We are starting a new series of articles from today in which we will cover weekly market outlook includes Bitcoin analysis, Ethereum analysis, and Top 3 altcoins to trade this week.
So here goes the first edition of this series.
Bitcoin – BTCUSD
After a high volume rejection at 9200$ last week, bitcoin managed to close last week above 8600$. Bitcoin is currently trading just above 8600$.
The 8800-8900$ area should act as resistance, for now, IF Bitcoin fails to break above 8800-8900$ then the price could retest 8000-8200$ support – which is also 21MA and 50MA support for Bitcoin.
MACD is looking for a correction, one moe big drop can create a bearish crossover on daily MACD which could correct price further down to 7700-7900$ area.
IF Bitcoin manages to break above 8800-8900$, and establish support above this area then we can find bitcoin trading above 9500$ by this weekend.
ETHEREUM – ETHUSD
ETHUSD is heading the market lately, ETHUSD surged to 179$ last week before a fall down to 160$. ETHUSD is currently trading above 165$. 160$ should act as the key support for ETHUSD – Its the same level from which price broke down in November last year and made a new low. 160$ area is also a 50MA support on a daily timeframe.
As long ETHUSD holds 160$ as support, the price can surge to 190$ this week. Losing of 160$ could push the price down further to 145-150$ area.
Top three altcoins to trade this week
DGDBTC is currently trading just above June’19 breakdown level which is at 0.00035-36 BTC. DGD can rise above 30% from this level once it manages to establishes support above 0.0035 BTC. DGDBTC is also trading above 50,100,200MA.
Buy below 0.0035 BTC, Target above 0.0045 BTC, stop below 0.003 BTC
ADABTC broke out from 200MA yesterday, and currently trading above 0.00000520 BTC. ADABTC has been trading in a defined range of 0.00000440-540 BTC for last five months. Once ADABTC breaks above 0.00000540 BTC then it should quickly rise above 0.0000062 BTC.
Check out a detailed idea of this trade here: https://www.tradingview.com/chart/ADABTC/j3WttT6T-ADABTC-is-bullish-should-breakout-soon/
Buy below 0.00000520 BTC, Target above 0.00000620 BTC, STOP below 0.00000460 BTC
ICXBTC broke out above 100MA resistance yesterday, and the price is currently trading around 0.000018 BTC. ICXBTC could test the 200MA resistance soon which is at around 0.000020 BTC. Expecting ICX to rise above 20% in value against BTC this week.
Buy below 0.000018 BTC, Sell above 0.000021 BTC stop below 0.000016 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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