Enjoying The Gains
I hope everyone enjoying today's gains! Anyone holding Litecoin is probably having a great time today, but even the current laggards in the top 10 are showing gains of +5% or more.
Let's have a fresh look at the charts and see what's happening...
Bitcoin
Bitcoin's shorter term downtrend line has been breached, and the $9200 support resistance level is where the price is hovering at the moment.
Other Good Signs
- The RSI is showing very good strength, well above the 50 level,
- The MACD is also in favor of the bulls.
The next level of resistance isn't until around $9800, so if it can remain on the bullish side, that level could also be tested soon.
Still In Downtrend
The longer term downtrend is still in play, but we're still a way away from that.
Ethereum
The story is much the same for ETH, but it is closer to its long-term downtrend line than the one found on the Bitcoin chart.
Ethereum is trading above $900 currently, which is one of the key support/resistance levels, and the next level of real resistance isn't found until about $975.
Should things turn bearish - for whatever reason - look for the $800 level to hold once again.
Ripple
Ripple is lagging behind BTC and ETH, and continues to trade sideways inside the range mentioned yesterday.
There has been no spike in volume here either, so we will probably need to see that in order for the price to get moving once again.
Bitcoin Cash
Bitcoin cash is also showing strength on the RSI and a bullish MACD. Just like BTC and ETH, it also showed a spike in volume earlier which pushed the price out the narrow range it had been trading in. The rally seems to have short-lived to some extent, although it still trading above the resistance level at about $1290.
Look for that level to hold $1290 level to hold, if not we could end up back in the range with support found at $1180.
Litecoin
Litecoin has taken 5th place back from Cardano today.
I mentioned yesterday that LTC was looking strong, but I wasn't expecting this rally!
Sadly, I missed the triangle pattern that you can see above, which is what the caused the price spike from a technical standing. But the rally may have been caused from the fundamental perspective too; with news of the "Litecoin Cash Fork" coming in a couple thousand blocks.
LTC got overbought thanks to the jump, and the price has come back down a little from its high, but the downtrend line here has now been broken! Look for the Fibonacci level, and failing that, the downtrend line, to hold moving forward.
Cardano
ADA is trading in a triangle pattern too, and the RSI and MACD are both clearly bullish at the moment. Look for the triangle to be broken soon.
- If it breaks upwards: it will more than likely lead to a break of the downtrend line here too.
- Should it break down: Look for the 33c support level to hold.
Stellar
Stellar is pulling back a little from its rally. but the RSI and MACD remain bullish here and prices are trading above the 43c resistance level still.
If it remains bullish: The downtrend line could come into play here soon too! If not, look for the Fibonacci level at about $0.37 to hold.
NEO
NEO is bullish on the RSI and MACD also, and it is currently trading right around the $117 support/resistance level. NEO is also getting close to the downtrend line.
Should things turn bearish for NEO: support is found at $110 and $95.
EOS
EOS is hovering just above a key Fib level, and is running into resistance at the $9.80(ish) level currently.
If that resistance line is broken: EOS faces further resistance at about $11 and also the $12 mark.
If it turns bearish, look for the major support at $8 to hold.
Lastly...
IOTA
IOTA has broken out of the narrow range it was trading in yesterday, and is sporting a bullish RSI and MACD like the rest of the top 10.
IOTA has broken through 1 major downtrend line, and if it can keep the rally going, the next longer term downtrend line could be coming into play soon!
Resistance is ahead at about $2.10, with support found at $1.90 (the breakout level) and also around $1.60 and $1.50 levels.
Summary
Litecoin is clearly leading the way today - but after getting overbought - the pullback was to be expected.
The rest of the top 10 all look in good shape currently, with downtrend lines being broken by some, and getting closer to being tested by others.
Things are looking very bullish right now, but it's always a wise move to brace yourself for FUD in this market, although I'm not sure where that could come from at this point?..
Any thoughts on the above? Spot a triangle that I've missed? (again), then let me know down in the comments!
Thanks for viewing!
Want more technical analysis and crypto related posts? See also: @toofasteddie, @gazur, @ew-and-patterns, @pawsdog, @cryptomagic, @exxodus, @beiker, @lordoftruth, @masterthematrix, @cryptoheads, @tombort, @maarnio, @steemaze & @briggsy
Not trading, investment or financial advice. For entertainment purposes only.
Good times ahead again !
Absolutely! :-) Let's hope it keeps going and more of those downtrend lines get broken.
Nice shop! Good Idea @futuristgear
Thank you @toofasteddie! :-D
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