07/22/2018 | by Brad Ritter

Market Update Into 7/23: Cryptocurrency Technical Analysis

BlogPrepare for the Trading WeekMarket Update Into 7/23: Cryptocurrency Technical Analysis

A prepared trader is a profitable trader, and Sunday is a great day to get ready for the week. One way to do that is by checking out one of the most powerful features on TrendSpider, Multi-Time Frame Analysis. We’re focused on another potential active week for cryptos and have identified some major time frames to keep an eye on through the link below.

Below are three key tickers that we have analyzed and identified interesting trendline/Bollinger Band setups. We believe keeping an eye on these is crucial to watch this week as cryptos have started to heat up into the middle of summer.

Ticker #1: $BTCUSD (Bitcoin)

  • The daily candle is currently trading within a tight channel between support below and the 20-week SMA above (blue dotted line on the top chart).
  • This area has been resistance now for the third time since February 2018.
  • The 60-minute candle is showing a tight range as well for the price to potentially break down and test the lower Bollinger band below (240-minute).

$BTCUSD daily candle is currently trading within a tight channel between support below and the 20-week SMA above.

Ticker #2: $ETHUSD (Ethereum)

  • Ethereum is trading relatively similar to Bitcoin as the price on the daily candle trades in a very tight range between support and the 20-day SMA.
  • Price is currently trading in a tight symmetrical wedge on the 60-minute candle with the 240-minute SMA (20) coinciding with this area.
  • Watching for a full breakout of the weekly SMA (20) on the daily candle for this to really get started and show this move has momentum.

$ETHUSD price on the daily candle trades in a very tight range between support and the 20-day SMA.

Ticker #3: $XLMBTC (Stellar Lumens)

  • As Stellar does not have as much market data to analyze as the previous two cryptos, this is still one to watch as Coinbase plans to list this in the future on their exchange. This could bring in new demand that was previously unable to purchase the coin.
  • Price is currently trading in a very tight symmetrical wedge similar to the other coins with resistance met last week.
  • Notice how the price has consolidated right at the main Fibonacci retracement levels shown by the yellow shaded area.

$XLMBTC price is currently trading in a very tight symmetrical wedge.

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