I have reviewed 63 cryptocurrencies. In this report I share a few that show signs of future potential.
Summary: Top picks (in order): Dash, Ethereum, Ripple and Monero.
All have the ability to form simply massive bubbles, have not made new all time lows, and have support from volume on upwards weeks after the lows. Interest in these remains high. They may be survivors.
All data is from Yahoo Finance.
Disclaimer: I have prepared this report for my own cryptocurrency investment decisions.
BITCOIN CASH
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Positive: Has a nice scallop pattern that shows signs of strength in upwards weeks after the low. A Bullish Engulfing pattern at the low has support from volume.
Negative: Has reached a lower point than the low upon the opening day. This is a warning it may simply disappear.
BINANCE COIN
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Positive: Upwards trends have support from volume; downwards trends have declining volume. It is clearly in an upwards trend and currently in a pullback within that trend.
Negative: Shows no evidence of the ability to form a large bubble. Profits may be more limited.
CARDANO
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Positive: Has the ability to form a large bubble. Shows some life (histogram is too small but upwards weeks do show strong support from volume) after a scallop bottom has formed. Currently less than $0.10. May be a good buy.
Negative: Is this price too low for this instrument to survive?
DASH
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Positive: Has the ability to form a massive bubble, from $0.01 to over $1,500. Currently at low levels. It has formed a scallop bottom since a low in February 2019 at $64.54, and is now showing strong volume on upwards weeks. It is currently in a pullback. When price declines volume also declines; sellers are not actively pushing price lower.
Negatives: It could still just disappear due to a lack of interest, but this negative is tempered by the fact there does currently remain enough interest for this instrument to be listed as one of the top cryptos to buy now. I agree.
ETHEREUM
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Positive: Has formed a scallop pattern, although it is not a smooth long curved one. A bullish Morning Star pattern at the low; volume supports the bullish candlestick. Volume pushes price higher from the low. Currently in a pullback, so it may be a good time to buy. It is popular, so it may survive. Has the ability to form a very large bubble, from $0.15 to just above $1,400. Almost has enough volume to form recognisable Elliott wave structures.
Negative: The scallop pattern is a bit sharp. It may yet need to make a new low before its ready to rise again.
KOMODO
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Positive: Has the ability to form a bubble from $0.10 to $14.23. Has formed a nice shallow scallop pattern that has volume supporting upwards weeks off the low. It is currently in a pullback, so it may be at a good price to buy. Had a bullish piercing pattern with support from volume off the low at $0.51 in November 2018.
Negative: The large correction may not be quite done. It could make another low.
MONERO
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Positive: Has the ability to form a bubble, from $0.25 to $472.21. It looks like it has formed a low in December 2018 with a Bullish Engulfing candlestick at the low, which has support from volume. It is currently in a pullback, so it may be at a good price to buy.
Negative: No shallow scallop pattern. The low is a bit sharp, but not too sharp for consideration.
RIPPLE
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Positive: Has the ability to form a reasonable bubble from $0.01 to $3.29. Has not made a new all time low. From the low at $0.25 in September 2018, it formed a huge Bullish Engulfing candlestick pattern with strong support from volume. It is currently in a pullback, so it may now be a good buy. It is currently at a very low price.
This one has some backing from establishment banks. This may make it more likely to be a survivor.
Negative: The correction may not yet be over. A buy here may be premature.
STEEM
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Positive: Has the ability to form a bubble from $0.10 to $8.88. The last low was $0.14 on end January 2019.
Negative: May not have finished correcting. This one may be a higher risk of disappearing.
Published @ 03:48 a.m. EST.
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Thanks, Lara
I was favouring Neo (just from a personal perspective) – any notes on that one?
I think you are suggesting (which I agree with) that we could be in for one last push lower, before the up move?
Yahoo Finance don’t have NEO data, so I didn’t look at that one. But using another source it looks like a reasonable possibility.
It hasn’t made a new all time low. It has the ability to form a bubble. It has a reasonable scallop pattern and shows strength from the low on upwards movement.
Bitcoin has the greatest volume and (now) has sufficient volume for form reasonable Elliott wave structures. My wave count for that expects it’s not done with its pullback quite yet.
However, these cryptos aren’t all going to turn together. But a few, that I’ve identified, may not have quite bottomed yet. Others may have.