Roughly 24 hours ago I did an analysis on litecoin discusses the upside and downside scenarios out there. Price had been consolidating for a while and a move was bound to happen in the near future – it didn’t take long!
Battle at Support
I mentioned in the downside 108 was a key level (give or tack a point) as it is evident when looking at both the weekly and the daily chart. Much history at this level of reversals both up and down.
We saw the level come into play earlier today after price puked to 102. Here is a chart of the hourly price action from the afternoon. When it finally bounced look where it struggled and then ran out of gas.
Yep right around 108! Price ended pushing back up against the level and the daily candle closed right up in the mix of it so really the answer of weather support was broken or not is debatable.
However, looking at the weekly chart, where this price support is vital shows that price is already pushing lower again…..
What is crazy is that when you look at weekly candles your “intra-week” highs and lows give you quite the spread. You can see that 102 and even 98 are intra-week lows that if held is fine if we end the week above 108. Atleast that is my opinion for LTC to remain bullish.
I’d rather buy 102 and 98 if I get the chance, knowing my downside exit is near, which is why the coin I got at 110 from an open order I forgot I had (doh!) I quickly closed out at 107 for a tiny loss as I want that capital available for purchases at the lower price points if they become available.
Either way, it will be interesting to see how LTC reacts in regard to BTC, which sparked the market sell-off and on the weekly chart has me skeptical about going higher before pulling back a bit more over the next week or so.
ICX seen from the temporality of 1W we can see how the previous candle has recovered the zone of demand in 1W, the current candle is doing the test of this support located at 0.3236, I have enclosed within a blue circle this area where you can make a reading of the price and determine the course that could follow the price.
ICX seen from the temporality of 1D we can observe more closely the movement that has followed the price in the most recent candles, after the price recovered the support we can see how they have formed two doji candles, signal accumulation, however, what I consider more important to take into account in this structure are the three minimums that have formed previously on the support located at 0.2925, if the price in 1D closes below the weekly demand support located at 0.3236 the odds of the price breaking support in the fourth touch, if this happens we should see the price fall to the zone of demand that I have pointed out in the chart above within a blue rectangle located within the price range of 0.2173 – 0.2308, at that level the price could find a recovery.
ICX seen from the temporality of 4H we can confirm a bearish movement if the candle closes below the horizontal marked in the image above in blue located at 0.3313.
In conclusion, ICX currently looks bearish from my point of view, the support of 0.32 has been weakening with every touch, a new approach and the break will occur, what I recommend is to wait for a better entry into the price range of 0.2173 – 0.2308, above all I recommend to pay attention to the closing of the candle in 4H and take into account the movement of BTC.
As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.
Yesterday we discussed major resistance at $12,950. Bitcoin needed to decisively penetrate this zone in order to continue its bullish momentum. Bears were having none of it as price was rejected, falling as low as $11,550 before finding support.
The daily chart shows the bulls are putting up a fight, defending the 8 day EMA.
In today’s video we discuss where price may go from here, traps to avoid, key areas to watch and so much more. I hope you find it helpful.
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.
Workin
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Recognizing that my previous count, bullish, has been recently invalidated…
Does not look to be an alternative bullish count right now, the correction is not finished and what I see fro the moment is a possible 3-3-5 FLAT Correction.
Hope I am wrong, but if not, 9400 USD should be the stronger support…
Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
Danielle Sremac, former Serbian candidate for President and the President of Liberland met to discuss cooperation on development of free trade zones in the Balkans.
It is clear that 13000 USD is a very strong resistance level. BITCOIN is now correcting after touching that value in the past few hours.
However, I am still confident of considering 14500 USD as a realistic target as planned 6 days ago in this post .
Also because I think this correction is forming the 4th wave of the Violet 5-waves count, so, still a 5th is missing.
This correction may “enrolled” further buyers who felt that they were late a few hours ago and I believe it should push again the price upwards…If so, a new Year’s High will come and the current resistance at 13000 USD will become our newer support.
The only thing I hope is that the new wave up will come mainly from “Fresh” FIAT and not mainly from the altcoins which are really being devastated by the Crypto King, including STEEM of course.
@toofasteddie
Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
Shares of Nio Inc. soared in active trading Tuesday as the China-based electric car maker sped toward its biggest six-day rally since going public.
