AirSwap (AST)
$0.011630 (-2.97 %) View coin |
PAC Global (PAC)
$0.000155 (-3.26 %) View coin |
Usechain Token (USE)
$0.000397 (-0.30 %) View coin
Newsletter
08 October 2018

3 coins to keep an eye on | Issue #11

Hello everyone!

The past week has seen Bitcoin trading in an incredibly tight range as volume slowly declines. Nobody can say for sure whether the next major move will explode up or down, or how soon it will come.

Meanwhile, this has created the perfect conditions for the altcoin market to continue to flourish. An increasing number of coins are continuing to show reversal signs. Many of the first reversals are now consolidating after a move up. Others are just now beginning their moves from consolidation.

At any moment, a move from Bitcoin could tremendously change the state of the altcoin market. Traders taking up longer-term positions may want to consider diversifying into promising coins through intra-day or intra-week trades. This is because shorter term trades have less risk of being ruined by a sudden massive move from Bitcoin.

Here are three coins which have hot events this week to keep on eye on that may provide opportunities for those traders.

@tradeprophet


AirSwap (AST)

AirSwap (AST)

Price
0.097616 USD (5.22 %)
0.00001482 BTC (4.52 %)

Market Cap
14 642 416 USD
2 222.00 BTC

Volume (24h)
1 047 616 USD
159.00 BTC

Trade
Binance

After an impulsive spike upwards in mid-August, AST has established a month-long steady uptrend beginning in early September. The slope of this ascent has been steadily increasing, which often precedes an explosive parabolic move upwards.

A number of resistances do lie above the current price. Sunday saw a long upper wick as an resistance was encountered and supply dumped into buyers. However, they continued absorbing price and began printing another bullish candle today - continuing into the resistance.

This sustained move upward is not surprising, since Wednesday sees the end of the current product beta and the rollout of AST’s new product.

Assuming the current trend doesn’t reverse on Wednesday's “news” - an unlikely event in the current state of the market - the chart shows some favorable entries with reasonable risk-reward.


PAC Global (PAC)

PAC Global (PAC)

Price
0.002704 USD (23.39 %)
0.00000041 BTC (20.87 %)

Market Cap
12 900 707 USD
1 958.00 BTC

Volume (24h)
116 039 USD
17.61 BTC

Trade
YoBit

In mid-September, PAC broke through the long-term downtrend supply line on the weekly chart. Since then, some downtrend has still continued, with a lack of higher highs and setting another lower low.

However, this lower low tapped the downtrend supply line and prompted a sharp reaction from buyers. This can be seen by the long lower wick on the daily candle. An indecisive candle the day after was followed by an explosive bullish impulse on Sunday.

When the trendline created by the series of lows leading up to August is drawn against the weekly trendline, it creates a pattern similar to a falling wedge - a bullish pattern. More touches on each trendline forming the wedge would provide a more reliable pattern.

However, traders seeing this as a falling wedge are likely to be eyeing the falling wedge’s target nearly 300% above the low. This has confluence with an orderblock from PAC’s last bull run, making it likely to be a strong resistance.

There is no way to know if this week’s candle pattern will prompt a longer-term reversal, but PAC’s significant event on Saturday - being featured on StartUp TV Showcase - should prompt a bullish week for this coin.


Usechain Token (USE)

Usechain Token (USE)

Price
0.001711 USD (4.09 %)
0.00000026 BTC (3.50 %)

Market Cap
N/A
N/A

Volume (24h)
137 874 USD
20.93 BTC

Trade
HitBTC

As a coin with a relatively limited charting history, USE is busy creating the initial moves which will significantly shape its future through technical analysis.

A week-long downtrend supply line near the end of September was broken at the beginning of October. Since then, the price has steadily consolidated between 0.00000030 and 0.00000022.

A number of long-wicked candles have printed throughout the first week of October as bulls and bears battle for the upper hand and initiate momentum in one direction or the other. The increase in volume during this battle has accompanied a higher William’s Fractal Low, which technically provides more support for the bulls.

This was immediately followed by a drastic drop in MFI, leading to a very undersold MFI indicator. A low reading on the MFI indicator doesn’t mean that price must immediately rise, but does usually decrease the incentive for sellers to continue their selling.

This Tuesday brings the launch of USE’s Testnet. The additional interest and confidence this could bring to the project may lead to a bullish breakout from the current consolidation range. Combining a breakout with the current bullish state of the altcoin market creates excellent conditions for unhindered bullish movement.

At a minimum, traders could look to play the current trading range by buying near the latest low and selling parts of their position near the most recent highs.

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No upcoming event.

3 coins to keep an eye on 👀