BTC/USD Analysis
With price slowly approaching the 200WMA and huge volume, one can’t help but fit the Wyckoff narrative into this trading range. Volume profile already fits previous low at 3400 as Selling climax followed by an Automatic Rally. A Phase B secondary test (ST) would be confirmed if the price moves back up fast into the trading range above 3433USD after finding support in the 3000-3300 region. This may mean that this is a final chance to buy Bitcoin if a low point of supply (Phase C LPS from Wyckoff schematic #2) follows this proposed Phase B secondary test or one of two final chances to buy if a spring (Phase C from Wyckoff Schematic #1) follows.
Note that the volume profile has to fit this narrative with a lot of buying volume else, the price might see a new set of bloody days.
ETH/USD Analysis
Catching falling knives is very risky thus, it might be wise to wait for the dust to settle on ETH. Last trading at 86.97, the asset is falling like dominoes and has reached a long-term buy zone between 50-90USD(green box). The buy zone is large due to the significance of the zone as a major area of price action stemming from April 2017. Price is still respecting the lower line of what looks like an 8-month falling wedge. Falling and staying below the lower line could spell doom for the asset’s price while staying above the line could be the beginning of a new dawn.
XRP/USD Analysis
The possibility of a double bottom scenario between 0.24-0.28USD (green box) increases every day. One can’t deny bulls’ interests in that zone and a bounce is expected there, at least. XRP remains the only major altcoin that hasn’t breached its yearly lows since August 2018. Usually, most alt coins follow BTC price’s lead so, we can only hope the bloody days are almost over for BTC too as that should also lead to XRP/USD price finding support. If the XRP/USD price proves to be strong in the green box, chances are that a reversal could occur there. Closest major resistances remain at 0.79 and 0.6USD.
LTC/USD Analysis
With price fast-approaching May 2017 lows at 18-19.12USD, LTC/USD’s price is barely holding on to its dear life. Major supports in view are 2017 lows around 18-19 and 8.48USD. Price is heavily oversold on higher timeframes with multiple divergences being formed. Bidding around the lows might be a strategic move targetting a bounce to the upper Bollinger band.
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