January 2019 - Coinz EN

January 30, 2019

Tron Coin Analysis – Looking for a Rebound – 30/01/19

Tron Coin Price Support

It’s been a mixed start to the week for Tron. Following last week’s 22.97% rally, the bears took a bite out of the bulls on Monday. A broad-based crypto sell-off weighed on Tron, which slid by 7.21% before finding support on Tuesday to buck the broader market trend with a 1.06% rise.

A Monday low $0.025446 for the current week saw Tron hold above the week’s first major support level at $0.02490 before recovering to $0.028 levels. A start of a week high $0.02940 saw Tron come within range of $0.030 levels, whilst falling well short of the 23.6% FIB Retracement Level of $0.0322 and the week’s first major resistance level at $0.0326.

For the current week, Tron was down by 5.74%, Monday through Tuesday, with the losses coming from the Monday sell-off.

In spite a bullish start to the year, Tron up by 44% for the current month, the extended bearish trend, formed at an end of April swing hi $0.1004, remained intact following a late November swing lo $0.0111, with Tron continuing to fall short of the 23.6% FIB Retracement Level of $0.0322.

At the time of writing, Tron was up by 1.88% to $0.028185. Moves through the early morning saw Tron recover from a start of a day dip. Tron rose from a morning low $0.027183 to strike a morning high $0.028206 before easing back.

For the remainder of the week, holding onto $0.28 levels through the middle part of the week would support another run at $0.030 levels. We would expect Tron to face plenty of resistance on a run at $0.0290 levels. A breakthrough the start of the week high $0.0294 would be needed to drive momentum going into the weekend.

Barring a broad-based crypto rally, we would expect Tron to be pinned back by the 23.6% FIB and first major resistance level at $0.0326 in the event of a crypto rebound.

Failing to hold onto $0.028 levels could see Tron pullback ahead of the weekend. A fall through to $0.026 levels will likely bring the week’s low $0.02545 and the first major support level at $0.0249 into play before any recovery.

Barring a meltdown, we would expect Tron to steer clear of the week’s second major support level at $0.0205. Tuesday’s trend-bucking move should give Tron some downside protection in the event of bearish moves elsewhere in the cryptomarket.

After Monday’s sell-off, it’s ultimately going to boil down to holding above key levels. Investors will likely jump ship and lock in solid gains since November’s swing lo, in the event that there’s a hint of another sell-off.

Looking at the Technical Indicators

Major Support Level: $0.03260

Major Resistance Level: $0.02490

Fib 23.6% Retracement Level: $0.0322

Fib 38% Retracement Level: $0.0452

Fib 62% Retracement Level: $0.0663

January 27, 2019

Popular trading app Robinhood gains approval to allow New York residents to trade virtual currencies.

According to New York’s Department of Financial Services, they have “approved the applications of Robinhood Crypto LLC, a subsidiary of Robinhood Markets Inc., and Moon Inc., dba LibertyX, for virtual currency licenses. DFS has also approved a money transmission license for Robinhood.”

NYDFS is allowing seven cryptocurrencies to be traded on Robinhood, “including Bitcoin, Ether, Bitcoin Cash, and Litecoin.”

Co-CEO Vlad Tenev commented on the matter saying:

“We’re delighted that Robinhood Crypto has been granted a virtual currency license and a money transmitter license in New York. This will complement the larger suite of investment services that New Yorkers already have access to on the Robinhood platform.”

The New York BitLicense was officially introduced in July of 2014 and is commonly seen as an extra, unnecessary burden for cryptocurrency companies to operate in the state. Well known trading exchange, Gemini, ran by Tyler and Cameron Winklevoss received the license in 2015, but it is evident they can afford to go through the motions.

It’s known to be time-consuming and expensive to complete the process. As a result, most cryptocurrency related companies do not allow NY residents to use their application, even though they are permitted to operate in other states of the US. Because of this, it’s been said that the BitLicense actually inhibits innovation for the state.

