14 Januar 2020

Technical Analysis Tuesday: DASH pushing higher & BSV in beast mode

Patrick Heusser

Patrick Heusser

Senior Trader bei Crypto Broker AG

Über den Autor

It’s TA- Tuesday!

Let’s dive straight into the charts.

BTC$ (daily)

We managed to stay in the Ichimoku cloud and fought a bit around the 8k level – which the bulls ended up winning.

Now, we stopped just below the 8.6k level, which we mentioned in our report from last week. This is the next hurdle on our way up to the 9k level, which is also the possible target of the resolved bull flag we wrote about last night.

In case we break back into the bull flag, we need to revise the short-term longs. 8k will be the level to close them at and turn the short-term position to flat.

Medium to long term we are still looking for higher levels. Just above the 7.5k level, we are looking to increase the longs, and then another leg at around 6.7k. Our bullish case will become invalid when we break 6.5k and print a daily closing down there. At that point it will be time to flatten the position completely and regroup.

ETH$ (daily)

We are on the way to the $170 target, but are now facing the big test. There are some bumps in the road ahead – especially at around $152.

The lower band of the Ichimoku cloud is the first resistance. We have also identified quite a bit of trading activities around that level, which qualifies as a minor support/resistance flip level.

If we break through that first resistance, we will think about a tactical short-term long position with a target of $170 and a tight stop just below $152.

BCH$ (daily)

We went through the Ichimoku cloud like a knife through butter. We are now out of the cloud and still showing some power to the upside.

We had to clean up the chart a bit as some of the patterns have already been resolved and are not relevant anymore. When we did that another horizontal line started to appear (green dotted line) at around $308.

It is a large liquidity pool, plus it converges with several tops and bottoms. We are looking for the price to move towards that level, but have a feeling that we will see some rejection first.

If prices stay a little longer around the current levels and consolidate, we might even see the Ichimoku cloud turn bullish, which would ease my concerns a bit that we might see the mentioned rejection at the $308 level.

BSV$ (daily)

BSV is in „beast mode“! Over the past four weeks this coin moved almost 170%. Not only the percentage is unbelievable, but also the style. Almost a straight line up.

A very tough call to make, but this baby looks bullish and the next stop could be the recent high at around $250.

ATOM$ (daily)

There is not much to add to what we already said last week.

The bullish trend resumes and some fireworks are expected when we break through the $4.55 resistance.

DASH$ and XMR$ (daily)

These coins are still hot and pushing higher. Dash$ even cut through the Ichimoku cloud and we are now just at the edge of the upper band (the wick even traded through the upper band).

There is another liquidity pool coming in at around $80, which has also been a decent support/resistance flip level for the past 12 months.

In case you have been long on the way up, it is time to take some chips off the table.