This column will provide our readers a basic update on what they can expect from the leading cryptocurrencies in the upcoming week.
BTC had a sharp price fall last week, from 9905 USDT levels all the way to retest 9075 USDT (both price levels mentioned in the previous blog as crucial regions for BTC movement). BTC seems to be preparing for bigger moves on either side and altcoins may not move much higher.
The next week is interesting as the current levels will decide if BTC continues its steady uptrend or will it retrace further for a likely trend change. Other cryptocurrencies may retrace in case BTC moves violently in coming days.
BTC/USDT (Daily Chart)- uptrend but needs to hold current levels
BTC/USDT pair failed a fourth time to breakout above the key psychological level of 10,000 USDT in the past one and a half months.
BTC has managed to still hold uptrend by maintaining its higher highs higher lows (latest swing low placed at 8642 USDT) even as it crashed down close to 10% from the previously mentioned resistance levels. In the process, the price structure for BTC has become slightly weak and the current levels become extremely crucial to retain uptrend.
The immediate support for BTC lies at 9075 USDT and the resistance level is 9905 USDT, very close to the price from which the fall happened last week.
If BTC successfully holds the support and moves up beyond 9905 USDT, the price may rise to 10850 USDT where it is likely to face the next resistance region. Similarly, a daily close below 9075 might threaten the uptrend for BTC, and can lead to a retest of the support area of 8490 USDT.
Traders should wait for further clarity on trend and keep smaller stop losses to avoid losses in case of violent movement in BTC.
ETH/BTC (Daily Chart)- sideways
ETH/BTC has been trading in a narrow trading range for the past week and is very close to its support region.
ETH continues to remain range bound now within an even narrower zone between 0.024-0.026 BTC price since the starting of the month of June. It is trying to break the range on the downside as of now as it trades very close to support levels of 0.02463 BTC. ETH needs to maintain its swing low (currently placed at 0.0239 BTC) for bulls to remain in control.
The immediate support for ETH/BTC lies at 0.024630 BTC whereas the immediate resistance levels are around 0.026933 BTC region. Any breakdown below the current support may lead to strong retracements back to 0.022512 BTC where it may see some support being provided.
Traders may wait for a clear breakdown to create short positions or avoid this counter for now if looking for long trades as a buying opportunity would only arise once previous high gets taken out.
XRP/BTC (Daily Chart)- downtrend
XRP/BTC continues to slide lower while making further lows as bulls seem to hold no control on the price anymore.
XRP is continuously making lower highs and lower lows and spiralling its way down as it holds no support levels intact. There is nothing new to be mentioned here as XRP has shown no signs of recovery or willingness to rise higher in the BTC pair.
The immediate resistance levels are around 0.00002220 BTC for the XRP/BTC pair.
Only a strong close above this level on the daily chart can revive any hope for buyers without which sellers remain in complete control. Traders may want to short pullbacks closer to resistance levels for getting better entries with adequate stop losses.
TRX/BTC (Daily Chart)- failed breakout and pullback
TRX/BTC was in an uptrend from the end of the month of May and had given a potential breakout above 0.00000177 BTC last week.
The breakout however did not get a follow through with BTC price falling through the last week and TRX price not only retraced back to 0.00000177 BTC but also broke that support and retested lower support region of 0.00000168 BTC. In the process of retesting the above mentioned support region twice, TRX made its first lower high in over a month and it has now become very crucial for TRX to hold the current levels to maintain uptrend.
The immediate support lies at 0.00000168 BTC whereas the resistance levels are around 0.00000177 BTC.
TRX needs to hold these levels and any daily close below 0.00000168 BTC may lead to further pullback to lower support at around 0.00000159 BTC. The current swing low is also placed alongside 0.00000157 BTC breaking of which will lead to the start of downtrend.
Traders may want to wait for pullback towards the support zone before making any buying decisions with adequate stop losses.
Traders may want to wait for confirmation of the current levels holding before making any decision on taking trades.
KNC/BTC (Daily Chart)- pull back after successful breakout
KNC/BTC had given a successful breakout earlier this month after a long consolidation phase and the price seems to be giving a pullback as BTC pulls down alts.
KNC had shown first signs of reversal in the last week of May as it gave its first higher high after a prolonged sideways movement. This was accompanied by a surge in volumes and a successful breakout of resistance.
The immediate support lies at 0.00010729 BTC and the resistance is way higher at 0.000158 BTC region.
The cryptocurrency needs to give confirmation on retest of support although this remains a very risky trade as BTC is expected to provide big movement thus negatively affecting altcoin prices and the KNC price has already surged quite a bit recently with the previous swing low lying way lower.
Traders may want to wait for a retest of support for initiating any buying trades with adequate stop losses.
This was the weekly column, for daily updates on markets, you can join Sumesh’s telegram channel Price Action Charts
Disclaimer: The views and opinions expressed above are solely for educational purposes and should not be taken as investment or trading recommendations. Readers are advised to do their own research and due diligence before making any investment or trading decision.