A volatile week in Bitcoin proved support at the last consolidation region under $9200. Nonetheless, some bearish signs are beginning to show.
Last week, the Ichimoku indicator gave us the first bearish TK cross on the daily in over a month. Meanwhile, the price is creating a classic short setup as it struggles to reclaim its previous range.
Meanwhile, the altcoin marketcap saw a 13 billion USD rebound, but overall volume continues to drop.
Bitcoin has always been full of surprises, so no clear direction is evident as of today. In the meanwhile, here are three coins with events during the next week to keep an eye on.
$4.27 (-0.10 %)
฿0.00040556 (0.84 %)
$3 942 048 286
$1 692 846 343
After a brief rally ending at the beginning of June, EOS has plunged to the lowest levels of the year. As price enters a significant weekly orderblock from 2017’s bull run, a bounce may be due.
Last week, this orderblock prompted some heavy buying near 0.00035, which is shown by the long lower wicks and high volume. Today, price is resting near the short-term downtrend line.
Some resistance lies overhead at the Ichimoku cloud’s kijun line near 0.00046. Another probable resistance lies at the overlap of a weekly and a daily orderblock around 0.00052.
When targeting these resistances, the current region provides a favorable risk-reward trade for those expecting bullish activity from the eosfinex launch this Thursday.
$0.212250 (-1.36 %)
฿0.00002016 (-0.41 %)
$106 125 022
$14 020 687
LAMB’s substantial 400% bull run starting in late May has met with some resistance near 0.000023.
Is it the end of the bull run? This remains to be seen. Meanwhile, price is forming a pennant – a bullish continuation pattern – below this resistance after finding support at the confluence of the .618 Fibonacci retracement and April’s weekly EQ near 0.0000175.
It’s possible that the kijun may provide some closer support around 0.0000197. If this fails, a quick dip to the .618 support could allow traders to capitalize on LAMB’s Digifinex listing this Wednesday.
|Paxos Standard Token (PAX)|
$1.00 (0.13 %)
฿0.00009529 (0.93 %)
$182 902 201
$96 340 861
After setting a new low at 0.00007198, PAX set a higher low on the daily chart and began struggling upward.
After a bullish TK cross, the price seems to be finding support at the confluence of the Ichimoku cloud’s kijun and a daily orderblock around 0.00009. The tenkan line provided resistance on the most recent daily move upward, but if this support holds, price is likely to enter the cloud and possibly retrace the last move down.
Confirmed resistance lies at the confluence of a weekly and a daily orderblock around 0.00011, and also above around 0.0001275. Nonetheless, PAX’s mainnet integration today is likely to create interest, and possibly help spur a new bullish trend.
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.