04 February 2020

Technical Analysis Tuesday: BTC consolidation & altcoin turnarounds

Patrick Heusser

Patrick Heusser

Senior Trader at Crypto Broker AG

About the author

BTC$ (4h)

Consolidation has occurred – just on a higher range than I expected. 9.2k – 9.6k, but to be on the safe side you need to widen that range to 9k – 9.6k.

The bulls are looking tired with funding and term future premium still stretched. But they keep coming back to defend the 9k support level.

The longer this situation persists, the more uncomfortable I’m getting in terms of holding any long positions in BTC. My stop level to turn net short is just below 9k.

ETH$ (4h)

Confidence returned and we almost hit $200. The market stopped just below $196 and is now in consolidation mode.

I have similar thoughts and issues with ETH$ as with BTC$. It’s the same set-up on the funding side and the term premium of the futures.

The only issue here is that my invalidation level for long positions is way lower at $170.

BCH$ (4h)

So far so good. The moved-up take profit level at $340 did not get triggered and the market grinded higher, and consolidated at around $380.

This gives me the opportunity to move my take profit level even higher to around $355.

If we break above $400, there will be some fireworks and I expect the coin to move another 10-15% higher pretty quickly.

BSV$ (4h)

The fork is through – so far it’s been a non-event…

None of the levels I posted last week were triggered. The price is just following the pattern of lower highs, but also one higher low was printed.

We are seeing text book consolidation, but it is not clear which way this coin will go. Watch the top trendline (black) and the support line at $245 (red).

ADA$ (daily)

After we pushed through the Ichimoku cloud we saw a strong upmove already last week. Having said that though, I am missing the follow-through.

The market is consolidating, but not looking too convincing to push another leg higher.

ADABTC (daily)

On the other hand, against BTC it looks like we have moved out of a six-month consolidation phase and started the first leg up with a roughly 40% gain over the past month.

The next target to the upside is quite a ways away at around 850 satoshis.

IOTA$ (daily)

We finally made a proper turnaround and bounced off of the low of $0.15.

Prices even pushed through the high volume range of $0.20-0.30, and we are just now consolidating above the upper band of the range.

This consolidation is needed to gain some fresh momentum to the upside and attack the next liquidity pool, which is at around $0.50.

AION$ (daily)

This is what we call proper bottom building. The volume pattern on a time scale (horizontal), but also on a price scale (vertical) looks impressive.

Preceding the price move there was the launch of The Open Application Network (OAN) in November 2019. But the price actually took off in December with a massive surge in traded volume on Binance, which resulted in a performance of roughly 200% over three weeks.

I would like to see the coin holding above the $0.10 line. At the same time, I’m looking to add some longs when the price starts to consolidate between $0.10-0.14.

ICX$ (daily)

This is a coin with a move that deserves the label “parabolic”. Since the beginning of the year, the price has moved roughly +400% with some proper volume.

We just managed to push through a pretty important s/r line at $0.45. Let us see if we are able to consolidate around this level to be ready to attack the $1 mark.

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