- State of the crypto market
- Crypto total market cap
- Altcoin total market cap
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Bitcoin Cash ABC (BCH)
- Stellar (XLM)
- Litecoin (LTC)
- Cardano (ADA)
- Monero (XMR)
- Dash (DASH)
- Binance Coin (BNB)
- NEM (XEM)
- Ethereum Classic (ETC)
- ZCash (ZEC)
- LISK (LSK)
- Food for Thought: BTC Long Positions
In collaboration with MIND Trader (@mindandtrader)
14 Dec 2018
These weekly Market Overview installments will focus on technical trading patterns in cryptocurrency market with a focus on major cryptocurrencies.
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All charts and analysis provided by Mind Trader. Check him out on Twitter @mindandtrader..
Finally, please note that the information here is stems purely from technical analysis at a given point in time. It does not constitute investment advice and readers should not use this information as the sole basis for investment action.
All information was current as of 14 Dec 2018.
State of the crypto market
This week saw a further $10.8 Billion wiped out from the market. We started the week at a total crypto market cap of $115.7 Billion which has now shrunk to $104.9 Billion. The market is in an extremely oversold condition and almost all indicators are in bullish divergence. Usually, a bullish divergence indicates a strong upside move, but we have not seen this yet.
Crypto total market cap
#CRYPTO Total Mkt Cap (3D Chart) Current Value : $104.9 Billion :- Below Two important supports level of $120B & $107B, Next important support levels now between $102B-$98B and if these levels hold then a rally towards $120B & $145B possible, Bull divergence in RSI and other Indicators which is positive, need to hold above $145Billion first now.
Altcoin total market cap
#AltCoin Market Cap (3D Chart) Current Value : $47.1 Billion :- Below important support level of $50 Billion, which is not good, next trend line support now at $42B & Fibonacci ratio support at $39B, in upside $50B & $58B now turn into resistance, Bull divergence in RSI and other indicators which is positive, need to move above $58 Billion to end this bear phase for time being.
#BTCUSD (#Bitstamp) (#Daily Chart) Current Price: $ 3255:- Below $3280 support now next support at $3220, below $3220 next down target will be $3000 & $2923, if hold above $3300 then a rally towards $3450 & $3630 possible.
#ETHUSD (#Coinbase) (#Daily Chart) Current Price : $84.92 :- Not much change since last week, minor support at $80, below that fibonacci extension supports at $78 & $67, which is also a bounce zone, upside near resistance now at $100, if manage to move above $100 then a rally towards $138 possible.
#XRPUSD (#Bitfinex) (#Daily Chart) Current Price :$0.3033 :- Holding above $0.30 Fibonacci ratio support, if break below then next long term support at $0.25, Short term trader avoid here only medium to long term trader enter long if price hold above $0.30 for target $0.38 & $0.48, Stop Loss $0.30
Bitcoin Cash ABC (BCH)
#BCHABCUSDT (#Binance) (4 hrs Chart) Current Price : $87.37 :- Below $92 support so avoid now, buy only if recover and trade above $92 for Target $110-$122, short term trader enter long only if price trade above $122, below $92 more downside possible.
#XLMUSDT (#Binance) (#Daily Chart) Current Price : $0.1040 :- Some support at $0.0939, short term trader avoid, medium to long term traders start accumulating above $0.0939 for a target of $0.143 & $0.170, Stop Loss $0.0900, short term trader buy only if price move above $0.143.
#LTCUSD (#Coinbase) (#Daily Chart) Current Price : $23.26 :- Fibonacci extension support at $22.35 & long term support at $21, volume is good which is indicated that accumulation is going on, short term trader avoid here and medium to long term traders enter long above $22 for a target of $28 & $36, stop Loss $21, short term trader enter long only if price move above $28.
#ADAUSDT (#Bittrex) (#Daily Chart) Current Price : $0.0293 :- Below some important supports so avoid now, Fibonacci extension supports now at $0.0258 & $0.0216, long trade only if price move above $0.034.
#XMRUSD (#Bitfinex) (#Daily Chart) Current Price : $42.66 :- Volume is increasing which is positive, Fibonacci extension levels between 1.27-1.41 is a possible bounce zone now, Short term trader avoid, only medium to long term trader accumulate between $42-$37 for a initial target of $54, Stop Loss $35, short term trader wait for price to move above $54 then only enter long.
#DASHUSDT (#Bittrex) (#Daily Chart) Current Price : $60.39 :- Not much change since last week, avoid below $70, if price move above $70 then enter long for a target of $91, above $91 bull run will start, below $70 next support at $38 so careful here.
Binance Coin (BNB)
#BNBUSDT (#Binance) (#Daily Chart) Current Price : $4.66 :- still holding above $4.41 which is good, if break below $4.41 then exit for time being, resistance $5.80 & $6.70, above $6.70 a move towards $8.95-$10.20 possible.
#XEMUSD (#Bittrex) (#Daily Chart) Current Price: $ 0.066:- Price same as last week but volume is dead, short-term trader avoid here, long-term Investors keep accumulating.
Ethereum Classic (ETC)
#ETCUSDT (#Bittrex) (#Daily Chart) Current Price : $3.84 :- Slightly higher then last week, which is positive and also decent volume, new support now at $3.20, trader can enter some long above $3.20 for target $5.30, stop loss $3.00 for any long trade.
#NEOUSDT (#Bittrex) (#Daily Chart) Current Price : $5.66 :- Absolutely no volume at all which is a concern, but the good thing is that its stop falling, short term trader avoid for time being, long term Investors start accumulating slowly in parts, in upside $13.79 act as a strong resistance so need to move above $13.79 first for any kind of bull move.
#ZECUSD (#Bitfinex) (#Daily Chart) Current Price : $52.37 :- Just hovering above long term support of $52, if break below $52 then exit for time being because next support is way below at $26, volume is decent which indicated that some accumulation is going on, above $52 if hold then a rally towards $110-$128 possible.
#LSKUSD (#Binance) (#Daily Chart) Current Price : $1.14 :- Not much change since last week, Volume is very good which is indicated that accumulation is going on, short term trader avoid now, long term Investors keep accumulating in parts, resistance $2.57 & $3.45, above $3.45 bull run will start.
Food for Thought: BTC Long Positions
$BTC (#Bitfinex ) (Longs Position) Over 10k contacts difference between Longs and shorts positions, look like longs are preparing a break out.
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