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Cryptos are melting! Explanation with a Technical Analysis (BTC, XLM, TRON, ZILLIQA)

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@theatdhe
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Cryptos had a rough day yesterday. Most of them dropped for a good fat 10%, and 10% on BTC's price is a quite big piece of the pie.
#leo were not excluded from this bearish slippage either.

But is this something we should worry?

Let's see what price action tells us!

- Bitcoin

As I've mentioned before, 30000 area is a very important and significant one. Price is leaving a wick at this zone and this a very good thing. As long as that 4h candle closes above 30k area it means that price is holding up.

  • What do I expect to happen!

I expect Btc to close above 30k area with this 4h candle. After that I see BTC making something like I illustrated above.
BTC finding a support on 33858 means that it'll break the bearish channel that is created and the road to the other ATH is pretty much the next stop.

  • Stellar (XLM)

Stellar have been consolidating inside the 0.31 and 0.25 area for quite some time. If price can't break in a direction it pullsback to supply/demand areas before it shoots to the main direction.
What we see here is that XLM is as well finding support. As you can see 0.22 area held pretty nice the last time that it was touched.

  • Expectations

Price closing like this is a confirmation that bears are tired and bulls are about to take things in their hands.
I do though, expect that the next candle will go a bit down before price experience the bullish push.

  • Tron

If I say that Tron only failed in one thing, I'd be lying to you.
Tron failed to find support above 0.03 resistance zone. It also failed to find support on the 0.028 area, which has played a significant role for quite some time. Anyhow, we do find Tron sitting above 0.026 which gave Tron's price quite a reaction.

The question is: Will it hold?

  • Expectations

I really think that Tron will not dip any further. Reason why think so is that, 0.026 is a very strong support area. The "drop-base-drop" formation is completed and I do expect a inverted head and shoulders pattern to form here. Tip (to see H&S pattern flip your phone or tilt your head).

  • Zilliqa

To be honest, this, the way Zil's price action is formed, is a piece of art. Bullish flag, price breaks above it and dips to retest the higher trendline.

  • Expectations

This candle closing like this would mean just the same thing as what have been said above.
Breaking and retesting above 0.064 area is the confirmation that I'd be expecting to buy more Zil.

What are your thought's on these pairs? Let me know if you'd like to see me analyzing any other crypto.

theatdhe!

Posted Using LeoFinance Beta