DASH and Litecoin Analysis January 22, 2018

DASH/USD

DASH continues to try to rebound after the bloodbath in the crypto currency space, but all low-volume like we have seen a lot of the currencies. Currently, the $900 level is the next resistance barrier to overcome, but until we get a strong push in volume, I’m not necessarily convinced. I suspect we will probably see sellers come back given enough time.

 

LTC/USD

Litecoin markets have rallied as well, but also are missing a lot of the necessary volume to make it a reliable trade. I believe that we will probably see the market roll over and test the $180 level again, but if we were to break above the $225 level, and especially if there’s volume attached to that move, then I would be convinced to start buying.

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ETH/USD

Ethereum has rallied slightly during the trading session on Friday, but quite frankly we still have a major problem with volume. $1100 looks likely to offer resistance, and we will probably roll over to consolidate some more. The next move that has significant volume will lead the way going forward. With lack of bullish volume, this market is more likely to roll over and fall than anything else.

 

ETH/BTC

This market has been consolidating for several days, and shows no proclivity to break out of this range. Because of this, short-term range bound trading can be employed, using the 0.08 level as the “floor” in the market, and the 0.10 level as the “ceiling”. Because of this, short-term trading is probably the best you can hope for, but for those who can be nimble and quick, it could be very profitable trading.

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BTC/USD

Bitcoin markets rallied a bit during the day on Friday, but continue to find resistance at the $12,000 level. The stochastic oscillator is in the overbought area, and looks likely to cross soon. There is very little in the way of volume, so I suspect that the market is going to continue to favor selling. It is not until volume picks up on a move higher that I am comfortable going long. At this point, I think we are much more likely to see the market drop to test the lows again. If we were to break above $13,000 and show signs of volume again, then I would be willing to go long.

 

BTC/JPY

Bitcoin went sideways against the Japanese yen as well, and still faces a significant amount of resistance at the ¥1.5 million level. Any rally at this point in time will more than likely find a lot of resistance, at least until that area is broken above. Volume is a bit better in this market, but that makes sense considering most of the largest trade blocs can be found in Asia. At this point though, I would be very leery of buying.

Thanks for watching, I’ll be back tomorrow

ETH/USD

Ethereum rallied a bit during the trading session on Thursday, after bouncing from a significant trend line. It did struggle at the $1100 level from what I see, so having said that I am a bit cautious. If we can break above the $1100 level, then I think we could go bit higher, perhaps as high as $1300 level. The lack of volume continues to be a serious problem, as rallies continue to be very light. Because of this, I am a bit cautious, so I would be very slow to add to any long positions. I suspect that this could be a bit of a “dead cat bounce.”

 

ETH/BTC

Ethereum markets rallied a bit against Bitcoin, but on almost no volume. Because of this, it appears that the market is entering a consolidation phase, somewhere between the 0.08 level on the bottom, and the 0.10 level on the top. Because of this, I think that the market continues its sideways action overall.

Thanks for watching, I’ll be back tomorrow.

BTC/USD

Bitcoin has been absolutely pummeled over the last couple of sessions, but during the trading session on Thursday, we are starting to see an attempt to rally. By breaking above the $12,000 level, we have a potential reversal happening, but I would be very cautious about this, as it could be a “bull trap.” One of the things that I am truly concerned about is that although the candlestick looks likely to show a bullish proclivity, the volume simply is not there. In fact, I would wait until we break above $14,000 to be convinced.

 

BTC/JPY

Bitcoin rallied against the Japanese yen as well, showing a bit more volume than against the US dollar. If we can break above the ¥1.5 million level, we may have a chance to go higher. However, and until that happens, I remain unconvinced and think that we see more selling at higher levels. If we break down below the ¥1 million level, the market unwinds rather quickly.

Thanks for watching, I’ll be back tomorrow.

DASH/USD

Dash traders rallied during the session on Thursday, breaking above the $800 level. However, even though this is a bullish move, we have a significant lack of volume. The question now is will we see more people coming back into this place? A break above the $900 level would be a bit more convincing, but at this point I think that it’s likely that we will see a move below $750 again.

 

LTC/USD

The Litecoin markets rallied slightly as well, but on even less volume. We are reaching towards the 20 SMA in the Bollinger Band indicator, so it’s likely that this market continues to roll over going forward, especially considering that there is a serious lack of volume. I think that we will test the lows again.

Thanks for watching, I’ll be back tomorrow.

Dash/USD

Dash traders sold off again during the Wednesday trading hours, breaking down below the $700 level. In fact, the volume break below the $800 level was significant enough to make me think that when we rally, sellers will be coming back to short the market again. I anticipate that the dash market has further to go to the downside, with at least $600 being targeted.

 

LTC/USD

Litecoin simply cannot get out of its own way. We are well below the $200 level now, and likely heading to at least the $150 level, if not the $100 level. The volume has been picking up to the downside, as retail traders are getting out of the market place. I suspect that we have several more days of negativity, before offering some type of value that longer-term traders can take advantage of.

Thanks for watching, I’ll be back tomorrow

ETH/USD

Ethereum continue to roll over during the Wednesday session, reaching the $900 level. It now looks as if the $800 level is all but assured, and then the $700 level. I think at this point in time, any rally is a selling opportunity, unless we can clear the $1100 level. One thing that does concern me is that the heaviest volume that we have seen over the last several weeks has been on the break down below $1000, not a good sign.

 

ETH/BTC

Ethereum is struggling against Bitcoin, which of course isn’t a surprise. However, both of these currencies are getting absolutely pummeled over the last several days, so at this point in time you can’t read too much into that action. I believe that the 0.08 level underneath is the “floor” in the uptrend, and if we can hold there, we will probably bounce. Otherwise, it’s a selling opportunity.

Thanks for watching, I’ll be back tomorrow.

BTC/USD

Bitcoin markets fell again during the trading session on Wednesday, as we have cleared the $12,000 level, and even reached towards the $10,000 level. Obviously, $10,000 is going to attract a lot of attention, not only because of the large round number, but also because of the significant 50% Fibonacci retracement level being touched. We have already reached that level, the question is whether we can sustain it? At this point, I think that rallies are to be sold.

 

BTC/JPY

Bitcoin also continues to fall against the Japanese yen, and at this point I would expect to see the ¥1 million level tested. If we rally from here, it’s not until we break above the ¥1.5 million level that I would believe it, and because of that I would be very cautious about rallies. I suspect selling the rallies continues to work here as well.

Thanks for watching, I’ll see you tomorrow.

DASH/USD

DASH continues to be a bit of a grinder, dropping down towards the $800 level. The volume has been picking up, but on the 4-hour chart we had formed a massive hammer. The hammer is a positive sign, but we must break above that candle to start buying, meaning we need to clear the $850 level. Quite frankly, it’s probably a better idea to let the markets stabilize for 24 hours before putting money to work.

 

LTC/USD

Litecoin markets have rolled over again, reaching down below the $200 level. I see a significant amount of support at the $175 level though, and therefore I think that the buyers will probably return eventually. In a bounce in this area will probably go looking towards the $250 level above. If we break down below the $175 level, the next support level is at $150.

Thanks for watching, I’ll be back tomorrow.