Litecoin Analysis
On the daily LTCUSD chart, LTC is currently hovering around the ascending trendline that acts as a support zone. Additionally, it has exited the symmetrical triangle it formed and that should indicate a continuation of the long-term bullish trend. It is likely that LTC moves upwards to test the resistance level at $90, if the volume picks up.
As for the LTCBTC chart, we can see that LTC, just like the majority of the market, lost a lot of value to BTC in the last week.
LTC just slipped through the cracks of couple of support lines, among them 0.0132 BTC and EMA200. It is now testing the weak 0.0117 BTC support zone (check the volume back on 24th February when it formed this line) – should this defense line fail, LTC is heading down to the 965k satoshis support.
Considering that market is completely focused on bitcoin’s fight with the $6k height, altcoins are rotting on the racks and waiting for their season to commence. While that wait goes on, LTC and other altcoins slowly lose value to BTC and go back to their all time lows. Entering LTC right now would be a textbook example of “catching a knife” trading move as there seems to be a lot of room to travel downwards before hitting the support and rebound zones.
Our approach in situations similar to this one, would be a tiered entry position, where you buy a chunk at these prices and set other buy bids right above the significant support lines.
Considering that there is less than 100 days until the LTC halving, this could be the ideal time to long litecoin.
Ethereum Analysis
When in doubt, zoom out – an old trading adage that implies a better understanding of the market when looked in bird perspective. ETHUSD weekly appears to be shaping a bullish ascending triangle that is about to breakout from the current $183 level. The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns.
Should the breakout occur, potential goal could be the $216 or $235 zone as there are two resistance lines on that levels.
Daily ETHUSD paints a near-term bearish picture as ETH is struggling to conquest a dogged resistance at $178. It could bounce off of the horizontal resistance line at $178 but not too low as the ascending trendline support would be at $160. We can expect a breakout from that zone, as described above on the weekly analysis.
Ethereum has been outperformed by bitcoin in the last week by 6.7%. In fiat terms, ETH is in plus, 5% on the week.
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Trading volume has been steadily picking up for the last 30 days – reported volume in the last 24hrs was $7.4b (the strongest volume day in April for ETH was April 3rd with $10.6b), but “Real 10” (trading volume on the exchanges that provably prevent wash trading) volume is 26x lower – $281m. This means that ETH’s liquidity is massively inflated even though it is still among the most liquid coins on the market, trailing only bitcoin and BNB.
Moreover, ETH has an average buy support, according to coinmarketbook.cc. Buy support is measuring sum of buy orders at 10% distance from the highest bid price. This way we can eliminate fake buy walls and whale manipulation and see the real interest of the market in a certain coin. ETH currently has a $60m of buy orders measured with this method, which sets ETH buy support/market cap ratio at 0.35%, a wide-market average. This novel metric indicates there are a lot of manipulations, inflated liquidity and fake orders on all crypto trading pairs, including ETH pairs.
Cardano Analysis
ADA has dropped through the ascending trendline that acted as the support and then penetrated another horizontal support line at 1087 satoshis, a strong zone formed back in January 2019, defended and used as the rebound area on multiple ocassions in January and March. It is now levitating between two support zones at 866 sats and the mentioned 1080 sats.
The question is: where is the floor and rebound zone. If ADA fails to bounce off of 866 sats zone, it is inevitably heading into all time lows and that was completely unexpected couple of weeks ago, to say the least. On the other side, for a Cardano believer, this is a tremendous, God given, opportunity to stack up with cheap ADA before it surges back up as this project is one of the rare legitimate crypto enterprises that actually has plausible future.
ADA has essentially given back all the gains it made in the mini bull run that started in March and peaked in the first week of April.
Considering that market is completely focused on bitcoin’s fight with the $6k height, altcoins are rotting on the racks and waiting for their season to commence. While that wait goes on, ADA and other altcoins slowly lose value to BTC and go back to their all time lows. Entering ADA right now would be a textbook example of “catching a knife” trading move as there seems to be a lot of room to travel downwards before hitting the support and rebound zones.
Our approach in situations similar to this one, would be a tiered entry position, where you buy a chunk at these prices and set other buy bids right above the significant support lines.
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