Total Crypto Market Capitalization
In the past week, the total crypto market capitalization reached the new high and went back down to where it was, this is called “False Breakout”. It also went down from the upper trend line so investors should closely monitor it.
Crypto Top 10 Market Cap
Technical Signal Trading
In the past week, False Breakout happened for Bitcoin while Momentum Divergence was also happening. This showed a worrisome sign. The price can’t go beyond the trend line. Currently, the price seems to be around the average cost. If the price went to new low, investors should consider exiting to minimize risks on the portfolio.
ETH went down from the speed line after consistently going up. In the previous weekly research, we recommended investors to consider Momentum Divergence so we hope investors can getaway from this situation. ETH went down from the peak by 15% within only 1 week. After this, investors should draw the resistance line from the zone we mentioned in the previous weekly research in order to make a short-term profit. We will show the solution in the next weekly research.
XRP went down from the lower border of the zone within 3 days, making a new low. This showed a sign of high selling. However, the price still stays in the zone, investors should wait and see whether it will stay. It could go out of the zone and go back up in Wave 4, the pattern is called “Elliott Wave”. Investors can study more about it to help make a decision.
LTC went through the upper border and hit the resistance line. Then, it fell down immediately. Investors who could sell it on time were fortunate. Recently, the price went down to the lower border of the zone. If the price can stay at this level, investors could buy it back. However, if the price goes down further from this level, investors should wait and see.
Bitcoin Cash Strategy
BCH’s movement was similar to LTC’s, which meant the price went up to hit the upper border of the zone and many people sold it immediately so the price went back down. The strategy is similar to LTC’s, which is to wait and see if the price can stay at this level.