CyberMiles (CMT)
$0.008112 (-1.32 %) View coin |
UTRUST (UTK)
$0.097886 (-6.45 %) View coin |
Fortuna (FOTA)
$0.000642 (-0.51 %) View coin
Newsletter
16 October 2018

3 coins to keep an eye on | Issue #12

Hello everyone!

The exceptionally tight range Bitcoin traded in throughout last week was shattered on October 11th. Price lazily drifted sideways into the linear downtrend supply line - then plummeted to almost $6200 within a single day.

A number of altcoins saw pullbacks in correlation with this move, knocking many traders out of their long positions. However, this pullback may also be creating an opportunity for new bullish setups.

Bitcoin has thus far only gone up from this level, and yesterday's violent move up only strengthened that short-term bullish momentum.

Here are a few short-term opportunities found on CoinMarketCal. These could turn profits while avoiding the risk of longer-term trades during these uncertain market conditions.

@tradeprophet


CyberMiles (CMT)

CyberMiles (CMT)

Price
0.123628 USD (-0.13 %)
0.00001859 BTC (0.91 %)

Market Cap
94 525 560 USD
14 214.00 BTC

Volume (24h)
17 653 709 USD
2 654.70 BTC

Trade
Binance

After approximately three weeks of a stable uptrend,  the price of CMT began to lift off into a parabola. The guppy indicator shows that short-term traders pushed the price too high too fast, as shown by the ragged lines on the guppy’s faster EMAs, and we’re currently seeing a healthy pullback.

A tap of the month-long uptrend demand line was aggressively bought up, suggesting some strength from bulls. Additionally, the price is trading above the Ichimoku cloud, which gives support for a bullish case.

The longer-term investor guppy EMAs have completely flipped and are beginning to spread, showing that investors may have begun to buy into the rally,

A few probable support zones, the uptrend demand line, and the Ichimoku cloud lie directly below price. This offers some potential long entries with favorable risk-reward for traders wanting to join the uptrend.

Over a longer timeframe, this lends support to CMT’s strength as a project and may attract longer-term investors, contributing to a stable long-term uptrend.


UTRUST (UTK)

UTRUST (UTK)

Price
0.037463 USD (-2.32 %)
0.00000563 BTC (-1.06 %)

Market Cap
16 858 349 USD
2 535.00 BTC

Volume (24h)
219 791 USD
33.05 BTC

Trade
Huobi

In mid-September, UTK broke out of a long-term falling wedge and began a month-long uptrend. Around the same time, the MA7 crossed over the MA25, which is a bullish signal.

The uptrend demand line was confirmed with several touches. A few of these happened last week as price consolidated with decreasing volume.

This consolidation is occurring under resistance and forming a bull flag, which is another bullish sign. The decreasing volume during this consolidation shows that sellers may be becoming exhausted, reducing opposition to another leg upward.

So far, there have been no explosive moves up. Nobody can know for certain if one will happen in the next week, but this is a probable time to see one - depending on the market’s developments over the next week.

Browsing “hot” events on CoinMarketCal shows us that today will see the release of native apps on mobile devices for UTK. This may provide some catalyst for a pullback providing a better entry, or a reason for a sudden bullish impulse.


Fortuna (FOTA)

Fortuna (FOTA)

Price
0.015304 USD (-2.90 %)
0.00000230 BTC (-1.58 %)

Market Cap
7 038 587 USD
1 058.00 BTC

Volume (24h)
488 192 USD
73.41 BTC

Trade
HitBTC

Longer timeframes show a consistent downtrend in FOTA’s price action.

However, the past week has seen FOTA consolidating under a resistance with an accompanying decrease in volume, similar to UTK. This resistance has confluence with the upper boundary of the falling wedge.

Should the price forcefully break through the resistance, the next probable resistance rests above the falling wedge - painting a breakout on the chart, which could trigger FOMO from breakout traders eyeing the risk-reward ratio to the next major downtrend supply line.

Further supporting the bullish case is the recent cross of the MA7 over the MA25 during this consolidation. Additionally, the price climbed back up to re-test the resistance just days after its first rejection instead of continuing downwards, which suggests some bullish strength.

CoinMarketCal shows us that FOTA’s mainnet launches today, which may provide an opportunity for short-term traders to attempt to catch a sudden breakout up through resistance.

No other news.
No upcoming event.

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