Learning Technical Analysis | Charts Watchlist #2

in #money2 months ago

The first Charts Watchlist post I made early last month did exceptionally well (See Results Post) with most of the situational spots playing out exactly as hoped. I don't expect this to be the norm as I'm still only starting to learn about Technical Analysis. I took another look at the charts picking out some that I believe look quite promising...


Last month it was pretty much Altseason making it so that you could pretty much pick any altcoin and you would likely see it go up against BTC. Right now, things seem to have changed and many of the altcoin charts look quite bearish ranging below key moving averaged vs BTC making it a lot harder to pick any that will outperform BTC. I'm still trying to have a go at it though...


XRP has been in a long downtrend both against Bitcoin and the US Dollar. It has been trading in somewhat of a channel and now broke out of it getting above the 100 and 200 EMA on the daily holding it so far. On the 4-hour chart, the 55 EMA also ranges above the 200 EMA vs Bitcoin which tends to indicate an uptrend. In the past, XRP saw some really hard short-term pumps vs BTC (600% in 1 week | 800%+ in 3 weeks | 1300% in 4 weeks | 160% in 1 week). Feels like XRP might be worth the short term gamble right now as long as it holds support above some of the key moving averages.


LEND has been one of the main DeFi projects that had a nice parabolic run-up with multiple falling wedges that each time resulted in another leg up. It seems to have found a top and retraced perfectly to the 0.618 Fibonacci golden pocket race now being on track to form a bullish inverse Head and Shoulders pattern. It isn't complete yet but the moving averages still look quite positive (unlike most other altcoins where they flipped). When doing the measurement, it would reach around 0.000044 BTC in a quick move up in case the inverse head and shoulders completes breaking to the upside. Still a lot of ifs in this one but looks like a nice spot to keep close on the radar.


I wrote about some of the fundamentals behind Ultra (UOS) a while back (See Post Reasons I'm buying UOS. Looking at the chart, it has been in a descending triangle vs BTC for a long time and broke out recently to the upside with some strong volume. Not it dropped back seemingly finding support on the previous resistance line. The 55 EMA also formed a bullish cross recently with the 200 EMA on the 4-hour chart. Feels like a good opportunity to 'buy-the-dip' at the current price.


That's it for now. Similar to last time, I will report back with how these spots played out in a couple of weeks from now.


Previous Watchlist Reports...
Charts Watchlist #1 (05/07/2020-)Results (19/07/2020)

Technical Analysis Lessons I learned So Far

Technical Analysis #01 | Basics
Technical Analysis #02 | Trends
Technical Analysis #03 | Bearish Patterns
Technical Analysis #04 | Bullish Patterns
Technical Analysis #05 | Symmetrical Triangles
Technical Analysis #06 | Volume Indicator
Technical Analysis #07 | Moving Averages
Technical Analysis #08 | MACD
Technical Analysis #09 | RSI
Technical Analysis #10 | Fibonacci Retracements
Technical Analysis #11 | Candlestick Patterns


Free Software I use for Charts Tradingview
The Platform I use for Trading Binance


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