The beginning of the week with the technical analysis of the BTC , ETH and XZC
The beginning of the week for the holders of Bitcoin (BTC) does not start with the best news. Over the past week, the BTC has fallen from $11000 to $7600 (30%) and today the price has made a new low. As I said in the last post that we are still in a downtrend and that in the range of $8000 – $7500 there can be a rebound which in the future will make a reversal formation and the price will break the downtrend. Looking at the current chart, we see that the price has made a new low and we are moving further in a downtrend to the next co-op zone of $6000 – $5500. In my technical analysis I use the SMA (simple moving average of 9, 20, 50, 100, 200). On Friday, rebounded from 200 SMA(red line of the chart) it was a good sign but today we saw how easily the price makes a new minimum and all SMA are above the price. Until the price breaks or trade at least on one of the SMA presented on the chart, we will be in a downtrend.
Ethereum (ETH) also continues to fall. In my opinion, the downtrend is not so hard like in Bitcoin (BTC). I like the chart but this does not change the fact that price is falling and 9, 20 and 50 SMA are above it – this show us that the downtrend continues . At the moment the price is trading in the first rebound zone $800 – $750 but analyzing the schedule I can assume that it will drop to $600 – $500 and from this zone will try to rebound or change the downtrend.
ZCoin (XZC) : Lastly to those readers who bought XZC as well as I want to do is not a big review. In December, I bought a filling station at 0.00363920 BTC, when the price rose I covered 70% of the position at 0.00876390 BTC and while the it held an uptrend and 9, 20 SMA were under the price it showed us that we need to emulate 30% of the position. At the moment, 9, 20 and 50 SMA is higher than the price and it is a sign to cover the position. I do not take a long-term perspective. I am an active trader, I do not hold a drawdown against myself if the price shows me a downtrand movement and I do not hope that there will be a reversal here. This approach helps me stay in the game in any markets and trade any tools.