Binance Coin (BNB)
$30.87 (5.19 %) View coin |
NEO (NEO)
$18.58 (3.36 %) View coin |
Ravencoin (RVN)
$0.012805 (2.65 %) View coin
Newsletter
17 February 2020

3 coins to keep an eye on | Issue #69

Hello everyone!

Bitcoin bulls paused last week around $10,250 at resistance near the EQ of the weekly OB from September’s consolidation period. This region also triggered a reversal in October. Is another short-term reversal coming? It’s too soon to say for sure.

The altcoin marketcap made a similar move, climbing from $103 billion to nearly $120 billion before ending the week at $101 billion - just below where it started.

While we wait for Bitcoin’s next hint of direction (which is likely to come this week) here are three coins with events this week on CoinMarketCal to keep an eye on.

@tradeprophet


Binance Coin (BNB)

Binance Coin (BNB)

Price
$23.04 (0.06 %)
฿0.00238581 (1.59 %)

Market Cap
$3 583 091 261
฿371 080.60

Volume (24h)
$450 973 537
฿46 704.79

Exchange
Huobi

After the third bottom test around 0.0018050 in January, BNB bulls pressed the ignition button to launch two months of profit.

In early February, a clean break up from the ascending channel around 0.0022497 reached as high as a weekly orderblock’s EQ at 0.0026062. This EQ proved to be resistance, and the price plummeted back toward the channel after four days of consolidation.

Will the top of the channel hold as support? Yesterday’s touch of the channel created a long lower wick, showing buying pressure. A monthly level, an R2 level that could turn to support, and the top of a daily orderblock also might contribute to support here.

If the price does re-enter the channel, another support may be at the confluence of a monthly level at 0.0021769, the bottom of the daily orderblock, and the channel’s midline. Wednesday’s CoinEx listing might also provide a well-timed fundamental reason for either of these regions to hold.


NEO (NEO)

NEO (NEO)

Price
$14.85 (4.89 %)
฿0.00153826 (5.94 %)

Market Cap
$1 047 722 702
฿108 506.74

Volume (24h)
$1 151 248 701
฿119 228.35

Exchange
Huobi

The beginning of February heralded the end of two months of consolidation at NEO’s bottom. 

Within a couple of weeks, the price shot up nearly 40% before crashing into the weekly pivot and swiftly reversing. Despite some intraday back-and-forth, the R2 resistance failed to confirm as support as the price fell through it. 

Just below this R2, two daily orderblocks overlap around 0.0014 above the January range’s resistance. Buyers stepped in at the first touch of this region and created a long lower wick, showing support in this area. 

If the previous resistance around this overlap confirms as support, buyers might target the last high, or even higher to the monthly level at 0.001741. Binance’s addition of the NEO/USDT futures today could also help this region hold.


Ravencoin (RVN)

Ravencoin (RVN)

Price
$0.032804 (-3.38 %)
฿0.00000340 (-1.50 %)

Market Cap
$181 504 674
฿18 797.42

Volume (24h)
$36 434 619
฿3 773.33

Exchange
Huobi

RVN joined the pack of altcoins that surged in late January, giving a respectable climb of over 44%. 

However, a downward trendline around 0.00000392 proved too strong for the bulls to crack. They’ve retreated toward a monthly and level at 0.00000327 that previously gave support. This area is also near the bullish trendline, which could provide additional support.

If this level does give support again, bulls could enter and target the monthly level at 0.00000371, or higher to the trendline top around 0.00000386. Wednesday's OKEx listing and Tuesday's AMA might help provide the necessary strength.

No other news.
No upcoming event.

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