Monday, July 9, 2018 7:27 AM EDT
After the Cryptomania back in the end of 2017, prices made an important top and the bubble had since then been blown, trapping a lot of ‘investors’ in cryptocurrencies. Since December when I started looking at charts of the major 4 cryptocurrencies, we’ve been bearish but I did not expect the pullback to be as deep…maybe that was needed for the sentiment to change from bullish to bearish. No more pompous headlines of young ‘geeks’ becoming crypto millionaires, no more headlines, and analysis on mainstream financial websites about the end of the $ or the €, in order to be replaced by bitcoin or another cryptocurrency. Now that there is silence in cryptoland, or at least the voices are not that loud, we take another look at the major 4 cryptocurrencies.
BITCOIN
Huge triangle, big base, and support around 6,000$. Price is breaking above the downward sloping trend line resistance after a false break down. This could be a potential reversal phase for a major rally. Key resistance levels ahead are at 7,600$ and 9,850$. Break them and the bullish reversal scenario strengthens.
LTCUSD
This wedge pattern if broken upwards will provide a solid bullish signal. Major resistance at 89$ and next and also very important resistance at 125$. Support is at 62$.
ETHERIUM
Short-term resistance at 482$ but the major break out will come with the break above the red downward sloping trend line resistance at 536$. Support that must hold is at 400-410$.
Ripple
The weakest link of all 4. Not very close to resistance. Support is at 0.40$ while resistance is at 0.51$ and next at 0.64$. I prefer any of the other 3 currencies than Ripple.
So lots of triangles and wedge patterns. All 4 holding above critical support while 3 out of 4 have either broken out or are very close to resistance levels.
Thank you for taking the time to catch up on my thinking.
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