Weekly Technical Review on Crypto Pairs

16 July 2019

The rise that began in Bitcoin and all other cryptocurrencies since early April has met some serious resistance for the first time in last week of Jun. Before that, the levels of 13000 were briefly penetrated upward, although it never closed above that psychologically important level. What can be expected in this premier Crypto in near future?
The primary trend is still up but intermediate trend for Bitcoin has turned down. In the 5 hour chart as shown in diagram 1, BTC can be seen to have established a choppy range defined as 13000 vs 10000. It’s quite evident that the lower region of 10000 mark has provided some sort of support in recent past and hence it assumes significance. If Bitcoin finally breaks this support of 10000, the primary trend will turn down and we shall again enter into a sell-on-rise era. But until that actually happens, the present trend should be given precedence.
So going forward, one may initiate a long position only if it shows resilience above 10200–10000 regions. This show of strength can come either violation of an important moving average or breaking of an immediate top in smaller time-frame. Its bit complicated to visualise it as of now. But whatever be the case, one should not hold any long position in Bitcoin below 10000.

EOS happens to be to one of the draggers and a major under-performer among its peers in the Crypto world. Its under performance is pretty clear from the daily chart of diagram 2 shown above where not only the series of lower tops are visible clearly but it has also dropped below the important moving averages of 100 & 200 day denominations (which is an official bear market).
It is also noteworthy that Bitcoin has still not broken its all important 10000 mark as yet, but EOS is already treading at its 3 month low. That is another evidence of its under performance.
On the chart, we note important resistance at $4.60 regions & if it forays higher, this resistance can serve as stop loss for trading EOS from short side.

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