Altcoin markets have been crushing lately.
As Bitcoin is consolidating around $10,000, forming a descending triangle pattern since June, we have seen some sign of strength lately in altcoin markets. For example,Moeda Loyalty Points (MDA)increased by 125% in 5 days against Bitcoin.
Th last week's price spike in altcoins show that we are very close to and may be at the bottom. So, this downtrend is going to be reversed and the beginning of uptrend is expected. This actually provides great trading opportunty against Bitcoin in the coming weeks . Moreover, analyzing the weekly charts and technical indicators such as MACD, RSI and Stochastics, we can get insights about the price over the coming weeks. Based on this analysis, we need to be cautious and wait for the entry points in altcoins. Here is my favorite coins. I provided weekly charts in Bitcoin pairs taken from Binance.com.
ETH is trading at 0.018363 BTC and $188.78 at Binance.com.
EOS is trading at 0.00003297 BTC and $4.04 at Binance.com.
3- RIPPLE XRP
XRP is trading at 0.00002519 BTC and $0.259313 at Binance.com.
DASH is trading at 0.008652 BTC and $89.04 at Binance.com.
5- MONERO XMR
XMR is trading at 0.007299 BTC and $75.14 at Binance.com.
ADA is trading at 0.00000449 BTC and $0.046114 at Binance.com.
As a summary:
On the weekly charts above, MACD indicators have been moving ıpwards and the histograms' bars are negative but small and decreased in the positive region, indicating that bulls are gaining some strength.
RSI're below 30 level. They are trying to get some strength . The stochastics' are either moving sideways or crossing upwards towards the critical zone of 20. It need to bounce back to 20 zone to produce a buy signal.
So, it will be interesting to see what these altcoin's next move will be. What do you think?
Thanks for reading. I hope you’ve found it helpful.
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