BTC and Altcoins Weekly Review (4th November 2019)
Bitcoin
The chart above says a lot. We have been breaking out from the daily falling wedge. We are sitting on a interesting zone. This zone has been the resistance of May’s bull, the support of June pull back, and a zone of bounce when BTC broke this area.
We can call this area as an important Support/Resistance flip.
We are now supported by MA200 which has been an historical support/resistance line. If we break this Moving Average, I expect Bitcoin to fall around 8,600.
While sitting on this zone, I can expect Bitcoin to bounce to test 10,000$ again.
While making this review, it is interesting to watch the Weekly Chart. The last green candle makes an engulfing candle breaking the falling wedge.
Overall this is bullish, and even more when we consider that the weekly candles both closed above the support area.
Follow this idea on TradingView here.
Ethereum
USD Pairing
The Daily Chart of Ethereum is telling us a lot. As BTC, it has been breaking up the falling wedge. This is a bullish indicator, however, there is an high chance that we bounce on the broken trendline one more time, in the green zone, before looking to go higher.
Volume is slowly decreasing, even more confirming my bullish idea.
Important levels to watch:
- 150$ : Level of a likely bounce
- 225$ : Level to break to make a higher high on the daily chart
Find the full analysis on TradingView here
BTC Pairing
The ETHBTC pair is really bearish. The trend is obvious here. The first red box would be my area for a short. The second red box is an important Resistance. It is outside of the falling wedge yet, so I would only use this area to long back if and only if it breaks and closes above.
Important price to watch:
- 0.0225 (1st resistance)
- 0.0250 (2nd resistance)
Find the full analysis on TradingView here
Ripple
XRP found a temporary bottom here. The upward rally is not really impressive. I am watching both price at the bottom and at 0.00004 BTC to see if there would be a possible range to trade.
Watch RSI closely as it gets rejected at 75 really often.
Important Prices to watch:
- 0.00004 BTC (daily close)
- 0.000024 BTC
Find the full analysis on TradingView here.
Tron
TRX Daily Chart was not inspiring me, so I zoomed in a little (actually, H4 is my favorite configuration, but i prefer trading Daily trends). So here TRX is in a bull trend from start of September. It is making Higher Highs and Higher Lows, printing a Rising Channel.
210 sats has been an important Support / Resistance before, so I’m watching the price action here, and as usual, close below = bearish, close above = bullish.
The next support to long is around 180 sats and the lowest support is at 140 sats but I don’t think it will reach that price anymore.
Find the full analysis on TradingView here.
Litecoin
Same as the TRX Chart, the Daily Chart was not that much inspiring to me. There is a lot of information on that chart. We can see LTC broke up from the smallest Descending Triangle & broke a resistance line (0.006520)
I expect LTC to cool off a bit because the RSI starts being overbought, but LTC is bullish here and will probably break the biggest Descending Triangle.
If I were to long this, I would wait for the 2nd Triangle to break and start longing with more safety. However, if LTC fails to break that triangle, we might see lower levels.
Important prices to watch:
- 0.00645 (broken resistance turning into support)
- 0.0069 (1st Resistance)
- 0.0071 (2nd Resistance)
Find the full analysis on TradingView here.
Cardano
Cardano Daily Chart looks like a bottom. I am expecting a retracement to at least 858 sats. I am going to ladder some long order to 400 sats and wait for a break-out of the Descending Triangle to add more into my position.
Important Prices to watch:
- 400 sats (lowest support and ATL)
- 636 sats (1st Resistance)
- 858 sats (2nd Resistance — strongest)
Find the full analysis on TradingView here.
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