In collaboration with MIND Trader (@mindandtrader)
Welcome to BitPR’s Weekly Market Overview series! These weekly installments will focus on technical trading patterns in the cryptocurrency market with a focus on major cryptocurrencies.
Follow us on Twitter @BitPRJapan for real-time delivery of this sort of analysis.
We are thrilled to announce our collaboration with MIND Trader for our Weekly Market Overview. MIND is a professional Harmonic and Wave trader specializing in crypto and FOREX. 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 actions.
All charts and analysis provided by MIND Trader.
State of the crypto market
*All prices and charts as of 30 Nov 2018
Crypto markets are firmly in the bear territory with Bitcoin recently falling under $4,000 and Ethereum flirting with $100.
This precipitous fall was accentuated by the messy Bitcoin Cash (BCH) hash war which led to a ~50% weekly fall in BCH prices. More importantly, the wider market sell-off shattered an important $5,800 long-term support line for Bitcoin (BTC).
Further negative news such as the SEC’s actions against ICOs and Bakkt’s postponement of its Bitcoin futures launch added to the selling pressure.
Crypto total market cap
#CRYPTO Total Mkt Cap (3D Chart) Current Value:$130 Billion: Hit a low of $114 Billion then recovered and move above $120B Support, above $120B next target will be $150B and $180B.
Altcoin total market cap
#AltCoin Market Cap (3D Chart) Current Value:$60.2 Billion: Hit a low of $52 Billion and bounced, above $50B next target will be $73B and $88B.
#BTCUSD (#Coinbase) (#Daily Chart) Current Price: $4037.22: $1000 dropped since my last week update, Immediate Support now between $3950-$3900, if hold then another attempt towards $4600 possible, if cross above $4600 then a move towards $5800-$6000 possible, recent low of $3500 acted good support now.
#ETHUSD (#Coinbase) (#Daily Chart) Current Price: $111.37: All important support level now at $100 and tough resistance at $138, if manage to hold $100 support then a possibility that ETH will breakout above $138 towards its next tough resistance at $200.
#XRPUSD (#Bitfinex) (#Daily Chart) Current Price: $0.3619: Now touched important Fibonacci ratio level of 0.786, which is a bounce area, between 0.786 ($0.36) & 0.886 ($0.30) I am expecting a decent bounce towards trendline resistance at $0.47 then $0.58.
Bitcoin Cash ABC (BCH)
#BCHABCUSDT (#Binance) (60Mins Chart) Current Price: $171.49: Breakdown below $200 support is not good, now next important Fibonacci ratio supports between $165-$151, expecting a bounce from these levels towards $200 resistance.
#XLMUSDT (#Binance) (#Daily Chart) Current Price: $0.1546: Below all supports and also a bear flag is developing so better avoid now, below $0.1432 more downside, buy only if manage to cross and trade above $0.1850.
#LTCUSD (#Coinbase) (#Daily Chart) Current Price: $31.23: Still holding above important support of $30 which is a positive sign, if $30 hold then LTC will move towards $40 then $48 possible.
#ADAUSDT (#Bittrex) (#Daily Chart) Current Price: $0.0391: A slight bounced from 1.618 Fibonacci extension level, if $0.032 hold here then targets $0.062-$0.090-$0.118.
#XMRUSD (#Bitfinex) (#Daily Chart) Current Price: $57.68: Below long term support of $60, so avoid for time being and enter long only if recover and trade above $62.
#DASHUSDT (#Bittrex) (#Daily Chart) Current Price: $89.72: Below $91 support s, next support at $70, better avoid long now, if price recover and trade above $92 then enter long or if price dip near $70.
Binance Coin (BNB)
#BNBUSDT (#Binance) (#Daily Chart) Current Price: $5.08: Enter Multiple support zone, wait for price to move above $5.76 then only enter long, below $4.41 exit long position.
#XEMUSD (#Bittrex) (#Daily Chart) Current Price: $0.074: 10% since last week, keep accumulating, target remain same.
Ethereum Classic (ETC)
#ETCUSDT (#Bittrex) (#Daily Chart) Current Price: $4.73: Between $5.21-$4.04 is important Fibonacci support zone, accumulate long till $4.04 for target $9.30 minimum.
#NEOUSDT (#Bittrex) (#Daily Chart) Current Price: $7.71: below all supports, so avoid here and buy only if price move above $13.79.
#ZECUSD (#Bitfinex) (#Daily Chart) Current Price: $80.37: Bounced from long term support level of $52, next resistance at $110 & $128, target $150 intact.
#LSKUSD (#Binance) (#Daily Chart) Current Price: $1.39: Below all supports, only long term trader accumulate in parts here.
Disclaimer: The information presented in this article is from an external source and does not constitute investment advice. Please do your own research. BitPR does not responsible for the validity of information provided by external sources.