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26 novembre 2019

Technical Analysis Tuesday: no pain no gain

Patrick Heusser

Patrick Heusser

Senior Trader chez Crypto Broker AG

A propos de l'auteur

The bulls got crushed this week – but « no pain no gain »!

By the way, I’m taking $CNH and Gold$ out of the weekly analyses for now, as they have lost their relevance to the crypto market (for the time being, at least).

BTC$ (daily)

btc-daily
The brave ones who had some bids in at around the 6.5k level were rewarded with a nice v-shaped recovery. The top we saw yesterday was just shy of 7.4k: that’s a bounce of 13%.

The outlook and the important levels have not changed. 7.5k is the support/resistance flip line that needs to get taken out to give the bulls confidence that 6.5k was the low for the time being.

The 8k level might work as a magnet, as it is one of the largest liquidity pools that developed over the past 18 months.

Finally, we saw the open interest drop by 15% over the past 24 hours. It went from 100k BTC down to 85k BTC on BitMEX without seeing liquidations. A possible explanation for this is that some of the short positions were covered on this recovery move.

ETH$ (daily)

eth-daily
With BTC$ dropping, ETH$ has been dragged down as well. ETHBTC cross is slightly lower.

We took out that lower band level of $160 and dropped right into the next bigger liquidity pool at around $135.

From there, ETH$ recovered almost the same amount as BTC$: back up to $148.

The $160 level is now a very relevant support/resistance flip line. We need to trade and close above it to put on longs.

LTC$ (daily)

ltc-daily

I took a long look at this chart this morning, as I was no longer able to figure out how I came up with the « support zone ». It seems to be misplaced. Purely from a liquidity pool standpoint, this zone should be lower at around $44.

Therefore, I moved it lower.

The price is trying to push out of the support zone. A possible target to the upside is $55.

BCH$ (daily)

bch-daily
It looks like $200 is a tough nut to crack. It is the fourth time we dipped briefly just below it, but always bounced right back.

In terms of trading, it offers a nice support/resistance flip line. Stay long or go long now with a stop at around $190.

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