The DFS mentioned that they have only given out sixteen licenses so far:

“DFS continues to rapidly and responsibly respond to financial services market innovations by licensing technology-based money transmitters under New York’s money transmitter law; online lenders under New York’s banking law; and virtual currency exchanges under New York’s financial services law. To date, DFS has approved sixteen charters or licenses for companies in the virtual currency marketplace.”

Fortunately, the cryptocurrency industry is particularly aware of the downsides to regulation, given the inherent privacy-focused nature of the industry. So far the companies that have been granted the BitLicense say that they are excited to work with regulators to help shape regulatory guidelines for the industry.

Vlad Tenev said, “We look forward to their ongoing guidance as we prepare to launch Robinhood Crypto in New York.”

Attorney Ben Lawsky was one of the main figureheads in 2014 helping to shape the BitLicense. He then left the NYDFS to start his own consulting practice with a focus on the cryptocurrency industry. We hope that NYDFS stays open-minded to regulatory reform that fits this new technology properly, instead of forcing regulation using out-dated mindsets. For now, most companies will be forced to operate outside of NY, which hurts the company as well as the resident of the state.

Beyond this NY BitLicense, cryptocurrency users are keeping a closer eye on cryptocurrency tax reform by the IRS. Currently, each trade is seen as a gain or loss, despite having not sold back to fiat currency. This limits the amount of trading, experimentation, and most likely honest reporting of income by individuals across the entire nation.

January 27, 2019

Altcoins Weekly Analysis – ETH, TRX and XLM – 27/01/19

Ethereum

Ethereum fell by 6.65% in the week ending 26^th January, following on from a 1.12% fall from the previous week, to end the week at $115.01.

A particularly bearish start to the week saw Ethereum fall from an intraweek high $123.70 to an early in the week intraweek low $110.37 before steadying.

The moves through the week saw Ethereum fall through the first major support level at $113.65 before partially recovering to a relatively range bound 2^nd half of the week.

The start of the week high came up well short of $130 levels and the first major resistance level at $132.53, leaving the extended bearish trend firmly intact, Ethereum continuing to fall well short of the 23.6% FIB of $257.

For the week ahead, a move through to $116 levels would signal a possible reversal of the New Year losses, bringing the week’s first major resistance level at $122.35 into play before any pullback. While we would expect Ethereum to fall well short of the week’s second major resistance level at $129.69, a run through to $125 levels could be on the cards in the event of a market rally before any reversal.

Failure to move through to $116 levels could signal a bearish week for Ethereum. A pullback through last week’s low $110.37 would bring the week’s first major support level at $109.02 into play. Heavier losses could be on the cards in the event of a sell-off, while we would expect Ethereum to find enough support at the second major support level at $103.03 to avoid sub-$100 levels through the week.

At the time of writing, Ethereum was down 0.12% to $114.89.

Tron’s TRX

Tron rallied by 17.8% through the week ending 26^th January, following on from a 0.4% gain the previous week, to end the week at $0.02933.

Bucking the trend from across the broader market, it was a particularly bullish week, with Tron bouncing back from a start to the week fall to an intraweek low $0.023348 to strike an end of week intraweek high $0.029619.

Steering clear of the week’s first major support level at $0.0210, 5 days in the green saw Tron break through the week’s first major resistance level at $0.0269 to come up against the second major resistance level at $0.0298 before easing back at the end of the week.

While the solid week of gains left Tron up 52.7% since the start of the year, the extended bearish trend remained intact, with Tron needing a breakout from the 23.6% FIB of $0.0322 to $0.045 levels and the 38.2% FIB of $0.0452 to form a near-term bullish trend.

For the week ahead, a hold above $0.027 levels through the early part of the week would signal further upside for Tron. A move through last week’s high $0.029619 would be needed to support another run at $0.030 levels to bring the first major resistance level at $0.0315 into play before any pullback. We would expect Tron to fall short of the second major resistance level at $0.0337, with selling pressure at the 23.6% FIB of $0.0322 there to pin Tron back from a breakout.

