Dash (DASH)
$67.36 (1.16 %) View coin |
Chainlink (LINK)
$4.78 (-0.63 %) View coin |
Horizen (ZEN)
$6.67 (2.03 %) View coin
Newsletter
07 January 2020

3 coins to keep an eye on | Issue #63

Hello everyone!

Last week, Bitcoin bulls and bears struggled over an 8% range. The sides were equally matched, with Bitcoin only closing 0.66% lower than the preceding week.

This week begins with some signs of strength, and Bitcoin seems poised to strike the top of the range around $7733. Consolidation under resistance, a bullish TK cross, and the price trading over the pivot give bulls some hope - although the trend is still down since August.

Altcoins had a mildly bullish week, with the marketcap dipping from $62 billion down to $59 billion, before climbing up to $64 billion to start this week.

Meanwhile, here are three coins with events listed this week on CoinMarketCal to keep an eye on.

@tradeprophet


Dash (DASH)

Dash (DASH)

Price
$55.99 (8.29 %)
฿0.00720406 (3.25 %)

Market Cap
$518 156 739
฿66 669.60

Volume (24h)
$496 011 316
฿63 820.22

Exchange
Binance

Despite the multi-year downtrend, DASH still gave last week’s readers a nearly 25% gain after forming a short-term higher low. As predicted, the bulls met resistance at the overlap of a daily and weekly orderblock, with the price closing just below the weekly EQ and just over the R1.

However, this surge in the price - accompanied by a burst in volume - created a bullish TK cross on the Ichimoku cloud. This signal could attract more attention from bulls.

If a retracement occurs, probable support lies at the previous resistance marked by a daily orderblock, pivot, and kijun around 0.00599. Just below is another likely support at a daily orderblock around 0.00579355. 

Bulls might consider entries at these structures, while optimistic bears could find a quick trade from the current region down to these zones.


Chainlink (LINK)

Chainlink (LINK)

Price
$1.93 (6.24 %)
฿0.00024791 (1.41 %)

Market Cap
$674 371 171
฿86 769.22

Volume (24h)
$79 215 688
฿10 192.43

Exchange
Binance

After a brief climb in December marking the end of Q4’s bull run, LINK may be poised for a downtrend.

A descending wedge has been forming above support at 0.00024049 since mid-December, which is typically a bullish pattern. A c-clamp on the Ichimoku cloud accompanies this pattern, which can hint at upcoming bullish retracement after the price drops too quickly.

However, just above this wedge is the neckline of a sizeable head-and-shoulders pattern, which is likely to provide resistance. Adding to this resistance is the overlap of a daily and weekly orderblock just above a weekly pivot.

Depending on the outcome of the live-stream chat, bulls may wish to play a quick retracement to resistance. Any negative news could give bears the perfect opportunity to hop on the downtrend in the current region.


Horizen (ZEN)

Horizen (ZEN)

Price
$7.48 (0.06 %)
฿0.00096245 (-4.15 %)

Market Cap
$60 912 045
฿7 837.36

Volume (24h)
$1 142 230
฿146.97

Exchange
Binance

Volatility increases as ZEN races upward since October. The current retracement may be offering bulls a chance to join the uptrend.

The top of the overlap of daily and weekly orderblocks provided resistance - right at the weekly EQ of 0.001287. Although a retracement is occurring, the overlap of daily orderblocks and the latest trendline provide probable support around 0.0009250.

If this support fails to hold, just below is another probable support at the S1 and weekly orderblock around 0.0008477.

Setting a low here - possibly prompted by any hype from the news in the Weekly Insider - gives bulls an excellent risk-reward ratio to target the previous resistance.

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3 coins to keep an eye on 👀