Updated: Oct 30, 2020
- Bitcoin analysis
- Ethereum analysis
- 2 mid cap coins analysis ( VIP report)
- 2 high risk coins analysis ( VIP report)
- Future promising projects ( VIP report)
- 2 trading positions ( VIP report)
Please consider the following information as educational and not investment advice. Cryptocurrency trading is very risky and if you do not do your own research, you will probably lose your money.
The total market cap is at 398.373.783.064 $ on the 27th of October 2020.
Bitcoin continues making moves to the upside, again as "predicted".
That being said let's see what happened this week ( 2020 - 20-27th of October) and whats coming next:
We see that a Elliot waves impulse started on the daily chart on the 17th of October. The first of 5 waves had a length of about 2 days. On the 19th the second wave (corrective) took place, but only for a short period of time. On the same date, oct 19th, the third ( and usually the longest) wave of 5 begun. The starting price of the third wave was 11.487$ and ended at 12.978$ on the 22 of October. It was followed by a 4th wave (small 70$ correction) and a 5th one to the upside, reaching a maximum value of 13.110$. Read more on how to trade bitcoin using Elliot Waves here.
According to Elliot waves theory, a strong ABC correction should follow; the charts are still a bit unconfirmed on the matter. Using fibbonacci retracement values we can estimate a 38-62% retrace of the impulsive wave. This means approximately a retrace in the range of 700 to 900$ of the current price. I am using a thight stop loss & buy order at the beginning of the wave to the upside, 11.500$, since I think we can revisit this value soon.
To sum it up we must prepare for the BIG RIDE. On the upside of 14.800$ there is no other resistance than the previous high from 2017 ( 19.000*$).
On the bearish side of things, I still have an unfiled buy order at 8.800$.
I charted the moves here: https://www.tradingview.com/chart/XBTUSDT/RS7JNxez-BTC-USDT-price-movements-October-4-2020/ and will keep updating every week. We're fairly moving according to what was believed to be :)
BITCOIN POSITIONAL TRADE (1)
On the weekly timeframe Bitcoin has been ranging from 11.500$ to 13.100$.
So, in my opinion the key points are as follows:
Bitcoin had a nice 1500$ spike in 5 days
A correction should follow
A healthy correction means a retracement of about 700 to 900$
Bull - I closed my long positions, waiting for a retracement, if price spikes again I'm re-entering over 13.800$
Personal positional bear trade (1) : order to buy BTC at 8.800$
Im buying bitcoin here: https://www.binance.com/en/register?ref=26005681
2. Ethereum analysis
Ethereum ranges from 368$ to 416$ levels . It has not broken out decisively. Althouh it still follows bitcoin, it retraced more quickly than the king, currently trading at 390$.
Probably the effects of ETH 2.0 are going to be felt in the next weeks.
Eth2 is a long-planned upgrade to the Ethereum network, giving it the scalability and security it needs to serve all of humanity. The first stage of Eth2, called Phase 0, is planned to launch in 2020.
Eth2 will reduce energy consumption, allow the network to process more transactions, and increase security. Technically speaking, Ethereum will become a proof-of-stake blockchain and introduce shard chains. This is a huge change to how Ethereum works and it should bring equally huge benefits.
But it's only a change to Ethereum's infrastructure. If you're already an ETH holder, dapp user or dapp developer, you don't need to do anything because Eth2 will be compatible with the main Ethereum network you use today. You'll be able to use the ETH you own today in Eth2 too.
So, in my opinion the key points have not changed and are as follows:
Ethereum ranges from 361$ to 416$
If we see a break above 400$ keep a close eye on the 440$ level; if it breaks bulls are likely to run
If we break below 310$ the level to watch is 280$; if it breaks bellow, the next levels to watch are 240$ and 210$ (worse case scenario).
Even in case bears take control over the bulls i expect this to be a very short move followed by a quick recovery to above 300$ levels. This would provide a good entry for bulls as under 300$ levels are often heavily bought by whales in recent history (2020).
Ethereum 2.0 is coming soon, 2020 might still be the ETH year.
Personal positional trade (2) : order to buy ETH at 280$
Im buying ethereum here: https://www.binance.com/en/register?ref=26005681
3. High risk picks : ( VIP report)
4. Profit since last week : ( VIP report)
5. Future projects I believe in : ( VIP report)
I'm trading on Binance, here.
Disclaimer : the opinions presented in the following report are my own and DO NOT CONSTITUTE FINANCIAL ADVICE. Cryptocurrency trading is a very risky endeavour. You can and probably will lose your money if you do not do your own research.