Nov 18, 2019 --- Blog
Below is our Altcoin market update for 25th September which contains market performance and commentary on Monero (XMR), Ether (ETH), Litecoin (LTC), Ripple (XRP) and ZCash (ZEC). We compared them both to Bitcoin (BTC) as well as USD where applicable, in order to better understand how they are performing against the cryptocurrencies as well as against the fiat. Enjoy!
XMRBTC has continued to weather the crypto storm fairly well despite a small fakeout below 0.0068 yesterday which is a good thing for the bulls, although the general outlook does not look great on the 3-day chart below considering SCMR is still printing red signals on bearish candle formations while short-term market structure remains heavy and longer-term structure is still bearish, none of which suggests that a sustainable bottom is in. Neither do the falling moving averages, the strong dynamic resistance dots overhead, the lackluster momentum and volume indications, or the bearish Ichimoku Cloud, so we're not all at confident in the MT ProTrade setup at this time.
XMRUSD hasn't moved much since the massacre yesterday due to the consolidation in the BTCUSD market which has sparked a very small Doji candle today thus signaling indecision, however we think that the bias is still to the downside overall due to the bearish SCMR pivot bar today, broken market structure, the falling moving averages, strong dynamic resistance, and the lackluster momentum and volume indications, so we think lower prices are in the cards moving forward. That said, the demand area and volume profile PoC both reside in the 50 $ region which is where we think longer-term support begins to emerge.
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Despite still looking better than the majority of the majors, ETHBTC is showing some worrying signs on the 3-day chart below such as the bearish SCMR pivot bar on a bearish candle formation that is being followed up by a small but bearish candle formation that is testing EMA's, concerning signs to be sure. So are the still falling SMA's, the lackluster momentum and volume indications, and the bearish Ichimoku Cloud, although the top of the demand area and the active dynamic support dots both reside around 0.018 so we're still interested in getting active in that area if indeed price takes another leg lower before bottoming (which we still think is fairly likely).
Mixed signals abound on the ETHUSD 3-day chart seeing as though the large red SCMR signal and CR cancellation on a bearish candle formation is being followed up by a bullish pivot bar but on a gravestone Doji while market structure is now technically broken, all suggesting some additional sideways action in the 160s $ but with a still intact bearish bias. The falling EMA's, the break of the 100 SMA, the active dynamic resistance dots, and the lackluster momentum oscillators all confirm this view, although the volume indications remain decent and support gets increasingly strong below 160 $ so we think another leg down below that level will be bought in relatively short order.
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LTCBTC is a mess on the 3-day chart right now considering that two CR cancellations late last week and early this week on bearish candle formations are being followed up by a bullish SCMR pivot bar on a somewhat encouraging candle while the near-term market structure remains intact, all pointing to more consolidation in the 0.006's moving forward. The flatlining EMA's and the still decent looking momentum oscillators also suggest more sideways action over the near-term, however, the bearish SMA's, the active dynamic resistance dots, the atrocious volume indications, and the firmly bearish Ichimoku Cloud are confirming that the longer-term bias is still to the downside.
LTCUSD hasn't moved much since the bloodbath to the downside yesterday but SCMR is printing another red signal today anyway on a slightly bearish Doji candle while the market structure remains broken and dynamic resistance continues to build overhead, none of which bodes well for the bulls heading into the month of October. Neither do the falling moving averages or the deteriorating volume indications, although the price is now entering the medium-term demand area on oversold and divergent momentum so we would not be surprised to see price put in a legitimate low in the mid-40s $ over the coming days/weeks.
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Despite weakening yesterday in concert with the rest of the crypto space thus sparking a bearish SCMR pivot bar, the XRPBTC bulls continue to act fairly well in the face of heightened uncertainty thus turning the previous 3-day candle formation bullish and the current candle fairly neutral and above the demand area, so we think both upside and downside are likely limited for the time being. The flatlining EMA's and the lackluster momentum and volume indications confirm that price is likely to tread water between 0.000025 - 0.000031 over the coming days, although SCMR just started flashing a bright green signal and a CR reconfirmation while dynamic support remains active below the market so perhaps the short-term bias is actually to the upside heading into the back half of the week.
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Mixed signals continue to plague ZECBTC considering two SCMR CR cancellations over the course of the past week are being followed up by a small blue SCMR reversal signal on the new 3-day candle but on a bearish candle formation, all pointing to more consolidation in the low 0.0040's over the coming days. The slowly improving but still lackluster momentum and volume indications also suggest more trendless action moving forward, however the falling moving averages, the strong dynamic resistance dots overhead, and the still firmly bearish Ichimoku Cloud are all confirming that the longer-term bias is still to the downside hence we're not ready to get active again at this time.
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