Bitcoin and Altcoins Weekly Review (11th November 2019)
Bitcoin
BTC finally broke the 200MA which can be interpreted as a bearish indicator. However, we are close to see a bullish cross between 200MA and 100MA. BTC is currently standing on the support of the trendline we broke in September.
Regarding the Fibonacci retracement, the 0.5 level is around $8,520. RSI and ADX don’t give us much information. The ADX is close to pass under 25 levels which can lead to a weekly range in those levels.
In my opinion, I would recommend you to only scalp long since we broke the big falling wedge earlier, but the trend is not obvious. Be safe
If you read last week article, you can see I expected this dump to $8,600 levels:
Follow this idea on TradingView here.
Ethereum
BTC Pairing
Since last week, ETH reacted well and bounced at the level I expected and is heading to 0.0223 levels.
Follow this idea on TradingView here.
PS: ETHUSD pair has not been moving this week and the analysis remains the same. (cf. here)
Ripple
Of all the top MarketCap Altcoins, XRP has been the one moving the less. Despite my recent analysis, it seems to be uncorrelated to pattern trading. That is why I am trying to give you deeper analysis in shortest time frames. H4 Chart show a possible rally to 0.000034 and 0.000035 levels.
I would not personally enter in this trade, but if you are holding a long from the green box, you should keep it and wait for better days with a tight stop-loss.
Find this analysis on TradingView here.
TRON
Same than XRP Analysis, TRX hasn’t been moving much lately (sorry for analyzing both of them first 😥). TRX has been holding the S/R flip around 210 sats. Zooming into smaller time frames, we can see that TRX is in an ascending triangle which will likely break out before the end of the week.
If you are longing : Stop Loss below 210 sats
If you are shorting : Stop Loss above 220 sats
Find this idea on TradingView here.
Litecoin
Trade from last week is now closed after reaching the 2 targets successfully for a 9% profits (or 15% if you waited for the top).
I would not enter in a trade on LTC right now because of the daily candle closed yesterday, showing a Doji. A Doji can indicate the end of a trend (bull here). Not enough demand higher than 0.0071 sats. leads to an instant pulback.
Follow this idea on TradingView here.
Cardano
ADA is moving nicely to its resistance trendline. Following our idea, if the daily candle closes above the trendline, I will open a long position with a stop-loss below this trendline.
However, if ADA gets rejected here, I would likely open a short position with a tight stoploss, targeting the 400 sats area.
Follow this idea on TradingView here.
EOS
I can be wrong here, but i don’t expect to see EOS having higher levels (>0.00042 sats) before a few weeks.
I won’t open any position here, even if it is looking like the LTC idea, but I am waiting for lower positions to open a long.
If you want to open a short, please know that the Risk/Reward is not really high, and the trend is bullish.
Stop Loss : 0.00042 sats
Target : 0.00036 sats
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