Bitcoin, Ethereum & The Top-10
It has been a little while since I have posted guys, sorry it’s been a crazy period as I visited Dubai. In this video I run through Bitcoin, Ethereum and the top-10 to break down what is happening and how I am looking to trade.
Good day guys hope all is well. I am back from a trip to Dubai. What an intense place that is and I’m super tired to be honest with you.
But anyway, back into the markets wanna do a top 10 with you guys. There’s been a little.. whilst to put everything out across the socials regarding the markets and look, the honest truth is that we haven’t missed a great deal.
I’ve been talking about this resistance at 6830 and the support at 6100. We continue to range within that zone. Despite the fact that there seems to be quite a bit of positive news out there with Bakkt on the way.
ETF rumored to be acceptable, announced or whatever, whatever result, they’re going to come to early November, which is soon approaching. And obviously Fidelity is in the space as well. In Dubai no one was really talking about the issue of price.
They’re looking at the space and how it was growing and what’s actually going on. And it appears that we are just simply in a matter of time, sort of position right now and we just continue to see a consolidation.
So with that comes opportunity not so much trading Bitcoin itself but trading against Bitcoin. That’s where the action has been as we have seen some alts starting to move and trend quite nicely and there have been some opportunities.
Let’s go across the top to have a look at the rest of them. Ethereum also very very sideways. Now I am considering or sorry of keeping an eye on a level of support here now.
It’s not exactly what I want just yet. I’d like to seek to continue to consolidate with lower highs into this support get that MACD rolling over for Bitcoin breakout type setup. I just needed convergence and a good place for a stop.
I need the support to become somewhat solidified a little bit more than what it is currently. But it is on the radar. Bitcoin Cash very, very sideways.
When you look at the daily slowly grinding low, but again a little bit of support sitting down here. I’m not really too interested in trading a pullback here as it’s been a little bit of a funky pullback, not quite as tasty as I would like to see. EOS look.
Bottom line is probably the most sideways of all of them has been for quite some time. The range has just been getting tighter and tighter. Does that mean it’s going to break out eventually but that’s about all.
Cardano has been grinding low but as you can see now a number of down days normally if we’d saw that many down days we see something like this where we’d see a 10 20 30% move. Of course at the moment we are not seeing those sorts of move.
Now Cardano right now as you see here on the four hour it has pulled back up into this level it is in that Cradle Zone and it is convergent. Having a look at the eight hour you can see again it’s back into that area.
The trends hasn’t got a huge amount of momentum and there’s no real trading opportunity for me just yet. One that I will continue to consider. Stellar has also been grinding low but again very much sideways for a while now.
Again, that range just continues to get tighter and tighter no trading opportunity. Now NEO we did see a nice breakdown last week.
The support was drawn in one of my scans broke down quite heavily. And then interestingly look what happened.
Old support can become new resistance when retested that’s exactly what happened. Little Cradle and a boom. A nice little move.
I am watching at the moment but the trend isn’t great. There’s no real strong momentum here. We did pull back into here nice move we are pulling back now but the momentum seems to be a little bit lost at the moment.
It’s just not looking as good as I would like for a trade. IOTA on the other hand, again, a nice break here. You can see the support here, very strong break and it’s been holding down around these lows.
Again, I’d like to see you know, the timeframe for me would be the eight. I want to see it pull back a little bit deeper. You know, even on the four hour we pulled back in a little bit more a nicer cleans pull up with a small bearish candle.
That would be something that I might consider for a Cradle but again, you know, you can see little stars which means it’s in my watch list. It’s just not quite ready yet.
Ripple remains very sideways with a wee bit of support there but nothing fantastic as it has broken once that needs to solidify a bit more. And finally Litecoin it although in the downtrend on the four hour again. We’ll talk about momentum, it’s just slowly grinding.
It’s not really the best trend for me right now. So when markets consolidate you need to look for consolidation patterns to take trades or you need to look to trade against Bitcoin for example, with some alts, there are opportunities out there because we do have some old trends available.
But not so many with the leveraged options that are available to us as traders, but that’s okay. I don’t mind not trading with leverage if the opportunities present themselves. So guys, I hope you have a fantastic day.
I hope you have had a fantastic week. And I look forward to rolling out more content and doing that again. Have a good one, guys, Cheers. Bye.
Categorised in: Free VideoTags: BAKKT, bitcoin, Cardano, dubai, EOS, etf, Ethereum, hour, IOTA, Stellar, trading