This is a new section on AltcoinTrading that will have only USD and BTC charts from Bitfinex for selected cryptocurrencies with Fib retracements drawn on them and some brief commentary. It's going to be updated every day around 2AM UTC but it will stay under this current link so you can bookmark it to check for updates. The latest update date will always be in the headline.
If there is no chart update it means the current charts are still relevant to the ongoing price action.
Cryptocurrency Price Action Comments
- Bitfinex will build a decentralized exchange based on EOS - EOSfinex will be an addition to Ethfinex which is the DEX built on ETH.
- Ethfinex has a maker loyalty program btw. You can earn your stake in it - more here.
- People are overwhelmingly margin long everything.
Links to the last trade & settlement dates for both CME and CBOE futures are in the sidebar. There can be some unusual action on the BTCUSD markets during those times which can mess with the altcoin ratios. For now the volume on there is small though.
Fib retracement for ETHUSD
ETHUSD Comment: Everybody is watching that inverted head and shoulders that could be a possible bottom but the truth is if the horizontal range on the ETH top is a distribution, a recovery now should reverse at around 1k USD and head back down.
Fib retracement for BTCUSD
BTCUSD Comment: There are bullish divergences on shorter timeframes but hidden bearish divergence on a 1D chart with RSI. The situation is similar to ETH, at this point in crypto markets there is still the situation where cryptocurrencies move rather together (as stocks).
Fib retracement for ETHBTC
ETHBTC Comment: Nothing changed here this week, not even with that massive sell volume. Bbands are still tightening.
Fibs in a spreadsheet
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