Nov 18, 2019 --- Blog
This is our Altcoin market update from 18th September 2019 - in it, we take a look at the latest price fluctuations and trends that influenced some of our top altcoin movements.
3-Day Chart
XMRBTC has finally joined the altcoin party that has been raging all week as price has moved up to the 0.0077 area today thus sparking an SCMR CR UP confirmation on a bullish candle formation as we head into the 3-day candle close which is certainly good news for the bulls moving forward. The fact that price is back above the lower EMA for the first time this month while new dynamic support has emerged around 0.007 and the momentum and volume indications continue to improve are also encouraging signs for the bulls over the near-term, however the longer-term SMA's continue to fall, the Ichimoku Cloud is still firmly bearish, and resistance is heavy around 0.0085 which is where we expect the bears to return if 0.008 is broken this week.
XMRUSD is butting right up against the medium-term downtrend line this week on a neutral SCMR signal but fairly bullish candle formation that is finding support at the top of the upper demand area, as has been the case for the past few weeks, all pretty good signs for the bulls moving forward. The fact that the momentum and volume indications are improving while the Ichimoku Cloud starts to twist bullish out in front of the market is positive news for the bulls, hence a breakout above the downtrend line is quite possible over the coming days, however the moving averages remain a mess and resistance is heavy around this 80 $ level so there could be more consolidation before a breakout materializes (which we think is more likely than a breakdown at this point).
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ETHBTC got close to the 0.022 level that we discussed yesterday on a bright green SCMR signal and large bullish candle formation that is drastically helping short-term market structure, all of which bodes well for the bulls heading into the back half of the week (and September). The fact that price has moved above the EMA's, which are reversing higher as well, is also good news for the bulls, as is the spike in buy volumes and the trending momentum oscillators, hence we think that a legitimate test of the 0.022 - 0.023 area is likely in the near future, if this region can be cleared by week's end then the 0.025 - 0.027 area is the next stop on the way up, but if not then a retracement back down into the 0.018's is likely before another attempt to rally above resistance.
Following an SCMR CR UP confirmation earlier this week a bright green signal on a bullish candle formation is about to print on the close today which is helping to improve shorter-term market structure while the longer-term structure remains intact, all pointing to higher prices in the not too distant future (but perhaps with more consolidation first). The fact that the EMA's have been broken while the 50 and 100 SMA's remain supportive also suggests a bullish bias moving forward, as do the encouraging momentum and volume indications, so the 220 - 240 $ area appears to be the next target if/when the 217 $ local highs are cleared later this week.
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LTCBTC has moved slightly higher over the past 24 hours which has sparked a 3-day SCMR CR UP confirmation on a bullish candle formation heading into the daily and 3-day close later today, all good news for the bulls over the near-term, as is the fact that the EMA's have been broken and are likely to be closed above while they are also reversing to the upside. The very encouraging momentum oscillators and the lack of medium-term resistance until price gets above 0.008 is also good news for the bulls moving forward, hence we think the bias is to the upside over the coming days, however, the longer-term SMA's remain a mess, the volume indications leave much to be desired, and the Ichimoku Cloud is still firmly bearish out in front of the market so we think the bears return in the 0.008's.
LTCUSD is breaking above the reversing EMA's today on a large bullish candle formation that is significantly helping near-term market structure while the momentum and volume indications improve and the Ichimoku Cloud remains bullish, all good signs for the bulls heading into the back half of the week. Having said that, the lack of any SCMR reversal signals or even green candles is a bit discouraging, as are the falling SMAs, so despite the likelihood of higher prices above 80 $ over the coming days we still have questions regarding sustainability.
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The rally in XRPBTC is materializing faster than expected given price is now above 0.000030 on a large bright green 3-day SCMR signal and bullish candle formation that has already broken multiple levels of dynamic resistance overhead, all of which bodes well for the bulls moving forward. So does the fact that price is now above the EMA's for the first time since June while the volume indications begin to improve and the momentum oscillators pick up steam to the upside, so higher prices are certainly possible in the near future. That said, the longer-term SMA's continue to fall, the A/D line has yet to tick up, the Ichimoku Cloud remains firmly bearish, and medium-term resistance is heavy in the 0.000035 - 0.000040 area which is where we expect the bears to return.
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ZECBTC has moved well above the 0.005 level today thus sparking an SCMR CR UP confirmation heading into the 3-day candle close on a bullish candle formation that is challenging the still falling EMA's, all fairly good signs for the bulls, as are the encouraging momentum oscillators hence a move up to the 0.0060 regions over the coming days would not surprise us one bit. That said, the SMA's continue to fall, the volume indications remain lackluster, and the Ichimoku Cloud continues to grow more bearish out in front of the market, so sustainability remains an issue moving forward.
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