Failure to hold above $0.027 levels could see Tron ease back to $0.025 levels to bring the first major support level at $0.0252 into play before any recovery. While we would expect the week’s second major support level at $0.0212 to be left untested through the week, a hold above last week’s low $0.02335 would be needed to avoid a $0.021 levels in the event of a broad based sell-off.

At the time of writing, Tron was by 0.07% to $0.028914.

Stellar’s Lumen

Stellar’s Lumen fell by 8.2% in the week ending 26^th January, reversing a 1.55% gain from the previous week, to end the week at $0.1005.

A particularly bearish week saw Stellar’s Lumen fall on 5 of the 7 days, with the reversal kicking off from a start of a week intraweek high $0.11056 that came up short of the first major resistance level at $0.1148.

The reversal saw Stellar’s Lumen fall through the week’s first major support level at $0.1040 to an end of week intraweek low $0.09928, calling on support at the second major support level at $0.0985 before steadying.

The sell-off left Stellar’s Lumen down 11.2% since the start of the year, reaffirming the extended bearish trend, with Stellar’s Lumen continuing to fall short of the 23.6% FIB Retracement Level of 0.1434 following 15^th December’s swing lo $0.09353.

For the week ahead, a move back through to $0.1030 levels would be needed for Stellar’s Lumen to claw back some of last week’s losses. Support from the broader market would be needed to bring the week’s first major resistance level at $0.1078 and $0.11 levels into play. We would expect last week’s high $0.11056 to pin Stellar’s Lumen back from more material gains to leave $0.12 levels and the second major resistance level at $0.1269 off the table for the week.

Failure to move back through to $0.1030 levels could see Stellar’s Lumen resume its downward trend, with a fall back through last week’s low $0.09876 bringing the week’s first major support level at $0.096 into play. While we would expect Stellar’s Lumen to steer clear of sub-$0.090 support levels, the week’s second major support level at $0.0915 could come into plays should the broader market slide.

At the time of writing, Stellar’s Lumen was down by 0.9% to $0.09959.

January 23, 2019

Tron Coin Analysis – Bulls on the Charge – 23/01/19

Tron Coin Price Resistance

It’s been a particularly bullish start to the week for Tron, with moves through the early part of the week seeing Tron rally from a start of a week low $0.023601 to an early week high $0.027225 on Tuesday before easing back.

The bullish start to the week saw Tron break through the week’s first major resistance level at $0.0267 to hit $0.027 levels for the first time since 15^th January before easing back to $0.026 levels.

For the current week, Tron is up 11.8% Monday through Tuesday, the lion’s share of the gains having come from a 7.9% rally on Monday, bucking the trend across the broader market on the day.

Tron has steered clear of the week’s first major support level at $0.0211, in spite of a late Tuesday morning sell-off seen across the broader market, which led to a day low $0.025103 on Tuesday.

In spite the bullish start to the week, the extended bearish trend, formed at an end of April swing hi $0.1004, remained intact following a late November swing lo $0.0111, with Tron continuing to fall short of the 23.6% FIB Retracement Level of $0.0322.

At the time of writing, Tron was down 0.71% to $0.02655. Moves through the early hours of Wednesday saw Tron recover from a morning low $0.02623 to hit a morning high $0.02667 before easing back, the week’s first major resistance level at $0.0268 pinning Tron back in the early hours.

For the remainder of the week, a break back through the first major resistance level at $0.0268 to Tuesday’s high $0.027225 would bring $0.028 levels into play later in the week before any pullback. We would expect resistance at $0.028 to pin Tron back from a run at $0.029 levels and the week’s second major resistance level at $0.0297.

Failing to break back through the week’s first major resistance level at $0.0268 could see Tron hit reverse later in the week, with a pullback through $0.024 levels likely to see Tron slide through the start of the week low $0.023601 before any recovery.

