Altcoin Market Update for September 11, 2019

Nov 18, 2019 --- Blog

Altcoin Market Update for September 11, 2019

Below is our Altcoin market update from 11th September 2019 where we discuss our top priority altcoins from our watchlist and discuss the trends they are showing at the moment.

 

Monero (XMR)

 

3-Day Chart

XMRBTC remains stuck in the low-0.007's on another red SCMR signal and small but bearish candle formation following the gravestone Doji from earlier in the week which is keeping still bearish market structure quite heavy while dynamic resistance continues to actively build overhead, none of which bodes well for the bulls moving forward. Neither do the falling moving averages, the lackluster volume indications, or the increasingly bearish Ichimoku Cloud so we want to stay conservative until evidence of a reversal emerges on these higher timeframes. 

Monero 3-day chart from 11th September 2019
Monero 3-day chart

3-Day (USD)

While a bullish SCMR pivot bar printed earlier this week on the 3-day chart below, it came on a bearish Doji candle which is being followed up by a red SCMR signal that is turning market structure heavier while the medium-term downtrend remains intact, not great news for the bulls, and neither are the falling moving averages or the mixed momentum and volume indications hence we think the consolidation between 60 - 80 $ continues but with a slight shorter-term downward bias. 

Monero 3-day USD chart from 11th September 2019
Monero 3-day USD chart

Current Monero (XMR) BBA ProTrades

[this content is reserved for premium members only. If you would like to access it, subscribe here]

________________________________________

 

Ether (ETH)

3-Day Chart

ETHBTC is still consolidating in the mid-0.017's on a very small red SCMR signal and bearish candle formation that continues to struggle with the strong dynamic resistance overhead while the market structure remains bearish overall, none of which is suggesting that the bear market is over yet. The still falling moving averages, the awful looking volume indications and the increasingly bearish Ichimoku Cloud are certainly not indicators of a sustainable reversal either, although if the bulls can defend sub-0.017 levels on a retest then perhaps oversold momentum will start to come into play which could assist in establishing a legitimate bottom in this region. 

Ethereum 3-day Chart from 11th September 2019
Ethereum 3-day chart

3-Day (USD)

Despite a return to red SCMR signals today following the blue reversal earlier in the week, the ETHUSD 3-day chart is actually looking like it's trying to establish a longer-term base considering the rounded bottom that is emerging right where the 100 SMA continues to rise, which is fairly good news for the bulls moving forward. So are the oversold momentum oscillators and still favorable volume indications, although the EMA's are falling and are acting as resistance and the Ichimoku Cloud is about to twist back to bearish so overall we think this spells more consolidation between 150 - 200 $, perhaps with a slight upward bias over the shorter-term.

Ethereum 3-day USD chart from 11th September 2019
Ethereum 3-day USD chart

Current Ether (ETH) BBA ProTrades

[only accessible to premium members through subscription]

________________________________________

Litecoin (LTC)

3-Day Chart

As things currently stand, the 3-day LTCBTC candle formation is very bearish and is coming on a red SCMR signal despite the blue reversal from earlier in the week, all favoring the bears moving forward, as does still broken market structure and the falling moving averages. The lackluster volume indications and increasingly bearish Ichimoku Cloud are also pointing to some downside heading into the back half of the week, although the price is still in a longer-term demand area while momentum remains fully recharged so the bulls do have a shot at defending the lows when the bears get truly active again. 

Litecoin 3-day chart from 11th September 2019
Litecoin 3-day chart

3-Day (USD)

While the blue SCMR reversal signal in LTCUSD earlier this week was encouraging, it is being followed up by another red signal on a bearish candle formation that is still struggling with the lower EMA while the shorter-term market structure remains broken, all suggesting that the bears are still in control. The falling moving averages and bleeding volume indications aren't great signs for the bulls either, however, the upper demand area is providing support while momentum remains oversold and the Ichimoku Cloud is still bullish so if the bulls can defend the 62 $ lows through the end of the week then they might gain some confidence as we get deeper into September. 

Litecoin 3-day USD chart from 11th September 2019
Litecoin 3-day USD chart

Current Litecoin (LTC) BBA ProTrades

[only accessible to premium members through subscription; subscribe here]

________________________________________

Ripple (XRP)

3-Day Chart

XRPBTC has barely moved over the past 24 hours which is keeping even the current 3-day candle formation very small, although SCMR is back to red and said candle formation is bearish for the time being while very strong dynamic resistance continues to build overhead, therefore our forecast for more near-term consolidation around the 0.000025 level but with a still intact longer-term bearish bias remains intact until further notice. The falling EMA's, lackluster volume indications, and very bearish Ichimoku Cloud confirm this outlook, hence on the sidelines, we remain. 

Ripple 3-day chart from 11th September 2019
Ripple 3-day chart

Current Ripple (XRP) BBA ProTrades

[only accessible to premium members through subscription; subscribe here]

________________________________________

Zcash (ZEC)

3-Day Chart

ZECBTC is under pressure once again today, which comes as no surprise seeing as though SCMR is still printing red 3-day signals on small but predominantly bearish candle formations while the market structure remains broken and very strong dynamic resistance continues to build overhead, all suggesting that the bear market is still firmly intact. The falling moving averages, bearish volume indications, and downwardly expanding Ichimoku Cloud also point to more downside before a sustainable bottom is established, therefore we're still not ready to issue any ProTrade ideas of any kind.

ZCash 3-day chart from 11th September 2019
ZCash 3-day chart

Current ZCash (ZEC) BBA ProTrades

[only accessible to premium members through subscription; subscribe here to view full content]