Hi guys!
Here are todays' Crypto Market Update.
BTC - Daily Chart
Tools used: Stoch RSI and Trendlines
Although the last volume wasn't really clean but there is a possible pattern going on with relation to Stoch RSI. When Stoch RSI is overbought and volume decreasing (daily volume) BTC had a pullback.
If a pullback happens, I think the current key level support will hold BTC price above $6,400. But so far in the past few days BTC has been very choppy so as long as BTC doesn't close bellow $6,000 this is just normal pullback.
ETH - 4 Hour Chart
Tools used: Ichimoku Cloud, Fib Extension, Stoch RSI and Trendlines
It seems my pullback scenario didn't happen but looking at the previous 2 breakout of ETH from the cloud resistance both was a fake out. Note that this is 4 hour time frame so in a bigger scale this move is really small.
In the past 2 times ETH breakout from the cloud it took from 5 - 7 days before the support from the cloud failed to hold ETH. Also if you look around this price area there is not much of a support (indicated by ichimoku cloud).
LTC - 4 Hour Chart
Tools used: Ichimoku Cloud, Stoch RSI and Trendlines
I mentioned current support and resistance on this 4 hour chart. Note that the current support is also key level support (previous resistance) and also 200 day SMMA support.
As you can see on the chart there LTC got rejected by the cloud once and resistance only get bigger from current price position. What I think is likely to happen is that LTC might follow the shape of the cloud which means there might be a small pullback in the next few days.
Steem - Daily Chart
Tools used: Ichimoku Cloud, Stoch RSI and Trendlines
This is the development of the previous chart yesterday. Steem is getting rejected by the ichimoku cloud slowly as a I mentioned on my previous post yesterday. There were severals signs of this pullback but we should see how this plays out in the next few days.
Since Steem is inside the cloud right at the time I'm writing the post (time stamp is on the chart there).
Disclaimer
You know the drill guys. This is just opinion and not a financial advice. Do your own research and decide your own trades. Cheers!