While the extended bearish trend continues to remain intact, with Tron unable to break back through the 23.6% FIB Retracement Level of $0.322, we would expect Tron to steer clear of the week’s first major support level at $0.0211.

This week’s gains come off the back of a 10.7% rebound last week, following a reversal the previous week and, while we can expect some profit taking to pin Tron back mid-week, only a broad based crypto sell-off could reverse the early part of the week’s gains.

Looking at the Technical Indicators

Major Support Level: $0.0211

Major Resistance Level: $0.0268

Fib 23.6% Retracement Level: $0.0322

Fib 38% Retracement Level: $0.0452

Fib 62% Retracement Level: $0.0663

January 20, 2019

Tron Coin Analysis – Bulls Look for a Way Back – 16/01/18

Tron Coin Price Support

It’s been a mixed start to the week for Tron (“TRX”), with a bullish start to the week seeing Tron rally to an early intraday week high $0.027 on Tuesday, Tron falling short of the week’s first major resistance level at $0.0312, before hitting reverse.

A current week gain of 15%, Monday through Tuesday, came on Monday, with Tron rallying by 21.36% to reverse last week’s 8.63% slide, before falling by 5.25% on Tuesday to pullback to $0.24 levels.

Moves through the early part of the week have seen Tron manage to steer clear of the week’s first major support level at $0.0165, while also coming up well short of last week’s high $0.03585.

In spite of Monday’s rally, it’s been a bearish of late, with Tron seeing red on 5 of the last 6 days to cut the 2019 gain to 87%, still a whopping number when compared with the broader market.

In spite the bullish start to the year, the extended bearish trend, formed at an end of April swing hi $0.1004, remained intact following a late November swing lo $0.0111, with Tron continuing to fall short of the 23.6% FIB Retracement Level of $0.0322.

At the time of writing, Tron was down 0.25% to $0.024687, with moves through the early hours of Wednesday morning seeing Tron fall from a morning high $0.024803 to a low $0.024320 before steadying.

For the remainder of the week, a move back through to $0.026 levels would support a break through the current week’s high $0.027 to bring $0.03 levels and the first major resistance level at $0.0312 into play before any pullback.

Following last week’s high $0.035846, Tron will likely fall short of $0.04 levels and the second major resistance level at $0.0408, barring a major crypto rally. A move through to $0.03 levels and the 23.6% FIB Retracement Level of $0.0322 needed ahead of the weekend to raise the possibility of $0.04 levels by the end of the week.

Failure to move back through to $0.026 levels ahead of the weekend could see Tron hit reverse going into the weekend, a pullback through the current week low $0.0213 likely to bring sub-$0.02 levels into play before any recovery.

While the extended bearish trend remains intact, we would expect Tron to steer clear of the week’s first major support level at $0.0165 through the remainder of the week, barring another crypto meltdown.

For the crypto bulls, last week’s reversal brought to an end any near-term chance of a bearish trend reversal, with Tron needing a breakout from the 23.6% FIB Retracement Level of $0.0322 to $0.040 levels to begin forming a near-term bullish trend.

Looking at the Technical Indicators

Major Support Level: $0.0165

Major Resistance Level: $0.0312

Fib 23.6% Retracement Level: $0.0322

Fib 38% Retracement Level: $0.0452

Fib 62% Retracement Level: $0.0663

January 20, 2019

Altcoins Weekly Analysis – EOS, ETH and IOT – 20/01/19

EOS

EOS gained 2.17% in the week ending 19^th January, partially reversing a 10.7% slide from the previous week, to end the week at $2.5051.

A bearish start to the week saw EOS fall to an intraday week low $2.2431, holding above the week’s first major support level at $2.18 before finding support, with a Tuesday recovery.

While relatively choppy through the week, EOS’s gains came off the back of 4 day’s in the green, with 3.6% rally on Thursday ensuring that EOS closed out the week in positive territory.

