ZRX is forming a potential double bottom at trendline support, which coincides with the 200-period EMA on the 4-hour chart.
Whether it bounces here will obviously depend on BTC and the rest of the crypto market. Bitcoin has broken lower after trading in a very tight range for the past two weeks – however, given the way it has been trading recently there is every...
Bitcoin (on Coinbase) is testing the lower edge of a symmetrical triangle on the hourly chart, along with a spike in volume. If $6,380 breaks on decent volume and follow through is confirmed on other exchanges the target is $6,300.
If the price can hold above $6,380 it will be bullish considering the volume spike, and would likely lead to a sharp rally to the top...
The 100-day moving average has been acting as resistance for AEUSD over the past two weeks. It has now established 4-hour support at 1.25 which was previously resistance. Volume has also increased on rallies indicating the next move may breach resistance leading to a stronger rally.
If Litecoin loses support here, it’s likely to lose support against BTC too. That would signal a continuation of its year to date underperformance against BTC.
If it does reverse higher, it will encounter significant resistance at 54.50, 56.60 and 59.65 and strong diagonal resistance against BTC.
Until these levels have been cleared it just doesn't seem that LTC...
XRP has recovered quickly since Monday’s dump. However, it now has to get past resistance between 0.50 and 0.52 which has been a key level dating back to June. If we are to see a sustained rally it will probably happen after 0.52 is broken and established as support.
Until it clears this range there is little point being long.
Despite the volatility of the crypto market over the last week, ZRX continues to make higher
highs and higher lows on the daily chart. The pattern relative to Bitcoin is very similar.
ZRX is now testing a significant resistance level at 0.8.
A close above 0.8 would be very bullish, with potential targets at $1, $1.13 and $1.25.
The selloff in Tether has caused the gap between BTC's price on Tether exchanges and other exchanges to widen to as much as $900. This puts the price well above diagonal resistance on some exchanges while below it on other exchanges. It may be a good idea to wait for agreement across all exchanges before making trading decisions.
XRP was the first of the major cryptos to rally after the recent selloff, after also leading the way lower. It has now reversed sharply just short of diagonal resistance. If there is no follow through on the reversal, and instead we see consolidation, we may see the rest of the market reversing losses. On the other hand if it continues lower, it's likely to weigh...
Every time Bitcoin has fallen below $6,200 it has reversed very quickly. However, Monday's weak break to the upside proved the market was already long.
If large buyers do not step up and the price cannot hold $6,200, we are more likely to see capitulation and the price working its way down to test $5,800.
Yesterday’s upside move and range expansion had been highly anticipated. However, there was little follow through indicating that many traders had pre-empted it and were already long. If the break is not confirmed soon with another rally on decent volume, the risk of this being a bull trap will increase rapidly. This applies to the other top cryptos too.
The...
ZRX is consolidating after yesterday’s 15% rally. A break to the upside would target the inverse head and shoulders target at 1.03. Resistance at 0.7910 needs to break, and if it does, support at 0.717 could be used for a stop loss.
This gives a reward to risk ratio of 3:1.
Binance Coin is testing downtrend resistance dating back to June. It has been one of the stronger crypto assets over the past few days, experiencing range expansion while most coins are seeing volatility contracting.
While volume has declined since the initial rally, it has remained notably higher on the green candles. We are looking out for an upside break...
Litecoin has developed trendline support since 12th September – as have several other crypto assets. It has now broken below this trendline which it is now retesting. If it can’t reclaim the trendline, and breaks support at 56.60, it is likely to retrace all the way to September’s low at $47.50 ( the symmetrical triangle target is 48.65).
If it reclaims the...
The narrowing of the Bollinger Bands on Ethereum suggests another larger move should occur soon.
The primary trend is still down, the price has just rejected the 50 -day EMA (twice) and it is now breaking support provided by the recent trendline – all suggesting the next move is down.
However, it’s worth considering the possibility of a rally if the price finds...
With upward momentum on most cryptocurrencies slowing, the next move for most is likely to depend on Bitcoin -0.81%.
BTC -0.81%struggled against resistance (1) on Friday and failed to make a new high. It is now struggling against hourly
resistance at $6,660, which means it will probably have to successfully test support if we are to see further gains.
The...
Yesterday, Bitcoin Cash rallied sharply into daily resistance on news of the coin being added to Gemini exchange's
list of tradeable assets, and news that Bitmain has filed to IPO. The IPO news is not new, and the news
of the Gemini exchange listing may not be enough to break the overall bear trend for BCH.
It seems this rally is widely expected to fail and...
XLM rallied through resistance on high volume last week. However it quickly pulled back, finding support around 0.23.
Given the high volume on the initial rally and the low volume pullback, another test of the trendline (0.27) and the new high (0.303) are likely.
The alternative scenario is that the H&S shoulders completes and 0.23 gives way - this would open up a...
EOS has established significant support over the last 6 weeks. This may be the lower edge of bear flag within a larger sell-off, or the beginning of a new bullish trend. The pattern is similar when EOS is priced in BTC, and EOS is one of the few crypto assets that has held its ground against BTC since early August.
The key level is $6.92 - for the primary trend...
