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As usual, the increases were negatively impacted by the recent Bitcoin crisis, but all is not lost. While Bitcoin and Altcoin become oversold, opportunities arise to exploit oversold jumps and tightly tied band ranges.
Ethereum (ETH)
ETH 0 0 seems incredibly weak as the recent decline has eliminated cryptocurrency across multiple media. The increase in sales volume shows that bears clearly have control. ETH has a lot of tough resistances to overcome, but the positive coating is that we are now presented with a fairly predictable trading range. Considering that ETH is centered on BTC, traders could take advantage of oversold balances and assortment operations where ETH is locked between support and resistance shelves to generate quick profits.
Traders should look at RSI on the 4-hour and daily chart for ETC and BTC as well as ETC / BTC matching as reversals from oversold conditions could present lucrative and fast opportunities.
Cardano (ADA) [19659010] The Bulls are currently vying for $ 0.13 and both oscillators have a flat position in bearish territory, which alludes to the sale of the exhaustion as the volume thins out . ” width=”980″ height=”602″/>
The Bulls are currently vying for $ 0.13 and both oscillators have a flat in bearish territory, which alludes to selling out as the volume also thins out. If ADA 0 0 is not able to hold $ 0.13, it could go down to $ 0.125 where sellers have shown interest previously.
Items at $ 0.125 and below are favorable as ADA should recover at the resistance of $ 0.16 if the price of Bitcoin improves.
XRP
XRP 0 0 spent the week bouncing between $ 0.42 and $ 0.46, as $ 0.425 works like the line in the sand that the bulls refuse to abandon. $ 0.52 remains a rigid resistance, and buyers tend to show around $ 0.43. A decline of less than $ 0.425 will open the door to a precipitous fall starting at $ 0.245 while a move above $ 0.47 would provide the opportunity for XRP to retest resistance at $ 0.50 and $ 0.525.
Currently, the risk / return ratio denies the opening of new positions while the XRP continues to decline. A high volume shift above the downtrend line at $ 0.45 can produce a rapid trading opportunity.
Binance Coin 4-Hour Chart (BNB)
As shown in the 4-hour chart, BNB 0 0 is very active during Bitcoin rallies and corrections. The volume of purchases has increased, while sales volume has become smaller and BNB seems to stabilize in a narrower range, as indicated by the Bollinger Band indicator.
The price of the BNB is well above the 100-hour moving average (MA) and the 50 MA is surpassing 20 and is aligned with the Fib retracement level of 61.8%. The weekly and 4-hour chart shows BNB which consolidates. At the time of writing, both RSI and Stoch oscillate near the bullish territory while the BNB consolidates itself a little undecided in a narrower range.
BNB is likely to meet at $ 14.26 on a Bitcoin breakout at $ 7.800 and earnings above $ 14.26 could bring BNB back to $ 15.00.
[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by BITFINEX. The charts for analysis are provided by TradingView.]
Where do you think Altcoin prices will go this week? Let us know in the comments below!
Images courtesy of Shutterstock, Tradingview.com
