Below is our Altcoin market update from 11th September 2019 where we discuss our top priority altcoins from our watchlist and discuss the trends they are showing at the moment.
Monero (XMR)
3-Day Chart
XMRBTC remains stuck in the low-0.007's on another red SCMR signal and small but bearish candle formation following the gravestone Doji from earlier in the week which is keeping still bearish market structure quite heavy while dynamic resistance continues to actively build overhead, none of which bodes well for the bulls moving forward. Neither do the falling moving averages, the lackluster volume indications, or the increasingly bearish Ichimoku Cloud so we want to stay conservative until evidence of a reversal emerges on these higher timeframes.
3-Day (USD)
While a bullish SCMR pivot bar printed earlier this week on the 3-day chart below, it came on a bearish Doji candle which is being followed up by a red SCMR signal that is turning market structure heavier while the medium-term downtrend remains intact, not great news for the bulls, and neither are the falling moving averages or the mixed momentum and volume indications hence we think the consolidation between 60 - 80 $ continues but with a slight shorter-term downward bias.
Current Monero (XMR) BBA ProTrades
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Ether (ETH)
3-Day Chart
ETHBTC is still consolidating in the mid-0.017's on a very small red SCMR signal and bearish candle formation that continues to struggle with the strong dynamic resistance overhead while the market structure remains bearish overall, none of which is suggesting that the bear market is over yet. The still falling moving averages, the awful looking volume indications and the increasingly bearish Ichimoku Cloud are certainly not indicators of a sustainable reversal either, although if the bulls can defend sub-0.017 levels on a retest then perhaps oversold momentum will start to come into play which could assist in establishing a legitimate bottom in this region.
3-Day (USD)
Despite a return to red SCMR signals today following the blue reversal earlier in the week, the ETHUSD 3-day chart is actually looking like it's trying to establish a longer-term base considering the rounded bottom that is emerging right where the 100 SMA continues to rise, which is fairly good news for the bulls moving forward. So are the oversold momentum oscillators and still favorable volume indications, although the EMA's are falling and are acting as resistance and the Ichimoku Cloud is about to twist back to bearish so overall we think this spells more consolidation between 150 - 200 $, perhaps with a slight upward bias over the shorter-term.
As things currently stand, the 3-day LTCBTC candle formation is very bearish and is coming on a red SCMR signal despite the blue reversal from earlier in the week, all favoring the bears moving forward, as does still broken market structure and the falling moving averages. The lackluster volume indications and increasingly bearish Ichimoku Cloud are also pointing to some downside heading into the back half of the week, although the price is still in a longer-term demand area while momentum remains fully recharged so the bulls do have a shot at defending the lows when the bears get truly active again.
3-Day (USD)
While the blue SCMR reversal signal in LTCUSD earlier this week was encouraging, it is being followed up by another red signal on a bearish candle formation that is still struggling with the lower EMA while the shorter-term market structure remains broken, all suggesting that the bears are still in control. The falling moving averages and bleeding volume indications aren't great signs for the bulls either, however, the upper demand area is providing support while momentum remains oversold and the Ichimoku Cloud is still bullish so if the bulls can defend the 62 $ lows through the end of the week then they might gain some confidence as we get deeper into September.
Current Litecoin (LTC) BBA ProTrades
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Ripple (XRP)
3-Day Chart
XRPBTC has barely moved over the past 24 hours which is keeping even the current 3-day candle formation very small, although SCMR is back to red and said candle formation is bearish for the time being while very strong dynamic resistance continues to build overhead, therefore our forecast for more near-term consolidation around the 0.000025 level but with a still intact longer-term bearish bias remains intact until further notice. The falling EMA's, lackluster volume indications, and very bearish Ichimoku Cloud confirm this outlook, hence on the sidelines, we remain.
Current Ripple (XRP) BBA ProTrades
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Zcash (ZEC)
3-Day Chart
ZECBTC is under pressure once again today, which comes as no surprise seeing as though SCMR is still printing red 3-day signals on small but predominantly bearish candle formations while the market structure remains broken and very strong dynamic resistance continues to build overhead, all suggesting that the bear market is still firmly intact. The falling moving averages, bearish volume indications, and downwardly expanding Ichimoku Cloud also point to more downside before a sustainable bottom is established, therefore we're still not ready to issue any ProTrade ideas of any kind.
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