The cryptocurrency market has once again had a bullish run, at least for majors. Last update I mentioned that $8,200 was a key area, an area that ultimately broke leading to a drop down to $7,450. When $8,200 broke I closed out every trading position I had with a plan of buying back either in the $7,200 or $6,500 area; it didn't hit either but that's perfectly fine. It's all about having a plan and once Bitcoin reclaimed $8,400 I bought back at a slight premium but ultimately came out pretty even as I had exited all altcoin positions before their breakdowns. Now Bitcoin has broke and closed above $9,000, what's next?





Bitcoin Weekly

Bitcoin looked pretty ugly after printing a doji and following it up with a massive sell candle. However, BTC bounced from the weekly support region from $7,350-7,650 and overcame the entire prior week with a close just under $9,000. Needless to say, this is incredibly bullish. However, if you're not already in a Bitcoin position this is not the spot to jump into new ones aside from scalps. Just overhead is the $9,600 resistance which is confluent with the 0.382 fib and above that the $10,000 psychological barrier. It wouldn't surprise me to see both these levels tapped in the coming days but I'd be far more comfortable entering on a close above $10,500 or buying the dip somewhere between the weekly support and the prior weekly open, $8,200-8,750. The monthly open sits right above the top of weekly support so that's definitely an area I'll be watching closely if price makes it there.





Support: $8,200-8,550, $8750

Resistance: $9,600, $10,000





Bitcoin Daily

The daily tells a similar story though we can see a clear channel forming over the past month or so. Price keeps coming just shy of that major $9,500 level before getting rejected but it seems inevitable Bitcoin makes at least one more leg up and tapping $10,000 would put it right at the top of this channel. Price action looks incredibly bullish ever since $8,750 broke and that $8,550-8,750 region stands to be a great area to buy the dip. If I had to make a guess as to price action over this coming week I could see price wicking above $10,000 to take out shorts and attract buyers before retracing to the mid-high $8000's. As mentioned above, my plan right now as far as taking new positions is to watch for a close above $10,500 or a dip to the support region mentioned here.





Support: $8,400, $8,550-8,750

Resistance: $9,500, $10,000





Ethereum Weekly

Ethereum has been lagging behind Bitcoin significantly ever since the latter broke $6,000 and for that reason it's one of my favorite trades right now. Price is trading in a fairly tight range from $230 to $280 and it's a matter of time until it resolves, in my opinion to the upside. If it does makes moves to the upside, it's going to be huge. $300 will pose some resistance but after that it's a clear shot to $375-400 region which aligns with the 0.236 fib. But that should really just be the beginning. As I mentioned, Ethereum has been lagging Bitcoin by quite a bit as BTC is sitting under the 0.382 fib currently. If Ethereum were to reach that same level that would bring it to $595, more than 2x from here. There may be some patience required with Ethereum but I think it offers the highest risk/reward out of all the majors right now.





Support: $200-220, $260

Resistance: $280, $300





Ethereum Daily

Not a lot to add beyond what I mentioned in the weekly. Price is range bound but the key level on the daily here is $270. If that continues to hold then $300 should follow soon after.





Support: $250, $265-270

Resistance: $280, $300





Litecoin Weekly

Litecoin has lost the spotlight with Bitcoin going on a tear. However, LTC looks great after it successfully broke and closed above the major resistance around $125. Going to keep this simple - dips back into that support are for buying and I see no reason this doesn't hit $170 leading up to the halving in August.





Support: $118-125

Resistance: $145, $170





That's it for this week - if you want more regular content, be sure to follow me on Twitter. Decide to trade Bitcoin, Ethereum or Litecoin based on my charts above? Do me a favor and register at Bitmex or Binance (margin trading coming soon!)

Make sure you don't miss the latest reviews & tips from Crypto Advocate. Subscribe today!





Disclaimer: this is not financial advice and cryptoadvocate.net is in no way responsible for any claims, losses or expenses that may result by following information available on this site.