Bitcoin, Ethereum, Litecoin, Ripple and Bitcoin Cash – Weekly Technical Price Analysis
“All you need is one pattern to make a living.” – Linda Raschke
In the current week, we saw major cryptocurrency giving out a relief rally with BTC almost gaining a well over 17% compared to last week closing. One of the anticipated major factors for the relative run is the end of tax season being over on 17th April and so, investors are entering again to reap benefits from these lower levels. Furthermore, the announcement of “Bitcoin being permissible under sharia law” added to the charm.
Currently, the dominant BTC is consolidating over the comfort levels of the Bull-Runners in market, instilling a lot of confidence for traders and investors. We saw some of the top alternative cryptocurrencies rally over the ‘stability that the flag-bearer gained in the week’.
Adding to the above, we also saw the Managing Director of the International Monetary Fund (IMF), Christine Lagarde, praising of multiple benefits about cryptocurrency and she envisages a large scale shift from government issued currencies towards cryptocurrency.
Complementing into the account of positive factors, we also saw affluent people like George Soros and institutions like Barclays from the background of traditional financial markets entering cryptocurrency industry, thus, indicating the relative economical strength that these emerging market hold.
BTC is trading at $8,180 representing a gain of about 1% in last 24-hours.
BTC post the climb above the long-ranged line of resistance has been consolidating between the range of $7,700 – $8,400.
If we look into the shorter time-frame of 4-hour, a small bullish pattern (cup & handle) can be seen as formed, which if broken over the above downtrend resistance can gain a momentum upto next level of overhead resistance depicting around $9,150 which is also 23.6% Fibonacci Retracement resistance of the fall from $19,666 – $5,920.
After the current strong consolidation, we expect BTC to have a momentum another pull-back rally from current levels treating 20 day EMA and baseline of the “handle” as immediate intra-day support.
We expect BTC to have a break-out soon to new levels of resistance and our Bullish views will be invalidated if it falls below it’s April lows of $6,400 as we expect it to be all time low for this quarter.
ETH is representing a gain of 4% in last 24-hours currently trading at $535.
Ether as per our last weekly analysis was considered as the most positive cryptocurrency and we expected ETH to gain a rally momentum upto the first overhead resistance seen in charts above at $600.
ETH currently is trading between the tight range of 20 & 50 day EMA with both acting as immediate support and resistance respectively. We still find ETH to continue with it’s positive pullback upto first overhead resistance of $600 and any break-out above the same will open up further avenues for ETH $745.
Our bullish view will be invalidated if ETH falls and closes below $450.
BCH trading just below $900 is representing a gain of 7.35% in last 24-hours.
The momentum rally that we expected within 24-hours upto $880 proved to be accurate mentioned in our previous daily analysis.
BCH though trading close to it’s intra-day highs is resisting against the 50-day EMA which is around $900. Any breach of 50-day EMA and closing above the same will make BCH gain momentum to it’s next resistance upto $1,080. For the above relative momentum, the immediate support is the previous day’s low of $750.
Ideally traders can look to go “bulls on dips” with current BCH trend. Our bullish view will be invalidated if BCH falls and closes below the previous day’s low of $750.
Ripple trading at $0.72 is representing a gain of 6.5% in last 24-hours.
Ripple has seen a positive momentum and has been consolidating right on the top. Trading at $0.72, XRP is resisting against the 75-day EMA, however the positive sentiment continue to follow.
If XRP breaches the 75-day EMA resistance and closes over the same today, a momentum upward rally to new overhead resistance can be achieved. Traders can ideally go “bulls on dips” with immediate intraday support at $0.62.
Our bullish view will be invalidated if XRP falls and closes below baseline support seen in chart above of $0.62.
Our analysis in the other two respective cryptocurrencies LTC and EOS remains the same that we detailed out in our daily analytical reports with both gaining partial bullish momentum analysed therein.
*EMA – Exponential Moving Averages*
*S – Support, R – Resistance*
Volume Distribution (Indian Exchange):
Weekly Price – Pointers:
Traders should smartly use their skills and can refer to technical levels above to make optimised trade decision.
This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate.
The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.
Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum etc.are very speculative and are subject to market risks. The analysis by Author is for informational purpose only and should not be treated as an investment advice.