Altcoin Buy Setups
Point and Figure Analysis is perfect for identifying key entry zones. Many altcoins are in a position to have Buy Stop orders in place for a major move higher.
Cardano’s Bitcoin chart (ADABTC) is showing some clear evidence of an imminent move higher. The point of control below at 0.00000583 shows significant accumulation while the current price action is showing a clear example of a bull flag. A buy stop at 0.00000650 would put price in a very positive position: above the flagging pattern and above the double top that would form.
Basic Attention Token (BAT)
Basic Attention Token is showing a great response from the pole pattern the recently developed. A new column of X’s has formed and has surpassed the 50% retracement of the prior column of O’s. If price continues to move higher then it will more than likely come to a resistance zone at 0.00002590, which would form a triple top. A break of the triple top with an entry at 0.00002595 would be an excellent entry.
Decred had a phenomenal and bullish looking daily Ichimoku chart prior to last week, but it ultimately failed to generate a bullish move. The current Point & Figure chart is very interesting. There is a sextuple resistance level at the present value area, but a growing high volume node on the volume profile. There is a double top that would turn into a triple top if price returns to 0.00295. An entry at 0.003 would be a breakout from that triple top.
ICON has a beautiful volume profile that shows a significant amount of accumulation and trading at these new all-time lows. It’s also developed a fairly tight trading range and the formation of a rounding bottom – a clear reversal signal. A buy stop at 0.0000300 would put price above a double top and above the current high volume node. If price does get to the entry at 0.0000300, a swift move higher would more than likely occur.
IOTA has a similar bottoming pattern with a developing high volume node that many other altcoins are now showing. There has been a series of higher highs and higher lows on IOTA’s Point & Figure chart. Price did break above a prior double top only to see it fall. Price needs to break that prior price level and then ultimately break another double-top at 0.00003195. An entry at 0.00003200 would fulfill a break of that double-top.
NEXO was the biggest gainer for me last week (+36%) and I’m looking for it to have a similar move very soon. There’s a big zone of resistance at 0.000013 and just above it is a wide-open volume profile that could yield some significant gains. An entry at 0.00001325 would be a break of that resistance – which would be a quadruple top. Given that the ex-dividend date for NEXO is on August 5th, I would expect to see some more volume pour in and that would propel prices higher.