Daily Chart Analysis of BTC, BCH, LTC, EOS & Tether And Its Money Printing... (Video)

in #bitcoin6 years ago (edited)

Hey there, we are still in no mans land regarding the cryptos but lets take a deep dive into the charts and see if we can learn something. Here is Bitcoin:

2018-06-28_14h00_04.png

Comment: Bitcoin is likely to make a move either today or tomorrow and the reason is that we are getting close to the descending trendline. There will be a lot of pressure once we will get there. If we can have a daily close above 6250 we will likely head higher in the short term and if we will get a close below 6000 that would be bearish. But the good news with Bitcoin is that the miners have their breakeven price at 5800 so I think it is unlikely that we will go under that level again in the near term.

Now, it is time for Bitcoin Cash:

2018-06-28_14h00_20.png

Comment: Bitcoin Cash does have a very interesting chart. It does look like a bullish pennant formation and if we will close above 750 we will probably get a nice rally. On the other hand, we could head down to the lower trendline at 600 again for a final touch and then head higher again.

And here is Litecoin:

2018-06-28_14h00_47.png

Comment: Litecoin is looking pretty weak, but it is also very oversold. According to the Trendwave it has been under -60 for almost 2 weeks now and if we compare that to the last low in April, that time Litecoin was only below -60 for about one week and then it got a very nice rally. So, I dont see a lot of downside potential, rather the opposite. Having that said, we need a daily close above 85 in order to break out and a daily close below 73 would likely take us to 65-70.

Now, lets also have a look at EOS:

2018-06-28_14h19_59.png

Comment: It had a pretty good day yesterday but we need a daily close above 8.30 in order to charge higher and a daily close below 7 would certainly be bearish. The bad news for EOS is that it is not as oversold as Litecoin or Bitcoin so there is more downside potential in my opinion.

Finally, we are going to have a look at Tether. Here is the top 10 list from Coinmarketcap.com:

2018-06-28_14h01_17.png

Comment: Here we can see that Tether is on 9th place and that is way higher than it has been in the past. Even though all other cryptos has decreased in terms of market cap Tether has actually gone up in market cap. How could that be since it is pegged against the US dollar you might wonder? Well, it is because they are printing money, and printing much faster than the Federal Reserve or the other private oligarch banks.

Here is the daily chart for Tether:

2018-06-28_14h20_13.png

Comment: Here we can see that Tether has increased its market cap from the beginning of May from 2.5 Billion to todays 2.7 Billion and I happen to know that it printed an additional 250 Million Tether just 2 days ago and that is almost an increase of 10%! That is pretty high to say the least.

Overall, Tether is very shady and we dont have any insight if they actually have this money in USD or if they are just printing out of the thin air. As long as this is not sorted out, you should be very careful about investing in Tether. It could go to zero if it were to get regulated and shut down so just keep that in mind.

Happy trading!

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Hi @freeforever,
Thanks for sharing the charts and like price movements based upon them.
All of the cryptotraders are holding there breath and expecting upmove as soon as possible. Most of us are in huge loss and if this bloodbath doesnt stop here, we will be left with nothing.....Hope the U turn is coming soon
Cheers

Hey man, thanks for the support. Yeah, its been a tough short term bear market, but I do think that July has a lot of potential.

Coins mentioned in post:

CoinPrice (USD)📈 24h📈 7d
BTCBitcoin6374.720$7.58%3.9%
EOSEOS8.260$11.98%-0.86%
LTCLitecoin80.131$8.27%-2.66%
USDTTether0.999$-0.03%-0.27%

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