Charting The Top 10 - Episode #16 - Daily Charts
A Look At The Daily Charts
My bearish analysis the other day seems to have been accurate, and that analysis still stands since the weekly charts are obviously slower to react. But what are the daily charts saying? Let's have a look!
Bitcoin
Bitcoin has been sliding as expected, and it is currently flirting with the support/resistance level just shy of $8100.
The RSI remains weak, and the MACD maintains its bearishness here, so I'm not convinced we've finished slipping yet. That said, there may be more bounces due to oversold RSIs on the shorter timeframes like the 4 hour charts.
@lordoftruth on the other hand seems to think the bearish cycle is coming to an end.
Ethereum
Ethereum went lower than it did during the previous crash, although only briefly and it is now back to $600 mark.
It still looks bearish on the weekly chart to me, but the daily chart is getting near oversold on the RSI, so there could be a larger oversold bounce occur for Ethereum soon if it drops any further.
Ripple
Ripple fell out of the range it was trading in the other day, but it managed to remain above the prior crash low and the 58 cent level. But both indicators remain bearish here too, so it isn't out of the woods yet.
Bitcoin Cash
BCH looks bearish on the daily charts too, and another test of the $750 low wouldn't be at all surprising to me. Again, there will probably short term oversold bounces along the way though.
Litecoin
Litecoin is holding up pretty well compared to the majority of the top 10, and its crash low of around $100 hasn't looked in any danger of being reached again.
Things still look bearish here too though, so caution may be wise in the LTC market.
Cardano
Cardano is the most interesting coin so far, its MACD has been rising while the price has been falling - a bullish divergence - and the RSI is also getting near oversold here too, so there might be an opportunity for ADA to go on a rally soon.
NEO
NEO is still bearish too, but there might be an oversold bounce in the offing here also. That said, NEO is the one with the most room for correction on the weekly chart, so depending on what time frame you're working in, or if you're a trader or investor, it might not be the best time for NEO purchases just yet.
Please remember, this is an analysis by a newbie who's still learning, and that these posts are made to track my analytical progress!
Stellar
Stellar remain bearish too, and is also approaching oversold territory on the daily chart. But as with a lot of the other currencies/tokens, there is still room correction on the weekly time-frame.
EOS
The story is much the same for EOS too, with the RSI not quite oversold yet, and the MACD remaining on the bearish side.
Lastly..
Monero
Monero had been holding up well, but it joined the crash party a few days ago too, although it is one coin that has remained a fair distance away from its prior crash low although it too looks bearish on the daily charts.
Summary
All together, it looks as bearish on the daily time frame as it does on the weekly charts posted the other day.
News seems to be getting more bullish currently, and @lordoftruth has been charting longer than me, so maybe we are getting near the bottom? We'll have to wait and see!
The trend (which is apparently our friend) is clearly still down too for all coins in the top 10.
Any thoughts? Feeling bullish or bearish? Let me know below!
Thanks for viewing!
Want more technical analysis and crypto related posts? See also: @toofasteddie, @gazur, @ew-and-patterns, @pawsdog, @cryptomagic, @exxodus, @beiker, @lordoftruth, @masterthematrix, @cryptoheads, @tombort, @maarnio, @steemaze & @briggsy
Not intended as investment, financial, or trading advice.
For entertainment purposes only.
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