Cryptocurrency Relative Strength Analysis Report For Week Starting 7/22/19

When you think about Cryptocurrencies, one name immediately comes to mind, Bitcoin.  Since the creation of Bitcoin, there has only ever been one cryptocurrency at the top of the market cap rankings…Bitcoin. 

When the price of Bitcoin rises, generally you can expect altcoin prices to rise with it. Likewise, when the Bitcoin price drops, altcoins also follow. And sometimes when Bitcoin is rising, the altcoins are declining due to cash moving from the altcoins to Bitcoin and vice versa.

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Bitcoin dominance is used to measure the percentage of the cryptocurrency market that can be attributed to Bitcoin. Thus, it’s very easy to determine the relative strength of Bitcoin at any point. Not the case for the altcoins…until now. I have taken the more popular altcoins and determined their relative strength, relative to Bitcoin using just moving average.

Binance

EOS

Ethereum

Litecoin

Neo

Steem

Tron

Zcash

Based on the moving averages and the last daily closing price, relative to the moving averages,

the altcoins relative strength, relative to Bitcoin are the following:

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.

MATIC technical analysis

MATIC seen from the temporality of 1D we can see how the price has reached a point ITZ where it has found demand and the current candle is being pushed above the support located at 0.01230, however, I still do not see any technical indicator confirming the movement, nor do we have any reversal pattern here, the candlestick structure is still inside the falling wedge so it could still touch the resistance of the wedge to make us a new LL where it would be a stronger buy signal for the bulls.

MATIC seen from the temporality of 4H we can see more closely the current movement of candles within the descending wedge that we have mentioned in 1D, we see that the current bullish candlestick momentum is finding resistance below the previous HL, this is a signal of continuation of the bearish movement, there usually has to be a succession of three HL structures, if the price starts to fall we should see the price fall towards the area of demand marked on the chart within the blue rectangle located within the price range of 0.00883 – 0.01029 where we would have a trend reversal pattern and a much more contracted price within the figure that would cause a strong bullish break.

In conclusion, the price seems to be forming a continuation of the bearish movement, so I recommend looking for a better entry into the demand zone of the blue rectangle, once we reach that zone the price is more likely to make the bullish break and reach our goal, in the chart I have drawn the possible trajectory that the price should follow in the next candles to reach 0.02756, which is an important level of supply that we must consider.

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.

You can follow me on Twitter: https://twitter.com/armijogarcia

Are Bitcoin and Libra Correlated???

It seemed when Facebook announced their own cryptocurrency, Libra…Bitcoin took off going from about $10k to $14k.   Libra is designed on paper to be an alternative to traditional financial services for the billions of people worldwide who lack access to banking through a digital wall.

However, the announcement really scared the government because of the potential of fiat being the beginning of the end.

Over the past two weeks, Facebook has received a wave of criticism from the likes of the Federal Reserve Chair, the House Financial Services Committee, the Treasury Secretary, the Senate Banking Committee, and even the President himself. While Libra’s bright future has turned darker, or at least delayed, Bitcoin’s present is back in the red.

From Senators questioning the age-old privacy problem of Facebook to calling Libra outright delusional, they reigned down on David Marcus, lead of the Libra Project and VP of Messaging Products at Facebook. The aging US lawmakers were concerned about Libra’s plan to overhaul national currencies and manipulate monetary policies, and with the “massive reach” of Facebook, that prospect looks even more menacing.

After Steve Mnuchin, the Treasury Secretary descended on the cryptocurrency market, the price shaved over $500. As the Senate hearing began, the price dropped by over $1,000 in less than 2 hours, to $9,500.

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Bitcoin now finds itself around $9400 and within the daily demand zone at $9200. 

So is Libra and Bitcoin correlated, for now it appears they are correlated.  However, Libra is a medium-of-exchange where users can send money and house transactions, while Bitcoin has become a store-of-value, digital gold.  And because of this, Bitcoin is giving folks an opportunity to buy on a pull back to one of the daily demand zones before eventually moving higher. I personally like the $8000 level better than the $9200 level. 

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.

