10 Crypto's, 10 Charts, 10 minutes is all you'll need to get up to date on all of the key technical analysis developments in the cryptocurrency space.
As we look at the charts of 10 of the most popular crypto's today, we find the broader asset class at somewhat of a crossroads. Recent strength in Bitcoin following positive comments from Elon Musk regarding potential re-acceptance at Tesla, and moves by El-Salvador to adopt it as their dual currency are fading, and have not flowed through to the alt-coins.
Volumes and volatility seem to be grinding back down to pre-(latest)boom levels, and this is a worrying sign given that much of the gains we've seen in 2021 were due to fresh blood coming into the market. Without a fresh injection of enthusiasm (and real-world cash!), and in the absence of an influx of institutional buyers (also clearly absent looking at the volume), it is difficult to see where the next 'big leg up' is going to come from.
Chat rooms, fintoks, and the twitterverse keep ticking over, sure, but one gets the feeling its simply the converted preaching to the converted!
Highlights:
- Bitcoin vs $US (BTCUSD)
- Cardano vs $US (ADAUSD)
- Chainlink vs $US (LINKUSD)
- Dogecoin vs $US (DOGEUSD)
- Ethereum vs $US (ETHUSD)
- Polkadot vs $US (DOTUSD)
- Polygon (MATIC) vs $US (MATICUSD)
- Ripple vs $US (XRPUSD)
- Shiba Inu vs $US (SHIBUSD)
- Solana vs $US (SOLUSD)
Bitcoin vs $US (BTCUSD)
- ST/LT Trend: NEUTRAL/NEUTRAL
- Resistance: 41994, but note ST & LT dynamic zones continue to apply downward pressure
- Support: 34650, 31014
- Watch For: A close above 41994, crucial to confirm 29641 as a LT swing low, induce FOMO buying, and swing back to demand side market.
- Bias: ST/LT HOLD. Higher peaks/troughs is encouraging, but prefer to abstain from increasing ST/LT exposure until key upside levels are broken. Expect choppy trading in the meantime!
Cardano vs $US (ADAUSD)
- ST/LT Trend: DN/UP
- Resistance: 1.6547, 1.7851, 1.8945 (concerning...there's a few now)
- Support: 1.3181, 1.0431
- Watch For: A close above 1.8945, crucial to induce FOMO buying, and to signal swing back to demand side market.
- Bias: LT HOLD. Lower peaks/troughs is disappointing. ST trends could push prices into 1.3181. Expect strong support there and don't want to see it break. Prefer to abstain from increasing LT exposure until price action returns to higher peaks/troughs.
Chainlink vs $US (LINKUSD)
- ST/LT Trend: DN/DN
- Resistance: 27.07, 32.97, 35.77
- Support: 19.51, 18.56
- Watch For: A close above 27.07, would swing price action back to higher peaks/troughs vs break of 19.51 to trigger move back to lows
- Bias: ST/LT AVOID. Whilst we're trading below the dynamic trend zones it's hard to get too excited about this one. Clear selling pressure, avoid until price action returns to higher peaks/troughs.
Dogecoin vs $US (DOGEUSD)
- ST/LT Trend: DN/UP
- Resistance: 0.4631 (minor @ 0.3498, 0.3680)
- Support: 0.2769, 0.2469
- Watch For: A spike back up in volume and volatility, in desperate need for both...otherwise lack of interest spells long, painful drift lower...
- Bias: ST AVOID, LT HOLD. As interest dwindles, ST downtrend could pressure 0.2769. Likely support there, but prefer to avoid until ST EMA's swing up and price action returns to higher peaks/troughs.
Ethereum vs $US (ETHUSD)
- ST/LT Trend: DN/UP
- Resistance: 2696, 2911, 3008 (concerning...there's a few now)
- Support: 2174-5
- Watch For: A close above 2696, would swing price action back to higher peaks/troughs vs break of 2174 to trigger move back to lows
- Bias: ST AVOID, LT HOLD. Happy to hold whilst remains above LT dynamic support zone, but ST-MT price action is very concerning. Prefer to abstain from increasing LT exposure until ST EMA's swing up and price action returns to higher peaks/troughs.
Polkadot vs $US (DOTUSD)
- ST/LT Trend: DN/NEUTRAL
- Resistance: 21.52, 29.22
- Support: 18.39, 19.23
- Watch For: A close above 21.52, would swing price action back to higher peaks/troughs vs break of 18.39 to trigger move back to lows
- Bias: ST AVOID, LT HOLD. LT hold whilst remains within LT dynamic support zone, and above 19.23. ST-MT price action is very concerning. Prefer to abstain from increasing LT exposure until returns to above LT dynamic zone.
Polygon (MATIC) vs $US (MATICUSD)
- ST/LT Trend: NEUTRAL/UP
- Resistance: 1.7581, 2.0440, 2.4829
- Support: 1.1230
- Watch For: A close above 1.7581, would swing price action back to higher peaks/troughs vs break of 1.1230 to trigger move back to lows
- Bias: ST HOLD, LT HOLD. ST trend is under pressure, but LT hold whilst remains within LT dynamic support zone, and above 1.230. ST avoid until ST EMA's swing up and price action returns to higher peaks/troughs.
Ripple vs $US (XRPUSD)
- ST/LT Trend: DN/NEUTRAL
- Resistance: 0.9420, 1.1051
- Support: 0.7764, 0.7576, 0.6263
- Watch For: A close above 0.9420, would swing price action back to higher peaks/troughs vs break of 0.7764 to trigger move back to lows
- Bias: ST AVOID, LT HOLD. LT hold whilst remains within LT dynamic support zone, and above 0.7764. ST-MT price action is very concerning. ST avoid until ST EMA's swing up and price action returns to higher peaks/troughs.
Shiba Inu vs $US (SHIBUSD)
- ST/LT Trend: DN/UP
- Resistance: 0.__10476, 0.__11200
- Support: 0.___5420
- Watch For: A spike back up in volume and volatility, in desperate need for both...otherwise in spite of recent bounce, could continue to see a long and painful drift lower...
- Bias: ST AVOID, LT N/a. Some life/hope after recent 0.___5420 to 0.__10476 rally, but broader ST trend and price action remains disappointing. ST avoid until ST EMA's swing up and price action returns to higher peaks/troughs.
Solana vs $US (SOLUSD)
- ST/LT Trend: UP/UP
- Resistance: 48.52 (minor @ 44.91)
- Support: 37.93, 33.42
- Watch for: Large white bodied candles/long lower shadows to indicate ST uptrend resumption
- Bias: ST HOLD, LT BUY. Clear best of Top 20 cryptocurrencies, but as strong as it is on a relative basis to the other majors, appears likely best in the ST-MT is only up/sideways compression between 37.93-48.52.
NOTE: The analysis presented here is 'end of day', and as such, all charts are based upon the closed candle of 16 June 2021. The current 17 June 2021 candle is live, and therefore it should not be considered in an end-of-day trader's analysis.
Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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