Other than USDT which gained as traders shifted their holdings back to fiat, all coins registered double digit losses. Traders might have over-reacted to SEC decision to delay their ruling on SolidX Bitcoin ETF.

On the other hand, sellers found a window to liquidate and they did now that prices were retesting key support lines as we saw from previous Altcoin trade plans. Monero (XMR) and Tron (TRX) were some of the biggest losses and while prices are a tad bit stable, it’s likely that this trend will continue in the coming days though at a slower pace.

Ethereum (ETH) Technical Analysis

News Highlights

As a smart contract platform, Ethereum is always under demand and according to EtherScan, the network processes approximately 750,000 transactions per day thanks to the many ICOs that runs on top of it. Of course, there are expectations that ICOs as a fund raising model will continue to gain footing and that means the network must be ready to scale and tame transaction fees and gas costs. Sharding was a horizontal scaling solution proposed by the team but now fears are it will create centralization in the network and won’t solve the syncing problem.

Technical Analysis

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

By dropping 14 percent in the last week, not only is Ethereum (ETH) trading below the main support line at $400 but our sell targets at $350-or 2018 lows has been hit.

From the chart, it’s obvious that sellers are in charge and we expect that to happen today. As such, we recommend selling on pull backs with stops at $400 or Aug 4 highs.

Then again, because yesterday did confirm the bear break out pattern-following Aug 4 high volume break below $350- as highlighted in our previous Ethereum (ETH) trade plans, our first targets will be at Q4 lows at $300.

Tron (TRX) Technical Analysis

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

Even as more groups contend for the super representative slot, Tron (TRX) is not finding any support. As a matter of fact, the slide is on and with a 14 percent clip of TRX price, our first target-initiated after Aug 3 break below 3.2 cents-at 2.5 cents has been hit.

Now, because of our trade position and the high rate of price erosion, we recommend locking in some profit and shifting targets to 2 cents or lower.

In the meantime, conservative traders can now short with stops at Aug 8 highs at 2.6 cents with similar targets.

Cardano (ADA) Technical Analysis

News Highlights

Emurgo, an arm of Cardano, will announce a new Prometheus based product on Aug 15, 2018 according to Charles Hoskinson most recent video update. Prometheus in itself is a parallel source code written in Rust programming language and developed by the Cardano development team.

It is a modular and third party developers can use it whenever they want to build their wallets or dApps. Its functionality has already been tested on mobile devices. The reason Prometheus is there is to allow more flexibility and choice for their users. The Cardano team believes that by having Prometheus, light clients and mobile users would have a solid foundation and best leverage Cardano’s unique properties.

Technical Analysis

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

Just like the rest of the altcoins market, ADA is bleeding losing 12 percent in the last day alone. It could even get worse for Cardano (ADA) and all this is thanks to the weekly chart where a strong bearish candlestick printed last week rejecting mid-July higher highs.

Because of that, it was no surprise that there was a confirmation which saw a whole daily candlestick printing below the 12 cents main support line.

Therefore, in line with our last Cardano (ADA) technical analysis, I suggest selling ADA on every high with mid sell targets at ADA’s ATLs at 7 cents.

For those who are net short and executed sells when prices reversed gains below 20 cents, our previous buy trigger line in late July 2018 rally, they can lock in some profits and ride with bears.

Ethereum Classic (ETH) Technical Analysis

News Highlights

Official words from CoinBase Pro indicates that Ethereum Classic (ETC) will officially launch on their platform via CoinBase. However, CoinBase support would be availed once there is “sufficient” liquidity but inbound transfers at CoinBase Pro are accepted. The good thing about these transfers is that traders would trade assets immediately as there is no more waiting. On top of that, the daily transaction limit for verified US customers has been raised to $25,000.

Technical Analysis

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

Liquidity concerns locking out retail traders might partly be a reason why ETC is reversing gains. By yesterday, ETC prices were down three percent and in the process printing that nice double bar bear reversal pattern hitting our stops at Aug 6 lows.

Though our Ethereum Classic (ETC) trade plan suggests staying neutral now that prices are back in the $6 range with limits at $18, we might see ETC towing in with sellers and dropping towards our lower limit at $12.

After all, there was a marked spike in participation volumes on Aug 6 rejecting higher highs and helping sellers reverse last week’s gains.

As such, sellers can begin unloading ETC at current spot rates with stops right at Aug 8 highs at $17.5 with targets at $12.

Monero (XMR) Technical Analysis

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

Aside from Monero syncing with the general bear market, XMR prices are now trading below our main support trend line and moving closer towards our main target at $70.

All in all, our previous Monero (XMR) trade plan is solid and moving as planned.

Because of the general market sentiment, my suggestion is to short Monero (XMR) at current spot rates and aim for our main target at $70 with stops at $120.

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.

[FREE] Get Our Best Crypto Trading, Mining & Investing Hacks:

*Action Required* Enter Your Email To Get Insight For Trending Coin News & Reviews

I will never give away, trade or sell your email address. You can unsubscribe at any time.


Please enter your comment!
Please enter your name here

twelve − six =