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The five altcoins included in last week's list moved in our expectations. Ark (ARK / BTC) led the way by testing the range support again before touching our two targets in a week. It is followed by Dash (DASH / BTC), which gets stronger after recovering a key support area as expected. In addition, Litecoin retreated as expected, but was able to post bullish signals towards the end of the week. About the retry media, Monero (XMR / BTC) also retried a media while showing some signs of stability.
Ripple (XRP / BTC) was the only non-mover to appear on last week's list. The market continues to trade on our range of media while printing a double-bottomed pattern.
This week, we focused on altcoins that show strong bullish signs. With Bitcoin (XBT / USD) stuck in a fork, this week could be an opportunity for many coins to fly. Here are the five altcoins to watch this week.
Ethereum (ETH / BTC)
Ethereum bulls have recently flexed their muscles. They continue to challenge expectations by pushing Ethereum close to our high 0.0418 range with significant volume. With yesterday's strong recovery, the market is now trading above its 200-day moving average.
Daily diagram of ETH / BTC
However, Ethereum is now trading in overbought territory. Thus, a brief withdrawal is necessary to allow the technical indicators to cool down. Instead of letting the fear of missing influence your business decisions, wait for the correction before entering the market. Our current goal is the midpoint of 0.0339.
Once the retracement is complete, we expect that Ethereum will continue to climb to our original goal of 0.0418.
EOS (EOS / BTC)
EOS is rather bullish. After almost reaching our midpoint of 0.00828 on February 12, 2019, the market has shown signs of bullish short-term exhaustion. More often than not, the fact of not deleting the midpoint of the range leads to a return to the low range. EOS wants to be part of this trend.
Daily chart of EOS / BTC
However, the market refuses to return to the low range of 0.000073 as it is showing bullish signals. First, we can see that the 200-day MA plays the supporting role. Secondly, there is a gold cross between the 50 day MA and the 100 day GA. With these signs, we would not be surprised to see EOS reverse resistance 0.0000828 to support this week. If this happens, the next target is 0.0000926.
Central computer (MFT / BTC)
After failing to break our high range of 0.000001 on February 11, Mainframe collapsed by posting five red candles in seven days. Nevertheless, the market is beginning to be attractive to the less fortunate.
Daily chart of MFT / BTC
On February 16, Mainframe fell below the midpoint of our 0.00000085 range. On February 17, he retried this level as a resistance. If the market recovered this support soon, we expected Mainframe to move closer to our high range of 0.000001. Otherwise, we can expect it to return to our low range of 0.0000007.
Komodo (KMD / BTC)
Komodo is a market that wants to go higher. The bulls are hard at work today, February 18th, to finally get out our current highest level of 0.0000239. However, bears do not intend to facilitate things as they continue to unload their positions. As a result, the daily candles of the last two days have wicks on top of their bodies.
KMD / BTC Daily Diagram
It looks like Komodo is returning a resistance of 0.0000239 in its support. The market has already reached our target of 0.0000279 today. However, Komodo can always go down to 0.00001968 if 0.0000239 is no longer valid.
VeChain (VET / BTC)
VeChain has been trading between 0.00000102 and 0.00000127 for about three months. Recent price developments indicate that it may be ready to break out of its range.
Daily chart of VET / CTB
Like EOS, Vechain also refused to return to its low range of 0.00000102. The sharp rise of February 16 indicates that the market intends to reverse the resistance at 0.00000115. If this is the case, we expect VeChain to reach our highest level of 0.00000127.
Bottom line
With blocked Bitcoin in the side trading, altcoins have a little growth margin. We believe Ethereum and EOS will lead the charge this week. Mainframe, Komodo and VeChain will probably follow their example. Looks like we have an exciting week of trading ahead of us.
Disclaimer: The author owns Bitcoin, Ethereum and other crypto-currencies. He holds investment positions in coins, but does not engage in short-term or day trading.
The selected image is a courtesy of Shutterstock.
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