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4 Crypto Charts


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Looking at the hourly charts this morning and all are pulling back from their run up yesterday. Ripple had made a tentative break over it's weekly resistance level on Thursday (red) but waited for a push by bitcoin on Friday to take off into clear space.

Bitcoin currently testing possible support around 6640 to form a base before another attempt higher.  And whoops no, that's just gone, now looking at 6557.

 

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Bitcoin again trying to breach 6751 which has capped price for several days now, a breakout could lead to a bull rush. 

Remarkable correlation between the ether and litecoin charts though lite has just made a break while ether is capped by it's weekly support level red 247 and it's last 9 4hour bars have closely matched bitcoin so waiting for a break as well.

4 hour charts and 15 min bitcoin.

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Quite correct, it's the similarities and differences I'm looking to highlight as well as seeing if bitcoin acts as a catalyst for them all and how quickly the others might respond, whether it's algo quick and/or human quick.

Ripple was interesting as it had made a break above the weekly resistance level and then didn't really know what to do until bitcoin made a break, then ripple took off into the clear space with nothing to slow it down until bitcoin halted at 6751 which was an old support level from the end of August.

Litecoin looks rearing to go but seems to be waiting for bitcoin and ether to overcome immediate resistance while ripple looks to be taking the day off, probably has a hangover after it's recent exertions. ?

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I just realised that IG turn off their Crypto trading desk on Saturday mornings. I use IG for all stock trading, and would like to keep using them for Crypto CFD.  Unfortunately, its not possible...BTC moves fast and by holding a position over the weekend I risk being stopped out with significant loss.  Would be good if they opened the crypto desk 24/7...crypto never sleeps!

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So no break for bitcoin over the weekend but the bull flag remains intact as the 6639 level is being defended this morning.

With regards the platform down time @Me7 & @TrendFollower it does give rise to gaps which can play havoc but even the exchanges themselves have to have periodic shutdowns for maintenance and updates. It wasn't that long ago when everything shut down for the whole weekend and gap fill strategies were part of the traders repertoire.

One aid that maybe useful would be the ability to add a guaranteed stop for over the weekend, I know some brokers provide this but not IG I think.  

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