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Cryptocurrency Technical Analysis

BitTorrent (BTT/BTC)

BTTBTC Daily
BTTBTC Bbands
BTTBTC potential Wyckoff model

Will China Catch BitTorrent Fever?

BitTorrent’s Chinese connections make it a must watch market.

With all the new interest coming from Chinese officials about Blockchain technology it would be wise to watch markets that have Chinese connections. They will get the most attention and thus most investment input. BTT should be on that watch list.

The first chart is trying ever so hard to flip into “full bull conditions”. That being an overbought StochRSI, a Confirmed Reversal on the SCMR candle system, a cluster of buy volume, and (still waiting on) a blue bar print on my indicator system.

An open of 7 satoshis or higher, with some volume, leaves the door open for a rally to 12 or even 18 depending on how things go.

The second chart shows very tight Bbands. That is a sign to watch a market for a breakout from a range.

The third chart confirms the range and even shows it as a possible Wykoff model forming. All of these points all suggest setting conditional orders and letting the market play out its algorithm.

Disclaimer

Cryptocurrency Technical Analysis

BitcoinCash: Return of Jihan

BCH/BTC – Click Chart to Enlarge
BCHUSD – Click Chart to Enlarge

Fundamental and Technical Picture

Can the return of Jihan Wu to Bitmain help BCH outpace BTC again?

Fundamentals

Micree Zhan has been ousted from all operations as Jihan Wu returns to Bitmain and is taking over as legal representative of Chinese operations. We will update the story as more news becomes available.

Technicals

First chart shows BCHBTC in a horizontal range. The current location of price vs the previous patterns of the market algo suggest not taking a long on this news, if you think it is bullish, until the horizontal blue line is broken. History also suggests any throwback to the range is a time to add to positions.

The second chart is BCHUSD vs BTCUSD. They are moving fairly well together. The weakness in the BCHBTC pair is a lack of market interest, and maybe Jihan can spark more interest in the market. For that to happen the USD pair will have to outperform which means it is both a good BTC & USD pair trade upon breakout conditions.

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Xrp, Ripple
Cryptocurrency Technical Analysis

Ripple (XRP/BTC)

Click Chart to Enlarge

The Algo That Keeps Giving

But for how long?

There really is no way to tell when this remarkable repeat of market structure is going to end, but we’ve been following it as an edge for more than 2 years now and will continue until it is invalid.

Unfortunately for the XRParmy the structure does suggest 1 more round of new lows.

The ratio has not been perfect so it is important to follow proper trading strategies. Is the price action like the last blue bar print and thus rolling over in the coming weeks…or is it going to be a longer cycle and thus this last rise is the first of 3 smaller rallies off the previous support level? Who Knows!

If the structure does invalidate to the upside it would be off of the last support printed. Therefore worth it is watching the volume to see if it is worth buying dips. Market structure didn’t even demand alarms being set for a long time, but that strategy should be revisited.

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Cryptocurrency Technical Analysis

DASH (DASH/BTC)

Click Chart to Enlarge
Click Chart to Enlarge

DASH Big Picture View

The ability to wait on the weekly chart:

The second chart is a way to approach larger position trading. The description is on the chart. TLDR, the first Confirmed Reversal print on the Weekly chart should rally into a green bar print.

Daily chart is coming into support zones, and way off its all time high. If a selloff happens then buying any accelerated selling under the channel is a good technical trade. If that does not present itself then momentum buys above the channel and above the black line & above the blue line will be times other traders conditional orders will create upwards momentum.

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Cryptocurrency Technical Analysis

Litecoin (LTC/BTC)

Click Chart to Enlarge

Seasonal Similarities Abound

Will LTC drift lower into the holiday season?

There has been a lot of seasonal similarities over the past 3 years. A repeat of the last 2 years has LTCBTC chopping lower towards a low in the holiday season. It suggests longs will be rewarded with at least a relief rally.

Invalidation of the idea would trigger conditional orders at the 2 blue horizontal lines. Buying with momentum can profitable and great cost opportunity to not waste your time.

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Cryptocurrency Technical Analysis

ETHEREUM (ETH/USD)

Click Chart to Enlarge

A Decision Awaits

Ethereum is on tap today with the USD pair.

Price needs to find a sideways out of the channel bouncing off one of the yellow rectangles for a bullish set up. If not the algo is painting the chart similar to last year which could send price back to the bottom of the channel.

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Cryptocurrency Stocks Technical Analysis

Capital Flight & Bitcoin

People often talk about “capital flight”, Bitcoin, and China.

But is it true? If it is then it must apply to Hong Kong too, right? Well…

This could be a 10K word essay, however charts tell a more detailed story with far less words.

The theory is this: Currency issues and/or restrictions in a country (notably China in the past) force the average person to seek shelter in more safe assets. One of those happens to be Bitcoin at times. So they say.

While it is true that CNY devaluations often happen with BTC prices rising, it is not true that the average citizen of a nation is trying to protect their savings.

We will quickly examine China & Hong Kong vs Argentina & Venezuela.

The first chart is Hong Kong. It shows no large deviation from the BTCUSD price chart. For comparison the second chart, Singapore, was added. It looks much like Hong Kong’s. This does not indicate that the average citizen is using Bitcoin as a channel for capital flight or as a safe haven.

The third chart is China. It shows even less interest as a safe haven. China and Hong Kong are seeing just the ripples of turbulence in their currency. Argentina and Venezuela is what happens if the damn breaks. In those countries we can clearly see Bitcoin is used by the public and is a safe haven. (see below)

Is Bitcoin a safe haven asset? Yes, but only once it’s too late. Maybe there’s a lesson to be learned here??

Disclaimer

Cryptocurrency Technical Analysis

$DASH, the MasterNode King

click chart to enlarge
click chart to enlarge

DASH is showing signs of a bottom.

Is it an interm bottom, or something better?

DASH has been the undisputed king of MasterNode coins for years. Because of that it often signals what is to be expected of the altcoin sector. We are only looking at the BTC pair as that’s all that matters for getting the best price when trying to accumulate enough for a node.

The Charts

Chart #1 shows that when there is a long legged wick to the downside price almost always retests the bottom of the wick, and then turns up into a strong bounce or even bull market. That formation seems to be coming to completion.

Chart #2 shows that when price drops 63%, or greater, from the last swing high that a bounce and/or bull market is coming soon. The 2 structural bear markets both had a grand total of roughly 90% decline. The current conditions show that the current leg down is due for a bounce AND the structural bear market has almost finished it’s downward trend.

Now what?

The question becomes, “now what?” It is very possible that the price could cut in half again. Or we could be on the cusp of a new bull market. That’s a lot of uncertainty.

The charts we reviewed are all the 1W time frame. On the 1D price needs to be breaking 0.0098 to begin leaving the sideways range it’s currently in. Bulls start getting curious at 0.00925 and 0.0098 respectively. Anything under 0.0085 will start to attract the bears again.

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