Most ALT/BTC charts are setting up nicely for a run here as long as BTC continues trading range-bound. This is one primary example of what this play could look like. This area we are trading in could very well be a bull trap; until we see considerable volume in large cap alts, tread lightly in these riskier plays.
From a purely charting perspective, this is a textbook setup for a breakout to the upside. One month full of consolidation, and now the chart is painting higher lows and clearing moving averages.
Aside from a heavy supply zone @ ~$86-87, a clear break and close above that level this week should send RBLX to $100+ in the ensuing weeks.
Looking at this form a pure technical perspective, you can see price approaching multi-year resistance. A rounding bottom turned to a flag by forming a series of HL (on shorter TF) and is now sitting above the Ichimoku Base Line, Two targets here.
BCH made its move as we closed on Friday and head into the weekend. BCH was rejected at a key resistance and now a short looks promising here. However, with the spread of corona virus, crypto markets will continue following traditional markets very closely.
While BCH is approaching a past resistance point, it is important to remember the crypto markets generally follow one another. The flag-like structure suggests its days are coming to an end. I am not taking this trade due to an unfavorable RR. But, I will certainly keep an eye on it!
To no surprise, the travel industry has been beaten down more than the rest of the market. Between plane malfunctions, travel restrictions and more, Boeing is way oversold-- sitting down ~40% this month. Entering at the $160-170 range, where previous resistance turned support, should be a 'safe' place to buy for a quick flip.
Golem is sitting at life support at ~1700 sats. A bounce here should lead to a 60% move towards resistance around ~2500 sats. If support doesn't hold, then I don't see much of a reason to be a bag holder. Keep stops tight.
From a long-term perspective, Ubiq looks attractive as it tightens up on the 385-day old resistance line. If we see a break upwards, my first 2 targets are ~35k and ~50k. In the event that we break downwards, the ~10k area should hold as strong support.
I'm neutral in this position because we just saw the spike in price from the IGNIS airdrop and currently trying to escape this downtrend. I'm taking a small position here, and going to accumulate more in the ~2500 sat range. The MACD is signaling for a bullish breakout in the next couple days. Keep an eye on this one!
ADX looks like a good play leading up to the Beta Release on January 30th (denoted by the vertical line on the chart). Watch for the bullish MACD cross in the next day or so. Additionally, ADX is the first DAPP built on the Neo platform, hence the strong correlation between the two. The Neo chart looks favorable (check the 1W view), therefore, I suspect ADX will...
After days of downside, Qtum spiked in anticipation of the UBTC airdrop. Since then, we've been accumulating around the 330-370k satoshi mark. The indicator is signaling a bullish divergence, however, if the fan doesn't hold, I'm looking to accumulate around 280k and under. Down the road , I think upside potential outweighs the downside. Let's wait and see!
Key things to note from the chart:
- Price has challenged each Fib level respectively
- Price hanging between 100 Day MA (support) and 200 Day MA (Resistance)
- Market patterns show substantial moves every ~50 days (vertical lines)
Entry would be relatively safe at this level with decision time (1/6-1/7) right around the corner.
If my picks help you out, don't...
Ethereum broke $900 for the first time in history today. The psychological barrier was broken and momentum carried us into the ~$920 range. One reason for this breakout stems from a declaration from the EU, MiFid 2, which is said to have a great impact on ETH (read here: www.ethnews.com). Looking ahead, I wouldn't be surprised to see Ethereum flirt with the ~$970...