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 gave a small pullback last week and then continued its uptrend which has been ongoing for many weeks now. ETH and other major alts have also followed BTC so far in this rise.
The upcoming week holds the excitement of how far can BTC go now that it has given another breakout and what happens to the alts as BTC rises.
BTC/USDT (Daily Chart)- Breakout
BTC/USDT gave another breakout yesterday after a successful daily close above the resistance level at 11825 (mentioned in earlier posts). The price is increasing steadily and the volumes are also rising.
BTC/USDT has finally given a breakout from the resistance zone after several attempts of confirmation. The price has increased today and is stable over 12,000 USDT after almost an year.
The immediate support for BTC lies at 11825 USDT and the resistance level is 13099 USDT.
Traders should build long positions on pullbacks to the support region mentioned above with adequate stop losses.
ETH/BTC (Daily Chart)- Pullback after breakout
ETH/BTC gave a strong daily close above the resistance levels mid last week and the price rose by ten percent before retracing lately. It has been resilient to BTC price movements so far and has managed to hold uptrend.
ETH/BTC broke out last week after a failed breakout earlier and was rising until the weekend. It is retracing over the last few days and it will be interesting to see if it retests and holds the support or not.
The immediate support for ETH/BTC lies at 0.033921 BTC whereas the immediate resistance levels are around 0.03826 BTC region.
Risk taking traders can build long positions near the support region on this pullback and safe traders can wait for daily close above resistance zone to build positions.
XRP/BTC (Daily Chart)- Continuation after pullback
XRP/BTC price had reversed from the resistance level and had retested support last week. It held the support and is now again rising with increase in volumes.
XRP/BTC had reversed from the downtrend at the end of last month after several months of decreasing prices. The price has been rising ever since with a healthy pullback that happened last week. The price is again on its way up and may retest resistance in coming few weeks.
The immediate support for XRP/BTC lies at 0.000024 BTC whereas the immediate resistance levels are around 0.00002826 BTC region.
Traders can build small long positions along with adequate stop losses and add onto them once the resistance is taken out on daily chart.
THETA/BTC (Daily Chart)- Pullback after breakout
THETA/BTC gave a breakout after several months of sideways movement within a range and has pulled back to the support region this week.
THETA/BTC had a dramatic rise earlier this year and an even more dramatic fall after that. This was followed by a wide range within which it consolidated for a couple of months. It finally gave daily close above resistance last week and the price rose more than twelve percent before retracing.
The immediate support for THETA/BTC lies at 0.00003050 BTC whereas the immediate resistance levels are around 0.00003990 BTC region.
Traders should use this pullback to build long positions and keep adding as the price moves up as long as the support remains intact on daily chart.
EOS/BTC (Daily Chart)- Pullback after breakout
EOS/BTC had been on a downtrend since the mid of February month and then went into sideways consolidation since the starting of May month. It finally gave breakout last week from the range.
EOS/BTC has given confirmation of breakout after daily close above the resistance after several months of sideways movement. This was accompanied by spike in volumes and the last two days resulted in price increase of more than 15%. The price decreased today as a knee jerk reaction to sharp rise in BTC prices but the structure remains bullish.
The immediate support for EOS/BTC lies at 0.0003000 BTC whereas the immediate resistance levels are around 0.0003225 BTC region followed by 0.0003536 BTC levels.
Traders should wait for pullback to support region to build long positions and then enter trade with adequate stop losses.
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.