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    Technical Analysis

    Technical Analysis December 08, 2020

    By on Technical Analysis
    An overview of the trading activities on the cryptomarkets. Studies on traded volumes, supply and demand situations, as well as periodic technical analysis of the most important crypto-currencies and indices, including the perspective of Crypto Finance AG Senior Trader Patrick Heusser.

    Technical Analysis

    Good Morning!

    Let's dive straight into the charts...

    Bitcoin BTC$ (4h)

    Charts: Tradingview

    We are in a potentially textbook distribution pattern (triangle). I would say that we will have a confirmed breakout above 19.6k, and then we will start the next attack towards the ATH of 20k.

    There are a lot of spot sell orders between 19.6k and 20k. We need some proper US muscle car power to push through it. On the derivatives side, we are seeing some relaxation in terms of the funding and the term basis.

    On the downside, I see the first support at 18.5k, and I have to say, if we break through that, I see a good chance of plunging towards 16.5k.

    Ethereum ETH$ (4h)

    The waiting game continues. Play the range of $490 (big support), $550, and topside $625. I have no strong conviction to either side.

    ETH/BTC (4h)

    I had to widen my range and cancel out the 0.031 level, which has lost in relevance.

    My overall feeling is that we are ready for a correction down towards 0.030. I am deducting this from the Ichomiku cloud indicators. We broke the baseline, plus we are trading in the cloud and below the large liquidity pool (which is at around 0.0313).

    Play the range, which is "only" 10% wide. In crypto, this is an easy intraday move.

    AAVE$ (4h)

    I am starting to feel a bit uneasy with my long position. The topside of $95 is giving me a tough time. Currently, we are trading between $80-$95, which is not sending me any signals to enter a trade. But I will watch it closely.

    COMP$ (4h)

    Compound finally had its moment and moved higher aggressively. Needless to say, I missed the move. Now, I am staying on the sidelines...

    LINK$ (4h)

    This one is not giving me any positive vibes right now. I am leaning bearish as long we are below $13.75.

    SNX$ (4h)

    This one never gave me the chance to add some more to my longs. The coin is still one of my favourites and is showing continued strength. But due to the fact that I am leaning rather bearish on the overall market, it makes it hard for me to get into a trade right now.

    It is a coin on my list that I will rebuy if we see a larger correction.

    YFI$ (4h)

    This coin still has the cleanest bullish setup. We are printing higher highs in combination with higher lows. The problem is that those highs and lows are over 50% apart.

    The first support to the downside comes in at around $26k, with a large support around $22k.

    If we take out the topside of $32k, I am expecting a bigger push towards $40k.

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    About the author

    Patrick Heusser is Head of Trading at Crypto Broker AG. Prior to joining the company, Patrick worked as an Interest Rate Trader at UBS and held various positions in the IRCC (interest rate, commodity and foreign exchange trading) in London, New York, Singapore and Zurich. Patrick is an expert in trading and risk management. He also gained experience in other areas, such as building start-up companies. Patrick has a degree in banking from a business school. He has also taken various courses in technical chart analysis.

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