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📈 Price Predictions
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BTC Bullish Pattern, EOS Is Stable, TRX Almost Ready To Make a Breakout: Price Analysis, Oct. 4, 2018

  • Vaido Veek
    📈 Price Predictions

    Bitcoin got a bullish candlestick pattern, EOS shows some stability, TRON is almost ready to make a breakout


BTC Bullish Pattern, EOS Is Stable, TRX Almost Ready To Make a Breakout: Price Analysis, Oct. 4, 2018

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

*** Please note the analysis below is not investment advice. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of U.Today. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin got a bullish candlestick pattern

Bitcoin

Yesterday was a very important day to find out what we can expect the next days. We reached as low as the April level at $6,425 and after that, the price quickly bounced upwards between the round number and the strong support at $6,460. Basically, we touched three important levels below the current price and we got a bounce, that gave us a nice daily candle close which was again above the $6,500. It is a very good sign because we touched pretty low levels and still the bulls manage to push the price upwards above the round number and this 'jump' gave as also a bullish candlestick pattern called "Hammer.” The hammer also indicates that we can see a reversal.

Bitcoin

If we look at the four-hour chart (image above) then, after the daily candle close the price made a very powerful statement upwards. The close was above the EMA's, the volume oscillator MA (moving average) is nicely pointed upwards and most importantly, the altcoins followed this movement and they are also on the green side.

Currently, if we want to look the next resistances at the moment, we are on the pretty significant price area, the trendline area (pulled from July 24). The trendline and the latest resistance (orange 'line' above the current price) makes a crossing area. If we want to go to the higher prices then we have to break this crossing area. The break might open major resistance level at $6,767.

If we don't find that power and if the momentum doesn't last long enough then our well-known levels below the current price start to work as support levels. A daily and the four-hour candle close below the $6,450 will be the significant signs that those moves were just little ‘fakeouts’ and it confirms bearishness.

EOS (EOS/USD) shows some stability

EOS is currently on the short-term consolidation mode. After the September rallies, where it made new short-term higher highs, it had a little bit of a slow down.

EOS

At the moment we could see that it is on the chart pattern called "Triangle" and the triangle tip is a bit far from us, which indicates that we might see a small movement from EOS.

Positive signs are: we still have higher lows on the price structure and the current price is above the EMA's. This will show that it slowly start gaining some power to push through the triangle and this breakout from the triangle is also our main focus.

To make a breakout, we have to fight with the triangle trendline and with the February low which works as a resistance, but that's not all because after the breakout from the triangle comes the round number $6 and then the latest peak (lower high) will start to work as a strong resistance level. So, pretty heavy levels above the EOS and to break through, firstly, BTC has to make a breakout from the trendline.

TRON (TRX/USD) is almost ready to break the trendline

As almost all the altcoins TRON hasn't made any significant movements lately. The last push upwards brought us above the 50 and 100 EMA's and 200 EMA is slightly above the current price.

TRX has a great potential to go upwards if it breaks above the trendline, which is pulled from June 19.

This trendline has several touches and plays a pretty significant role in further TRON price. If TRX finds the power to push through the trendline, then there are some not so significant points above us, but then it's easy to climb higher. In the short-term (since Sept. 12) TRX has made nice higher lows which gave us an opportunity to draw the counter trendline. There is a chance to break through to the target around $0.0275 (the green box).

If the market doesn't catch that upward momentum and if TRON makes a breakout downwards from the counter trendline, then it would be a bad sign. Because this level has held us pretty consistently and if we break down then it will break that market structure and the bears will take control over the bulls. The supports are on the image, marked with red boxes and pulled from important previous support areas.

Cover image via u.today
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About the author

Vaido Veek hopes to become a leading voice in technical analysis by educating people about how the perfect TA  should look like. He has over 5 years of charting experience and loves to solve the patterns that   they show us. His slogan is "keep it simple"!

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