Weekly review of 10 major cryptocurrencies (15.01.18 - 21.01.18)
During the third week of 2018, the most capitalized cryptocurrencies became much cheaper.
Bitcoin fell below the key support level and its share in total capitalization slightly increased (to 34.5%)
The mass sale at the beginning of the last week was replaced by a rebound to half of the decline.
The number of billionaire-coins increased to 33, and their total number (according to coinmarketcap.com) increased to 1,465.
The total market capitalization of cryptocurrencies decreased to $ 560 billion
Bitcoin went down by 15% from $ 13,700 to $ 11,700, but it also visited the $ 9200 mark during the week.
On the weekly chart, the rate fell below the fast moving average, descended to a slow one and bounced back to the former key support at $ 12,000- $ 13,000, which now is the resistance level.
On the daily chart, the indicator "Crossing moving averages" shows sale throughout the week.
Thus, we observe the development of the downward trend, the beginning of which we mentioned in our previous reviews.
This week, consolidation between $ 9000 and $ 13000 is the most likely trend
In case of a breakdown from the support level, the estimated reduction target will be in the region of $ 5000- $ 6000.
Recommendation: play the short game from $ 12,000- $ 13,000 with a target of $ 6,000- $ 5000
Ethereum for the week fell by 22% from $ 1,350 to $ 1,050, also visiting the $ 770 zone
As we expected in the previous week's review, Ethereum found its peak at 1400 and started a big correction. It escalated so quickly, that it almost instantly reached our estimated goal of $ 700.
Now we are seeing a rebound and attempts to return to former heights. However, according to wave analysis, it is more likely that we’ll see a sale with a minimum of roughly $ 500.
In this regard, we recommend selling Ethereum above $ 1000 and buying back under $ 700
Ripple (XRPUSD) for the week fell by 34%: from $ 1.81 to $ 1.34, also reaching a minimum of $ 0.85
The fall continues and develops as rapidly as the previous growth. Support on $ 0.90 will probably keep the rate for a while.
Sell. Buyback at $ 0.9, however, the ultimate goal of the rate decline could be $ 0.5
BCHUSD during the week fell by 30% from $ 2,520 to $ 1,770 reaching a minimum of $ 1,350
Fracture of the growing trend.
Support levels on $ 1200 and $ 800. Resistance at $ 2000 and $ 2,200
Sell.
Litecoin during the week fell by 19%: from $ 235 to $ 190, reaching a minimum of $ 138
Exit from the consolidation downwards. Further decline is more likely.
Support levels at $ 120, $ 80 and $ 60. Resistance at $ 200
Sell from $ 200 with a target under $ 100
DASH fell by 17% from $ 989 to $ 820, visiting the $ 590 area
Fracture of the growing trend.
Sell with a target of $400
NEM for the week fell by another 20% from $ 1.31 to $ 1.04, reaching $ 0.65
Fracture of the growing trend.
NEM’s picture looks more positive than many others, but we recommend closing long positions
Support levels: $ 1, $ 0.5 and $ 0.3
Resistance at $ 1.3
Monero went -2% during the week, from $ 393 to $ 346 reaching a minimum of $ 236
Correction on a growing trend.
Support levels at $ 320 and $ 200
Monero looks better than others, but it is unlikely to grow against all.
Therefore, we recommend selling it. However, it’s too early to open decline positions.
NEO fell by 24% from $ 167 to $ 127, reaching a new maximum of $ 200 and a minimum of $ 94
Fracture of the growing trend, but within the consolidation.
However, we recommend closing long positions on NEO too.
see comments...
Bitcoin fell below the key support level and its share in total capitalization slightly increased (to 34.5%)
The mass sale at the beginning of the last week was replaced by a rebound to half of the decline.
The number of billionaire-coins increased to 33, and their total number (according to coinmarketcap.com) increased to 1,465.
The total market capitalization of cryptocurrencies decreased to $ 560 billion
Bitcoin went down by 15% from $ 13,700 to $ 11,700, but it also visited the $ 9200 mark during the week.
On the weekly chart, the rate fell below the fast moving average, descended to a slow one and bounced back to the former key support at $ 12,000- $ 13,000, which now is the resistance level.
On the daily chart, the indicator "Crossing moving averages" shows sale throughout the week.
Thus, we observe the development of the downward trend, the beginning of which we mentioned in our previous reviews.
This week, consolidation between $ 9000 and $ 13000 is the most likely trend
In case of a breakdown from the support level, the estimated reduction target will be in the region of $ 5000- $ 6000.
Recommendation: play the short game from $ 12,000- $ 13,000 with a target of $ 6,000- $ 5000
Ethereum for the week fell by 22% from $ 1,350 to $ 1,050, also visiting the $ 770 zone
Now we are seeing a rebound and attempts to return to former heights. However, according to wave analysis, it is more likely that we’ll see a sale with a minimum of roughly $ 500.
In this regard, we recommend selling Ethereum above $ 1000 and buying back under $ 700
Ripple (XRPUSD) for the week fell by 34%: from $ 1.81 to $ 1.34, also reaching a minimum of $ 0.85
Sell. Buyback at $ 0.9, however, the ultimate goal of the rate decline could be $ 0.5
BCHUSD during the week fell by 30% from $ 2,520 to $ 1,770 reaching a minimum of $ 1,350
Support levels on $ 1200 and $ 800. Resistance at $ 2000 and $ 2,200
Sell.
Litecoin during the week fell by 19%: from $ 235 to $ 190, reaching a minimum of $ 138
Support levels at $ 120, $ 80 and $ 60. Resistance at $ 200
Sell from $ 200 with a target under $ 100
DASH fell by 17% from $ 989 to $ 820, visiting the $ 590 area
Sell with a target of $400
NEM for the week fell by another 20% from $ 1.31 to $ 1.04, reaching $ 0.65
NEM’s picture looks more positive than many others, but we recommend closing long positions
Support levels: $ 1, $ 0.5 and $ 0.3
Resistance at $ 1.3
Monero went -2% during the week, from $ 393 to $ 346 reaching a minimum of $ 236
Support levels at $ 320 and $ 200
Monero looks better than others, but it is unlikely to grow against all.
Therefore, we recommend selling it. However, it’s too early to open decline positions.
NEO fell by 24% from $ 167 to $ 127, reaching a new maximum of $ 200 and a minimum of $ 94
However, we recommend closing long positions on NEO too.
see comments...
Support at $ 3 became resistance and a good place to open short positions with a target of $ 1.5 and then $ 1.
We wish you profitable deals and follow our reviews!