Here are todays' quick Crypto Market Update.
BTC - 12 Hour Chart
Tools used: Ichimoku Cloud, Stoch RSI, RSI and Trendlines
So far BTC is giving out mixed signals. Those 2 hammer candles I mention on the chart usually signals a big move and depending on where the wick is the next move will be on the opposite direction (not always though). So the previous hammer candle is signalling a possibility of a big move to the upside.
However, stoch RSI and RSI indicating BTC is losing momentum here so we might see BTC testing key level support around $7,800. This are the mixed signal I'm talking about here.
Regardless of BTC movement only 2 price levels I would watch:
- Key level support around $7,800 (successful rebound from this key support will confirm higher lows on BTC chart)
- Upper resistance on the ichimoku cloud around $8,150. If BTC successfully breakout from this cloud we might see another rally to the upside.
ETH - Daily Chart
Tools used: Fib Retracement, SMMA and Trendlines
As long as ETH does not go bellow its previous low which about $350. ETH is still giving out bullish signal. And right now ETH is holding above 200 day SMMA support. If this support fails to hold ETH price we might see ETH retest it previous major resistance.
However, looking BTC chart at a glance this is just minor correction so far. At least there is no signal to the downside so far.
LTC - 12 Hour Chart
Tools used: Ichimoku Cloud, RSI and Trendlines
LTC is one the few crypto that is performing rather well compared to the others that are having minor correction. As you can see on the chart there LTC bounced from its previous resistance and currently trying to breakout from major resistance into ichimoku cloud.
Steem - Daily Chart
Tools used: Ichimoku Cloud, RSI and Trendlines
Steem is holding well above this 33k satoshis key level support for now. Since Steem is still inside ichimoku cloud we should wait and see if Steem can successfully breakout from this cloud.
If Steem consolidates around this 33k satoshis it would take about 2 weeks to breakout from this cloud. However since BTC's correction doesn't seem to be over yet, we might see some more volatility on altcoins.
Disclaimer
You know the drill guys. This is just opinion and not a financial advice. Do your own research and decide your own trades. Cheers!