XRPUSD is testing a key support level, while XRPBTC has broken two key support levels, but held the last line of support. If these levels are broken the picture will turn bearish with the next levels of support much lower down.
Dash has rallied into and reversed off resistance priced in both USD and BTC. This comes after a few months of underperformance against the entire crypto market. If it breaks resistance it would be significant, but the chances may be slim.
If Bitcoin trades higher, capital may flow from Dash to BTC, while more downside for Bitcoin will probably hit all coins....
Charts may not tell us what comes next, but there are some scenarios to prepare for.
1) If the price breaks above the diagonal resistance line that has been established, some shorts will cover and some of those on the side-lines will scramble to buy. How far the rally goes is anyone’s guess and it could lose momentum quite quickly.
2) If the price drifts down to...
XLMUSD, one of the strongest cryptocurrencies over the last two months, has sold off heavily today. After losing the diagonal support line it traded straight down into the support area provided by the lows that have held several times over the last 12 months. At some point a bounce in BTC is inevitable and XLM should follow it higher.
There was a lot of buying...
With Bitcoin falling on increasing volume, the question is will there be any buying? It’s hard to imagine that long-term buyers would pay $5,200 if they didn’t pay $5,500. Meanwhile, all those who bought last week for a retest of $6,000 are now under pressure.
On the other hand, the short trade is probably overcrowded, and we are bound to see some rallies when...
ChainLink, one of the strongest crypto assets over the past few months, has found support at 0.5, rebounding several times on solid volume.
Obviously BTC is the major factor here, but now that it’s holding in the mid-5,000s a retest of 6,000 is a strong possibility. That could be the catalyst for LINK to retest the highs at 0.63. Below 0.5 all bets are off.
After yesterday’s Bitcoin crash there is not much to work with. Based on Coinbase prices, resistance may come in 5,652, 5,760 5,868 based on fib retracements and last nights hourly swing high.
There is now some support at 5500, and we may see support at 5,280 (yesterday’s low) as well as 4,700 which is a historical support level.
However, the reality is that...
During September and October EOS gained ground against ETH which was plummeting at the time. EOS has now lost momentum and is now clearly losing ground to ETH which now seems to be the preferred smart contract coin.
There may be some support around 0.024, but below that it’s a long way down.
The EOSUSD price is sitting on the major support level and the lower...
Stellar (XLMUSD) is potentially repeating an hourly pattern we have already seen twice in the last week. After a series of lower highs, the price breached the 100-hour EMA which has been acting as support before breaking resistance and moving higher.
Alternatively, if the breakout fails, a head and shoulders pattern will be completed with a target of 0.245, which...
Yesterday’s daily hammer pattern is potentially very bullish – however the price needs to breach 6370 (as per Coinbase) for it to confirm and play out. This level has been a key support and resistance level over the past month and coincides with diagonal resistance.
Above 6370 a new higher low will be confirmed on the daily chart. Failure will however mean the...
Litecoin has formed a falling wedge on the 60-minute and 4-hour charts. If it breaks out in the next few hours the target will be around 54.50.
Given that Bitcoin is in somewhat precarious position it would be best not to pre-empt this but wait for a break and signs of bullish price action in Bitcoin.
Tuesday’s rally began when the price broke 213.84 which was the high of the inside bar printed on Monday. This level is now acting as support, after the market pulled back on very low volume.
A good area to buy – but with a tight stop below 213 as the next support level is 209.
BTC, (as per Coinbase), reversed lower just below 6,550. This level is the confluence of a down sloping trend line, a key lateral support/resistance line and the top of the current channel. It may therefore require a deeper pull back to $6,450 (which is a key support level) before being broken.
If it breaks through without a pullback, we can expect a strong rally...
Ethereum formed an inside bar yesterday, after its largest rally in weeks. It has now broken the high of this inside bar and is retesting the breakout level at 213.84.
A large volume spike as the price came back to retest means there’s a real possibility of a double top. Alternatively, if the bulls can defend 213.84 with all that selling we should see another...
BTC has established a strong trend on the 4-hour chart and is now testing resistance dating back nearly three weeks. Given the resistance ahead the most likely move from here is back down to support at 6,313, which is also a 61.8% retracement of the up move from 6,205.
For a convincing move higher, we will need to see each resistance level turning to support. The...
Stellar/ XLM has formed a neat symmetrical triangle, with the price now targeting the upper edge of the triangle at 0.238.
This triangle is within a broader trading range and so can’t be seen as a continuation or reversal pattern. A convincing breakout will target the top of the range at 0.33 or the bottom of the range at 0.18. That's where the important tests...
BTGUSD has slipped below trendline support and has so far failed again on the retest (as per Bitfinex levels.) The 20-day EMA which has been acting as support now looks to be turning to resistance. The key inflection point to watch is 27 – above that level bias should be bullish, below it remains bearish.
When priced in BTC we have a symmetrical triangle which...
Further weakness in the crypto market will confirm the downside break of the symmetrical triangle on EOS. Targets between 2.90 and 3.60 so this could be a big move. Look for increasing volume as prices fall to confirm the pattern is playing out.
