Bitcoin



(Bitstamp:BTCUSD 1h)

Bitcoin continued its drop to break the 50% support and reach as far as $8366. We're starting to see bullish divergence on the hourly RSI and MACD with a significant decrease on volume compared to the first major dip. However, we broke low enough to reject a possibility of a descending wedge for the moment, but there remains a risk of the trend weakening.



(Bitstamp:BTCUSD 30m)

On the lower time frame, we can see a clear ascending channel forming from the last bounce. Volume appears to be lower on the bullish candles than the bearish, suggesting that the market is looking for new lower rather than a break upwards. I would recommend waiting to take shorts nearer the top of this channel, as it would give a preferable risk/reward ratio.







Ethereum



(Bitstamp:ETHBTC 2h)

Ethereum finally managed to break above the 0.0773 resistance on the ratio, in a counter-trend move to Bitcoin's last dip. This is a strong sign, so we can start looking for bullish positions once it has formed a higher support level. I always prefer to buy into a flat consolidation rather than the breakout of a new trend, as it gives favourable risk/reward, and avoids buying into fake-outs.







NEO



(Binance:NEOBTC 2h)

Neo has seen a strong bounce after making a second test of the 127% extension. As with Ethereum, I would recommend waiting for it to consolidate after breaking the 0.010363 resistance. Flat consolidations are very helpful for bull markets, as they allow the market to cool off and/or pullback from highs while also providing a clear risk level from a defined support.







Litecoin



(Poloniex:LTCBTC 4h)

Litecoin is starting its move to retest historical resistance levels. Volume remains very low on the climb so far, which makes me sceptical as to whether it will move particularly high. Until volume has picked up and/or it has formed a consolidation near highs, I recommend waiting on the sidelines.







Monero



(Poloniex:XMRBTC 2h)

Monero continues to drop, almost reaching the 0.02844 support. Volume remains extremely high on the dips, suggesting that we're in more of a panic based drop than a bullish pullback. Interestingly, These drops also correlate highly with those of BTCUSD. This supports the notion of the pump to 0.0340 being an over hyped fake-out, as the market isn't holding its own against the Bitcoin correction after the second leg finished.







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.