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, follow Sumnesh’s Twitter profile Price Reaction.
BTC price has rapidly increased in the last week and continues to remain bullish even now without giving a pullback yet. ETH/BTC and XRP/BTC were both bearish in the last week as was the case with most other major alts who lost value in satoshi counts.
The upcoming week will show if BTC will be successful in its follow up breakout it is attempting at the moment and how much more value will alts loose in their BTC pairs.
Contents
BTC/USDT (Daily Chart)- Attempting follow up breakout
BTC/USDT gave a strong breakout last week which was followed by more than 15% price increase and the momentum is so strong that it is attempting to break the next resistance without a single pullback.
BTC continues to remain bullish after last week’s breakout and is straightaway attempting next resistance breakout without any pullbacks along with a few spikes in volume. The confirmation for this follow up breakout through a daily candle close above resistance remains as of now but the momentum looks strong.
The immediate support for BTC lies at 11825 USDT and the resistance level was 13099 USDT. That has already been breached.
Traders may build long positions after confirmation through daily close above the resistance level mentioned.
ETH/BTC (Daily Chart)- Testing support
ETH/BTC lost value in BTC pair which was expected with the price increase in BTC and seems to be currently testing its support level.
ETH/BTC confirmed downtrend last week with consecutive lower highs and lows on the daily chart and is currently near its support level which was last tested almost three months back. Shrinking volumes are also confirmation of downtrend as people sell their alts to enter BTC when it becomes bullish.
The immediate support for ETH/BTC lies at 0.029865 BTC whereas the immediate resistance levels are around 0.033921 BTC region.
Traders should wait for daily close below support level before entering short trades and avoid long trades until change of trend.
XRP/BTC (Daily Chart)- Strong downtrend
XRP/BTC price has reduced dramatically after a failed breakout last week and the volumes are also continuously shrinking.
XRP/BTC had a failed breakout attempt earlier this month and the price has decreased one way ever since. The downtrend has strong momentum which is shown by the fact that price pierced through the support in one go and did not give any pullback even after that.
The immediate support for XRP/BTC lies at 0.00001400 BTC whereas the immediate resistance levels are around 0.00002056 BTC region.
Traders should wait for pullback closer to resistance levels before entering short trades and avoid long positions for now.
ATOM/BTC (Daily Chart)- Support breakdown
ATOM/BTC has been on downtrend for over two weeks now and has broken down through its support yesterday.
ATOM/BTC has been on downtrend for over two months now but had a significant pullback a month ago. The price increased and even though it went past the immediate resistance level, it failed to give a higher high and started falling again earlier this month. Yesterday it gave a daily close below support level hence giving confirmation of breakdown.
The immediate support for ATOM/BTC lies at 0.0003375 BTC whereas the immediate resistance levels are around 0.0004000 BTC region.
Traders may add small short positions with adequate stop loss in system as per their risk appetite and avoid longs for now.
FTM/BTC (Daily Chart)- Breakdown
FTM/BTC has also been on downtrend similar to ATOM/BTC and gave daily close below its support level yesterday itself.
FTM/BTC has been on downtrend for about two months now and the price has been declining one way except just one strong pullback last month. It has been forming lower highs and lower lows continuously. The price gave a support breakdown yesterday and shrinking volumes are also aligning with the same.
The immediate support for FTM/BTC lies at 0.00000136 BTC whereas the immediate resistance levels are around 0.00000174 BTC region.
Traders may add small short positions with adequate stop loss in system as per their risk appetite and avoid longs for now.
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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