Dolphins Like Cryptocurrencies Too

This upcoming football season will be the Miami Dolphins’50th season in the National Football League.  Last season the Dolphins finish with a winning record for the first time since 2016.  Recently, the Miami Dolphins made moves to win off the field as well by teaming up with the Litecoin Foundation, making Litecoin the “Official Cryptocurrency of the Miami Dolphins.”

Launching for the 2019 NFL season, the collaboration with the Miami Dolphins gives Litecoin the ability to tap into one of the NFL’s largest and most passionate fan bases through in-game branding and advertising opportunities at Hard Rock Stadium, as well as inclusion across the team’s various online properties and digital content.

Through the partnership, the Miami Dolphins, Litecoin and Aliant Payments intend to give home game attendees the ability to pay with Litecoin and Bitcoin when purchasing tickets for the team’s 50/50 raffle, where half of the proceeds benefit the Miami Dolphins Foundation and its charitable causes. The 50/50 raffle tickets can be purchased both online and at 14 kiosk and raffle seller locations throughout Hard Rock Stadium.

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Keeping up with the Joneses applies in the business world as well.  However, in the business world, it’s not about social class, but just remaining competitive.  The Dolphins might be the first, but won’t be the last as other teams will copy the business model to give fans and customers what they want to maintain engagement, which in turn will lead to profits.

As price pulls back almost 50%, the chart suggest to go long at Litecoin at the daily demand at $75.

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.

ZEC technical analysis

ZEC seen from the temporality of 1D we can see how the price maintains an uptrend, the structure is forming a diagonal leading, one of my favorite setup bullish, the price in its retreat is managing to stay above the second minimum of this formation, I have drawn a blue diagonal as confirmation, if the price manages to close above the key support located in the 90.86 and stay above the diagonal, the odds of a next bullish move are very high, if all goes well, in the chart above I have pointed out our target within a blue rectangle located in the price range of 176.68 – 182.62.

ZEC seen from the temporality of 4H we can observe more closely the current movement, we see how the price is recovering after the strong backward movement that had not only ZEC if not all the alts market in general, the price in 4H shows oversold and begins to show bullish divergence, the formation is of an inverted SHS, the most bullish setup, I have traced in the image above the possible trajectory that should follow the price after closing above the key support, we should see a bullish movement that reaches the level of important offer located in the 105.93, after this movement the price should form a higher minimum to have confirmation of a much larger bullish movement, as suggested by the trajectory I have drawn in the chart.

In conclusion, ZEC maintains a high value bullish setup, the price has managed to find demand close to an important level, to get the daily candle close above 90.86, the upside probabilities will be very high, a retracement below 75 would invalidate the pattern, currently the price is at 91 but with good momentum that could be enough to claim support and continue to rise, however, the whole zone between the price range of 90 – 75 is in demand and is valid to maintain a bullish setup, I therefore recommend to be very attentive to the closing of the daily candle and wait for confirmation, fortunately, the BTC remains above 11141 and I see it with many possibilities to continue to rise in both 1D and H4, even so do not neglect your operations.

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.

You can follow me on Twitter: https://twitter.com/armijogarcia

ATOM technical analysis

ATOM seen from the 1D temporary we can see how the previous candle and the current candle are finding demand in this support located at 4.305, the current candle is forming a hammer candle with a higher buying pressure, this is a reversal signal of trend, we should have confirmation at closing and with the next candle.

ATOM seen from the temporality of 4H we can observe more closely what we have mentioned above, as we see, the current movement of the candles are marking a setup of inverted SHS, a well known bullish pattern, we still have no confirmation as the price would have to test the support that has recovered after the pullback made, once correctly tested with confirmation wicks, the probabilities of a bullish movement are very high, if the price fails the test forming a lower high, then the probabilities of a bearish movement are higher and we could see the price fall towards the weekly demand support located at 3.752.

In conclusion, the price in 4H is in oversold starting to show bullish impulse, if the price manages to consolidate above the support located in the 4.305 it is very sure that we will see the price rise towards our objective indicated in the graph within a blue rectangle that is located within the price range of 5.47 – 5.63, as I mentioned before, if the price forms us a lower high the price could go down, I recommend to be attentive to the next candles in 4H.

