Breakouts ahead for BTC, BAT, ZEC and IOTA
Is anyone else finding the current market really really dull? Oooo! Me! Me! Me! That’s good though. It’s the final gasp before the big move. I know – it’s probably getting old hearing me and others says ‘it’s coming’, but it is. The crazy amount of time cycles that have concluded between June and October thus far are nuts. And prices have literally not moved for almost 200 days (moved into a new trend that is). The same low of February still holds and we continue to make rediculously tight trading ranges in the major trading pairs, notably Bitcoin. But there are some hints and signals for some key breakout areas ahead.
Bitcoin breakout zone
Bitcoin experienced a bullish drive from October 23rd to October 24th, experiencing the fastest price action move over a 12-hour period since mid-September. The price action that has occurred during Wednesday’s trading has seen a bullish flag pattern appear on the hourly chart. The bullish flag is a common and consistent continuation pattern. There is a clear breakout range higher resting at the 6441-price level. Price and the Chikou Span in the Ichimoku system remain above the cloud. Ideally, price will move back above the Tenken-Sen and Kijun-Sen prior to any major move higher.
BAT (Basic Attention) Token breakout
Basic Attention Token has caught a massive bid over the past week, moving over 50% higher. The buying continues as bulls have been buying up every major and minor dip. Currently, BAT is trading above the Kumo lagging span is also above the Kumo. The next key breakout should be above the most recent high at 0.00004421.
IOTA (IOTA) breakout zone
IOTA is an important and growing cryptocurrency platform that is in the top 20 market cap coins. It is also one of the most traded cryptocurrencies. It’s been a bit of a laggard when compared to its peers as it has not experienced much of even a minor move higher or lower. It appears to be primed to move. The hourly Ichimoku chart shows clear signs of consolidation and indecision. I am looking for prices to trade above the most recent swing high to bring price and the Chikou Span above that high. I may even want to wait for it to break the 0.50 level and wait for entry at 0.51 as the 0.50 has held as a strong resistance level.
ZEC (ZCash) breakout zone
ZCash is part of what I call the ‘Coinbase 5’, which are the 5 cryptocurrencies that Coinbase Tweeted about back in July that they were considering adding to their platform. ZEC has caught some major trading attention of the last week as ZEC has moved over 10% higher. Taking a look at the hourly chart shows we have positive conditions met for a long entry. However, I would like to see prices trade above the October 20th swing high of 129.90 before making an entry on the hourly chart. An entry at 131.00 would put price above that swing high and provide enough room for price and the Chikou Span to move without any major resistance ahead of it.