Preston: Support has been established but can bulls succeed?

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August 15th, 2018


Bitcoin has finally broken out of the $6500 resistance as well as the $6628. Our next test will be $6750. Support has been established at the 8-period EMA and that’s going to be around $6300. Major support now is still $5800 with major resistance at $8372. If Bitcoin can surpass $7373 then we may be in for a legitimate bullish reversal. MACD is continually diverging upwards on the 4 hour charts and RSI is not overbought so there is still a lot of momentum moving upwards.


Ethereum has been massively oversold and has been sitting in that territory for a few days. There has not been a pushback by bulls until today. As you can see in the chart, a Morning-Doji star pattern has formed indicating a bullish reversal. The trend is aligning with other momentum oscillators like RSI and MACD is attempting to turn upwards on the daily. There should be some resistance at $320 with mid-term resistance at $366 and support at $250.


Litecoin has exhibited very similar pattern to Ethereum. Right now, it is testing the 8-day exponential moving average after forming a Morning Doji-Star pattern as well. Currently it’s trading at $59 with support at $49.33. Short-term resistance is about $60 and mid-term resistance is $64.36



As you can see in the graph, Ripple has gained the most out of these four coins in the past days. It has risen almost 19% after hitting a low of $.24. It is now trying to establish support where the 8-period exponential moving average and the 20-period EMA is at. The 4 hour EMAs are about to cross and should follow the MACD momentum that was established yesterday already. RSI is looking like the pattern will not change since it’s sitting at a bullish 53 RSI. Support is now $.25 and resistance is at $.31.  

The news:

What is surprising most about the recent price spike in all cryptocurrencies over the past 2 days is that news as mostly been abysmal. With massive capitulation going on in the markets and fearfulness about ICOs, this movement seems sporadic at best. News has ranged from Vietnam banning the importation of mining equipment to the Saudi Arabian government outright banning cryptocurrency trading and investing. There is even Coinbase’s CEO Brian Armstrong coming out and saying that Bitcoin is years away from adoption and Jim Kramer of Mad Money saying that the tide is turning against Bitcoin. Many people believe that Ethereum’s sell-off was due to an ICO-sell off as well. There was good news that has favored Ripple and that is the fact that they are aiming to be more decentralized. What has been a thorn on the side of Ripple investors is finally being remedied and the recent positive price action is reflecting this move.

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Preston Hom

交易平台(ICO68.IO)分析師。Newcoins168網站ICO分析師,曾擔任現代美國汽車公司的數據分析師。2013年畢業於加州大學爾灣分校。 在目睹身邊的朋友通過首次代幣發行(ICO)投資的高回報率賺了數百萬美元後,Hom進行了第一次ICO投資 。他通過識別宏觀趨勢,研究和分析,成功將自己的所有投資增值,回報率最高達到4000%左右。他認為,區塊鏈技術與互聯網起源的獨創性相似,在web 3.0創新技術的帶動下,區塊鏈技術將會為世界提供更多成功的機會。