The overall outlook of the week has been so hot. The market has peaked over the weekend, and the index broke through the zone at 270 for 2 zones. Each zone ranges around 12%, meaning that the overall market cap, over the weekend, has growth 24%!!
Crypto Top 10 Market Cap
Technical Signal Trading
Bitcoin broke through the roof at 10,000 and reach the top of the new zone. After hitting the ceiling, there was a selling effort almost right away. If the price move above the average cost (dotted-green line), it indicates a buy signal from our perspective. The gap between the signal to resistance is about 23%. Buying after this period should be caution, since the RSI indicator tells an overbought condition.
ETH, after we recommended buy on dip at the dotted line, skyrockketed through the resistance for 2 zones, which is about 40%. This is the hottest coin in the market at the moment. However, same as BTC, buying after this period should be cautious because 1) RSI indicates overbought condition and 2) high volatility
XRP has just broken through the resistance for 3 days. The next resistance is at 0.248. Many investors might see this rise too small and slow comparing to BTC and ETH. However, our view is that there is a buy signal if the price faked dropping and rebound at 0.177. After that period until now, it has moved up 26%. XRP is more laggard than other coins, and thus investors may consider buying XRP instead of other coins.
Having been sideway for 4 month, LTC finally broke through the resistance 3 days ago. The next resistance is at 60 LTC/USD. Normally once the price reach the top boundary of the zone, we recommend slowly make profit at the resistance. If the price could build up its foundation and stand at the zone, investors may scale in after seeing the formation.
We believe that because the price has built the foundation for 4 months, we expect to see a strong price pattern for several zones.
Bitcoin Cash Strategy
BCH moves similarly to LTC, as always. At the moment, the price has just broke through for 2 days. If you hold some BCH, we recommend slowly sell to make profit because there might be a chance that the price will keep moving up for several zones.