Whew! What an incredibly exciting week it’s been for BTC after making all times highs. It broke through it’s previous high around the $5000 mark, with alt-coins slightly suffering because of it (ETH and LTC seem to be recovering nicely though, as of this writing). There are also several major catalysts currently influencing prices and we certainly could see these trends continue. Let’s take a look at the weekly charts.
It’s clear the market was ready to push BTC to all time new highs. The influx of volume around the $4900 point is a strong indicator and confirmation of this overall bullish trend, which we believe with continue in the short-term.
Since we’re making new highs, we can only speculate on what major levels of resistance will be, but we would guess around the psychological $6000 mark. Price is currently consolidating in the $5,500 – $5,800 region, with a bullish pennant forming.
Levels of Support: $5,400, $5,300 with major support around the $5,000 area
Levels of Resistance: $5,800 and $6,000
If you followed our analysis last week, we noted the $312 area was one of major resistance, and a break at that level would give investors confidence in a trend reversal. We saw that early Oct. 13, ETH blew past that area with price exploding northward. Our buy signal was triggered after breaking out of it’s channel at the $307 mark. It too seems to be consolidating at these levels, but sentiment here is bullish.
Levels of Support: $326 and $312 (strong area)
Levels of Resistance: $343 and $351
LTC has rallied this week as well to push through it’s major level of resistance, which was at $56. Our watch level was triggered around $53 after the current short-term downtrend was broken, and with volume confirmed a buy signal at the break of that $56 mark. It currently has broken through $60 and is now moving northward on light volume.
Levels of Support: $60 and $56
Levels of Resistance: $62 an $69
BCH is continuing its downward trend with strong selling pressure, and breaking another crucial support level at $350 which will now act as major resistance. A break above that level on volume would indicate a strong reversal and a buy signal from us. Interestingly, on October 13, price made a higher low with converging trend lines looking to cross at around the $309 mark. We will continue to monitor volume and price at these levels as this could indicate a trend reversal.
Levels of Support: $311 and $299
Levels of Resistance: $329 and $339
After last weeks Ripple Rally price high highs of around $.28 cents but faced a selloff shortly after, signaling a short-term sell signal. Price currently sits at around $.26 area, and is attempting to break $.265 resistance. It’s attempted to break that 5 times already in the past few days unsuccessfully, so we’re keeping a close eye at that level. Taking into account last weeks breakout, we are bullish on XRP, and will be watching that $.265 area. A break there would indicate a buy.
Levels of Support: $.255 and $.233
Levels of Resistance: $.265 and $.275
The above references an opinion and is for information and educational purposes only. It is not intended to be investment advice.