some these prices made this week. Quick recap though: We saw the Segwit2x hard fork cancelled, the rise (and fall) of BCH, and a general feel of uncertainty and excitement in the community. Let’s take a look at the technicals and see where everything is heading this week.
With the surprise cancellation/postponement of Segwit2x we saw price of BTC take a tumble to make a correction. While this is good long term, for short weekly trading our sell signal was triggered on the 8th, around $7500. The massive selling volume was the key indicator to watch there, and we saw price fall all weekend, before finally hitting a double bottom around the $5,500 mark. We were watching the RSI for bullish divergence, which we caught, with the buy signal being triggered around $6,450. RSI is currently overbought, so we figure we’ll see some consolidation before the next leg up.
Levels of Support: $6,450, $5,500
Levels of Resistance: $6,804, $7,085
Not a whole lot of excitement coming from ETH the past few days, but an increase in buying volume is an indicator it may be prepping to make a move. Price is slowing heading upwards in a bullish triangle (with buying pressure pushing price upwards) and holding about it’s crucial $312 support zone. Keep an eye here for the break out of the triangle, which will indicate a short term buy signal from us.
Levels of Support: $312, $300
Levels of Resistance: $320, $325
LTC still looking pretty boring from our end. No buy or sell signals have been issued from us regarding LTC. While one could technically be making small scalps, the price action isn’t moving as much as we’d like to see for a trade. In fact, price appears to be setting up a descending triangle, which is a bearish signal for more downside. Keep an eye on that if you’re in this trade.
Levels of Support: $58.79, $56.90
Levels of Resistance: $62.09, $64.00
Geeze where to start. Here is where all the action has been in the past few days and we saw some serious gains and movement from BCH. If you followed our analysis last week, we were still holding out from the $400’s and we’re glad we did. Following the trendline beautifully, then busting out of the ascending triangle we saw price explode to all time highs, topping at around the $2,200 area. Sell signal was triggered with the massive selling volume near the top. If you were apart of that $400 drop you know what we mean.
Currently, price is looking interesting. With the falling wedge pattern and slight divergence down on the RSI, we’re watching closely. Price has risen out of the falling wedge pattern and is moving quickly towards it’s previous uptrend. A buy signal from us would be triggered if price can break that uptrend.
Levels of Support: $1,020, $630
Levels of Resistance: $1,352
XRP had a little bit of price action this week, but no buy or sell issues from us as it’s still channeling. We’d watch for a break of $.2050 to trigger a buy.
Levels of Support: $.1975, $.1910
Levels of Resistance: $.2050, $.21
The above references the authors opinion and is for information and educational purposes only. It is not intended to be investment advice.