TCV Crypto Market Update - (August 7, 2020) - Fastly

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 TCV Crypto Market Update – (August 7, 2020)
   August 7, 2020 / Mr. W (https://dollarvigilante.com/cryptovigilante/author/misterw/)

Crypto Market Commentary & Outlook
Bitcoin (BTC) Technical Analysis & Outlook
While BTC/USD indeed continued to push to the upside yesterday as expected, the bulls
were unable to break into the $12,000’s as resistance remains too strong in that area.
This led to a sharp selloff all the way down to the $11,219 level earlier today, which
 Bitcoin(BTC) $11,661.03 " -0.53%        Ethereum(ETH) $387.83 " -0.64%          Bitcoin Cash(BCH) $297.92 "

doesn’t come as that much of a surprise given our discussions earlier in the week of the
possibility of a retracement/cup & handle around $12k, although the pullback has been
almost completely retraced in very short order so we think the general uptrend remains
intact (even if this weekend sees choppy consolidation).

                     TradingView Bitstamp BTC/USD 6-hour linear chart
We want to revisit the 6-hour chart before the weekend as it remains the best view of the
shorter-term technicals where we can see that the local top just above $11,900
yesterday led to a sharp selloff today due to the possibility of an Adam & Eve double top
in that area, which is still certainly a concern for the bulls moving forward. The thin
volume profile setup below $11k is also suboptimal for the bulls for the time being,
however the recent rejection off of the still rising 50 SMA is encouraging, as are the
rising longer-term moving averages and the favorable A/D line, so we still think a
breakout above the $12,100 regional high is likely once this broad consolidation between
~$10,500 – $12,000 has completed.

 Bitcoin(BTC) $11,661.03 " -0.53%   Ethereum(ETH) $387.83 " -0.64%   Bitcoin Cash(BCH) $297.92 "

TradingView Bitstamp BTC/USD weekly linear chart
Since it’s Friday we also want to take a look at the weekly chart for a view of the longer-
term setup where we can see that the move lower today is not really noticeable at all
given a still favorable candle formation heading into the weekend while market structure
remains bullish for now, again pointing to upside after this consolidation. The fact that all
of the moving averages are now rising is also good news for the bulls, as are the still
favorable momentum and volume indications, so we’re expecting a breakout above
$12,100 in the not too distant future which is why we still want to be buyers below $11k if
given the chance.

Bitcoin SV (BSV) Technical Analysis & Outlook
BSV/BTC

  Bitcoin(BTC) $11,661.03 " -0.53%   Ethereum(ETH) $387.83 " -0.64%   Bitcoin Cash(BCH) $297.92 "

TradingView OKex BSV/BTC daily linear chart

While BSV/BTC hasn’t moved very much over the course of this week, we continue to
like the look of the weekly chart above due to the still intact series of higher lows as well
as the support that the upper demand area and 78.6% Fibonacci level are providing so
we still think that price is likely to move higher once this area of resistance around 0.020
is cleared. The improving momentum oscillators and the rising 50 SMA both confirm this
view, although the volume indications leave much to be desired so we might be stuck
around current levels for quite a bit longer still.

BSV/USD

  Bitcoin(BTC) $11,661.03 " -0.53%   Ethereum(ETH) $387.83 " -0.64%   Bitcoin Cash(BCH) $297.92 "

TradingView OKex BSV/USDT daily linear chart

BSV/USD continues to look pretty good from a technical perspective on the weekly
timeframe above due to bullish shorter-term market structure, a rising 50 SMA, favorable
momentum oscillators, and a lack of true resistance until at least the $270 area, so we
think the path of least resistance is higher as long as the bulls defend $200 over the
upcoming weekend.

Monero (XMR) Technical Analysis & Outlook
XMR/BTC

 Bitcoin(BTC) $11,661.03 " -0.53%   Ethereum(ETH) $387.83 " -0.64%   Bitcoin Cash(BCH) $297.92 "

TradingView Binance XMR/BTC daily linear chart
Today we’ll zoom out to the weekly XMR/BTC chart for a view of the longer-term
technicals where we can see that price has moved a bit higher this week thus
challenging the 0.0080 level heading into the weekend while the 50 SMA continues to
slowly reverse back to the upside and the momentum oscillators remain favorable, so we
still think that the path of least resistance is higher moving forward. Having said that,
we’re not confident in the bulls being able to push price out of the medium-term
accumulation range yet due to heavy resistance around 0.0095 while the volume
indications remain lackluster so we expect more consolidation overall before a resolution
above 0.0095.
XMR/USD

 Bitcoin(BTC) $11,661.03 " -0.53%   Ethereum(ETH) $387.83 " -0.64%   Bitcoin Cash(BCH) $297.92 "

TradingView Bitfinex XMR/USD daily linear chart

XMR/USD continues to look favorable for the bulls on the higher timeframes as we can
see on the weekly chart above given that market structure continues to improve and the
volume indications are still fairly encouraging, although it’s likely to take more time for the
$100 area to be sustainably cleared so consolidation between ~$80 – 100 appears likely
over the shorter-term with dips being buyable within this range.

Wownero (WOW) Technical Analysis & Outlook
WOW/BTC

  Bitcoin(BTC) $11,661.03 " -0.53%   Ethereum(ETH) $387.83 " -0.64%    Bitcoin Cash(BCH) $297.92 "

Coinigy TradeOgre WOW/BTC daily linear chart

We’ll wrap up this week with our first look at WOW/BTC and we’ll start with the daily
chart where we can see that price is currently consolidating within what appears to be a
near-term bullish pennant pattern that is holding the 50% Fibonacci level thus keeping
market structure bullish while the volume indications are still favorable, all suggesting
that another leg higher is likely once this pause that refreshes has run its course. The
fact that all of the moving averages are rising while the momentum oscillators recharge
is also good news for the bulls, particularly the RSI which is finding support around its
50-line, so we would be buyers of dips below 0.00000500 for an eventual move above
0.00000800.

Good Luck, Good Trading!

Mr. W

Crypto Market Technician
Disclaimer: The Crypto Vigilante needs no disclaimer. Everything we say here is what we believe. Furthermore we need no disclaimer because we believe that all nation states, governments,
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Posted in Crypto Updates (https://dollarvigilante.com/cryptovigilante/category/crypto-
updates/)

    Bitcoin(BTC) $11,661.03 " -0.53%                                       Ethereum(ETH) $387.83 " -0.64%                                          Bitcoin Cash(BCH) $297.92 "

Mr. W
                   Mr. W is an experienced technical analyst and trader who has been
                   charting professionally for almost a decade. He is proficient in
                   statistics, econometrics, derivatives strategies, and fundamental
                   analysis which gives him an arsenal of tools to form his unique
                   perspectives on the markets. He is an early Bitcoin adopter (early
                   2013), early Monero adopter, an altcoin miner from 2013 – 2015,
                   and an active trader of many crypto markets since 2013. Mr. W has
                   a bachelor’s degree with a double major in economic and political
                   science, and an MBA with a concentration in finance and
                   investments. His passion for sound money and Austrian economics
                   add to this background to provide a unique perspective on these
                   unique markets.

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Bitcoin(BTC) $11,661.03 " -0.53%        Ethereum(ETH) $387.83 " -0.64%          Bitcoin Cash(BCH) $297.92 "