Siacoin (SC)
$0.002480 (3.73 %) View coin |
Genesis Vision (GVT)
$0.985392 (-0.20 %) View coin |
nDEX (NDX)
$0.000004 (0.74 %) View coin
Newsletter
29 October 2018

3 coins to keep an eye on | Issue #14

Hello everyone!

This week concluded one of the smallest trading ranges in Bitcoin’s history.

Historically, this creates a bullish environment for altcoins - and this week has been no exception. A number of coins have exploded from their accumulation zones, as other coins continue to slowly ramp up to their breakout point.

However, this incredibly tight range on Bitcoin gives many traders - both bulls and bears - a sense of impending doom. A large move in the near future is highly probable, which could end the current altseason overnight.

One one hand, a blast up for Bitcoin should helpt the altcoin market in the longer term as money re-enters the crypto markets - but on the other hand, a move down may spell doom for Bitcoin and altcoin bulls alike.

With this in mind, here are three coins from CoinMarketCal’s hot events list for this week which offer some shorter-term opportunities - minimizing risk from entering longer-term altcoin trades.

@tradeprophet


Siacoin (SC)

Siacoin (SC)

Price
0.006895 USD (-2.16 %)
0.00000108 BTC (-1.13 %)

Market Cap
259 527 793 USD
40 474.00 BTC

Volume (24h)
6 783 139 USD
1 057.84 BTC

Trade
Binance

After printing a swing low on August 13th with a massive hammer candle, SC has been in an uptrend for over two months.

The two most recent large impulses painted the top line of a rising channel, and can also be viewed as an ascending triangle with a failed breakout in early October.

Price is currently pushing the top of the ascending triangle, or could also be viewed as having broken the triangle and currently retesting its top - depending on where you choose to draw the top.

Signs supporting an impending breakout include a cross of the Ichimoku cloud’s tenkan over the kijun, which is a generally bullish signal. Additionally, the price has been trading over the cloud since mid-October, which provides further support for a bullish trend.

The Ichimoku cloud’s lagging span is nearing the upper boundary of the cloud. A sudden burst in price often accompanies the span’s piercing of the cloud and indicates a bullish trend. The high volume indicates significant interest from traders in this coin, making it a highly probable candidate for a breakout in the next week or two.

This week Siacoin will release a network upgrade, which is a hard fork that will likely restore confidence in a number of investors. This may provide the fundamental catalyst for a successful triangle breakout as price drifts sideways into the weekly uptrend demand line.


Genesis Vision (GVT)

Genesis Vision (GVT)

Price
11.90 USD (-5.36 %)
0.00185527 BTC (-4.01 %)

Market Cap
52 547 955 USD
8 195.00 BTC

Volume (24h)
4 198 125 USD
654.71 BTC

Trade
Binance

As one of the earliest coins to establish a strong uptrend over a considerable price percentage, GVT has been a solid buy for a long time.

Recently, the uptrend showed some signs of weakness with a sudden drop. This creates an opportunity to attempt to join the uptrend with a more favorable risk-reward ratio. It’s possible this is a sign of the uptrend weakening and dying out, but with a proper exit strategy, it may be a risk worth taking.

Price has been trading over the Ichimoku cloud for eight weeks, indicating a strong uptrend. The cloud is becoming wider in a few days, which typically creates a strong area of support.

Price aggressively dropped over the last few days before bouncing off a bullish orderblock at the last consolidation zone. Some probable resistance does lie just above at a bearish orderblock, which the recent bearish candles sliced through cleanly. Typically, this creates a high probability resistance zone.

The most likely outcome in the near future is that price creates a range between the current support and resistance while profits from the uptrend are taken. This offers some short-term opportunities for range scalping, as well as an opportunity for traders anticipating a continuation the uptrend to obtain favorable entries. The strong uptrend demand line will encounter price near next weekend, providing a good estimate for the time when the absolute deadline for the ranging to end.

This Tuesday, we can see on CoinMarketCal that GVT’s trading platform launches. It seems unlikely that price will significantly drop before then - although some traders may “sell the news”, potentially creating even better entry opportunities. Having a working product of this scale also provides more support for longer-term investors to enter GVT, creating a bullish case for uptrend continuation.


nDEX (NDX)

nDEX (NDX)

Price
0.000035 USD (-11.09 %)
0.00000001 BTC (-9.16 %)

Market Cap
519 384 USD
81.00 BTC

Volume (24h)
30 346 USD
4.73 BTC

Trade
Mercatox

As a coin with a limited history, NDX is painting the first moves that are likely to shape its future.

It’s relatively low market cap, as shown on CoinMarketCal’s NDX details page, means that massive moves can come with little warning since smaller amounts of capital can move price further.

The last few days saw a significant bullish impulse from a consolidation below resistance. This aggressive move pushed too aggressively, and some profits are now being taken.

A potential uptrend is forming when the two swing lows are connected. This seems likely to hold on a third test - if it is tested. The confluence of weekly and daily orderblocks in the coming week which are intersected by the potential uptrend demand line are likely to provide strong support.

Price is currently hovering above the weekly equilibrium, which could also provide support at a higher level for aggressive, intraday, or scaling position traders.

On Thursday, NEXBIT’s exchange launches. This is likely to create some short-term long opportunities, and also give longer-term investors reason to consider investing in this project.

Newsletter
02 March 2020
3 coins to keep an eye on | Issue #71
The move we've been waiting for finally happened last week, as BTC plunged to close 14.48% below its open. The trendline through the consolidation zone around $8475 provided a temporary bottom, but will it hold? The altcoin marketcap crashed alongside BTC, losing 18% from $106 to $87 billion during the week. While we wa...
Newsletter
13 August 2019
3 coins to keep an eye on | Issue #42
Bitcoin chops in a relatively neutral position, giving both bulls and bears confidence in their positions. The past week's range shows no apparent signs of breaking upward or downward - but the drop in volume suggests that the move is quickly approaching. Meanwhile, the altcoin marketcap suffered some losses during the las...

3 coins to keep an eye on 👀