Weekly we will release a study on the trend of some of the main altcoins in the market that are available at Monnos.
This analysis is intended to guide your studies on the currency and help you make decisions about your investments.
** The study below is not a guide to buying or selling. Manage your risk properly.
The cryptocurrency market has stabilized in the $ 360 Billion dollar range.Which was positive, as it managed to stay at the level of $ 11,000 dollars after a dizzying rise from $ 9200.
The altcoins had a boom in projects called #DEFI (Descentralized Finance) with emphasis on YFI that was worth 3.4 Bitcoins (about U $ 34000 dollars).
Our opinion, in general for the currencies whose category are Decentralized Finance, is that they have undergone a wave of strong speculation, forming a bubble and, will be susceptible to big falls soon, so we recommend caution.
Technical Analysis - Bitcoin - 4 Hour Chart
Bitcoin reacted positively by touching the highlighted track as support in the previous analysis.
This range is located at $ 11000 - $ 11200.
Resistance at $ 12,000 and $ 12400.
The scenario in general remains bullish, support points should be considered as strategic points for possible purchases.
Here we detail more generally the scenario of the main altcoins traded at Monnos with potential for the week.
The moment is of caution, since altcoins are stabilizing after the last wave of bulls.
Therefore, our view remains more conservative. To follow the market throughout the week, I recommend that you follow our work on our free telegram channel.
Initially, we are remaining conservative with altcoins this week.
In our view in the previous report, the most positive was Ripple (XRP) however, it failed to continue its bullish trend and is in a zone of uncertainty.
Waves, which was signaled as slightly positive, currently has 6.6% profit in the position.
The others highlighted are in the following situation: ETH (+ 11.36%), BCH (-3.3%), NANO (-2.7%)
In line with our rationale, I choose to trade altcoins in the usd pair only those that are positive in the btc pair.
So, we increased our probability of success in operations.
Now we will analyze those that may bring good results, seeking to identify the best buy / sell area to carry out the operations
Binance Coin (BNBBTC)
BNB/BTC (Potential earns 30,22%)
BNBBTC chart 4 hours.
BNBBTC has resumed a bullish configuration and is seeking to break the consolidation range.
Resistance: 21700; 23000; 25700
Supports: 18000; 19000.
BNBUSDT (potential earns 20,33%)
BNBUSDT on the 4-hour chart - Potential of 20.33%
BNBUSDT tends to continue rising, driven by its appreciation trend in the BTC pair.
Supports: U $ 21.20
Resistance: U $ 24 - U $ 26
LTC/BTC (potential earns 42,13%)
Litecoin on Bitcoin pair - Technical Analysis - 1 Day Chart
Litecoin has not yet triggered the purchase trigger, it is below the averages and will only be considered a purchase if it manages to break the averages on the daily chart.
Scenario - You have to break the level of 5600 satoshis, after that, you would be free to seek up to 8000 satoshis, representing a potential of 42.13%.
Litecoin on the Dollar pair - Daily Chart - No entrance
We do not see a buying zone today, as it is very detached from the support, making your stop very expensive.
We recommend waiting for a setback for the supports
Supports: $ 54 & $ 60
Potential of Up to: $ 83
Waves/btc (Potential earns 35,94%)
After our last analysis, Waves / BTC has already risen about 6%. It is interesting to expect a retreat for support, for those who want to invest in cryptocurrency.
Resistances: 3500; 4070
WAVESUSDT (Potential earns 39,74%)
Waves in the dollar pair have a horizon of up to 39.74% yield ahead.
The ideal, will always be to buy in support, at the moment, are slightly distant.
Support: $ 3; $ 3.6
Resistance: U $ 4.5
Bitcoin is in a bullish scenario, as a long-term view.
No buying triggers for short-term trading thoughts.
In other words, investors who focus on the short term should not remain positioned or should manage their risk accordingly.
Altcoins remain in a stabilization phase after the last bullish wave, with few apparent opportunities.
The weekly report will help a lot
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