Charting the top 20 – October 25, 2017
Charting the top 20 looks at a handful of the top 20 cryptocurrencies (by market share) and analyzes their chart for potential opportunities. Updates will come out every Monday-Wednesday-Friday. We’ll be using some stock chart analysis to find support and resistance levels to hypothesize when to make a move. This method should encourage patience and should discourage FOMO (Fear of missing out). The analysis is nothing more than observation and you must do you own due diligence before making any purchases or trades.
|Name (Symbol)||Chart Analysis|
|Bitcoin (BTC)||Would love to see the 5100-5300 range for a 15% pull back from recent highs. However, after BTG launch this may be as low as we go.
|Ethereum (ETH)||Looking in the 280-285 range. Current chart suggests a sideways movement temporarily.
|Litecoin (LTC)||Stronger support in the $48-$50 range but is holding strong now above $53. Coming off a 45% retrace in September ($98 to $45).
|NEM (XEM)||Strong support at $0.18. Forming a consolidation pennant which could continue an upward trend from August.
|Ripple (XRP)||Between $0.18 and $0.20 is a good support area. Considering a position here.
Overall this is a good time to look at these cryptocurrencies as many of them have pulled back after a recent run up in price. This doesn’t necessarily mean these cryptocurrencies will be shooting back up again but it could be a good base to begin phasing a position into them.
Great charts provided by TradingView.