This column will provide our readers a basic update on what they can expect from the leading cryptocurrencies in the upcoming week.
This is a weekly column. For more frequent updates on markets, join Sumnesh’s telegram channel Price Action Trading.
BTC continues to show no signs of gaining momentum at the moment as it trades just above the crucial support at 9075 USDT. The volatility is reducing even further as the range continues to compress further.
Another week which will pass by in anticipation of which alts will move next in this alt season and till when can BTC remain range bound.
BTC/USDT (Daily Chart)- Range bound
BTC/USDT continues to remain range bound in even more tighter range now as there is no clarity on direction of breakout or when it will arrive.
The lack of momentum continues and volatility measures continue to fall for the largest cryptocurrency. This is very interesting because it’s close to two and a half months since BTC is stuck in the range and still no signs of breakout can be seen on the charts.
The immediate support for BTC lies at 9075 USDT and the resistance level is 9905 USDT.
Traders should continue to wait patiently until there are clear signs of breakout on the charts for BTC.
ETH/BTC (Daily Chart)- Uptrend but no breakout yet
ETH finally give a clear higher low after being stuck in a range from the end of May month. But it has not retested the resistance yet and no confirmation of breakout on charts yet.
ETH continues to rise further after a pullback last week which also gave a clean higher low after months of sideways movement on the charts. The price has been steadily rising ever since last week of June and bulls look determined to retest the resistance in coming weeks.
The immediate support for ETH/BTC lies at 0.024630 BTC whereas the immediate resistance levels are around 0.026933 BTC region.
However, they are no signs of any breakout from resistance on the charts as of now and hence traders should keep the position size small or look for better setups.
XRP/BTC (Daily Chart)- Rejected from resistance
XRP/BTC price was unable to breakout from the resistance level mentioned last week and prices fell a bit from those levels.
XRP prices fell slightly after the cryptocurrency was unable to give breakout from the resistance levels. This was after prices rose drastically the previous week and gave a much needed relief to bulls who may have lost money with a sustained downtrend in the coin.
The immediate resistance levels are around 0.00002220 BTC for the XRP/BTC pair.
Although the prices continue to trade near the resistance level, there is no confirmation on trend change yet because a higher high and higher low is still not in place.
Traders should wait for breakout from resistance and till then avoid building aggressive positions.
XLM/BTC (Daily Chart)- Pullback after breakout
XLM gave a breakout two weeks back, from a 250 satoshis range after almost an year. The price has increased steadily since then and is pulling back to support now.
The breakout from year long range happened when XLM gave daily close above 0.00000872 BTC price and then quickly broke out above the next resistance level placed at 0.00001011 BTC. This shows bulls are in complete control as the price did not pullback between the two resistances.
The immediate support for XLM/BTC lies at 0.00001011 BTC whereas the immediate resistance levels are around 0.00001245 BTC region.
The price is now pulling back to the above mentioned support level and traders may use this to build positions with adequate stop losses in place.
AION/BTC (Daily Chart)- Breaking out
AION/BTC has been on an uptrend since the second week of month of May. The coin gave a breakout above the resistance level yesterday after a pullback last week.
AION has given a clear higher low last week confirming an uptrend on charts. Bulls need to protect the swing low for the uptrend to be held.
The immediate support for AION/BTC lies at 0.00001280 BTC whereas the immediate resistance levels are around 0.00001593 BTC region.
Traders should slowly build positions adding on the dips as volume continue to rise, and as long as the support is not broken on the downside.
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.