Analysis
The market crashed further this weekend, continuing the downtrend which began early this month. Though the market has recovered slightly at the time of writing this article, we expect further downtrend before the next bull run.
Most of the coins in market follow Bitcoin’s movement and thus Bitcoin defines the market’s movement. Bitcoin Advertisement
Bitcoin has a hard resistance at $11,700 which it has failed to cross on three different instances in the past two months.
Though the short-term support was broken early this year, the long-term trend-line is still intact.
Bitcoin has rebounded right around this trend-line in every single crash. This should give you a cue for when to buy into the market.
Bitcoin will touch this trend-line multiple times over the next few weeks. Also since most coins follow Bitcoin’s value, it might be a good idea to buy alts when Bitcoin touches the trend-line. At present, the market has stabilised and Bitcoin’s value has been following these lines pretty well.
Apart from opportunities for profit along these trend lines, look out for the next bull-run which is approaching soon. The first sign of the next bull-run is when Bitcoin’s price breaks the resistance trend-line.
If that does not happen, we are in for a longer period of consolidation. Then, there’s the resistance at $11,700 which has to be broken. Ethereum
Ethereum took a huge hit against Bitcoin last week, reaching a 9 month low of 0.062 BTC.
Ethereum has been in a free fall ever since it reached a high of 0.122 BTC last month.
The closest support Ethereum has is at 0.055 BTC, but a solid support is at 0.
046 BTC. It is not clear when Ethereum would rebound, but keep a watch on it for a breakout. When there’s a bigger crash, bigger profits can be made when it rebounds. Ripple
Ripple has been moving horizontally between the resistance at 0.
095 mBTC and support at 0.
077 mBTC for the past few weeks. Just trade along them and don’t make open any long-term positions for now. Bitcoin Cash
Bitcoin Cash has also been moving horizontally for the past few weeks.
It has been lingering around between the resistance at 0.123 BTC and support at 0.
108 BTC. Once again, just trade BCH along these lines and do not open any long-term positions yet.
Litecoin
Litecoin gained significantly last month on the launch of LitePay and a Litecoin fork. But the crypto has been in a downtrend ever since. Litecoin has a solid support at 0.018 BTC which makes it a solid buying opportunity.
Set your buy orders at this support and a portion at 0.02 when the price rebounds. Sell the remaining at 0.023 BTC along with a stop-loss at the previous sell value. Make sure you use leverage to maximise profits. DASH
DASH has been in a downtrend ever since it fell from its support at 0.
062 BTC last month. But a trend reversal should happen soon since it is just a short-term crash. Though there is no clear indication as to when the trend reversal would happen, it will happen in one of the three supports as market in the graph. If it does not happen (Which is extremely unlikely), sell your holdings and buy them back later since the consolidation would be deeper. Advertisement .
