Let’s zoom out of the charts a little bit to get a proper perspective.
Not much has happened really… We hit the 61.8 Fibonacci retracement level at around 13.5k in a possible 5 wave sequence and came out lower after that. Currently, we are sitting on the upper band of the cloud support line at around 10.7k.
After yesterday’s spike from the 9.8k level, I had to revisit my possible ABC correction scenario. Maybe we are in a more complex ABCDE correction. This will hold true as long we stay above 9.8k and (sooner rather than later) move back up toward 12.5k.
The market will stay choppy, which is usually the case in correction phases. Stay agile and have your risk adjusted accordingly.
The general uptrend is still intact. We have a solid trendline with three touch points and good steepness. However, prices need to hold this level to respect this line. After a break, we will see the next big support level at around $135.
Zooming in on the daily charts, we are looking at the same trendline. I think we need to hold the $220 level (red line) to be able to presume the uptrend. $260 will be the resistance to clear to make new recent highs.
This is a beast of a chart. The price action is very steep even though we are looking at a log chart. What can be said is that we had a massive upmove followed by a very deep correction. After that, we tried to push for new highs, but failed just below the Ichimoku cloud. I am going to be very blunt here. $195 needs to be taken out to turn bullish again. On the downside, I see the area of $40-50 as support.
We are in the danger zone. Prices are knocking at the bullish trendline. We went through the Ichimoku cloud and passed both support lines at $110 and $99. After a break, the next stop will be $63.
We have been in a range for about 12 months now with some spikes and drops but no overall clear direction. Looking at the big picture, we are in a bullish trend as long we can hold the area of $0.20-0.25. On the topside, we need to take out the $0.50-0.55 level to gain some fresh momentum to the upside.
Things are not looking good. The breakout of the descending triangle has been confirmed. A possible retest cannot be excluded, but does not necessarily need to happen. Currently, it looks very bearish, with the first support coming in at around the 0.01950 level, which is a large liquidity pool from the past (2017).
This is what I call a wide range… 188%! We are close to the lower end of it. So, for the brave ones, you can try to establish some long positions over the next few weeks, with a stop just below 0.00650 (red line).
Ripple is heading for the lows… There is really not much more to say. I am looking at 1,700 sats as the next level.
New lows! We are in uncharted territory.
There is still hope for Tron. We took out an important support level at around 260 sats, but the bigger picture pattern (falling wedge) is still in play. The critical level is at around 180 sats.
Basic Attention Token is fighting for survival! 2,200 sats is the lifeline. If we break it to the downside, we can easily drop to 1,000 sats.
Things look similar to that of ETHBTC and BATBTC, but here we are already through the floor with decent volume. Let’s see if we get a retest of the horizontal line (red line).
We are just now hitting the lows we saw at the end of 2017. There is no reversal in sight.
One of the few outperformers (still) is trying to hold on to its bullish setup. We need to hold that trendline, otherwise we have a possible deeper correction in front of us. My possible target would be down to 0.00015500.
BNB is also fighting around a very important support level. In case we break it, we could go as low as 0.001600, which is the next larger liquidity pool.