Is it Safe to be Invested in the Top 5 altcoins?
Welcome to a new analysis of the altcoins cryptocurrency market, with Nova Blocks trading strategy.
Our last analysis was about Bitcoin (you can read it here) but today, we will focus on so called “safe cryptocurrencies” from the Top 10 Altcoins (by Marketcap).
Ethereum (ETH) vs USDT
ETH has dropped 35% in value since $500 USDT. Before the recent crash, it was in a clear bull market, making Higher Highs and Lower Highs.
However, it recently made a Lower Low. The bounce afterward is not a Lower High yet.
If ETHUSD drops below $300, the Lower High will be validated, and the downtrend confirmed.
The lower levels of support (where you should not panic sell) are $290 and $255.
Ethereum (ETH) vs BTC
ETHBTC is interesting to analyze. The bull market was supported by the EMA25, which is now obsolete. The recent bounce achieved to go the 0.618 Fib retracement and went back to the support level.
Despite the fact we are close to a support level, this chart is quite bearish.
Ripple (XRP)
Even though I am not a massive fan of XRP fundamentals, this one builds a huge bull flag close to a support level.
Volume is decreasing on the whole downtrend.
BitcoinCash (BCH)
Despite a recent pump on the market, BCH retraced quite quickly and is now back on the support.
We are due to some range in the $200 – $260 level before the market decides any direction to take.
Polkadot (DOT)
Although the coin is relatively new, DOT has been projected in the TOP 10 Altcoins quite easily. After the hype pump, it has retraced almost to post-listing levels.
If you are tempted to invest in this project, I recommend informing yourself about this project’s fundamentals. Technical Analysis will not be so much help here.
BinanceCoin (BNB)
One of the only major sounds relatively healthy on this market, BNB is looking ready to push higher levels.
This analysis is quite original since it uses the Pitchfork. If the price is above the median, then the median and the lower lines act as supports. If the price is below the median, then the median and the higher lines act as resistances.
I have been drawing 2 Pitchforks. In both of them, the price is between the median and the lower support. It is then considered as a buy zone.
