Tezos Entering Major Support

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Double the Support

The Tezos XTZBTC chart has price dipping into a major support zone. This is defined by the Long raid of breakout traders inside the pink box. The second is the old high on the left side of the chart that has already acted like support. Bears bots will likely pile in below the horizontal blue line.

Disclosure. The author owns XTZ.

Disclaimer

RavenCoin Buy Volume

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A Noteworthy Volume Anomaly

There is noticeable volume action on the RVNBTC recently. The first chart shows 2 key things:

  • After the last low was broken the 2 subsequent dips were bought-up and not sold-down
  • The recent buy sideways consolidation volume is higher than the previous sideways consolidation lows buy volume

Zoom In

The 2nd chart is zoomed in with 2 key levels noted. Strong support for bulls would see a bounce from the green box. Strength buyers are looking for a breakout above the red box that is converged with the red moving average.

Disclosure. The author owns a small bag of RVN.

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ADX Nears Breakout Level

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Another Failed Breakout or Party Time?

ADX is putting in a solid attempt to try and push up & out of a long sideways consolidation. The current conditions are the best conditions of the past 11 months as viewed from the weekly chart.

  • Significant time sideways
  • Strong price floor
  • Sideways volume looks more like accumulation than distribution
  • Momentum is overbought
  • Price is near breakout levels
  • A Blue Bar printed on the weekly showing a rare bull bias

The Blue Bar suggests that ADX is bullish over 975 and clearing 1240 will likely bring in late fomo buyers.

Disclosure. The author owns a small bag of ADX.

Disclaimer

Bitcoin Dominance (BTC.d) 3 Drives?

Is it Setting Up for a Retrace?

Bitcoin Dominance has had what looks like a nice 3 drives pattern rebound from the 2017 AltCoin bubble. The chart has gone sideways across support(black line) and did a textbook sweep of the breakdown level)pick rectangle).

If Dominance levels stay below the long pink rectangle a textbook 3 Drives retrace would land the percentages somewhere near the small pink box. This would also mean a healthy altseaon is on the horizon.

Disclaimer

LEO Nearing Breakout Level

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Pinned to Resistance

A very simple chart here. This pattern broke down the previous 2 times it happened. Perhaps 3rd times the charm?

Price is very close to resistance , buying strength of a breakout of the horizontal resistance seems the safest trade on the chart. If that manifests the to blue boxes become the likely targets.

Disclosure. The author does not own any LEO.

Disclaimer

NEO Current Pivot Points

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NEO Resistance

The first chart shows the easy retail raid (pink box) is the short term resistance. Above that is a stronger structural long term level at 0.00174

Traders that like to buy into strength will be buying the breakouts of the 2 levels mentioned above.

NEO Support

There is a lot of congruence happening between the left & right side of the chart. To me that shows the market is trying to construct strong support levels. Yes BTCUSD always rules the Crypto market swings, but the effort going into building support is real for now.

The orange box at 0.00115 is support. If the current retrace holds into that box and then bounces with increasing volume bulls will push hard on the next leg for a ride you’ll want to be on.

Disclosure. The author does not own any NEO.

Disclaimer

BinanceCoin Levels (BNB/BTC)

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Support & Resistance Blocks

Bearish Options

Bears will be hoping that the wonky looking Head and Shoulders will play out on BinanceCoin. If so the red colored block is the first strong support level.

Bullish Options

The pink rectangle is the current support bock. Price has bounced off both the support block and the diagonal sloping support in recent months. Bulls will likely bid the pink block and long a breakout of the blue block that is providing temporary resistance.

Disclosure. The author does not own any BNB

Disclaimer

ZIL (update) Near Resistance

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No One Ever Went Broke Taking Profit

Bernard Baruch famously said “Nobody ever lost money taking a profit.” With that in mind we take a look at ZIL and update the market outlook. Back on May 13th we noted the strength of the market in this article here:

Since then the price had a (rough numbers) 10% correction followed by a 100% rise. Based on the factors of resistance right now taking partial profits isn’t the craziest idea in the world.

Approaching the Future

Considering the resistance factors you could bank some gains and keep some free coins if you think the market has further to go. You could average out and buy dips with parts of your profit. Or just hold for moon sir. Etc Etc Etc.

One of the most common mistakes of traders that get blown out is that they fail to secure their capital. They hold past highs and back down through their breakeven point because “it will bounce”. Do as you wish, but make sure you don’t regret your risk management decisions after a good trade.

Disclosure. The author does have a small bag of ZIL.

Disclaimer

Tron (TRX) Weekly Momentum Signal

Weekly Chart

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Summary

  • The weekly chart shows TRX leaving oversold for the 5th time (vertical red lines).
  • 3 of the previous 4 times momentum went to overbought.
  • Based on an average of the 2 previous small rallies and the 2 larger ones price would find resistance near old tops(price percentage tool & pink horizontal lines).

Daily Chart

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Bear Case:

  • There is a wonky looking Head & Shoulders
  • H&S measured move would be a savage correction to 80
  • Lots of traders hate the coin

Bull Case:

  • Volume profile does not show more selling than buying
  • High Time Frame (HTF) support is trying to be created
  • This support would mean a HTF higher-low is in place
  • Above 165 is short term bullish
  • 260 invalidates the H&S pattern and makes a HTF higher-high
  • Lots of traders hate the coin

Disclosure. The author owns a small bag of TRX

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