Crypto roundup - BTC, ETH, LTC, NEO, EOS, XMR, DSH, ERP, ZEC
Overall market checkup
Overall market cap is still struggling to get over 400bil but the trend is turning upwards again. Overall volumes though are still weakening. In general this can be read as a sideways consolidation period. Weak hands are shaking out and serious players are taking bets.
Dominance of #BTC is just over 37% and looks like it has a downward bias currently. #Ethereum and the rest of the altcoins are showing an upward trajectory. Since Ethereum is the gateway currency of the #ICO market this can be interpreted as a good early sign of a bull cycle in alts and ico's
Now the coins
I see a upward trendline forming parallel to the 200ma here with #btc price catching a bid off the 8000 rs line. That 8000 level has show itself to be an important price for btc. This could be a good sign of a long term floor forming in price at this level. Additionally, we have poked out heads again on top of the 50ma.
Still of concern is the lack of volume. We know from anecdotal reports that larger institutional players have been taking positions in btc and other main coins of late, but this has been happening behind the scenes in the OTC market. But at some point as prices start to show an upward bias, the OTC market should dry up with asks drifting above market levels forcing more and more of this institutional money to drift onto the open exchanges.
In the background is the specter of continued forced liquidation of btc and bch by the MT Gox trustee. I think we could see more uncertainty in btc, and by extension the rest of the crypto market while this specter looms.
I am still not gone raging bull on btc, but the longer we drift around here without falling over, is all the better to form the solid springboard for the next bull run.
Ethereum is powering along finding its footing on the 200ma. Nice to see it find confirmation off this indicator. The 50ma is curving up aggressively and at this rate will make a golden cross in the next 10-14 days. 800usd is the next hurdle. This level shows some prior confirmation as a rs line.
Lazy Litecoin still can't get its leg over the 50ma but at least that indicator has leveled off and showing ever so slight upward bias. Also the 100 and 200ma are just 20usd above the current price of just under 140. A reversal of fortune for #ltc could be close at hand.
Oh #neo.
Neo's lastest drop through the 50ma was so decisive that I felt unwell. It was a bad sign and it continues as neo struggles to break this indicator. We are still 5usd away from the 50ma and volumes are not trending in a good direction (a general sign in the market at the moment). I expect neo to have trouble with the 50ma, but the only positive sign we can see in this chart is the slight positive bias to the 50ma trend, and a nice solid green candle so far for the day.
I am really trying to give a positive spin to Neo so give me a break!
Eos is a rocket! After the phenomenal run in the second half of April, Eos had to cool down. Nothing can go up like this forever, so it is nice to see EOS bounce off the 50ma. It really looks like another run is brewing!
Look at the gap it has built above the 100 and 200ma!
If Eos takes off again, I expect it to have a pause at the 15.20usd level.
The only dark news is the precipitous fall in volumes
Monero is languishing at this 190-200usd level. It still trades at a discount to its 50ma and the volumes are trailing off somewhat here as well, but it did get a good green candle with nice volumes 2 days ago. This indicates the sentiment improvement is in the air.
I see some resistance potential at the 215-230usd level. The zone just between the 50 and 100ma
Dash held up on its 50ma last week but fell through on Friday and now has to climb back on top of this indicator to signal positive sentiment. There is a 50% climb to reach the 200ma. This indicates a long way to go upwards if only the sentiment shift in Dash's favour. It will need a boost to volumes as well.
Dash is digesting the break above 400usd, a major rs line that has been strongly confirmed in the past. I wait to see it hold this ground now.
Ripple had a nice run over the last few weeks. It busted right through the 50 and 200ma but hesitated for a while at the 100ma. The downward bias of the 100ma acted for a while as support but even that was too much and now we are again under all the moving averages.
The positive is we have curled around and now challenge the upward trending 50ma and volumes are not looking too bad.
Lastly #Zcash. If Eos was a rocket, the #zec was a missile! After the news of listing on Gemini in the US, zec took off!
The day before the news, zec was rapidly going down to meet the 50ma. Who knows if the 50ma would have halted the fall if it were not for the press release that boosted sentiment. With such announcements, there could very well have been some insider trading as well.
Zec jumped right up to its 200ma and then gyrated wildly between the 200 and 100ma. We seem to be settling down at the 350usd level still finding resistance at the 200ma. Volumes have also cooled off from the hype.
It's hard to do TA on a coin that has just done this sort of jig. It's anyone's guess if this will stay up and challenge the 200ma again or cool off with a touch down to the 50ma again. Watch the volumes, this will be the decider!
Normally I focus my attention onto more in depth btc analysis, but I thought I would mix it up a bit and try a more broad approach to my TA blog post this time.
I am trading dozens of coins at any one time so I am doing TA to varying degrees on many coins almost on a daily basis. I have the luxury to do this as my main activity.
Let me know what you think of this kind of post and if I should do more of this kind of TA in my blog.
As alway, love to hear comments back and upvotes keep my motivation going.
Hope you have a great week
Disclaimer: This post is not financial advice. Before investing any funds do your own research and make your own decisions. Cryptocurrencies are highly speculative.
And finally: Do not invest money you are not comfortable losing.
Acronyms and chart help
ta - Technical analysis
alts - alt coins. Strictly speaking all coins except BTC
sats - Satoshis (1/100,000,000th of a btc)
sma or just ma - simple moving average
ema - exponential moving average
50sma - green line
100sma - yellow line (I don't always show this one)
200sma - red line
rs - resistance/support
rsi - relative strength indicator
ath - All Time Highs
atl - All Time Lows
cp risk - counterparty risk
death cross - when the 50sma crosses over the 200sma in a downward direction
golden cross - when the 50sma crosses over the 200sma in a upward direction
Fibonacci retracement - an analysis of psychological support and resistance levels relative to previous chart waves.
Elliot wave theory - link to more info
stop loss trade - a limit or market trade that gets triggered when a certain price is reached
OTC market - Over the Counter market. This is where larger trades can be executed without placing them into the public orderbooks on exchange.
Excellent charts, I'll share this in my next report.