The stock NIO, +5.73% shot up 6.2% in afternoon trading toward a sixth-straight gain, and the highest close since May 28. Volume swelled to over 76.8 million shares, enough to make the stock the most actively traded on major U.S. exchanges, and nearly double the full-day average of 38.8 million shares.
The stock has now rocketed 45.5% during its win streak, which would be the biggest six-day gain since Nio went public on Sept. 12, 2018.
Nio is the newest Tesla competition and manufactures and markets electric vehicles in China. Nio already has a vehicle in production and has delivered such models as the EP9, EVE, and ES8 to the market.
However, due to uncertainty around China’s economy, the status of a government subsidy for buyers of electric vehicles and delays in building their own factory, the stock price has declined in recent months. Most recently, in May 2019, China posted the worst ever sales decline and it marked the 11th-consecutive monthly decline in car sales…thanks to the US-China trade war.
Thus, Nio isn’t a buy yet fundamentally and from a technical standpoint, the chart suggests the buyers must take out the sellers at the weekly supply at before considering Nio a buy.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.
In Elliott Wave terms, Fantom began a wave one advance on June 26. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on July 3, and the red wave two (blue sub-waves a-b-c) correction ended on July 8. If this wave count is correct, Fantom should be heading next towards the July 3 peak in the red wave three.
The United States’ Internal Revenue Service (IRS) is allegedly considering requiring tech giants to report on crypto activity by users, according to a presentation reportedly from an IRS presentation and provided by a Twitter user on July 9.
According to the documents shared, the IRS hopes to use Grand Jury subpoenas on firms such as Apple, Google and Microsoft to check taxpayers’ download history for crypto-related applications.
Known as Crypto Tax Girl,Laura Walter, certified public accountant and crypto tax specialist, tweeted the presentation, which was allegedly for agents in the IRS’s Criminal Investigation division.
Facebook blockchain lead David Marcus told U.S. lawmakers that the social media giant plagued by privacy scandals won’t have access to personal financial information with its new cryptocurrency.
In a letter dated Monday to the Senate Banking Committee responding to pointed questions the lawmakers sent in May, Marcus took a diplomatic tone, acknowledging the panel’s concerns about data privacy and telling them:
“I want to give you my personal assurance that we are committed to taking the time to do this right.”
A similar letter was sent to the House Financial Services Committee, the Hill reported earlier Tuesday.
Bitcoin mining difficulty – a measure of how hard it is to compete for mining rewards on the world’s first blockchain network – has posted its largest two-week increase in 12 months.
According to BTC.com data, mining difficulty reached 9.06 trillion (T) at block height 584,640 around 9:17 UTC on July 9, surpassing the previous record of 7.93 T by 14.23 percent. This was the strongest growth in any two-week period since August 2018 – a sign that competition among miners is not only intensifying but doing so at an accelerated rate.
The bitcoin network is designed to adjust its mining difficulty every 2,016 blocks (roughly 14 days) based on the participating mining power in each cycle, in order to ensure the block-producing time at the next period stays at about every 10 minutes.
Facebook Inc has no plans to offer its Calibra digital wallet services in its largest market, India, the social giant said, just as a top government official expressed skepticism about its newly-announced cryptocurrency Libra.
“There are no plans to offer Calibra in India,” a Facebook spokesman said in an email, effectively ruling out the rollout of its Libra cryptocurrency in the country. “As you may know, there are local restrictions within India that made a launch of Calibra not possible at this time.”
India’s central bank, the Reserve Bank of India, has banned banks from dealing in cryptocurrencies but informal networks abound. In an effort to curb them, the government is proposing a law with stringent penalties, including prison sentences of up to 10 years. Subhash Garg, the country’s economic affairs secretary, said in an interview to Bloomberg that India would not be comfortable with a private cryptocurrency.
“Interested in building on #EOSIO? Join us on July 10th from 8-10am (HKT) for a walkthrough of all you need to know about getting started.”
STEEM Trading Update by my friend @cryptopassion
Here is the chart of yesterday :
Here is the current chart :
So most of the altcoins are still in depression mode and for sure it is also the case on the STEEM. Since yesterday, we are trying to break the support around 0.34$ but till now, we are lucky and that line is holding us. For how many times, I really don’t know but let’s at least enjoy that little positive news.
