Recap table for crypto trend and momentum values for all the cryptocurrencies we cover. We divide crypto according to trend and momentum indicators, and evaluate them according to the technical setting for 1-day candles. Trend indicators we consider for cryptocurrencies are: Vortex, MAs Crossing, ADX, MACD, Hilbert TT, SAR, T3, APO, BOP. Momentum indicators we consider for cryptocurrencies are: Aaron Oscillator, Stochastic, Stochastic RSI, Williams %R, CMO, RSI, CCI. BTS, NEO, DASH, STX, IOTX If you just studied the price action and ignored all the background noise, which of the major cryptocurrencies looks strongest right now? Equity markets experienced further turbulence last week as volatility picks up in accordance with the change in seasons. With key technical formations under threat, where are stocks headed next week?
In this post, we give a picture of the crypto trend and momentum setting for the cryptocurrencies that we usually cover in our Weekly Reports.
First, we provide a recap table for crypto trend and momentum values for all the cryptocurrencies we cover. We divide crypto according to trend and momentum indicators, and evaluate them according to the technical setting for 1-day candles. Trend indicators we consider for cryptocurrencies are: Vortex, MAs Crossing, ADX, MACD, Hilbert TT, SAR, T3, APO, BOP. Momentum indicators we consider for cryptocurrencies are: Aaron Oscillator, Stochastic, Stochastic RSI, Williams %R, CMO, RSI, CCI.
The following table depicts the general situation according to crypto trend and momentum indicators. Triangles’ dimension and color vary accordingly to the strength of the indication and its direction. We provide the 5 best and 5 worst coins for the 1-day candles setting, for a total of 10 coins.
In the following sections, we provide details about all the trend and momentum indicators for the five best and worst coins, then we plot them.
Below the indications of Vortex, MAs Crossing, ADX, MACD, Hilbert TT, SAR, T3, APO, BOP for top, and worst cryptocurrencies.
Here are the indications of Aaron Oscillator, Stochastic, Stochastic RSI, Williams %R, CMO, RSI, CCI for top and worst cryptocurrencies.
The tables above show the recap for crypto trend and momentum indicators according to 1 day candles. In the following section, we provide the graphs for each coin.
We found the best crypto trend and momentum setting in IoTex (IOTX), BitShares (BTS), Blockstack (STX), Dash (DASH), Neo (NEO). These cryptos’ graphs are below.
We found the worst crypto trend and momentum setting in Pundi X (NPXS), Litecoin (LTC), Cardano (ADA), Bitcoin (BTC), Ethereum Classic (ETC) whose graphs are below.
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The views expressed in this report reflect the analysts’ personal views about the cryptocurrencies subject of the report. These views may change without notice and are subject to market conditions. The report is prepared for information purposes only and by no means constitutes a solicitation to investment or disinvestment. All the data are taken from Binance on the 12th September 2020. USD and USDT are used interchangeably for illustration purposes. All the presented valuations, indicators, and analyses are subject to errors. The report is for personal use only and should not be republished or redistributed
Bitcoin, Ethereum, XRP: Which Crypto Looks Best According To Price Action?
Close-up of One dollar bill and blockchain code. Cryptocurrency, digital money concept.
If you just studied the price action and ignored all the background noise, which of the major cryptocurrencies looks strongest right now? An analysis of the daily and weekly price charts of each seems to suggest that Bitcoin is weathering the recent ups and downs better than the rest, although each one is uniquely interesting.
The beauty of studying only price movement is the way it frees an investor of basing judgement on all of the stories that get told. By analyzing what the basic trends are and which support and resistance levels are identifiable, you begin to get a sense of where things stand minus all the hype.
Bitcoin’s daily price action looks like this:
Bitcoin daily price chart, 9 12 20.
The crypto is higher now than it was in April but the price is below the Ichimoku cloud. Thus, the up trend is now in question. To re-establish a solidly bullish pattern, bitcoin would need to break above the mid-August high of 12500. A break below the June/July lows would be a problem.
One other thing here: that big red sell-off bar in early September coincides with the heavy selling that hit tech stocks on the same day. For an investment often promoted as an “alternative,” that doesn’t really make sense if the crypto just follows the price action generally of the stock market.
Bitcoin’s weekly price chart looks like this:
Bitcoin weekly price chart, 9 12 20.
The price in June broke above the down trend line connecting the historic late 2018 highs with the mid-2019 peak. This type of action is typically bullish. So is bitcoin’s ability to stay above the Ichimoku cloud. A drop below that down trend line would negate the bullish tone. A move above 14000 would confirm it.
Ethereum’s daily price chart looks like this:
Ethereum daily price chart, 9 12 20.
