Bitcoin Schmitcoin

KMD-BTC Price Analysis: Testing Overhang Resistance With Strong Potential

Distributed Summary:

  • Komodo (KMD)-BTC found its market bottom in July while many other coins continued to bleed out for many months
  • The bottom for KMD-BTC formed the support level for a massive accumulation trading range that lasted for seven months. Last week, however, we saw a very strong and convincing breakout of the trading range as high volume and wide price spread indicated a very disproportionate amount of demand to supply
  • At the moment, KMD is testing overhanging resistance. However, given the strength and length of the accumulation phase, KMD has the potential to see a very strong and sustained markup campaign

LTC Price Analysis: Rallying and Testing Resistance

Distributed Summary:

  • The market saw a strong rally last week that pushed the price up almost 50 percent over the course of just a few hours
  • The rally shoved the price into an overbought region at the top of its macro supply/demand channel. The rally also coincided with a test of macro overhanging resistance
  • Currently, the market is sitting below the resistance level and has failed to break above and hold the level. If we reject this level we can expect to see a strong rally to retest established support levels below

XRP-USD Price Analysis: Bullish Support Is Waning During Third Support Level Test

Summary:

  • XRP-USD is currently grinding its macro support level. The support level has held for two tests, and we are currently making a third test.
  • If we manage to close a new low on the weekly candles, we can expect to see a retest of the lower boundary of the 2017 trading range in the $0.14 region.
  • We are currently respecting the support level, but the bullish pressure is waning with each test of support.

XLM-BTC Price Analysis: Macro Support Breaks

Distributed Summary:

  • XLM-BTC saw a major break of macro support on the weekly and monthly time frames
  • Because we had a parabolic market in 2017, there was never a chance to establish macro support levels
  • The lack of support levels yields little-to-no support levels below the current price until the 750 satoshi price range

ETH Price Analysis: Breaking Support

Distributed Summary:

  • Ether broke support earlier this week on expanding volume and expanding spread
  • Because the support break is on the heels of a prolonged consolidation, it is likely that the downward move will continue to test support in the $90 range
  • If the $90 range doesn’t hold, we will most likely see a retest of the established lows in the mid-$80s