This column will provide our readers a basic update on what they can expect from the leading cryptocurrencies in the upcoming week.
BTC continues to remain range bound between the levels mentioned earlier editions of the this series (9075-9905 USDT range). It has been almost two months since BTC has been moving in this range of approx 1000-1500 USDT.
The upcoming week will also get interesting in anticipation of BTC breaking this range as has been the case with past several weeks. Other cryptocurrencies have had a good time while BTC remains sideways but it remains to be seen how long can this party of altcoins continue.
BTC/USDT (Daily Chart)- Consolidation in Uptrend
BTC/USDT pair failed to breakout of the above mentioned range on either side, once again this week.
BTC has been in consolidation mode for quite sometime now although its has somehow managed to retain the uptrend without giving any lower lows or lower highs so far. The structure on the charts looks weaker than before and bulls need to push the price higher now for the uptrend to continue.
The immediate support for BTC lies at 9075 USDT and the resistance level is 9905 USDT.
It remains to be seen as to which side does this consolidation break towards and traders may want to wait for the same before making any trading decisions
ETH/BTC (Daily Chart)- Sideways
ETH/BTC has been holding onto the support level well and bounced back even though price gave closing below the support a few times last week.
ETH also continues to be in narrow range on BTC pair for close to a month now and the price seems to be trying to break on the upside today at the time of publication. The coin has been able to hold onto uptrend for all these weeks but needs to show decisive upmove else the bears might try to push the prices down once again.
The immediate support for ETH/BTC lies at 0.024630 BTC whereas the immediate resistance levels are around 0.026933 BTC region. Any breakout 0.025 BTC region may lead to test of resistance zone from hereon.
Traders may want to build long positions only once we get daily close above the mentioned levels as it would show strength in the trend.
XRP/BTC (Daily Chart)- Downtrend
XRP/BTC continues to sink lower with each passing week as bears have complete control on the price action.
XRP seems determined to retest its all time lows in satoshis as no buying interest shown from bulls for several weeks now. The trend continues to remain strongly bearish over the past few months.
The immediate resistance levels are around 0.00002220 BTC for the XRP/BTC pair.
Traders should avoid taking any long positions on this counter for now until change of trend is witnessed and only shorts to be taken with proper stop loss management.
ONT/BTC (Daily Chart)- Potential Breakout
ONT/BTC pair started showing early signs of trend change in mid of last month and has remained bullish ever since with few pullbacks in between.
ONT confirmed its change of trend and strength in uptrend around a week back when it gave its first higher low after several months. It also broke through previous high today itself and is retesting its resistance zone at the moment.
The immediate support lies at 0.0000652 BTC whereas the resistance levels are around 0.0000714 BTC.
The cryptocurrency needs to provide a daily close above the resistance turned support level in coming week to continue surging ahead. It is important to note that this remains a potential breakout until the coin successfully flips the resistance into a support, an attempt of which is happening today at the time of publication.
Traders must wait for successful breakout on daily chart and only then make the decision for trading the above setup.
This was the weekly column, for daily updates on markets, you can join Sumnesh’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.