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 is seemingly pulling back to retest support after a rapid rise through most of last week. ETH/BTC and XRP/BTC continued to remain bearish throughout last week although ETH/BTC bounced from support yesterday.
The upcoming week holds the suspense to whether this pullback will be followed by continuation of uptrend or will BTC break through its support. Other cryptocurrencies will largely depend on BTC for their future trend.
BTC/USDT (Daily Chart)- Pullback to support
BTC/USDT is retracing today to its support after a strong one way uptrend since last month. This will be a notable pullback after several weeks of consistent upward movement in price.
BTC has been on a strong uptrend for several weeks now and the momentum has been so strong that we are noticing a pullback after weeks of straight upward movement. It remains to be seen if BTC will retrace all the way to actually retest the support or resume uptrend even before that. If it actually retests support, buyers shall hope for the support to be held and upward movement to resume post that.
The immediate support for BTC lies at 13099 USDT and the resistance level is around 14981 USDT.
Traders may build long positions closer to the support as long as it is held on closing basis on daily chart.
ETH/BTC (Daily Chart)- Bounced from support
ETH/BTC bounced from support level yesterday although it continues to remain bearish and on downtrend without any confirmation of trend change yet.
ETH/BTC has shown downtrend for about two months now and the price was steadily declining all this while. But last two weeks saw one way decrease in price without pullback. The pullback came only yesterday in form of a bounce from support level although the price is falling again today and there is still no confirmation of trend change on charts.
The immediate support for ETH/BTC lies at 0.028319 BTC whereas the immediate resistance levels are around 0.029865 BTC region.
Traders may build short positions with adequate stop losses after the support is broken on daily charts and avoid long positions until there is a change of trend.
XRP/BTC (Daily Chart)- Downtrend continues
XRP/BTC has continued its severe downtrend for a month now and there has been no measure pullback on the way down so far.
XRP/BTC has not been able to hold onto its uptrend for too long throughout this year. Every uptrend is followed by aggressive downtrend and which eats up all the gains for that uptrend and makes lows below that. Bulls need to push price higher before its too late and the final support (marked on the chart) breaks on daily chart.
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.
ADA/BTC (Daily Chart)- Pullback to resistance
ADA/BTC gave a pullback to its resistance level yesterday which gave a good entry for short trades in its downtrend.
ADA/BTC has held onto its downtrend for three months now and despite a few pullback attempts, the price ultimately fell lower and formed lower lows. It finally gave a pullback after more than ten days which also gave entry opportunity on short side for bears.
The immediate support for ADA/BTC lies at 0.00000653 BTC whereas the immediate resistance levels are around 0.00000718 BTC region.
Traders may build short positions with adequate stop losses closer to resistance and avoid going long unless there is a trend change or breakout from resistance level.
NEO/BTC (Daily Chart)- Pullback to resistance
NEO/BTC also gave a pullback to its resistance level today similar to ADA/BTC, which also provides a good short trade entry option in its downtrend.
NEO/BTC is another crypto in downtrend for more than a month now and price has declined almost one way down except a couple of small pullbacks. The price pulled back to resistance today after breaking another support last week and this led to a good shorting opportunity for bears.
The immediate support for NEO/BTC lies at 0.001016 BTC whereas the immediate resistance levels are around 0.001161 BTC region.
Traders may add short positions closer to the resistance level with stop losses in system and avoid long positions till change of trend.
XTZ/BTC (Daily Chart)- Reversal from resistance
XTZ/BTC has resumed its downtrend after a pullback to resistance level and providing yet another potential short trade.
XTZ/BTC has also been on downtrend for almost three months now and the price has continued to fall with a few pullbacks on the way. The volumes have also declined along with the fall which is definitely a cause of concern for bulls. The price had given pullback to the resistance level a couple of days back and it has seemingly resumed its downtrend today.
The immediate support for XTZ/BTC lies at 0.0001260 BTC whereas the immediate resistance levels are around 0.0001487 BTC region.
Traders may enter short trades closer to resistance level and avoid long positions until there is a trend reversal on daily chart.
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.