Neo (NEO)
$10.90 (1.99 %) View coin |
GXChain (GXC)
$0.515491 (0.11 %) View coin |
carVertical (CV)
$0.000220 (-9.68 %) View coin
Newsletter
05 November 2018

3 coins to keep an eye on | Issue #15

Hello everyone!

Bitcoin still continues to aimlessly wander between the upper and lower boundaries of its trading range set in September.

The next week looks likely to bring some mildly bullish movement in Bitcoin, while still covering a small range. This should fare well for the current alt season.

Here are three coins from CoinMarketCal’s “hot” list this week that may offer opportunities for short-term bullish plays.

@tradeprophet


Neo (NEO)

Neo (NEO)

Price
16.48 USD (-0.01 %)
0.00255639 BTC (-1.49 %)

Market Cap
1 071 088 758 USD
166 166.00 BTC

Volume (24h)
164 637 134 USD
25 541.32 BTC

Trade
Binance

In early September, NEO printed the top of a falling wedge - typically a bullish pattern. During most of this alt season, it has steadily continued its downtrend, filling out the wedge outlines.

Late October brought a weak breakout of the wedge, which - while staying above the wedge’s upper boundary - continued to drop and tested mid-October’s low.

Technically a lower low was set, but the bullish daily candles are increasing in length as buyers step in. This suggests that NEO may have been in accumulation, the lower low was a “spring” to shake out “weak hands”, and a quick markup in price may be coming, according to Wyckoff accumulation schematics.

CoinMarketCal shows us that a NEO fork will be taking place this Wednesday. While this alone is unlikely to propel NEO to significant heights, it does seem reasonable to assume that some buyers will be entering NEO for at least a short period to obtain free NEOX tokens.

This, in turn, should continue to push the price up, creating a bullish chart environment and offering some support for the start of a longer-term uptrend out of accumulation.


GXChain (GXC)

GXChain (GXC)

Price
1.32 USD (-0.60 %)
0.00020550 BTC (-2.02 %)

Market Cap
79 477 489 USD
12 330.00 BTC

Volume (24h)
1 164 102 USD
180.60 BTC

Trade
Binance

GXChain has been quietly ranging for over a month.

Candlesticks alone don’t show us much of interest, except that a significant support forming a higher low has been holding, and several attempts to break upward have prompted selloffs.

However, the higher low holding does show some bullish strength. The MFI and RSI indicators on the daily charts are both hovering around their respective resistance lines on the edge of flipping from bearish to bull momentum - waiting for a breakout upward.

Meanwhile, the Chaikin oscillator is slowly creeping toward the zero line and almost ready to cross. Crossing the zero line typically indicates that a bullish trend is beginning.

It’s possible that the Indodax listing CoinMarketCal shows us for today will give ignition to the pent-up tension hiding in the chart and prompt a significant breakout. Additional exposure to traders and investors on Indodax should provide more support for bulls in shorter and longer-term timeframes.


carVertical (CV)

carVertical (CV)

Price
0.000838 USD (8.45 %)
0.00000013 BTC (6.13 %)

Market Cap
5 740 766 USD
890.00 BTC

Volume (24h)
46 705 USD
7.24 BTC

Trade
Kucoin

After tripling in value since late September, carVertical’s price has slowly bled down to near the value from which it originally broke out.

Price has begun consolidating on top of the support, with a questionable increase in volume. If the oddly high volume is to be trusted, it suggests that bulls are resolutely holding the line and absorbing sellers at an intense rate.

During this consolidation, price drifted over the twist in the Ichimoku cloud. Price trading over the cloud is typically a bullish sign. For now, the price is relatively stable.

Wednesday bring us an announcement on carVertical’s role in IoT (internet of things). Speculation on what this announcement will bring may be what is driving bulls to accumulate at this level.

Should surprising bullish news be announced, this could also prompt a significant thrust upward from current levels. The current price offers a reasonable risk-reward trade if a retest of the previous high is anticipated, and it is assumed that September’s lows will hold.

Newsletter
22 June 2020
3 coins to keep an eye on | Issue #83
It's been a volatile week in Bitcoin with nothing settled between bears and bulls as the price swept over a 7.27% range before closing the week at a mere .46% below the weekly open. The altcoin marketcap showed similar indecision as the price wobbled between $94 and $93 billion. There's no way to know precisely when Bit...
Newsletter
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3 coins to keep an eye on | Issue #73
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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...

3 coins to keep an eye on 👀