Ethereum, Cardano, Ethereum Classic, Monero, Tron Technical Analysis August 17th

Coinbase

Even though there are hints of higher highs across all coins under our radar, there shouldn’t be excitement and even hopes of reversal of this bear trend yet. As far as price action is concerned, Ethereum, Cardano, Tron and Monero are trading inside Aug 13 strong bear candlestick and as long as prices are confined inside this bar, sellers are in charge. For reversals, then our trade plan is clear. Cardano (ADA) or Tron (TRX) buyers must build up enough momentum to blast past immediate resistance at 12 cents and 2.2 cents to 2.5 cents respectively.

Let’s have a look at these charts:

Cardano (ADA) Technical Analysis

News Highlights

Unlike most smart contracting platforms as Ethereum for example, Cardano is peer reviewed and research driven that’s why they take their time to unveil new products or make updates. Slow and sure they are but the results are above par just like Yoroi and Icarus. In their latest video announcement, Emurgo led by Ken Kodama who is also the founder of Cardano said this new wallet is light, reliable, user intuitive and above all secure since it has been audited. Its TestNet will be launched this month with the mainnet scheduled for next month.

Technical Analysis

Cardano (ADA) Technical Analysis
Click here to see the full Cardano Daily Chart by Trading View

Still perched at eighth in the liquidity list, ADA is down three percent in the last day and reversing Aug 14 foundation for higher highs. From our last ADA technical analysis, we were net short following that dip and close below 12 cents.

As marked out then, 12 cents was our main support line and sell trigger with any close below that confirming a bear break out pattern with targets at 7 cents, the coin’s ATLs.

At current prices, our trade plan is on course and we suggest shorting on every low in lower time frames, sync with the trend and eye at 7 cents.

Ethereum Classic (ETC) Technical Analysis

News Highlights

Beginning Aug 16, retail traders can now buy, sell and even store Ethereum Classic (ETC) coins at CoinBase. That simple news alone means there is enough liquidity at CoinBase boosting ETC prices by over 25 percent in the process.

Technical Analysis

Ethereum Classic (ETC) Technical Analysis
Click here to see the full Ethereum Classic Daily Chart by Trading View

From a technical point of view, ETC prices are all over the place and still caged inside a $6 trade range. Yes, we can see that nice three bar bull reversal pattern but then yesterday’s high volume thrust confirms reversals and yanks prices back into a trade range.

In this case, there are two ways we can apply to trade this coin. Risk off traders can begin ramping longs with stops at $12 and first targets at $18. On the other hand conservatives can take a somber approach, wait for close above $18 before executing longs in line with our last Ethereum Classic (ETC) trade plan. Ideally, both approaches leverage on positive sentiment around CoinBase launch with targets at $25.

Tron (TRX) Technical Analysis

Tron (TRX) Technical Analysis
Click here to see the full Tron Daily Chart by Trading View

Countering on chain platform developments and partnerships, Tron (TRX) prices continue to sink both in value and market cap. Fact is, there has been a minor flip with Monero more valuable that IOTA and TRX at current spot prices.

Technically, we expect more losses now that TRX bulls are yet to reverse Aug 13 high low and immediate stops at 2.2 cents. Our trade plan is straight forward: bears are in charge across the market and like most coins, TRX broke below 2.5 cents on Aug 8 triggering sellers targeting Jan 24 lows.

In the run up to these levels, we recommend shorting on very pull back with reasonable stops anywhere between 2.2 cents and main resistance line—the break out level—at 2.5 cents.

Monero (XMR) Technical Analysis

Monero (XMR) Technical Analysis
Click here to see the full Monero Daily Chart by Trading View

This privacy centric coin is one of the top performers this week. Though our first target at $70 was narrowly missed, today will shape our shorts because any bullish confirmation automatically leads to short exits.

On the other hand, any lower low below $80 or Aug 15 low will re-assert our trade position. Either way, trading against the trend and buying is not what we recommend. The only time that will happen is once we see bulls pushing above $110 or Aug 8 highs accompanied by high volumes building up from Aug 15 and 16 bull candlesticks.

Ethereum (ETH) Technical Analysis

News Highlights

News is Liechtenstein Cryptoassets Exchange [LCX] have partnered with Binance and with the new collaboration, a new crypto-fiat exchange will be launched in Liechtenstein to be named Binance LCX. Binance experience in crypto will come in handy for running and maintaining the platform while LCX will implement compliance and coin regulatory approval. Customers shall trade ETH/CHF or Euro and BTC/CHF or Euro.

Technical Analysis

Ethereum (ETH) Technical Analysis
Click here to see the full Ethereum Daily Chart by Trading View

Like most coins under our radar, we maintain a bearish stand on this coin for simple reasons. Yes, there are pockets of buys but other than that bear pin bar of Aug 14 the follow through candlesticks have long upper wicks signaling sell pressure.

Going by this preview, we recommend shorting on every high as long as prices are trading below $330 or Aug 13 highs. Should prices edge past $330 then we shall wait for a retest of $350, our previous support now resistance line, and any rejection of higher highs will usher be a perfect entry for sellers to trade with the trend.


Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.