Crypto Market Update - Aug 14, 2017: Bitcoin /ETH / Ripple /BitcoinCash /Neo + Steem
Hope you all had a good week! I've decided to run through the markets and do a quick glance at the top 5 coins with highest market cap + Steem.
BTCUSD
The past week Bitcoin saw an amazing ride. We should Bitcoin starting to stall, at least a bit and if not retrace, at around 4287 - 4300 area if my Fib extension on the weekly chart is drawn correctly.
ETHUSD
Ethereum continued its recovery during the past week, it stalled at around 61.8% retracement from the ATH. Needs to break above and hold downtrend line (blue) in order to continue higher.
XRPUSD
Ripple chart is looking bearish, as it has a bearish pennant flag. Better hold last week's low. 0.158... Needless to say, it has been unable to break the downtrend line.
BCHUSD
Bitcoin Cash has been stabilizing, going sideways with VPOC (Volume Point of Control or most accepted price) @ 325.
NEOBTC
One of the biggest story last week was NEO. There is a potential Head & Shoulder pattern developing, and an uptrend channel (not drawn). If looking to add to your portfolio, wait until retraces to S1. I prefer waiting until S2.
STEEMBTC
With the rise of Bitcoin, Steem is seeing a sharp decline. There is a strong support line at around 22K Satoshi, which is best area to buy for a long term hold.
Market Stats
Market Cap (by Circulating Supply)
24 Hour Volume Rankings (Exchange)
Source: coinmarketcap.com
If you have any chart you have a particular interest in, let me know. Feel free to comment and let me know your thoughts on the market. Have a great Monday.
Nice analysis, how about Omisego, what trend do you see :) ?
@dandesign86 in terms of market auction theory, if you see the chart, there are two price levels that it will be ping-ponging:
the market is trying to find a fair value price between these two, I expect some compression between the blue and purple lines until a further price discovery (lower or higher). Let me know if it is confusing enough :)
It's actually very clear, thank you very much for taking the time and showing me ! Really appreciate it :)
@dandesign86 late with my replies as usual, thanks for the feedback :) hope you are still holding OMG, doing quite nicely lately as it broke to the upside -cheers
It was quite a ping pong battle :) Nice that it broke to the upside ! How about you, what coins are you holding if you don't mind med asking ?
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Why Bitcoin could go to zero - OVERNIGHT!!
Great analysis! I am certainly following you as i have needed this advice 4 days ago lol
@bescouted thanks! I am trying to post more often, work kids life get on the way :)