You can see how the negative divergence of the relative strength indicator (RSI) to the price suggested the possibility of topping action. Ethereum remains above the trend line connecting the April lows with the mid-July dip. It’s managed to stay above the lower level of the Ichimoku cloud. A close or 2 above that 480 resistance would tend to confirm a continuation of the bullish pattern.
Note that this cryptocurrency also failed to qualify as an “alternative” to stocks when both types of investments plunged together in early September.
Ethereum’s weekly price chart looks like this:
Ethereum weekly price chart, 9 12 20.
From late 2018 to the present, a series of higher lows and higher highs suggests a bottom may have formed and an uptrend is in place. Ethereum needs to stay above the level of that May, 2019 high to retain the bullish tone. The next major resistance level is way up there at about 850 — the high from May, 2018.
XRP’s daily price chart looks like this:
XRP daily price chart, 9 12 20.
It’s the “penny stock” of the major cryptocurrencies and investors would need a strong stomach for the volatility that comes on a percentage basis. XRP this week returned to the level of the May peak — a perfect example of how “former resistance becomes support” sometimes. The crypto would need to take out that 32/33 resistance now to regain a bullish tone.
XRP’s weekly price chart looks like this:
XRP weekly price chart, 9 12 20.
It’s not bullish — from the standpoint of price chart analysis — until it’s back above that Ichimoku cloud. Pretty simple. That September, 2018 high of 80 cents might be the next significant resistance if the cloud can be taken out, a big “if.”
It may be that this September crypto sell-off that coincides with the stock market sell-off is a temporary phenomenon but it’s something that bears watching if the term “alternative” has real meaning.
I do not hold positions in these investments. No recommendations are made one way or the other. If you’re an investor, you’d want to look much deeper into each of these situations. You can lose money trading or investing in stocks and other instruments. Always do your own independent research, due diligence and seek professional advice from a licensed investment advisor.
Author: John Navin
Nasdaq 100, Dow Jones, DAX 30, FTSE 100 Forecasts for the Week Ahead
- The Nasdaq 100 has been an underperformer as of late and appears weak technically
- The Dow Jones and DAX 30 will look to hold above their respective ascending trendlines
- The FTSE 100 remains ensnared in a descending channel that has seen losses mount
Major technology stocks like Apple and Tesla continued to undermine the Nasdaq 100 last week, causing the tech-heavy index to lead losses amongst the major indices. As a result, technical formations have been undone and bears may look to extend recent declines. In the case of the Nasdaq, weakness has allowed for the development of a series of lower-lows and higher-highs, a formation that could see the index extend lower still.
To that end, the series of successively lower-lows and highs has begun etching out a descending channel that could guide the index lower in the week ahead. Further still, resistance to the topside appears plentiful with an ascending trendline from mid-April around 11,540 and a Fibonacci level near 11,670. These topside barriers will look to keep the Nasdaq contained should risk appetite revive, while support at prior lows around 10,940 may provide a hurdle to cross before bears can drive further south.
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Despite glimmers of resurgent risk appetite, technology stocks continue to appear weak and the technical erosion that has occurred due to the initial reversal may now be a driving force behind any continuation lower. To be sure, the Nasdaq has been at the forefront of risk appetite for months so losses at the top may trickle into other sectors and work to undermine more diversified indices like the S&P 500 and Dow Jones.
Recent price action has placed the Dow Jones in a rather precarious position, holding narrowly above an ascending trendline that has helped guide price higher since mid-June. The level marks an initial area of likely support for the Industrial Average and a break beneath could see the Dow probe subsequent support near 27,000. On the topside, an attempted recovery rally may have to negotiate possible resistance around the September peak at 29,195 before it can continue higher.
The DAX 30 underwent volatility of its own last week, but little progress was made from a technical perspective. With the recent swing-high established in early September, the DAX 30 appears well positioned to continue its slow churn higher despite weakness elsewhere. With that in mind, the technical landscape for the DAX 30 remains constructive barring a break beneath the ascending trendline from mid-June which would require a reevaluation.
In contrast to the DAX 30, the FTSE 100 has established a series of lower lows and lower highs, effectively creating a descending channel. The channel, if respected, could help guide the FTSE 100 lower in the days ahead. While intraday volatility will likely arise and could lead to gains, the FTSE 100 might remain vulnerable until the technical formation can be broken. Thus, traders should keep an eye on the upper bound around 6,175.
Conversely, renewed bearishness could send the FTSE spiraling to the lower end of the channel where potential support resides at 5,900 and 5,780. A break beneath both levels could open the door to further losses and see the FTSE approach tertiary support near the Fibonacci level in close proximity to 5,700. In the meantime, follow @PeterHanksFX on Twitter for updates and analysis.
–Written by Peter Hanks, Strategist for DailyFX.com
Author: Peter Hanks