Greetings everyone,
after the summer vacations and to be able to have a better understanding of the market, a brief technical analysis to check what is going on right now, is a great step to be more profitable in the near future. Especially at this time, that correction was a bit harsh for most positions.
Correction
The market needs correction!
It is like taking a break to realize the situation or taking a breath after running a couple of laps. Also, is better to be more often, as it needs less correction. If more than enough time has passed between corrections, then it would be harder.
So, let's have the first look at the market.
Bitcoin and Ethereum
Correction for bitcoin, with a low volume testing at the $11500 support, which I think is strong enough to hold and go sideways for a while to build up strength if to break the $12000 resistance level for good. Same for Ethereum, correction, and as long as it dropped below $400, the next support level is $375, which - in my opinion - is stronger, as it had been retested, again, ten days ago.
Bitcoin Cash and Monero
Bitcoin Cash is testing the 4hours 200MA at $280. This level seems to be a strong one, as it has been retested this month, and it is able to hold the price, even if indicators are pointing a downtrend.
Monero - my favorite coin, as you can easily mine it- after a 30% increasing inside an uptrend parallel channel for the last month and breaking the $100 level, with a great increase in volume, is to be corrected to $92, to continue the uptrend of the week.
Matic
You will wonder why Matic is in this analysis, and the reason is that it is an open trade of mine, Matic against Bitcoin!
Because of low reflexes that made me buy relatively high, at 0.00000232, and the said correction, I am in the red zone, but I see the price in the uptrend and possibly on the 3rd Elliot wave. This is going to be sure if the price goes above 0.00000240 to confirm the wave.
Conclusion
The market is currently on a correction, but it should be over soon, but no one can predict when, so be ready and be safe.
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