14 May 2019

Technical Analysis Tuesday, May 14, 2019

Patrick Heusser

Patrick Heusser

Senior Trader at Crypto Broker AG

About the author

Before we dive into the charts, let’s have a look at some fundamental topics that are getting some traction on social media.

With the recent rally in the crypto asset space, we have seen different opinions from crypto analysts, but also from traditional financial market experts.

Some of them are trying to point out that the rally is correlated to the reemerging China-US trade war and the ensuing equity sell-off.

I think it is possible that there is a certain connection or noticeable capital flow from traditional over to crypto assets. But my guess is that such capital flows are moving slowly and that it might already have started in early 2019. The way the crypto assets are trading right now is confirming that the capital flow speed has probably increased.

Here are some thoughts on twitter from one of the analysts we follow.

Now, let’s move on to our technical analysis.

BTC$ (weekly)

I have shifted to a weekly time frame as on the daily we are in a parabolic move, which makes it extremely difficult to find meaningful levels.

By zooming out there is one level that stands out on the support side – 6k.

To call a topside resistance is difficult at the moment. Possibly at 8k we might catch a breath.


ETH$ (daily)

Ether does not look very bullish. We are currently back up in the resistance zone we drew already a few month ago. The trend line is solid with three touchpoints over the past 6 months. That line will be my support indicator and also the turnaround point if we break it.


LTC$ (daily)

Litecoin is also fighting around the resistance zone. We were not able to break through yet, but the trend is still positive. As a first support, we see the level at around $65.

It is nice to see how well Litecoin is respecting the Ichimoku cloud. It was the invisible support after the first bigger retracement. That brings me to the short-term support level, which is the upper band of the cloud at around $78.


XRP$ (daily)

I already mentioned it early today. Ripple is showing some signs of life after all.

If we print a closing above the last lower high, the bearish structure will be broken and we might witness a turnaround.


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