Cryptocurrency Ichimoku Analysis
Analysis of new major lows against Bitcoin that could hint at imminent reversals higher.
Cardano’s daily Ichimoku chart (ADABTC) shows a very strong and persistent drop, but one that may reverse here very soon. Price is currently near the max mean that it travels from the Kijun-Sen before returning higher to test the Kijun-Sen as another resistance level. From the most recent swing high on April 3rd, 2019 to today (July 11th, 2019) there is 99-days in this current bear move. This is significant because 99-days is within the 90-day Gann cycle of the inner year. The fact that this move has lasted exactly 99-days while also creating new all-time lows just a hair below the prior all-time low indicates a very, very strong probability of an imminent reversal.
EOS is one of the few altcoins (if we can still call it an altcoin) that has sustained fairly stable levels against Bitcoin’s performance. I would stay it is still within the same prior support range that it has held against Bitcoin ever since mid-March of 2018. EOS has broken the lows of that support range this week and EOS is now trading at the same level it was 570-days ago on December 15th, 2017. There is some evidence to suggest that a reversal here is imminent though. Just like Cardano, EOS has reached a new major low in a 99-day move, indicating an imminent reversal. What exacerbates the probability of a reversal is the current distance between price and the Kijun-Sen: it’s the furthers from the Kijun-Sen it has been in over 600-days.
0x has the exact same 99-day new major low conditions that both Cardano and EOS have. 0x is also at the max mean that it will go before a return to test the Kijun-Sen. Additionally, it has also generated new major lows and is trading where it was back on December 17th, 2017 (571-days ago). It has been in a bear market against Bitcoin now for 427-days. If we measure the big moves below the Kijun-Sen on 0x’s weekly Ichimoku chart. First, there is a drop of -5900 followed by a major drop of -5800 and then again by -5100. Even though this is a very small sample size, it does show some evidence of the ranges constricting. On the current week, the max range price has, so far, moved as much as -3500. It is entirely possible that the max distance here has been reached and we begin a new move higher.
ZCash has had probably one of the ugliest and most persistent bear moves against Bitcoin out of the entire top 20 cryptocurrencies. While a large number of cryptocurrencies have made new lows against Bitcoin in the past couple months, ZCash has been creating new lows against Bitcoin for over 31 straight weeks, that over 217 days of new all-time lows against Bitcoin. From a price action perspective, ZCash is currently at the second greatest distance from the weekly Kijun-Sen on ZECBTC chart. Given the broader altcoin market has been experiencing similar moves and price action, I expect ZCash to be another altcoin that experiences a major pop higher in the very near future.