Bitcoin (BTC)

Bitcoin experienced an exceptionally bullish move higher yesterday (December 22^nd, 2019), closing up over +5.18%. In addition to the significant percentage gain, Bitcoin broke out of some key resistance zones. A bullish continuation pattern known as a bullish pennant was acting as a healthy resistance level for the past three trading days until it was broken yesterday. We can also observe that there was a series of three consecutive inside trading days with all of the closes occurring around the Kijun-Sen and the VPOC (Volume Point of Control). After price broke out of those ranges, the next level of resistance is where Bitcoin is currently facing trouble moving above the bottom of the Cloud (Senkou Span A). I am waiting for the 7800 to 8000 value area. If Bitcoin can close around those value areas, then we would see Bitcoin inside the Cloud, but more importantly, the Chikou Span would be above the candlesticks and in open space, indicating a highly probable move higher towards the 9000 value area.

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Ethereum (ETH)

Ethereum remains under threat of closing 2019 at a loss. Presently, Ethereum is just below the 2019 open (130.86). It has been oscillating above and below the 2019 open for the past seven days. Unlike Bitcoin, Ethereum is not displaying any bullish conditions. Price remains below the Kijun-Sen and Tenkans-Sen, with the Tenkan-Sen below the Kijun-Sen. Both the current Cloud and Future Cloud are red (Senkou Span A below Senkou Span B). The Chikou Span is also below the candlesticks. For Ethereum to print some bullish conditions on the daily Ichimoku chart, we may be waiting a while. I would be looking to add to my long positions if Ethereum and the Chikou Span could close above the Cloud, but the Point Of Control may prove to be an area preventing higher prices. A conservative entry above the Point Of Control would also mean all the ideal Ichimoku bullish breakout conditions have been met. An entry around the 183 value area is where I am looking to add to my long positions.

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Litecoin (LTC)

Litecoin’s daily Ichimoku chart is very similar to Ethereum’s chart – but with a slightly more bullish tone. Litecoin has had some excellent gains over the past six days. It’s hard to believe, but from the swing of low of 35.88 on December 18^th, 2019 to today’s swing high of 42.69, Litecoin has moved as much as +19%. Litecoin is struggling at its current level, indicating a significant amount of indecision because it has been trading Tenkan-Sen and Kijun-Sen. Today’s high found resistance against the daily Kijun-Sen. The current daily Point of Control is just above the top of the daily Cloud (Senkou Span B). I am waiting for Litecoin to have both price and the Chikou Span move above the Cloud, in addition to Litecoin closing above the Point Of Control. All of those conditions would be fulfilled if Litecoin can close above 57. In the near term, Litecoin can have an easier move higher if it remains above the high volume node just below at 39.85. That level should be of significant importance for any bears wanting to short because a considerable amount of volume has traded at that price level over a very, very short period of time. Downside pressure may be severely limited due to such robust and hidden support levels.

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