06 Apr 2020
3 coins to keep an eye on | Issue #73
Price
$240.34 (1.71 %)
฿0.03412762 (-1.79 %)
Market Cap
$4 415 282 887
฿626 960.59
Volume (24h)
$3 530 128 159
฿501 270.54
An initial plunge in the price of BCH during the market crash, and the subsequent rebound, may have created a range as BCH consolidates over a significant pivot around 0.03287247.
If this proves to be a range, the pivot marks the range’s center. Currently, the price is hovering over this pivot, with significant liquidity above and below the current region.
If the price climbs, possibly spurred by the block reward halving, a sweep above the range highs at 0.03750828 with a close below could provide bears with a short entry. The range EQ and the support near the range low and 2020 yearly open around 0.02843501 make reasonable targets.
A dip below the current region into the range pivot may result in a bounce, giving bulls an entry to target the range highs and possibly as high as 2019’s yearly open at 0.0401608.
NEO also dropped along with the rest of the market, forming a tight range around 0.00104426 between a high from September 2019 and a swing low from July 2019.
A stop run on the range lows on April 2nd suggests that the price might move upward - maybe spurred by news revealed during the Reddit Q&A.
Aggressive bulls could enter at the current price, or wait for a sweep at the equal lows at 0.001025 for a more favorable entry to target the monthly open at 0.001056 or the top of the range around 0.001073.
Bears may want to wait for a decisive sweep of the range highs, then enter while targeting the range lows around 0.001016.
Despite high volatility, NEM’s average price has held relatively stable during the last month. However, the end of March did produce a break of the bullish trendline that began in January.
While the market has yet to set a lower low, it’s a risky time for longer-term bulls. Long stops under the previous weekly lows around 0.00000528 provide an appealing target for bears.
Bulls looking for entries may want to wait for a sweep of the weekly lows, with possible support at the range low and pivot area around 0.00000496, and almost certainly at the yearly open at 0.00000444. The addition of XEM to NOWPayments may provide some fundamental strength for these lows to hold.
Bears will likely be eyeing a tap and rejection of the previous trendline, around 0.0000061, during the upcoming week. This area also has confluence with the current range’s EQ, which makes it an ideal trigger for a short entry while targeting the range low and yearly supports.
3 coins to keep an eye on 👀
Subscribe to receive a weekly selection of 3 coins to watch closely, based on upcoming events and technical analysis.