10 Dezember 2019

Technical Analysis Tuesday: markets going sideways

Patrick Heusser

Patrick Heusser

Senior Trader bei Crypto Broker AG

Über den Autor

When the market goes sideways, technical chart analyses become boring as well…

BTC$ (daily)

We saw some very short-lived spikes just above the 7.5k level, but then retraced right back down into the 7.3k area.

To turn bullish, 8k is the one to take out on a daily closing basis. I reckon that if we break through 7k, we could see an acceleration to the downside, as there seems to be quite a few leveraged long positions out there.

ETH$ (daily)

We are still within the $135-160 range. Unfortunately, we are in the middle of it, so there isn’t  even a possible range trade on the radar right now.

LTC$ (daily)

Here as well, we are just ranging in the support zone with no clear direction.

BCH$ (daily)

We are still watching the $200 support level. No breach in sight, but to me, it looks like we could see some rapid moves lower if/when we break it to the downside.

Shitperp$ (4h) – FTX shitcoin index

I thought it would make sense to post this chart on the back of the possible algorithmic trading problem that Binance reported. Apparently, some sell orders triggered a wave of selling across various small cap coins, which resulted in massive losses for some of them. The shitcoin index reflects this.