Cryptocurrencies on March 11, 2018: outlook


*I don’t trade cryptocurrencies. The best strategy for trading a crypto bubble is a classic trend following strategy.
Here’s my outlook for various cryptocurrencies based on the aforementioned strategy.

Discretionary outlook based on charts

  1. Bitcoin is on the verge of breaking down.
  2. Ethereum’s next support is at $590, which is its 200sma
  3. Bitcoin Cash is breaking down below its 200sma
  4. IOTA is breaking down right now.
  5. Ripple faces the risk of breaking down.
  6. Litecoin has turned previous support into resistance. Bearish.
  7. Dash has broken below its 200sma. On the verge of breaking down.

2:23 pm. Bitcoin is on the verge of breaking down.
Bitcoin bounced on its 200sma and is rolling over. It is on the verge of breaking down below this support. Bitcoin is stuck in a bear market pattern of lower highs.

2:20 pm. Ethereum’s next support is at $590, which is its 200sma
All the other major cryptocurrencies fell to their 200smas and bounced. Hence, it’s reasonable to expect that Ethereum will bounce on its 200sma as well once it falls to this level.
Ethereum is stuck in a bear market pattern of lower highs even though it’s trying to make a double bottom.

2:19 pm. Bitcoin Cash is breaking down below its 200sma
Like the other major cryptocurrencies, Bitcoin Cash is stuck in a bear market pattern of lower highs. It bounced on its 200sma and is now breaking down.

2:13 pm. IOTA is breaking down right now
IOTA is stuck in a bear market pattern of lower highs and lower lows. It bounced twice on its 200sma and is now breaking down.

2:11 pm. Ripple faces the risk of breaking down.
Ripple bounced on its 200sma, which is normal for bear markets. It has since rolled over and faces the risk of breaking down below its 200sma. Ripple is stuck in a bear market pattern of lower highs.

2:07 pm. Litecoin has turned previous support into resistance.
Litecoin hit its 200sma in February and bounced. That bounce retraced almost 50% of the entire bear market’s decline, which is normal for bear market rallies. The bounce turned previous support into resistance, which means that Litecoin is still making lower highs. A bearish pattern.

2:04 pm. Dash has broken below its 200sma. On the verge of breaking down.
Dash is stuck in a bear market pattern of lower highs.
Dash hit its 200sma in February, bounced, and then broke below this support. This is a bearish sign. Dash’s bounce turned previous support into resistance.

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