Ethereum, ripple sbd and steem are on my watchlist for the week ahead. This coins have shown potentials technically to create possibly new highs. In my previous post i did talk about a ripple,steem and sbd breaking out of a descending trendline which actually happened. The breakout as in fact shown some signs that we may likely get these coins gain a good amount of strength in few days to come. As at last week we noticed a bloodbath in the entire crypto world due to some fundamentals news influencing the price meltdown of the entire altcoins one of this fundamentals news being the south korea planning to ban cryptocurrency activities in its country. One thing that influences the price of crypto currency is sepeculations due to the fact that its a new market added to the financial system, We had a positive news regarding
the south korean government announcing the six major banks that will be ready to provide services cryptocurrency exchanges this month which is really a positive news for all crypto traders. Here are my technical analysis on a few Altcoins as mentioned above.
•Ethereum
Ethereum is one of the leading altcoin today with it being number two on the market cap. It is said to believe that Ethereum is a perfect replacement for bitcoin with it having similarities with bitcoin and even replacing the fault which bitcoin is currently facing like High transaction fees, mining fees, transaction speed etc etc. Here is a technical chart analysis of Ethereum carried out by me, in this chart price spiked to a key zone and immediately rejected off of the zone leaving clues for buy opportunity. Currently im expecting a breakout to occur before we see price going into $1400 and new highs at $1800 to $1900 per ether.
•SBD/BTC
In my previous blog I did mention that a breakout is imminent which actually happened in this current blog. Price bought at a fibonnacci zone I talked about which is considered a very key area of price normally pulls back into the region. Now we have seen price breakout of the descending trendline new highs should be imminent.
•Steem/BTC
Steem correlates with SBD positively meaning both coins move in the same direction but Steem moves much slower than SBD. Currently Steem is rejecting from a minor zone which I highlighted in my previous blog we need to see price breach this zone in order to see a nice rally to the upside.
•Ripple
In my previous post about ripple I did mention that a breakout is imminent which actually played out as mentioned. In my recent analysis I spotted a new descending trendline which I’m expecting price to breakout from, if price breakout from the newly drawn descending trendline we are not only breaking out of the trendline but we are breaking out of a significant level of $1.50 which might see price skyrocket to $2.00 and $2.50 on a short term bais. For those who are hesistant in investing on ripples or the above coins as mentioned I suggest you do so because we are about to see this coins gain a whole lot of strength.