09 Juli 2019

Technical Analysis Tuesday, July 9, 2019

Patrick Heusser

Patrick Heusser

Senior Trader bei Crypto Broker AG

Über den Autor

It’s another TA-Tuesday. We will focus on altcoins again today as they are right on the last line of defence.

BTC$ (4h)
The ABC correction is not yet off the table, but I am starting to lose my sense of conviction. If it were to follow the textbook, the B wave could go up to 13.3k, or even tough the previous high. In terms of timing, we need to see that top sooner rather than later. It will be key to observe the market very closely when we start trading near the recent top. This is because there is still the chance of a bull trap with a violent and fast wave C down to 8.8k.

ETH$ (daily)
The larger uptrend is still intact. The first warning sign of a possible trend reversal will come in at around $260. The trigger for me will be the break of $220 and the upward sloping trendline (black).

LTC$ (daily)
I know that I sound like a broken record when I talk about ETH and LTC$, but they really look quite similar. The first warning sign of a trend reversal will come in at around $110 and the trigger to get out of your longs will come in just below $100.

XRP$ (daily)
This alt is really testing the bulls‘ patience. But to be honest, the look of the chart indicates that the bulls will throw in the towel sooner rather than later. I see the trigger point below $0.36. To erase the bearish sentiment, we need to take out the recent top of $0.51.

EOSUSDT (daily candle chart & daily line chart)
This is one tough cookie. I have drawn two trendlines. The black one is derived from a candle chart and the purple one from a line chart. Both trendlines are not super strong as they have only 2 or 3 touch points. But in combination with the failure to produce a higher high followed by a lower low, things do not look good for the bulls.

EOSBTC (daily)
Things are not looking good for EOS bag holders either. I think we broke a very important support line at around 5,000 sats. There has not been much trading happening further down. The next liquidity pool will come in at around 2,500-3,000 sats.

ADAUSDT (daily)
It is decision time for the ascending triangle. We tried to break the $0.10 level a few times. Now we are running out of time as we should not be trading too much into the apex.

ADABTC (daily)
We have reached all time lows! There is not much more I can say about this… We are entering uncharted territory.

TRXBTC (daily)
We have just hit a very important support level at 263 sats. I would need to see a strong reaction of that support line to even consider putting in some longs. On a break to the downside, I see the next support at 100 sats and then back down to the low of 17 sats.

BATBTC (daily)
BAT had an epic downfall from the ATH of 9,500 sats back down to 2,350 sats in just 2 months. I see the crucial support level at around 2,235 sats. If that one gives way, we could end up back down to 1,000 sats very quickly.

LINKBTC (daily)
This is one of the few coins (and the only one in the top 20) with a bullish set-up that is still intact. There is still a bit of room to correct lower, but we need to hold that trendline (black) to stay in the game. After a break, I need to see the support line (red) holding.

BNBBTC (daily)
Also interesting to see that a coin with fundamental price drivers is not able to outperform BTC. On the supply side, there is the fact that locked up coins are reaching their vesting date (roughly 16 mio BNB). The market has trouble absorbing that supply.