While the short term pattern of price spiking higher for various coins then quickly pulling back continues, BTC and the overall market is showing another extended consolidation pattern.
This presents a good opportunity to step back and look at the longer-term big picture and see what patterns and indicators show.
A good place to start a long-term analysis is the Monthly Chart.
We share charts of 3 large cryptos that are widely followed and one mid-cap that has exploded higher in price over the last 30 days (ENJ).
We also reviewed monthly charts for ETH and XRP but did not add them. Here?s why:
- ETH?s chart looks like BTC for the most part and
- We?ve been sharing for well over a year now that the key price level for XRP is .42.
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That tells the current story for those two so their charts are not shown.
Review the charts below for a solid investors guide of what?s happening now and what to watch for longer term. Review your favorite cryptos monthly chart for similarities and differences ? if you see anything interesting on any coin that?s been around for over six months let us know at cryptopatterns@gmail.com and we may do a full analysis.
An additional takeaway: while the overall market continues to rely on BTC for directlon, there are MEANINGFUL differences among coins that should mean SOMETHING longer term and be considered in your trading or investing strategies.