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.

You can follow me on Twitter: https://twitter.com/armijogarcia

Be Careful If You Hold Monero On Exchanges

In May of this year, even the best and largest crypto exchange in the world, Binance.  Binance called the attack a “large-scale security breach,” in which hackers stole 7,000 bitcoin which was about $40 million.  Monero just made some headlines, warning owners who  hold Monero on exchanges.

Not one, not two but nine security flaws have been revealed to be on Monero from developers. One of these nine bugs could actually be exploited and used to steal XMR from cryptocurrency exchanges.
The developers have also found five DoS attack vectors and they labelled one of them as a critical issue.  Another security flaw was found in relation to the application layer used in the Monero ecosystem to increase the privacy of the transactions, CryptoNote. If hackers were able to exploit such a bug, they would be able to take Monero nodes down via a method that includes the malicious request of a big bulk amount of blockchain information from the cryptocurrency’s network.

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Note: An offline wallet, also known as cold storage, is probably the best way to secure your cryptos provides because one stores their cryptos in a digital wallet that is not connected to the network. When done properly, it can offer a very good protection against computer vulnerabilities.

I’m sure the developers of Monero will address these flaws.  Thus, the chart suggests, momentum is to the upside, so if price can pull back to the weekly demand at $67, look for a first target at $160.

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.

ICX technical analysis

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.

You can follow me on Twitter: https://twitter.com/armijogarcia

ZIL technical analysis

ZIL seen from the temporality of 1D we can see how the structure of candles is in important zone of demand, the price has formed an LH so we can draw a diagonal trend between the previous minimum and the current as I have done in the chart above.

ZIL seen from the temporality of 4H we can observe more closely the movement of the price, we have a very bullish setup, we see that the price has made a pullback with which it has recovered the support located at 0.01617, has not yet tested the support, but this seems to be a good sign of a larger bullish movement, because although it has not tested the support is consolidating very well in the ITZ located at 0.01651, it seems that the price is ready to test the resistance located in the 0.01782 and look for the break to the rise of the setup, of obtaining it in the next hours possibly the price will arrive at our objective indicated in the image inside a blue rectangle that is located within the range of the price of the 0.02083 – 0.02143, this is an important zone to take profits before a retrocession.

In conclusion, the price has formed an inverted SHS setup, the most bullish setup, we have bullish divergence in the current formation, we should have a strong upward movement very soon, ZIL is in good time to buy, I recommend paying attention to the next candles in H1, the price could fall back to test the support at 0.01617 but should not fall below the horizontal or diagonal trend as such movement would invalidate the setup.

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.

You can follow me on Twitter: https://twitter.com/armijogarcia

ADA technical analysis

ADA seen from the temporality of 4H we can observe the formation of a bearish flag that should end up making the break down and continue with the bearish trend, however, the price is in the process of claiming the 1D support, if it makes a correct test and we have confirmation with a bull candlestick we could see a reversal of trend and see the price rise towards the supply zone that I have drawn in the chart inside a blue rectangle located in the price range of 0.08840 – 0.08940, in the image I have also drawn the two possible trajectories that could follow the price within this setup depending on the movement of BTC in the next hours, in case of a correction we could see ADA test the support of the channel by making a pullback below 0.07961 and not to get 1D support again the price could fall to the zone of demand in 1W located at 0.06601.

ADA seen from the temporality of 1D we can observe from a broader perspective the current structure of the candles in the major figure, after the price broke down the blue diagonal was made a pullback confirmation making the price fall strongly towards the area where it is currently, in the chart above I have placed the important levels to take into account during the movement.

In conclusion, in the short term we have a setup of continuation of the bearish movement that should conclude in the zone of demand in 1W, in case that BTC continues rising it is very possible that the pattern will be invalidated and we will see an upward movement towards our objective pointed out above in the graph of 4H, I recommend to be attentive to what BTC does in the next hours and to contrast it with the price of ADA to avoid falling in the traps.

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.

You can follow me on Twitter: https://twitter.com/armijogarcia

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