BTC:
We haven’t seen a strong rally though price dips with expanding volumes today, indicating that bears are on the upper hand and bulls have given up attempting to push price up in the short term.
The strength of support will be tested as price falls back to the area formed by $9,800 and $10,000. If price dips below the support effectively, another round of testing price bottom will be initiated, if not, price will remain in a range bound. No matter how price moves, the overall trend stays bearish and being aggressive is not recommended. As lots of positions are set up at higher prices, it calls for great momentum to break above the strong resistance on the upside.
XRP:
Price falls the same way as how it climbs, which can be defined as a typical type of weak move pattern. Before investors realize that part of their positions can be set free, chips are dumped and price drops. Short-term support will be provided by $0.88, 1.11 will act as the resistance.
LTC:
Main funds of LTC stop going against the overall downtrend after seeing BTC price dips without even looking back. As a result, bears break the support at $210 and $220 in succession. The fact that positions set up by main funds are not dumped for now makes me believe that they will push price up after the overall sentiment becomes bullish. Now that BTC remains bearish, positions of LTC can be set up at a bottom price after BTC touches the floor. Price action is still corelated to that of BTC in the short term and holds little chances to move independently.
BCH:
The weak price move continues and destroys the floor formed by previous consolidations, indicating that main funds will accumulate chips with lower costs by following the overall downtrend when sentiment among investors remains bearish.
EOS:
EOS fails to effectively remain above $8 as it continues dipping with expanding volumes. Basically, price has formed a head and shoulders pattern, if EOS continues dipping with expanding volumes, however, price will continue facing the pressure in the medium and long term. Do not wait with heavy positions, your faith in EOS may be challenged.
Original by Kuang Ren, translated by AICoin Jami.
Disclaimer: The information contained herein is not guaranteed and is strictly for information purposes only. It does not constitute any trading proposal and will not be liable for any loss based on the information herein.
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