23 Juli 2019

Technical Analysis Tuesday: Bitcoin Continues in a Correction

Patrick Heusser

Patrick Heusser

Senior Trader bei Crypto Broker AG

Über den Autor

BTC$ (daily)
We are still within the possible ABC or ABCDE correction. As long we stay in that channel, I do not see the need to change that call.
8.9k seems to be an important level, though. It marks the lower band of that channel, and the lower band of the Ichimoku cloud comes in right there as well. Additionally, around the 9k level we see the mark of the fibonacci extension target. If that level breaks, we may easily see 7.5k in a very short time.
On the resistance side, we have to clear 11.2k on a daily closing level.

ETH$ (daily)
We are still fighting along the bullish trendline. $222 needs to be taken out on the topside to gain some fresh momentum to the upside. Otherwise, if we break the line (black) we might dip down fairly quickly to the area of $160-175.

To be honest, Litecoin does not look too good right now. We broke the bullish trendline, broke back up, but then went lower again. Current price levels are very close to the line and it does not look convincing for either side. Therefore, I am sticking to the horizontal lines. $99 (as the first resistance to the upside) needs to be taken out to turn me mildly bullish again. Otherwise, I see this market trending lower with the first support at around $65.

The price broke decisively through the bullish trendline. This was in both scenarios: the candle chart (black) and the line chart (purple). After the breakout, prices tanked and we found the first support in a larger liquidity pool at around $3.5-3.6.

After the ascending triangle formation did not materialise, we came down quickly in terms of price. Now, we are back to a giant range of $0.025-0.10.

Most of the top 20 altcoins versus BTC look very bleak. We will cover them extensively in our Rotation Report on Thursday, July 25, 2019.