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Technical Analysis Of Crypto

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Bitcoin Price Predication : BTC is trading above the ascending channel


On the daily chart of Bitcoin, the upper line of the ascending channel has provided great support for  Bitcoin dips since 27th June. Bitcoin has bounced from it numerous time. It actually acts as the first defence wall for BTC, hence, it gives us great trading opportunities. As long as the price sustains above the ascending channel, the bulls will try to test the recent highs at 13,900 However, if Bitcoin breaks it down it will find support from the 50-day SMA and then the lower line of the ascending channel.


Traders should be patient and wait to buy on supports mentioned above. Levels to watch for short term is 11,800( it's the 23.6 Fibonacci level) then 12,500. RSI is at 55 which shows a consolidation for the next few days.

BTC/USD will only turn negative if it slips below the ascending channel.





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Dead Cat Bounce Trading Strategy


What is A Dead Cat Bounce


It is a bounce or correction of the price during a strong bearish trend either because of some news or because of profit taking. Unprofessional traders can't distinguish it from a real reversal trend which may cause them huge losses when the price resume it's bearish way.

There are numerous trend indicators that can help any trader to spot a real reversal in trend than a fake one ( dead cat bounce) such as, Moving averages, MACD and Parabolic SAR.


How to trade Dead Cat Bounce?


This is WTI Crude Oil daily chart. As we can see the price started to went up. However, neither the moving averages nor the Parabolic SAR  did signal a reversal. Now , we need a confirmation of a Dead Cat Bounce which happened when the price plummeted below the last low at $ 58.13 and we could open short position at this level.


Let's take another example. This is USD/JPY daily chart. After a hard decline the pair stared to correct up. In spite of that, the moving averages and RSI didn't support a reversal in price, thus, we waited the price to break down the last low at 109.30 to go short.


As usual, you have to trade wise and not take any analysis as a guarantee, so you should use stop loss on any trade you open. On the example above you could place the stop loss above the last high.

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NEO fights recovery


Like other Cryptos NEO/USD has declined more than 50%  since June 26. It fell below the moving averages. The pair is trading now at $11 just above the 200-day SMA. The first resistance can be seen at $11.35, it's the 61.8 Fibonacci retracement level.

An upside break up can trigger rise towards next resistance at $13.19.

On the other hand, if NEO/USD slips below the 200-day SMA, it may plummet to $8.75 support level. RSI is close to oversold territory which shows that the power of the bears.

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Bulls defend NEO

After a sharp decline NEO has rebounded from the uptrend line, which shows that the bulls are ready to defend this important support. The pullback from the uptrend line witnessed a strong resistance from both the 100-day and 200-day EMA. They are nearly at the same level.

If the bulls scale above the moving averages, NEO may rise towards next resistance zone between $14.50 and $15 level.


However, if NEO/USD turns down from this strong resistance, it will find support from the uptrend line.

If the price plummets below the uptrend line, it will shows a change in  trend. As long as the price sustains above the trend line, NEO will keep the bullish view alive.

Since NEO is trading at a resistance level , traders should wait to buy at supports.

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Ethereum Price Analysis: Bears pushes ETH down

In the daily chart of Ethereum, the uptrend line provided support on JULY 16. This is long term support for Ethereum.

However, numerous elements that concern us. All the moving averages show a bearish view and there is a death cross between the 50-day SMA and the 20-day EMA . Also, RSI is in a downtrend condition.

With all these conditions a retest of the uptrend line is more likely to happen again.

Traders should keep a positive view as long as Ethereum stays above the uptrend line.


In the 1H chart, Ethereum is trading in a downtrend channel which confirms the bearish outlook in short-term. Day traders may use the lower line  of the channel as a buying opportunity and the upper line as taking profit.


You can see the charts here

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Ethereum Price Prediction: Eyes on $190 level


In our last analysis ,we expected a retest of the uptrend line and that's what happened. However, the rebounded from the trend line wasn't strong enough to scale above the major resistances. This shows that the bears seize any opportunity to sell on higher levels.

Ethereum has corrected close to 61.8% of the entire rally from the low of $80 to $363. This level acted as strong support before, it's around $190. If Ethereum plummets and closes below $190, it can fall to $140 level.


On the upside, Ethereum needs to scale above the 20-day EMA  to resume the uptrend. As long as Ethereum is trading below the moving averages, traders should patiently wait before opening any fresh positions.

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XRP Price Prediction: Ripple remains near main support


XRP is attempting to clear the 20-day EMA. It is the main major resistance right now. If traders succeed to take XRP above the 20-day EMA, it may go up to 50-day SMA, where traders may face stiff resistance. Ripple will take a boost when both moving averages are scaled. Above the moving averages, traders should target $0.45 and $0.50 levels respectively.

However, XRP is trading near the long term support at $0.28. It's the psychological main support, thus, bulls should defend it viciously. A breakdown of this main support will be a negative sign.

RSI is in the middle which shows Ripple is in a consolidation period.
Traders should initiate long positions on a breakout of the moving averages or at the main support at $0.28 with a stop loss just below the main support line.

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Bitcoin Climbs Near $12000, Will the Surge Continue?


Daily Chart

Bitcoin has built solid support around $9100, from where it started to skyrocket. After successfully scaled above the moving averages, BTC/USD rallied to the downtrend line, where it may face some resistance.

If Bulls can clear this hurdle, Bitcoin can move up to $12,800, thereafter to the recent high of $13,900........


Keep reading

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Will it continue?  Who knows. It reminds me of the stock market.  Up - down - up - down.  I think what it boils down to is can you afford to hold on to it, after it dips, until it passes what you paid for it....

There are two ways to face the future. One way is
with apprehension; the other is with anticipation  .

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  • 2 weeks later...

Bitcoin Price Analysis : Bears Take Profits


After the failure of the bulls to penetrate the downtrend line, BTC/USD has fallen hard in the last couple of days. The downtrend line is the best place for the bears to take profits. The pair dipped below the 50-day EMA moving average and the ascending channel which shows the weakness of the bulls in the short term.


However, BTC  has bounced back today from the 100-day EMA, below it the $9080 level will act as a strong support. Traders should defend this support strongly. If it breaks down of $9080 level, Bitcoin may fall to $7455 level and it will turn negative.


Keep reading

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