Pundi X (NPXS)
$0.000146 (-2.61 %) View coin |
Siacoin (SC)
$0.003017 (-0.73 %) View coin |
Waltonchain (WTC)
$0.411838 (-1.73 %) View coin
Newsletter
13 August 2019

3 coins to keep an eye on | Issue #42

Hello everyone!

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 last week, with a drop from about $99 billion to $93 billion.

Here are three coins with events this week that might offer short-term scalps for traders waiting for Bitcoin’s next big move.

@tradeprophet


Pundi X (NPXS)

Pundi X (NPXS)

Price
$0.000479 (-4.72 %)
฿0.00000004 (-1.12 %)

Market Cap
$112 545 466
฿10 243.72

Volume (24h)
$2 938 542
฿267.46

Exchange
Binance

The year-long downtrend from NPXS might be coming to a close soon. The price seems to be forming a massive falling wedge, which is a bullish pattern that often breaks to the upside.

If the bullish break occurs, the estimated target is approximately two-thirds of the wedge height (near the .382 Fibonacci retracement). This level has confluence with a significant weekly orderblock beginning around 0.00000015.

The longer that price hovers on one side of the wedge without breaking its boundary, the more likely it becomes that price will reverse in the opposite direction. Price has been assaulting the lower border for over a month. 

This failure to break the wedge could prompt price to begin moving upward and give bulls an entry.


Siacoin (SC)

Siacoin (SC)

Price
$0.002260 (-3.59 %)
฿0.00000021 (-0.09 %)

Market Cap
$94 502 072
฿8 601.43

Volume (24h)
$884 175
฿80.48

Exchange
Binance

SC has painted anything but a bullish picture during the last year, but a relief bounce could be incoming. The price’s last drop tapped the long term demand line, which halted the decline and created several bullish candles.

Interestingly, relatively low volume accompanied both the drop and a relatively long-bodied bullish candle when price found its local bottom. This difference between price movements and volume suggests that little effort is needed from either side to create a significant shift in price.

The weekly and daily orderblock overlap above, from which the last bearish impulse originated, provide a reasonable approximate target for traders looking for a bounce from this area (possibly fueled by the upcoming V1.4.3 update).


Waltonchain (WTC)

Waltonchain (WTC)

Price
$1.52 (-4.92 %)
฿0.00013871 (-1.30 %)

Market Cap
$64 231 974
฿5 846.30

Volume (24h)
$3 371 606
฿306.88

Exchange
Binance

WTC has quietly chopped under a weekly orderblock after finding a local bottom in late June. Last week, it broke through a daily pivot - but then set a new higher low. 

Since then, it appears to be going for a retest of the pivot. It’s likely to meet with stiff resistance given the confluence of the daily orderblock forming the pivot and downtrend line.

However, if bulls are strong enough to break through - potentially fueled by the burn program beginning this Thursday - another resistance to target lies much higher at the confluence a daily and a weekly orderblock near 0.00026.

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
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
30 September 2019
3 coins to keep an eye on | Issue #49
Bitcoin's move that we've all been waiting for finally happened last week. After consolidating for nearly three months, Bitcoin dropped 23% over a few days before finding some stability in the weekly orderblock around $8,000.  This drop may be a shakeout before another move up, but bears currently have the upper hand....

3 coins to keep an eye on 👀