Episode 24 Bitcoin and New Economy Movement (XEM) Technical Analysis, + Monero Ledger Beta, 250,000$ Binance Bounty!

Hey There Everyone!

Happy Monday! Here is your daily dose of Technical Analysis on BTC and XEM (New Economy Movement) Today!

Disclaimer: This is not financial advice

Bitcoin (BTC) Technical Analysis

BTC broke down below the 9500-9300 range with a close finding support in the 8400 area pushing back up to close at the 8700 level. Since then it has retested the resistance found at 9500 where it tried to push through but close below. There is an overall trend working its way upwards on the LOG scale, we shall see if that holds true.

The next step for BTC is to see if the support at 8400 can hold, if we can stay closing above 8700, and if we can work upwards to break out of the overall LOG bear trend. At the moment I am waiting for a breakdown of support to continue the bear trend or a breakout to show that we may be becoming bullish again on the daily.

On the 2h we had a couple little W's form and breakout followed by an M at the top showing the next breakdown.

For ichimoku on the daily we are bearish all around, lagging span is essentially a touch above price but that's about it. on the 12h ichimoku has been a decent indicator, it has followed the cloud quite nicely as support and resistance. We have since broken down through the cloud and then retested it as resistance which would have made for a good shorting opportunity. On the 12h we have a bullish TK Kijun cross back a while ago that hasn't turned bearish yet, cloud is still bearish however has tightened up significantly as of late. The lagging span is below price and cloud but is very close to potentially crossing over in the cloud and moving from there if price moves upwards. On the 4h you're kinda in no mans land. The Tenkan line is the only one to watch to see if we bounce or break through it. All signs are bearish on the 4h.

New Economy Movement (XEM) Technical Analysis

I bring XEM up because of the fact that it is in the top 15 of all altcoins and it has now come down to a respectable level as well as breaking out of the overall downward channel. Volume is coming in stronger so far with a one day exception, that being said there should potentially be a pullback with an opportunity to pick some up retesting support if you are interested. It tested the 2800 satoshi level as support and bounced from there breaking out past both the Linear and LOG overall resistance, It has since moved higher from there on the daily.

The RSI was oversold like crazy a few days ago reaching down into the 19 range. After that XEM moved north and the RSI is now testing the 50 line. To see if we are truly bullish or not we will have to break through and hold above that indicator.

On the 4h there was a bit of a W that formed that could have been traded as a breakout but other than that the same principles apply volume has been shrinking on the 4h so watch for a potential pullback and buy in opportunity, watch for the RSI to bounce off the 50 and move south along with price then hopefully a breakout after that clearing these latest recent all time highs showing signs of a bullrun.

For ichimoku on the daily we are bearish all around however we have just crossed above the Tenkan line so that is our first bullish sign, see if we can hold and close above it on the daily. On the 12h we have broken through the Tenkan line and used it as support, then moved upwards after that. The next level of resistance is the Kijun line or potentially the cloud, whichever comes first.Cloud is bearish and lagging span is below cloud but just getting above price. On the 4h it gets interesting, we have broken into the Kumo cloud and are actually just above to test the resistance on the other side. Tenkan is above Kijun and The cloud is fight right now to twist to bullish. Lagging span is also well above price and into the cloud, that being said price has pulled a fair ways away from Tenkan so watch for a pullback. If we can get a breakout on the 4h with a bullish cloud that would just be fantastic so watch for that potential in the near future!

Thanks everyone, I hope you all have an awesome day! If you enjoyed my content feel free to give me a follow over at FADED GRAVITY