The extended bearish trend, formed at late April’s swing hi $23.03, remained intact, with EOS continuing to fall well short of the 23.6% FIB Retracement Level of $6.62 following 7^th December’s new swing lo $1.55. The week’s relatively minor gains left EOS down 4.6% since the start of the year, the 10^th January sell-off doing most of the damage.

For the week ahead, holding onto $2.50 levels through the early part of the week would support a move back through last week’s high $2.59 to bring $2.60 levels and the week’s first major resistance level at $2.65 into play. Sentiment across the broader market would need to materially improve however, for EOS to take a run at the second major resistance level at $2.80 and a possible return to $3.00 levels.

Failure to hold onto $2.50 levels through the early part of the week could see EOS pullback through $2.45 levels to bring the week’s first major support level at $2.30 into play.

Following last week’s low $2.24, the week’s second major support level at $2.10 could come into play should another sell-off kick in, while we would expect EOS to steer clear of sub-$2.00 levels.

At the time of writing, EOS was 0.11% to $2.5078.

Ethereum

Ethereum fell by 1.12% in the week ending 19^th January, following on from a 19.2% slide from the previous week, to end the week at $123.17.

A spill over from the 10^th January meltdown and 3 consecutive days in the red saw Ethereum start the week on the back foot, falling to an intraweek low $113.5 before finding support.

Steering clear of the week’s first major support level at $111.03, Ethereum rallied to a Tuesday intraweek high $132.38. Ethereum came up short of the week’s first major resistance level at $148.87 before easing back to $120 levels on Wednesday and a relatively range bound 2^nd half of the week.

For the week ahead, a hold onto $123 levels through the early part of the week would support another run at $130 levels to bring last week’s high $132.38 and the first major resistance level at $132.53 into play.

For Ethereum to break out to $140 levels and take a run at the second major resistance level at $141.90, there would need to be a material shift in sentiment across the cryptomarket, with the news wires needing to support. A hold onto $130 levels would be the week’s target for the bulls.

Failure to hold onto $123 levels could see Ethereum hit reverse to log in a 3^rd consecutive week in the red, a fall through to sub-$120 levels bringing the week’s first major support level at $113.65 into play. For Ethereum to hold onto gains made since the mid-December swing lo $80.60, sub-$110 levels would need to be avoided.

At the time of writing, Ethereum was up 0.07% to $123.26.

IOTA

IOTA gained just 0.96% in the week ending 19^th January, following a 16.1% slide in the previous week, to end the week at $0.3169.

A bearish start to the week saw IOTA slide through the first major support level at $0.2738 to a Tuesday intraweek low $0.272 before finding support, with IOTA managing to recover to $0.30 levels on the day.

Upward momentum through the 2^nd half of the week saw IOTA rise to a intraweek high $0.3344 on Saturday before easing back, the major resistance levels left untested through the week, a hold onto $0.30 levels by the end of the week being key for the crypto bulls.

For the week ahead, holding onto $0.31 levels through the early part of the week would support a move back through last week’s high $0.3344, while support from the broader market would be needed for IOTA to take a run at $0.34 levels and the week’s first major resistance level at $0.3435.

Failure to hold onto $0.31 levels through the early part of the week could see IOTA resume the 2019 reversal, a fall through $0.3070 likely to bring sub-$0.30 levels and the week’s first major support level at $0.2811 into play before any recovery.

Heavier losses and a return to last week’s low $0.2720 is not expected, barring a crypto meltdown in the week.

At the time of writing, IOTA was up 1.01% to $0.3201.

January 20, 2019

Cryptocurrency Exchange Cryptopia Reports Hack with Major Losses

At the time of this writing, the exchange remains down due to investigations, leaving investors unable to log in or withdraw funds. New Zealand authorities are investigating the matter at Cryptopia’s headquarters in Christchurch.

Surprisingly, and unwittingly, the hackers are moving funds to Binance. Binance CEO Changpeng Zhao tweeted that they are aware of and freezing the stolen Cryptopia funds.

