IOTA (IOTA) has been down since Feb 19th but has rebounded at an important fib retracement level.
Together with IOTA, Zcash (ZEC) broke out of an area of long-term resistance at USD 110 and subsequently validated it as support. Similarly, QTUM has broken out of the $ 4.80 area and has validated this as support.
IOTA (IOTA)
IOTA has been moving down since hitting a high of $ 1.70 on February 19th.
While it created a bearish candlestick in the weekly timeframe, IOTA rebounded at the 0.5 fib retracement level and managed to hit a closing price above the 0.382 fib at $ 1.07.
In addition, the technical indicators are bullish, as shown by the bullish cross in the stochastic oscillator (green arrow), which suggests that the trend is bullish.
If IOTA resumes its uptrend, the closest resistance area will be at $ 2.52.
IOTA chart from TradingView
The IOTA / BTC pair is also bullish as the graph shows a breakout of the 2200 satoshi resistance area and its subsequent validation as support.
Despite a bearish cross in the daily timeframe, both the MACD and RSI are still bullish. Therefore, as long as IOTA is not close to the 2200 satoshi area, it can be expected to continue increasing towards the closest resistance at 3500 satoshis.
IOTA chart from TradingView
IOTA chart from TradingViewHighlights
- Long-term indicators for IOTA / USD are bullish.
- IOTA / BTC is trading at 2200 satoshis above support.
Zcash (ZEC)
While the ZEC has been declining since February 19, creating a significant bearish candlestick last week, it has returned to validate the previous resistance area at $ 110 as support.
As long as it is trading above this level, the trend is viewed as bullish and the ZEC is expected to continue rising.
Technical indicators are bullish as the stochastic oscillator has drawn a bullish cross and the RSI has created hidden bullish divergence.
If ZEC continues to rise, the next resistance area would be at $ 345.
TradingView’s ZEC diagram
The ZEC / BTC pair doesn’t look as bullish as its USD counterpart.
While ZEC has risen since hitting an all-time low of 16,065 satoshis, it is still trading below the previous breakdown level at 38,000 satoshis.
Until ZEC recaptures it, we cannot consider the trend bullish.
While indicators show bullish signs, we cannot confirm the bullish trend reversal until the RSI is above 50 and the stochastic oscillator makes a bullish cross (green circle).
TradingView’s ZEC diagram
Highlights
- ZEC / USD is trading at $ 110 above the support
- ZEC / BTC is trading below the resistance area of 38,000 satoshi.
Qtum (Qtum)
The price movement for QTUM is similar to that of ZEC. After trading below the $ 4.80 resistance area since July 2018, QTUM managed to break out in early February and hit a high of $ 8.98.
Last week’s decline has brought QTUM back to the $ 4.80 area which is now intended to serve as support. Both the MACD and the stochastic oscillator are on the rise, and there is even a hidden bullish divergence in the weekly RSI, a strong sign that the trend is continuing.
If QTUM continues to rise, the closest resistance area is at $ 8.80.
TradingView’s QTUM diagram
The QTUM / BTC pair has moved up since hit an all-time low of 636 satoshis on December 28th.
However, QTUM has failed to reclaim the 1800 Satoshi resistance area that is the previous breakdown level.
Despite the possible uptrend in the stochastic oscillator, we can only account for the uptrend when QTUM recaptures the Satoshi area of 1800.
TradingView’s QTUM diagram
Highlights
- QTUM is trading above the USD 4.80 support area.
- QTUM / BTC is trading below the resistance at 1800 satoshis.
Click here to view the latest Bitcoin (BTC) analysis from BeInCrypto.
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