For the past 19hours the cryptocurrency Market have been Trading sideways meaning the market has been quiet not much momentum has been seen. I will keep saying this, as long as crypto is a new market, many of its movements comes from speculations and heavy fundamental news which means anything happening be it a positive or a negative news will somehow affect the market. This are seen in other financial markets like stocks, forex, futures etc but fundamental news in these markets do not really affect them as there are many big players in these markets. Fundamental news play a key role in the movement of prices in any financial market just like what happened in Brexit which made GBP currency drop to all time lows, that my friend was caused by fundamental news. In most case scenarios like the forex market, fundamental news are used as a back up to play or toy on the emotions of retail traders and observe their reaction which in today’s market no much traders rely solely on fundamentals instead a backup plan for their trading. But in the crypto currency world it is much different as fundamental news/speculations play most of the part which drive price either bullish or bearish trend. We may be wondering what is causing the slow movement in the crypto currencies and the side way trends, let’s not forget we what I will call a high impact news/speculation which involved a $530 million on a cryptocurrency exchange known as coincheck. However Japan financial regulators are taking possible measures to inspect business practices of trading platforms which could somehow be linked to the cryptocurrency or have an effect on the recent movements on the crypto currencies.
Here are some chart analysis I carriedout and a short explanation on Steem/Btc, Sbd/Btc, Ethereum, Ripple and litecoin.
•Steem/Btc
This is the before and after chart analysis on Steem/Btc which I did mention price rejecting from the recent highs coming back to test a moving average and a minor support region which we could infact see a breakout occur. However if we see price breaking out to the upside, I’m most certain Steem/Btc will gain strength and value. If it happens to breakout to the downside we may see further bearish movements.
•Sbd/Btc
Sbd/Btc brokeout of a descending trendline coming back to test the trendline. However I’m looking at price rejection from this region and a possible breakout to occur. If price breaksout, we might be a getting a positive correction to the upside which infact could drive price breaking previous highs and creating new highs.
•Ethereum
Here is a little before and after chart I did on Ethereum. Price had rejected heavily on $1000 with nice candle reversals l/continuation suggesting we could see possible new highs. $1000 is a psychological level which couldn’t breakthrough as you can see from the above chart how it played out nicely. Price pulled back a bit into a minor support and testing my moving averages which a nice rejection. Price action is suggesting more upside on this pair, if we get a positive fundamental news regarding crypto or Ethereum we will sure get new highs on this technically.
•Ripple
This is also a before and after chart on Ripple as we got a breakout driving price a little bit to the upside and we are now experiencing a pull back. There have been some speculations that we could see Ripple reach $5 to $10 fundamentally. Lets see how it plays out then.
•Litecoin
I just got an interest on litecoin, for the past one month we haven’t seen steady gains on litecoin due to some certain circumstances but we may get something positive soon as price is currently settling a a major area of support. We need to see price breakout of $200 and the descending trendline then I’m certain we will see $300 on this one.
Disclaimer:Please all these analysis are just my thoughts and only my thoughts, I’m not a financial advisor so kindly management your risk and make further findings/research before you invest into it as cryptocurrency is a very volatile market thank you.