Dash (DASH)
$68.10 (0.53 %) View coin |
Ethereum (ETH)
$351.92 (-1.34 %) View coin |
Horizen (ZEN)
$5.42 (-4.35 %) View coin
Newsletter
30 December 2019

3 coins to keep an eye on | Issue #62

Hello everyone!

Bitcoin continues to struggle with resistance around the weekly closes near the current range’s upper bound around $7565. 

Last week, bulls failed to break the resistance as bear maintained the upper hand in the 7.8% range. A series of lower highs and higher lows leaves no clear direction for an upcoming move out of this range, leaving trend traders bored on the sidelines.

As Bitcoin sleeps, the altcoin marketcap also drifts sideways. A gentle drop from $62 billion to $59 billion bounced back to end the week right where it began - at $62 billion.

Meanwhile, here are three coins with events on CoinMarketCal to keep an eye on over the next week.

@tradeprophet


Dash (DASH)

Dash (DASH)

Price
$43.38 (-2.45 %)
฿0.00591680 (-1.04 %)

Market Cap
$400 682 919
฿54 653.97

Market Cap
$245 534 357
฿33 491.39

Exchange
Binance

A two-year downtrend may have discouraged even the most loyal DASH holders, but smaller timeframes still offer opportunities.

With a surge of volume, the price set a local low on December 26th as it wicked just below the bottom of a weekly level at 0.0055. This level also provided a base for the explosive bull run of 2015.

On the daily chart, the top of a daily orderblock provided enough resistance to halt this bounce. This level is also near the Ichimoku cloud’s kijun, which has formed resistance since September. 

However, this orderblock could turn to support - giving bulls a brief chance to profit. If it continues to provide resistance - perhaps from traders “selling the news” of the Dash Platform on EvoNet - bears may want to enter at this level and target the bottom of the weekly orderblock.


Ethereum (ETH)

Ethereum (ETH)

Price
$131.74 (-0.54 %)
฿0.01798847 (0.78 %)

Market Cap
$14 370 019 815
฿1 962 184.33

Volume (24h)
$10 467 083 313
฿1 429 249.72

Exchange
Binance

After the rally of 2019, ETHUSD once again approaches the depression levels seen at this time last year. The current region holds some hope for bulls - and potential entries for bears.

After testing the S1 support at $125, the price is currently consolidating under resistance at the kijun and bottom of a weekly orderblock around $135. This consolidation under resistance is typically a bullish sign, although the bias is still bearish since the trend is down on higher timeframes.

However, the price is testing a breakout from the resistance level around $133 - possibly hinting at the flip of resistance to support on lower timeframes. 

If traders sell the news of ETH 2.0’s Phase 0, probable support rests near the confluence of the S2 support, daily orderblock, and weekly orderblock around $101. If this release spurs the bulls on instead, they can find a short-term target near $143 at the overlap of a weekly and daily orderblock.


Horizen (ZEN)

Horizen (ZEN)

Price
$7.23 (3.54 %)
฿0.00099043 (4.73 %)

Market Cap
$58 501 825
฿8 013.54

Volume (24h)
$2 188 676
฿299.80

Exchange
Binance

In stark contrast to much of the altcoin market, ZEN has rampaged upward since early October and has been trading over the Ichimoku cloud since late October. 

However, the confluence of a daily orderblock’s EQ and lower edge of a weekly orderblock (around 0.0012056) stopped the bullish onslaught for long enough to spark a two-week downtrend. After tapping a daily orderblock just below the R1 resistance, this short-term retracement then reversed on Friday - showing some lingering strength from bulls.

If the R2 resistance flips to support, this could be the perfect area for bulls to enter the uptrend - particularly if Thursday’s Weekly Insider reveals any bullish news. 

On the other hand, if this stall marks the bullish trend's peak, then bears may want to enter in the current area (after confirmation of the R2’s strength) to capitalize on any selling prompted by the Faucet Bonus.

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3 coins to keep an eye on 👀