Altcoin Newsletter #96

My exclusive commentary on 8 Altcoins

Altcoin Newsletter #96

Welcome to the Rekt Capital newsletter, a resource for people who want to better navigate the crypto markets with the help of cutting-edge crypto research and unbiased market analysis.

Every Friday, I host an Altcoin TA session where I share my exclusive commentary on the price action of a wide variety of coins, requested by valued premium members of the Rekt Capital Newsletter.

I share charts on 8 coins today.

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In today’s Altcoin newsletter, I cover 8 different Altcoins, specifically:

  • Chiliz (CHZ/USDT)
  • Binance Coin (BNB/USDT)
  • Avalanche (AVAX/USDT)
  • Thorchain (RUNE/USDT)
  • Cosmos (ATOM/BTC)
  • Tezos (XTZ/BTC)
  • Basic Attention Token (BAT/USD)
  • Ripple (XRP/BTC)

Let’s dive in.

Chiliz - CHZ/USDT

Let’s preface the analysis of CHZ with an analysis of ETC from a few week’s back, due to striking similarities in the price action which will soon become apparent:

After a tremendous rally, ETC reached a macro downtrending resistance.

Below are my thoughts on ETC at that stage in the move:

Here is an update to ETC since then:

ETC indeed rejected from the Macro Downtrend and is now down -20% since then.

Now here’s my TA on CHZ:

After a tremendous rally, CHZ reached a macro downtrending resistance.

Upside wicking beyond the resistance is possible, much like ETC enjoyed, but generally the upside may very well be limited for CHZ beyond this point for much of the same reasons as it was for ETC.

Reject here and CHZ may need to dip into orange for another retest attempt. Lose orange as support and CHZ will drop into the green-orange range to find support somewhere in there.

Of course, break the macro downtrend and a new macro uptrend will begin, with CHZ likely to revisit the blue resistance above.

However, much like ETC, CHZ could easily suffer the same fate of rejection in an effort to find support at lower levels first.

Binance Coin - BNB/USDT

Very simply, BNB is at orange resistance.

And until it is able to flip it into support, orange resistance will continue to weigh down on price and reject it.

And so as a result, BNB will be more primed for a bearish bias where price could follow the green path.

For the past three months now, BNB has hovered just below the orange resistance, sometimes even upside wicking beyond it, but ultimately failing to Monthly Close above it and establish support at orange.

In fact, this current September Monthly Candle is forming a new Lower High relative to the upside wicking high of last August, which contributes to the weighing down on price.

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