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 continued to rise in the last week after a long phase of consolidation. ETH and XRP followed it and almost all large cap alts have rallied after an initial knee jerk reaction to BTC’s price increase.
The upcoming week will contain the excitement on how long before BTC begins its next leg up and how will alts react to it.
Contents
BTC/USDT (Daily Chart)- Pullback after breakout
BTC/USDT broke through two consecutive resistances after breaking out after being range bound for several months. It currently seems to be retracing back to retest support regions.
BTC had taken out 9905 USDT (resistance mentioned in earlier posts) and broke through the next resistance as well, placed at 10854 USDT without any pullback.
The immediate support for BTC lies at 10854 USDT and the resistance level is 11825 USDT.
Traders should continue to build positions near support areas with adequate stop losses in place.
ETH/BTC (Daily Chart)- Follow up to breakout
ETH/BTC pair had broken out a few weeks back and seems to be retesting the higher resistance now after a healthy pullback.
ETH has one of the strongest technical structure on charts among most large cap alts with clean higher highs and higher lows being formed on daily chart. It looks like its breaking out of the next resistance as well but the confirmation is pending for now.
The immediate support for ETH/BTC lies at 0.033921 BTC whereas the immediate resistance levels are around 0.038626 BTC region.
Traders should build long positions once there is a daily close above the resistance zone.
XRP/BTC (Daily Chart)- Breakout (Finally!)
XRP/BTC finally gave a breakout after months of downtrend and the price has increased dramatically in the last few days.
XRP broke past the resistance after multiple attempts from where it had reverted earlier. The price rose one way up from there and the second resistance was taken out without any pullbacks too. The price continued to rise even after that and is close to retesting third resistance in a row.
The immediate support for XRP/BTC lies at 0.000024 BTC whereas the immediate resistance levels are around 0.00002826 BTC region.
The prices have increased a lot recently and traders should either build positions after the third resistance is taken out or wait for pullback to support zones.
FET/BTC (Daily Chart)- Pullback after breakout
FET/BTC completed a successful pullback after breakout recently and price may rise in coming days as long as the support is held.
FET had retraced quite a bit after the initial breakout last month and the price gave a breakout for the second time last week. The coin has now completed a pullback to the support again and has maintained the uptrend so far.
The immediate support for FET/BTC lies at 0.00000618 BTC whereas the immediate resistance levels are around 0.00000734 BTC region.
Traders should keep position size smaller on this trade as alts may crash if BTC give a big upward movement in its strong uptrend. Small long positions can be built with adequate stop losses as long as the support is held on daily basis.
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.
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