There is limited information on the hacking, and the hackers have not yet been identified. The amount stolen from Cryptopia is detrimental considering the volume that they facilitate. We hope that in the near future the hackers are identified and funds are returned to investors.

Hold your Crypto Off Exchanges

This is yet another valuable learning opportunity for the cryptocurrency community. Experts always suggest keeping no more than is required for trading on exchanges. The rest of your digital assets should be kept in a hardware wallet such as Ledger or Trezor. These devices are disconnected from the internet and can only be accessed by the owner.

A famous motto in the industry is that “if you don’t own your private keys, you don’t own your funds.” Which is true. Exchanges control the private keys to user funds, which is why users have to request to withdraw. On the other hand, if a user takes advantage of a desktop or hardware wallet, then they can withdraw whenever they like and any quantity. Some exchanges will forbid users from depositing or withdrawing more than a certain amount of capital per day – depending on their verification level with the exchange.

Hardware wallets are arguably safer than desktop wallets because if a hacker gains access to a user’s computer, then they can access their wallet. A hardware wallet is a physical device, which can be disconnected from the internet altogether. Paper wallets are another example of cold storage, where users have access to their fund’s stored on the blockchain, but the wallet itself is disconnected from the internet.

To explain a bit more. Technically, coins are not stored in a wallet, they are actually stored on the blockchain. The private and public keys are what allows a user to gain access to the coins stored on the blockchain. This is a common misunderstanding and shows how important private keys are – they allow users to access and withdraw their funds.

We will end this by noting that if you do want to keep a majority of your funds on an exchange, then there are a few that are well trusted in the community, but always susceptible to hackers just like any other technology company. In our opinion, some of the well trusted, highly secure exchanges that exist are Bitfinex, Poloniex, and Bittrex. Bitfinex and Poloniex have actually suffered breaches in the past, but they dealt with it well and are still around today. Ultimately, be responsible for your crypto assets and follow best practices.

January 13, 2019

Altcoins Weekly Analysis – ADA, XLM and XMR – 13/01/19

Cardano’s ADA

Cardano’s ADA fell by 3% in the week ending 12^th January, partially reversing a 6.86% gain from the week before, to end the week at $0.04428.

A relatively bullish start to the week saw Cardano’s ADA rise through to an early Thursday morning intraweek high $0.0561, breaking through the first major resistance level at $0.0485 and second major resistance level at $0.0513 before getting hit by a cryptomarket meltdown on Thursday morning.

The reversal saw Cardano’s ADA slide to an intraweek low $0.04292, with Cardano’s ADA managing to hold above the week’s first major support level at $0.0418 before finding support to close out at $0.045 levels on the day.

The extended bearish trend, formed at early May’s swing hi $0.38845, remained intact, with Cardano’s ADA continuing to fall well short of the 23.6% FIB Retracement Level of $0.1125 following 7^th December’s new swing lo $0.02724 and 4 consecutive days in the red through the week.

For the week ahead, a move through to $0.0480 levels would support a move back through to $0.050 levels to bring the week’s first major resistance level at $0.0526 into play, with last week’s high $0.0561 likely to pin Cardano’s ADA back from any run at $0.060 levels and the week’s second major resistance level at $0.0609.

Failure to move through to $0.0480 levels in the early part of the week could see Cardano’s ADA hit reverse, with a fall through last week’s low $0.04292 bringing the week’s first major support level at $0.0394 into play before any recovery, heavier losses to bring the week’s second major resistance level at $0.0346 unlikely barring another broad based crypto sell-off.

At the time of writing, Cardano’s ADA was flat at $0.044278.

Monero’s XMR

Monero’s XMR slid by 9.59% in the week ending 12^th January, reversing the previous week’s 5.45% gain with interest, to end the week at $44.52.

A particularly bearish start to the week set the tone for Monero’s XMR, with Monero’s XMR falling from a start of a week intraweek high $55.37 to a Thursday intraweek low $43.3, the reversal seeing Monero’s XMR fall through the first major support level at $44.82, while falling short off the first major resistance level at $53.5 at the start of the week.

