Quant (QNT)
$12.52 (-0.38 %) View coin |
Vexanium (VEX)
$0.002203 (-3.28 %) View coin
Newsletter
19 November 2018

3 coins to keep an eye on | Issue #17

Hello everyone!

In sharp contrast to a relatively stable Q3, Bitcoin has plunged below the long-term resistance which has held for the entire year.

If Bitcoin does not find support around its current range, significantly more downside to the orderblocks below is likely. It’s also possible that this is a shakeout before a move up, liquidating last-minute bears, but the chart doesn’t show any clear signs of a move upward yet.

This is a relatively dismal situation for the crypto market overall. It’s likely that the altseason of the last two months is over for now with the exception of outlier coins.

However, here’s a few short-term plays from CoinMarketCal’s hot list for this week to keep an eye on.

@tradeprophet


Quant (QNT)

Quant (QNT)

Price
1.97 USD (-8.65 %)
0.00036836 BTC (-4.01 %)

Market Cap
19 294 236 USD
3 602.00 BTC

Volume (24h)
462 984 USD
86.42 BTC

Trade
Fatbtc

In early September, Quant began exhibiting extreme volatility. An uptrend formed, punctuated by massive spikes upward.

After the last impulse upward - tripling price within a matter of days, when wicks are included - price began to slowly drift downward as profits are taken.

Whether this is the end of the uptrends remains to be seen. After retesting the bottom of the orderblock which forms the resistance, the price has compressed into a tiny range for the past week.

It is unclear if this range will break up, or down. Price has drifted below the cloud, but the Ichimoku cloud’s tenkan and kijun have formed an inverted c-clamp. These often indicate that price has moved too quickly in one direction or another - in this case, price moved down too quickly.

Strong support lies below, which may provide an opportunity for short-term traders to attempt to join the uptrend with low bids. Alternatively, traders may make their bets on the current consolidation while eyeing the c-clamp and looking for it to resolve upward in a quick trade.

This Tuesday sees the launch of Overledger, which may provide a catalyst for a quick upward movement, or create a plunge downward to fill low bids as traders “sell the news”.


Vexanium (VEX)

Vexanium (VEX)

Price
0.023705 USD (-24.39 %)
0.00000443 BTC (-18.18 %)

Market Cap
1 870 488 USD
349.00 BTC

Volume (24h)
9 825 USD
1.83 BTC

Trade
BTC-Alpha

When most altcoins began to crash in correlation with BTC, TRF did precisely the opposite and doubled in price.

The first resistance encountered showed a sharp rejection with a long upper wick, creating an SFP - typically a sign to go short or take some profits for the next few candles. However, the price is resting on top of the last resistance and may currently form a support.

If this support holds, this may be an excellent long opportunity for traders anticipating a pump as TRF is listed on IDAX exchange this Tuesday.

If support does not hold and instead dumps on listing, aggressive traders may eye the bullish demand trendline below and it’s confluence with top and EQ of a weekly orderblock as an opportunity to join the forming uptrend.


Price
0.006238 USD (-5.03 %)
0.00000116 BTC (-0.76 %)

Market Cap
1 882 746 USD
351.00 BTC

Volume (24h)
374 570 USD
69.92 BTC

Trade
BTC-Alpha

During the entire alt rally, VEX continued bleeding into the abyss. However, a setup on the chart is beginning to form which could signal the end of this downtrend.

In early November, the price set a local bottom. Since then, it has gradually consolidated sideways on relatively low volume compared to the capitulation-level volume that accompanied the massive bearish candles.

This downtrend formed a descending wedge, which is a bullish pattern that often breaks upward. Depending on how the upper boundary of the wedge is drawn, price appears to be challenging the boundary and preparing to slice through it sideways, or potentially break upward.

The most probable strong resistance lies a reasonable distance above at an overlap of a weekly and daily OB. create a favorable risk-reward entry in the current zone for traders who think the downtrend may be over.

From today until December 4th, we can see on CoinMarketCal that Indodax is hosting an event awarding traders who purchase VEX.

This may provide enough catalyst for this consolidation to hold long enough to form a bottom, and could potentially begin driving price upward into a bullish trend. Support is likely to build under the current consolidation as traders buy the wicks down into bargain prices.

No other news.
No upcoming event.

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