I'm aiming to spend a few hours each sunday analysing the crypto charts more so I have a better outlook for what to do the week ahead.
I thought I'd share my views here for a number of reasons.
- To help others understand the charts more.
- To open up discussion and point out any errors or flaws in my views.
- Shared learning!
Remember though, these are just my views and I've no crystal ball! Please ensure you do your own research before acting upon my opinions.
I'm primarily a technical trader and this is what I do in Forex. However, the crypto market has a lot of fundamental issues and low market cap which means typical technical setups can easily fail or easily manipulated.
DON'T MISS MY FOREX ANALYSIS: https://steemit.com/forex/@leem2209/sunday-forex-analysis
Sunday Crypto Market Analysis
Over the week, we briefly broke the $400b level and tested the $410b level multiple times before dropping back down.
Looking at a broader view...
We can see we are smothering current support levels and we could possibly see this support fail down to the next level around $280b to $300b.
Also, I think we need to see lower prices still before big money is invested and starts the bull run.
Bitcoin
BTC vs USD
We're in a current steady downtrend after a rough H&S formation tested previous levels.
How far are we likely to fall before the bull run?
We can see on the bigger picture we are headed back towards the major support zone where previous lows are. ($6000-$6500 area)
We may even see a spike down below $6000 which will allow the big game money to get in at the best prices.
So, what about the other major Altcoins?
NEO
NEO vs BTC
NEO has been on a steady decline against bitcoin all month as the market has dipped.
If the market cap continues to fall, expect NEO to drop to previous lows or possibly further.
NEO is one of my big hold goals so I'm excited to see prices decline. It means I can hoover up before the bull run!
I think NEO being as low as $45 is an easy target, possibly down to $40 or even in the 30's region!
Cardano
ADA vs BTC
ADA shows a similar picture to NEO, it's been on a steady decline all month. Having just dipped below support, I'm expecting prices to fall to the next level of support around 2700 sats.
OmiseGo
OMG vs BTC
Again, we see another steady decline against BTC as the market dips. Could possibly find support around the 0.001410 level
Stellar Lumens
XLM vs BTC
XLM also shows a declining price against BTC during the dip, however it has been featured in the news recently; something about banks considering using the IBM blockchain, which has given it some boost midweek.
The declining trend is putting pressure on the support level, and if the news is relatively quiet whilst the market dips, this could fall to the next support.
Ontology
ONT vs BTC
ONT has been one of those runaway coins which has just not stopped climbing... until recently. Currently it is holding up well against the dip and has only declined from recent highs a small amount compared to others. But, much like XLM, with the current support under pressure, we could see profits being taken from here and the price falling down sharply to the next support level.
Tronix
TRX vs BTC
Another one that is holding up strong during the dip. TRX is due it's mainnet launch at the end of the month so everyone is expecting a spike in price. This is preventing TRX being one of the coins being sold off and it does have a short term up trend pressure against current resistance levels. Hopefully we will see this spike through. Once it does, I'm selling out of TRX and will be putting it into VeChain (See below)
Zilliqa
ZIL vs BTC
ZIL has been another strong coin recently. It has dropped off over the last few days but has also had some good gains again. With the strong upwards momentum, even if there is further selling in the short term, once the bull run comes this could be one of the big movers with large gains.
VeChain
VEN vs BTC
Although VEN has recently had a sell off over the last few days, it is still in a strong uptrend. Again, with this upwards momentum and the rebrand/mainnet launch at end of June, this is another which could make massive gains when the bull run comes. One the TRX move is done, I'll be pulling funds (hopefully profitable!) and placing into here.
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Hope that this analysis helps some of you out and I'd love to know your thoughts too.
Want me to analyse other charts next week too? Let me know which ones in the comments below...
About me...
I've had an interest in trading since 2009 after I attended a seminar on spreadbetting...
But I never really took it seriously and have been in and out of trading ever since, losing plenty of money along the way but gaining some valuable experiences which only now is falling into place.
2017 led to a chance online meeting with a former RAF pilot-turned-trader which ignited my trading interest again and this time I was armed with a better mindset and a better time structure in order to focus on learning this life valuable skill!
And what an interesting time to jump back on board the trading train! With cryptocurrencies gaining attention and the blockchain technology becoming more widely adopted, we have a unique opportunity to capitalise on the huge gains this market has yet to offer!
I'm still early on in my serious trading journey and still have a lot to implement and learn... but I hope to inspire others along the way! In order to survive and keep paying my bills, I still have a full time job which I invest 10% into my trading pot each month and allocate 10% towards continuous education and knowledge.
I am part of the Realistic Trader group run by that ex-RAF pilot and now one of the biggest voices on Crypto's, Siam Kidd. This offers me education as well as ongoing support to help me on my journey. If you'd like to be a part of this group too and learn how to safely buy and trade cryptocurrencies, come along and join us! - Disclaimer: This is an affiliate link but I'd only ever offer services that I actively use. Plus the affiliate fee would really help me to add to my trading pot.
You can follow my journey here on SteemIt (If you get any value from my posts then please UpVote it. As Tesco says"Every Little Helps") or come and visit my website at EXF Trading
North West Cryptonians!
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