Monero’s XMR managed to move back through to $46 levels before easing back through the first major resistance level at $44.82.

For the week ahead, a move through to $48 levels would be needed to bring $50 levels and the week’s first major resistance level at $52.16 into play before any pullback, last week’s high $55.37 likely to pin Monero’s XMR back from a run at the week’s second major resistance level at $59.8 and $60 levels.

Failure to move back through to $48 levels could see Monero’s XMR hit reverse, with a fall through last week’s low $43.3 likely to bring the week’s first major support level at $40.09 into play before any recovery, sub-$40 support levels unlikely to be in play barring a broad based crypto sell-off.

At the time of writing, Monero’s XMR was up 0.47% to $44.73.

Stellar’s Lumen

Stellar’s Lumen fell by 6.73% in the week ending 12^th January, following on from a 4.13% slide the previous week, to end the week at $0.10816.

Bullish through the first half of the week, Stellar’s Lumen broke through the first major resistance level at $0.1219 to strike an early Thursday morning high $0.13222 before getting hit by a cryptomarket sell-off on Thursday morning.

The Thursday reversal saw Stellar’s Lumen slide through the first major support level at $0.1107 and second major support level at $0.1062 to an intraweek low $0.10558 before recovering to $0.11 levels on the day.

Stellar’s Lumen fell back through the first major support level at $0.1107 on Friday to close out the week at sub-$0.11 levels.

For the week ahead, a move through $0.1153 would support a run at the first major resistance level at $0.1251, with a broad based crypto recovery bringing last week’s $0.13222 high into play before any pullback, the week’s second major resistance level at $0.1420 unlikely to be in play through the week.

Failure to move through to $0.1150 levels could see Stellar’s Lumen slide back through last week’s low $0.10558 to bring sub-$0.10 levels and the week’s first major support level at $0.0984 into play before any recovery, heavier losses not expected barring another crypto meltdown.

At the time of writing, Stellar’s Lumen was up 3.54% at $0.11199.

January 9, 2019

Tron Coin Analysis – Bears Looking for a Claw Back – 09/01/18

Tron Coin Price Resistance

A bullish start to the year has seen Tron (“TRX”) rally 39.3% through the first 8 days of 2019, Tron seeing its largest daily gain of the New Year on Tuesday 8^th, jumping by 10.68% to keep pace with the other cryptomarket trailblazer Litecoin.

Following a 15.31% rally last week, Monday through Sunday, a bullish start to this week has seen Tron strike an early intraweek high $0.02749, breaking through the week’s first major resistance level at $0.0255 to come up against the second major resistance level at $0.0275 before easing back to $0.02676 by the day’s end on Tuesday.

With Tron having been in the green for 5 consecutive days going into this morning, a 3^rd January fall the only day in the red in the New Year, moves through the middle part of the week will be key to Tron’s direction going into the weekend.

In spite the bullish start to the year, the extended bearish trend, formed at an end of April swing hi $0.1004, remained intact following a late November swing lo $0.0111, with Tron continuing to fall well short of the 23.6% FIB Retracement Level of $0.0322.

At the time of writing, Tron was down 1.18% to $0.02644, with Tron falling to an early morning low $0.02612 before recovering to a morning high $0.02695, Tron struggling to break back through to $0.027 levels early in the day.

For the remainder of the week, holding onto $0.026 levels through the middle part of the week would support another move through the current week’s high $0.02749 to bring the week’s second major resistance level at $0.0275 and $0.030 levels into play before any pullback.

While we would expect Tron to come up short of the 23.6% FIB Retracement Level of $0.322 and third major resistance level at $0.0326, a break through the second major resistance level at $0.0275 ahead of the weekend could see $0.030 levels in play, though support would be needed from the broader market for a breakout going into the weekend.

Failure to hold onto $0.026 levels through the middle part of the week could see Tron pullback through the week’s first major resistance level at $0.0255, with a fall through to $0.022 levels bringing the week’s first major support level at $0.0204 into play before any recovery.

