Hi guys in this post I will analyse the main cryptos charts and try to give the maximum insight of what's going on at the moment, and what to expect.
Let's start with Bitcoin one hour chart. We are right now in a price narrowing range, so we should prepare for a breakout.
Now let's zoom out in 3H. My Trend Indicator (param 5), which is based on Parabolic SAR (Stop and Reverse) is still in a short trade and hasn't reversed yet.
Now if I were to do a little of Technical Analysis and try to predict the future (which I can't) for pure entertainment, here is a potential scenario. Recent price action formed a double TOP but in the background a double BOTTOM is creating which would bring back the price to the 6K $.
Despite being a market catalyst, Ethereum is following BTC's direction right now. If you were shorting it's the moment to close orders and wait for a breakout of the Cyatophilum Bands.
On the 4 hours chart, the Trend hasn't reversed yet : The volume drop on BINANCE and BITFINEX show that less and less people are trading the 0.034 support (that used to be a resistance) which means its strength is decreasing and would let price drop to 0.032 support line, thus following BTC expected movement.
Furthermore, the SAR-MA Strategy show that the down trend is still going strong. We are still inside this short waiting for EMA (20 and 40) cross or a Parabolic SAR reverse.
Well, it's my personnal opinion, but I wouldn't advice to trade Ripple. Its just going sideways and is often being manipulated. We could make some plays inside this parallel channel but it'd not be much rewarding.
EOS trend is undecided yet. It can either move up to the 100 day SMA (blue line) or go test the support (red horiontal line). But both movements would be a long opportunity. It's up to you. I would keep an eye on bitcoin USD chart, if we see some green EOS will probably follow too.
Leave a comment and tell us what you think!