Bitcoin
(Bitstamp:BTCUSD 1h)
Bitcoin pushed up to $11065 with further bearish divergence on both the RSI and MACD before breaking the $10540 support to test the 23.6% retracement. So far, volume is very low on this drop. We'd have to see a pick up in volume to justify a break of the $10153 support and below.
(Bitstamp:BTCUSD 4h)
On the 4 hour time frame, we can see this may form a large double top. There is still room to move for another leg up without breaking the $11800 resistance. The total dip hasn't even reached the 50% retracement from the $6k bounce, so I would be surprised if didn't move down to $8850 at least before starting a new major bull run.
Ethereum
(Bitstamp:ETHBTC 1h)
Ethereum continued to drop through support, reaching as low as 0.08018 before seeing a decent bounce. However, the volume was rather low on the bounce, so we may not have found a bottom yet. I would hold off on positions until we've seen a second bounce from support or a clear rise on the back of a drop in BTCUSD.
In the medium term, Ethereum is looking much stronger than Bitcoin, but Bitcoin still remains the driving force in the short term.
Bitcoin Cash
(Poloniex:BCHBTC 1h)
Bitcoin Cash is now starting its meander lower, with a brief stop at 0.1141. This small climb comes as a counter-trend movement to Bitcoin's pullback from $11k today. Things are still looking very much bearish for BCH, so I'll reduce coverage for the meantime until it has found a good support level or if something notable happens.
NEO
(Binance:NEOBTC 1h)
Neo saw a pullback to the 50% support of the recent movement. Volume remains fairly high, so I would wait for it to drop off along with a second bounce from support before looking for positions. There is also the possibility that this forms a descending wedge, but we'd need another bounce lower to form a descending support.
The main thing to watch for in a consolidation vs a reversal is the drop off in volume near lows of the pullback. This combined with a confirmed support is what to look for in the next day or two.
Litecoin
(Poloniex:LTCBTC 2h)
Litecoin continues its pullback and has broken both the 0.20133 and 0.019950 supports. As we move to test the 78.6% support, the volume is relatively low, but there are still no signs of bullish divergence on the RSI or MACD. As with most other pairs today, it is a case of waiting for a confirmed support to give a defined risk limit for a new position.
Disclaimer
I will do my best to give unbiased, objective analysis, but I can make no promises about my accuracy.
All posts are based on my personal opinions and ideas and do not constitute professional financial investment advice.
Thanks for posting! Been following you for a while and I really like your analysis.
Nice analysis. Looking forward to reading more from you in the future.
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