Bitcoin dangles on the edge of the precipice. A move up or down could significantly affect the bearishness or bullishness of the chart – but the final direction remains to be seen.
Meanwhile, the altcoin marketcap has held relatively steady for the last week. Many altcoin charts are beginning to look more bullish and may give substantial gains if Bitcoin holds in the current zone.
Keep your eye on these three coins with events in the upcoming week.
$0.060661 (2.77 %)
฿0.00000634 (2.20 %)
$1 572 761 537
$39 637 705
In mid-July, ADA broke just below its all-time low. Afterward, it bounced back into the weekly orderblock forming the base of ADA’s market cycles.
In the short-term, price is trending upward. The first probable resistance lies above at a daily orderblock around 0.00000690. If this resistance fails to hold, a much stronger potential resistance is near 0.00000925, where a daily orderblock and two weekly EQs overlap.
If price drops, the first line of support is at the daily orderblock marking the previous resistance break at 0.000006.
The Cardano Byron testnet’s new genesis block is being implemented to accommodate more expected interest in Cardano after the Haskell Byron-Shelley rollout. This interest increases the odds of the support the current zone forming a bottom, making it an excellent entry in a new market cycle.
$0.045706 (-3.65 %)
฿0.00000478 (-3.58 %)
$186 472 962
$13 959 568
RVN’s nearly two-month-long drop may finally be reversing after a bounce from the weekly orderblock around 0.00000370.
The short term trend has met with some resistance at a daily orderblock near 0.00000505, but so far support at the 0000046 orderblock has held.
This range is possibly forming the right shoulder of an inverse head and shoulders pattern, which is often a sign of impending bullish reversal.
If price breaks through the current resistance – possibly due to excitement over BXB leveraged futures opening today – traders may wish to set the first target at the weekly level and daily orderblock at 00000590.
$9.03 (-0.05 %)
฿0.00094392 (-0.34 %)
$72 499 252
$1 261 954
XZC is painting an interesting chart, with short-term opportunities for both bulls and bears.
June’s sharp price spike dumped just as abruptly into the orderblock from which it launched. A slightly higher low has formed here at 0.000848, creating a double bottom.
If charting by candle bodies, an ascending wedge appears to be forming – which often breaks downwards and retraces approximately two-thirds of the wedge. If so, the orderblock and .318 fib at 0.000912 could provide an entry for bulls or target for bears.
If including candle wicks, the price may be forming an ascending triangle (a bullish pattern) with the upper boundary at the confluence of a daily orderblock and the kijun near 0.00099. The tenkan appears to be supporting price and could hold it up until a breakout.
The launch of the Sigma privacy protocol this Tuesday is likely to create a stir in price. Keep a close eye on XZC, whether you’re a bull or bear.
1- Do not invest in every ICO – most of them are a scam.
2- Crypto is a heavily manipulated commodity and the price can change at any moment.
3- The creation cost of a coin represents the “wholesale” price – It is always better to buy when the price is close to the creation cost.
4- Crypto has a natural cash flow that dictates the selling pressure. Like, 1800 bitcoins are mine each day so 1800 bitcoin must be bought at the current price (“means market needs new $18 millions of investment every day if the price is $10,000 to maintain the current price“).
5- Patience and timing are key to making a profit:
Buy, when the price is close to the creation cost.
Sell, when the price is way high off the creation cost.