For the crypto bulls, momentum at the start of the year would need to be sustained for Tron to begin eyeing a bearish trend reversal, with a break out from the 23.6% FIB Retracement Level of $0.0322 to $0.040 levels needed to form a near-term bullish trend.

Looking at the Technical Indicators

Major Support Level: $0.0204

Major Resistance Level: $0.0255

Fib 23.6% Retracement Level: $0.0322

Fib 38% Retracement Level: $0.0452

Fib 62% Retracement Level: $0.0663

January 6, 2019

Altcoins Weekly Analysis – ETH, IOT, NEO – 06/01/19

Ethereum

Ethereum rallied by 14.77% in the week ending January 5th, following on from a previous week 15.55% bounce, to end the week at $154.21.

Another bullish week and an upbeat start to the year saw Ethereum rally from a relatively range-bound start to the week and a week low $128.3 to an end of week high $160.62 before easing back through the last day of the week

Through the week, Ethereum steered clear of the week’s major support level at $111, while breaking through the week’s major resistance level at $158.35 to hit $160 levels for the first time since the week of 19^th November.

For the week ahead, a hold onto $150 levels through the early part of the week will be key to avoiding a sell-off, with Ethereum needing to move back through to last week’s high $160.62 to bring the week’s first major resistance level at $167 and $170 levels into play before any pullback.

Failure to move back through to $160 levels could see Ethereum hit reverse, with a pullback through $147 bringing sub-$140 levels and the week’s first major support level at $134.8 into play before any recovery, sub-$130 support levels unlikely to be in play in the event of a reversal.

At the time of writing, Ethereum was down 1.72% to $151.56.

IOTA

IOTA gained 3.49% in the week ending 5^th January, following on from a 2.22% rise the previous week, to end the week at $0.3739.

A bullish first half of the week saw IOTA rise from an early intraweek low $0.3511 to an intraweek high $0.4081 on Wednesday before hitting reverse, IOTA breaking through the week’s first major resistance level at $0.4002, whilst steering clear of the major support levels.

The reversal saw IOTA spend the last 3 days of the week in the red eating, into the week’s gains and reaffirming the extended bearish trend formed at early May’s swing hi $2.6977.

For the week ahead, a move back through to $0.38 levels would support a run at $0.40 levels and the week’s first major resistance level at $0.4043, with bearish sentiment across the broader market at the start of the week needing to reverse and IOTA needing to hold onto $0.36 levels to avoid a week in the red.

Failure to move back through to $0.38 levels by mid-week could see IOTA slide back through last week’s $0.3511 low to bring the week’s first major support level at $0.3178 into play before any recovery, sub-$0.30 support levels unlikely to be in play through the week, barring a crypto meltdown.

At the time of writing, IOT was down 1.5% to $0.3683.

NEO

NEO slipped by 0.99% in the week ending 5^th January to end the week at $8.00, a relatively flat week consolidating an 11.11% gain from the previous week.

The relatively range bound week saw NEO fall from an intraweek high $8.46 to an early in the week intraweek low $7.52 before finding support, NEO steering clear of the week’s major support and resistance levels

Recovering mid-week, NEO moved back through to $8.00 levels and a relatively range bound 2^nd half of the week that saw NEO find plenty of support at sub-$8.00 levels to avoid heavier losses.

For the week ahead, a move back through to $8.00 levels would support a run at the week’s first major resistance level at $8.47, with a broad based cryptomarket rally needed to bring the second major resistance level at $8.93 into play before any pullback, $9.00 levels unlikely to be in play through the week.

Failure to move back through to $8.00 levels could see NEO pullback deeper into the red, with a fall through the week’s first major support level at $7.5267 bringing the second major support level at $7.053 into play before any recovery, sub-$7.00 levels unlikely to be in play through the week.

At the time of writing, NEO was down 0.42% to $7.79.