Crypto Update: 5 Altcoins to Watch This Week
Except for YOYOW (YOYO/BTC), all of the altcoins included on our December 10 list had an interesting week. Waves (WAVES/BTC) continued to pump while EOS (EOS/BTC) sustained its bounce. On top of that, Bitcoin Cash (BCH/BTC) is moving closer to our bottom picking target and Republic Protocol (REN/BTC) rallied from our exact bottom picking area.
This week, we’ll continue with the same theme as we look for altcoins that will likely move to interesting price points. Here are the 5 altcoins to watch this week.
AGI/BTC is having a strong December so far. It broke out of an inverse head and shoulders pattern on the daily chart. On top of that, it is poised to generate another bullish higher low setup.
Daily chart of AGI/BTC
The breakout from the inverse head and shoulders pattern has a target of 0.0000151. If you’re planning to enter the market, the key levels to watch are 0.0000105 and 0.0000086. So far, it looks like the 50-day moving average offers a strong support. If the market goes below that level, AGI/BTC can rely on the 100-day moving average to keep its uptrend alive.
It appears that Counterparty is following the footsteps of SingularityNET. The market is currently working hard to take out its range midpoint of 0.0007653 and break out from an inverse head and shoulders pattern on the daily chart.
Daily chart of XCPBTC
The daily chart tells us that bulls have to put their A-game if they wish to reverse the market’s trend soon. On top of the range midpoint, they also have to deal with the 200-day moving average, which is acting as a resistance. Failure to take out the range midpoint will likely drive the market down to range support of 0.000415.
On the other hand, a breach of the midpoint with heavy volume can ignite a rally to the top end of the range at 0.001135.
Polymath has been trading in a wide range between 0.00002776 and 0.00004420 with a midpoint at 0.00003590 since November 24, 2018. That may not be the case for long as the market is beginning to show bullish signals.
4H chart of POLY/BTC
The market may have recently respected range resistance of 0.00004420. However, a look at the 4-hour chart shows that POLY/BTC had several golden crosses between December 12 and December 14. The 50 MA crossed above both the 100 MA and 200 MA. On top of that, the 100 MA crawled above the 200 MA. What we have right now is a very bullish setup with the short-term, medium-term, and long-term moving averages acting as support levels.
With this setup, we can expect bulls to hold the range midpoint of 0.00003590. If they do, Polymath will very likely take out the range resistance.
NAV Coin (NAV/BTC)
NAV/BTC is one of two bottom picking candidates this week. The market pumped over the weekend but it was met by heavy selling. As a result, NAV Coin is now trading below the range midpoint of 0.000047.
4H chart of NAV/BTC
With the range midpoint now acting as a resistance, NAV/BTC is likely headed to the bottom end of the range at 0.0000327. You can bottom pick the market at that price area. If the support continues to hold, the range midpoint is an easy target.
Our second bottom picking candidate for this week is AION. The market is close to the bottom as of this writing. To make matters worse for the bulls, the 50 MA and 100 MA are acting as short-term resistances.
4H chart of AION/BTC
We expect AION to drop to the range low of 0.0000318 in the next few days. With the current setup, it is possible for the market to generate a fresh yearly low only to wick back up to the support. If this happens, you can buy at the retest of the range low.
On this week’s list, we included altcoins that have bullish tendencies as well as bottom picking potential. SingularityNET, Counterparty, and Polymath appear to have rosy outlooks. On the other hand, NAV Coin and AION seem set to revisit range lows. We’ve considered these altcoins so we can cater to both breakout and position traders.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.