According to our last weekly update –
- Bitcoin dropped below 9500$, and Ethereum dropped below 240$.
- Last week was slow for overall cryptocurrency market. Last week’s altcoins picks – POE, STORM and FUEL failed to reach targets. We will close last week’s altcoins position at break even.
BTCUSD – Bitcoin Technical Analysis
A “Doji’ Candlestick pattern has appeared on Bitcoin weekly chart after last week’s close. Doji cadlestick pattern indicates a neutral price action, and mostly indecision between bulls and bears.
On a daily time frame, Bitcoin price broke down from 6- weeks old uptrend channel, and a new descending channel has been formed last week. Bitcoin is currently trading inside this new channel.
Descending channel’s support is at 9200$, and resistance is at 9800$. Bitcoin could also face resistance at the previous uptrend channel neckline at 10100$.
On Bearish note, Bitcoin had broke down from 21MA support on daily timeframe.
We expect bitcoin to retest 9200$ support before any significant bounce to the upside, Breaking above 10100$ will be the confirmation of bullish reversal on Daily timeframe.
ETHUSD – Ethereum Technical Analysis
Unlike Bitcoin, Ethereum managed to close last week’s candle at the bullish note. ETHUSD recorded 19.5% growth last week from it’s weekly low.
Ethereum is clearly looking more bullish than bitcoin on Daily and weekly chart. ETHUSD is trading in a symmertric triangle – which is a bullish continuation pattern.
As long, ETHUSD manage to hold this triangle support, I am expecting ETHUSD to break out above 285$ and reach 310$ this week.
But If, ETHUSD fails to hold this support, then we could see ethereum price below 220$ this week.
Top 3 Altcoins to trade this week
Bitcoin Dominance is currently increasing, and bitcoin is yet to find the next direction. Altcoin can follow the Bitcoin lead as soon Bitcoin finds the direction. Here are our top 3 altcoins for this week.
Entries : 0.00000065 – 0.00000075 BTC
Exit : 0.00000085 – 0.00000095 BTC
Stop : 0.00000055 BTC
Entries : 0.0000037 – 0.0000047 BTC
Exit : 0.0000057 – 67 BTC
Stop: 0.0000027 BTC
Entries : 0.00003 BTC – 0.00004 BTC
Exit : 0.00005 BTC – 0.00006 BTC
Stop: 0.00002 BTC
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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