28 Mai 2019

Technical Analysis Tuesday, May 28, 2019

Patrick Heusser

Patrick Heusser

Senior Trader bei Crypto Broker AG

Über den Autor

First, a sneak preview to our rotation report data: so far, so good for the alt season. The trend is still intact, and all we need is a convincing push of some coins to spark a rally (see picture).

Now, for TA Tuesday…

BTC$ (daily, weekly)

There is not much to say except that the rally is pretty impressive. On a daily chart you see some minor setbacks, at some point. The weekly looks even more impressive. The market is still bullish and does not show any signs of weakness. Derivative contracts show a heavy contango situation. Jun19 is trading $215 above spot and Sep19 even $300.

The next resistance is the 10k level. 9k is only a psychological one, as there is no significant top or price volume area around that price level.

Daily BTC$ chart
Weekly BTC$ chart


ETH$ (daily)

ETH$ is not as impulsive as BTC$, but it is still looking constructive. The bullish trendline is nicely converging with the Ichimoku cloud, hence I see some significance in that line.

We have seen some fights around the 270-280 level, going back as far as September 2018. A clear break above $300 would initiate some more momentum to the upside.

Daily ETH$ chart


LTC$ (daily)

I know, I sound boring, but that chart also looks looks like BTC$ or ETH$. However, the recovery in price terms is more than impressive. LTC$ is back to its May 2018 trading levels. It recovered six-fold from the lows to the current price.

Since taking out the resistance level, we were looking for larger liquidity pools. We are right inside one. If we take the top side out at around $125 the path is open for a run up to $140.

Daily LTC$ chart


XRP$ (daily)

A few weeks ago we pointed out that the bearish structure had started to crumble with a higher high than was printed around May 15.

Now it is time for XRP$ to show that it can finish what it started. We need a confirmed higher low to call it a proper first attempt to reverse the trend.

Daily XRP$ chart


TRXUSDT (daily)

We might have witnessed a breakout of a reverse shoulder-head-shoulder formation. Even though we have to admit that the right shoulder is a little stretched. We expect a retest of the breakout neckline at around 0.03100.

Daily TRXUSDT chart


EOS$ (daily)

Another nice looking chart for the bulls. The steeper trendline will probably break, but the flatter one looks very convincing. It also converges with the Ichimoku cloud. First big support we see is at around $5.75.

Daily EOS$ chart