Bitcoin continues to outdo itself, climbing again to new highs and topping around $6,300, reinforcing the seriously bullish sentiments surrounding the coin. The market gobbled up those dips last week and seems to also have reacted positively to news that China may be back trading soon. We have a feeling these trends will continue but always urge swing traders to take profit as we see some potentially short term bearish signals coming up. Let’s take a look at our favorite coins and how they are faring this week.
As we mentioned, BTC topped out around $6,300 after our buy signal was triggered on the 23rd. However, when checking the RSI we see the divergence of price and RSI strength, a potential sell indication. Combined with the bearish double top and we are issuing our short term sell signal for the moment. The break at these levels should see prices return to consolidate around the $5,980 levels, which would be healthy for the chart.
Levels of Support: $5,980, $5,770
Levels of Resistance: $6,140, $6,312
Mostly trading sideways for the week we saw a solid jump from ETH over that $301 resistance. A break above that $312 level would signal a buy from us, as that level is historically difficult for ETH to push through. We’ve also got our eyes on the ascending triangle, a bullish indicator that price will move upwards.
EDIT: As of current, price is flirting with breaking the trend line, a bearish indicator.
Levels of Support: $301, $289
Levels of Resistance: $312, $316
Some movement this week from LTC, which has been trading on lower volumes lately. A short term buy signal was triggered at the $55.33 mark on the 29th, but with confirmation again from the RSI we saw there wasn’t much strength behind the move and considered this a scalp move if at all.
Levels of Support: $56, $54.92
Levels of resistance: $57, $58.75
The last week has seen strong upward movement from BCH, steadily trending upwards for about 2 weeks now. So far it’s bounced twice off the trend line, showing solid support there. However, overall price looks like it’s forming a descending triangle, which is a bearish indicator. To see upward action continue, we’d like to see some solid buying pressure to push price out of that triangle. Our buy signal was triggered last week at $318, and would see a sell signal if price breaks the trend line.
Levels of Support: $420, $350
Levels of Resistance: $506, $535
After last weeks little pump, XRP is straight up just channeling. No buy or sell from us.
Levels of Support: $.1975, $.1840
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.