This article is going to be short and simple, but packs strong signs in the crypto world ! I do not see a lot of people talking about it (maybe I do not look in the right places), but I feel it is something rather important. Several altcoins are finally breaking out of their downtrend that has been going on for years (weekly charts). I will show several altcoins that are doing it right now and it tells me that this is very bullish.
VeChain for me has been one of the most bullish OBV’s I have seen around on altcoins on the weekly chart. This is compared to the Dollar. It has been rising ever since its first touch on the downside of the green channel I drew. The chart clearly shows a break out for me and since it is a weekly chart, it goes back for a couple of years so that is a big sign for things to come !
ENJIN coin (ENJ)
ENJIN was one of the first altcoins that I follow that actually broke out of its weekly downtrend. The OBV looks very delicious as well and this one will grow a lot in the future ! Unfortunately I am not invested in this coin, but I can recommend this one.
Quantstamp does not get mentioned often on Publish0x, but has been around for a while now. It had a big downtrend, like a lot of altcoins, and is finally breaking out of its downtrend. OBV is looking very strong as well for this cryptocurrency. Don’t mind the yellow vertical line, it is one of the targets for this break out.
Cardano has been breaking out now for a couple of weeks. OBV is finally starting to look better as well and with the Shelley phase coming out and the possibility of staking, Cardano seems prime to move a lot higher towards the end of this year.
Great clean break out with OBV confirming this move and the green big candles speak for themselves. Nothing wrong with this break out !
To finish this article Bitcoin is preparing for a big move. A lot of sideways action with chop and wicks to try and take out traders that are leveraged. It is creeping for a little while now around the 10K area which is very important. 10.5K is the level to break and if that happens we will finally create a higher high on a big timeframe which is very important. Volume is low for a while now and that will normally lead to a sudden spike. No one will know where BTC is going ! It can break the 10.5K finally and move towards 11.5K, or it will break back down and then I look at the 8K/7K levels. I will definitely put buy orders around the 8K’s and 7K levels.
It is getting very exciting in crypto land. I feel something is about to happen soon ! Altcoins are popping up great gains every single day and BTC is getting slowly closer and closer towards the 10.5K.
This is not financial advise and I am not a financial advisor. Please make your own decisions !