Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, EOS, Binance Coin, Stellar, Cardano, TRON: price analysis 8 April

9 min read

The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the opinion of Cointelegraph. Every investment and trade movement entails risks, you must conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

Following the recent low point rally, an indicator has reached the overbought level that was last seen in December 2017, according to Bloomberg Intelligence analyst Mike McGlone. Historically, such overbought levels have resulted in multi-day downturns and McGlone expects someone to start after the recent up-move.

Often the signals from the indicators prove false. Even more at the bottom or at the top because sentiment takes a long time to change. It is difficult for traders to become bullish after a prolonged bear phase. On multiple occasions, the first rally can reach overbought levels from the lows, but this is not comparable to the overbought levels seen after an extended uptrend. That is why it is not a foregone conclusion that a similar result will follow.

Although a small correction or consolidation is possible, a new test of the annual lows seems unlikely. What's more, after a number of altcoins have risen far above their lows and seem to have started a new upward trend. But because there is a large overhang of supply at every higher level, the rise will be gradual, with intermittent falls.

BTC / USD

Bitcoin (BTC) briefly exceeded $ 5,300 but failed to hold on. However, it has risen gradually over the past four days, even though the RSI is deeply overbought. This is a bullish sign. If the price is not corrected within a few days, traders waiting to buy the dip will be forced to go for a long time to a higher level or miss the opportunity. That is why an increase of $ 5,900 seems likely. The rising moving averages show that the bulls are in charge.

On the other hand, if the BTC / USD pair deviates from current levels, it may find support closer to $ 4,800 and lower on the 20-day EMA. If both supports break, a drop of $ 4.255 is possible. This is critical support and if it breaks it will be a negative development and indicate that the current movement was only a rally in the bear market. However, if we look at the diagrams, we give this a low chance of prevention.

Because the RSI is deeply overbought, we expect a small correction or consolidation for a few days, after which the up trend should continue. Traders can keep the stop-loss on the remaining long positions at $ 4,400.

ETH / USD

Ethereum (ETH) broke out and closed (UTC time frame) above the aboveground resistance at $ 167.32 on April 7. So it completed an ascending triangle pattern with a goal of $ 251.64. However, there is a rigid resistor at $ 220. Depending on the performance in the neighborhood of the resistor, we can suggest reserving the full position or following the stops very closely.

ETH / USD

Our bullish rendering becomes invalid if the ETH / USD pair does not retain the new test results of $ 167.32 again. In such a case, a fall to the 20-day EMA is likely, including the fall that can extend to the 50-day SMA. For now, traders can keep the stop loss on the remaining long position at $ 150. We will follow the stops within a few days.

XRP / USD

Ripple (XRP) was trading in a tight range for the past two days. We love the way it has been above $ 0.33108, but the failure to push prices higher shows a lack of demand at higher levels.

XRP / USD

If the general sentiment becomes negative, a drop to $ 0.33108 is likely. This is a critical support because the 20-day EMA is also nearby. If the XRP / USD pair rebounds from the support, it indicates strength. On the other hand, if the pair plummets under the support, it can correct again to the critical support at $ 0.27795.

Contrary to our expectation, if the price is higher than $ 0.367835, it is likely to pick up momentum and quickly rise to $ 0.45. We do not find an attractive risk to reward trading sets, therefore we do not recommend trading yet.

LTC / USD

Litecoin (LTC) broke out again from the above-ground resistance at $ 91 on April 6 and 7, but was unable to sustain it. The price is currently back under $ 91. Bears will now try to drag the digital currency to the 20-day EMA, which is a strong support.

LTC / USD

If the LTC / USD pair bounces the 20-day EMA or reverses the direction of the current levels, it tries to break out and keep more than $ 100. If this succeeds, it can result in a rally of $ 159 and higher to $ 180. If both moving averages come up and the RSI stays in the overbought area, the path is from the least resistance to the top.

Our bullish view will become invalid if the bears sink the pair under both moving averages. In such a case, a long-range promotion cannot be excluded. We will wait until the digital currency reflects strong support before we again propose a long position.

BCH / USD

Attempts to scale above $ 320 could not find buyers at higher levels. Bitcoin Cash (BCH) is currently facing a profit reservation that can drag it to $ 265. If this support breaks, a drop to $ 239 is likely. Both moving averages are trending up and the RSI is in the overbought zone, indicating that the bulls are in command.

BCH / USD

If it maintains the $ 265 level, the BCH / USD pair attempts to rise again to the recent $ 363.30 level. Above, a rally up to $ 400 and higher is likely. The pair has a history of vertical rallies, allowing traders to keep the stops in the remaining long positions at $ 230. We will look for a few days and continue the stops. The trend will change in favor of the bears at a breakdown and in the neighborhood (UTC timeframe) of less than $ 239.

EToro & # 39; s Mati Greenspan divides the markets from the recent market. Source: Cointelegraph

EOS / USD

EOS finds it difficult to earn more than $ 5.50. It is likely that profit reservations will take place that can drag it to the 20-day EMA. However, the uptrend is intact, since both moving averages are moving up and the RSI is in the overbought zone. If the digital currency rebounds at $ 5 or the 20-day EMA, it will try again to reach its $ 6,899 target.

EOS / USD

The EOS / USD pair has strong support for $ 4.4930. If this support fails, the trend becomes negative. If the support applies, the couple can remain range-bound for a few days between $ 4.4930 and $ 6.88299. Traders can keep the stop loss on the remaining long positions at $ 4.80.

BNB / USD

Binance Coin (BNB) finds no purchasing support of more than $ 20. Profit booking has brought the price closer to the critical horizontal support. The 20-day EMA is also placed just below this support. That is why we expect the bulls to defend it forcefully. But if the 20-day EMA fails, a drop to the 50-day SMA is likely. Traders can maintain the stop loss on the remaining long positions with just under 20 days of EMA.

BNB / USD

Conversely, if the BNB / USD pair rebels from the current levels, it again attempts to scale above the $ 20- $ 22 resistance zone. If this succeeds, a new test of the lifetime highs is likely. As both moving averages are still rising and the RSI is in a positive area, the trend continues to rise. The pair becomes negative with a dropout of less than $ 14.

XLM / USD

Stellar (XLM) continues to sell the face close to the resistance line. This shows that the bears are active at higher levels. However, with both the moving averages descending and the RSI close to the overbought zone, we expect the bulls to try to break out of the resistance line again.

XLM / USD

The first level to look on the positive side is $ 0.14861760. The long-term downtrend line is also close to this level; hence this is likely to act as a major roadblock. If the XLM / USD pair stays above the downward trend line, this indicates a likely change in trend.

Our bullish assumption is nullified if the pair slips under the 20-day EMA. This can be followed by a drop to the 50-day SMA. Traders can track the stop loss on the remaining long position to $ 0.13030.

ADA / USD

Cardano (ADA) has a hard time breaking out of $ 0.094256. Failure to scale overhead resistance is likely to attract profit reservations. The first support at the bottom is $ 0.082952 and below that at the 20-day EMA. We expect that one of these support levels will last.

ADA / USD

Both moving averages are rising and the RSI is in the overbought zone. This shows that the trend is bullish. A breakdown of the 20-day EMA is the first indication that the uptrend is weakening.

On the contrary, if the ADA / USD pair rebounds from $ 0.082952, it will try again to scale $ 0.094256. After the outbreak, the next level to look at is the top $ 0.112598 and the top $ 0.20. Traders can keep the stop-loss on the remaining long positions at $ 0.080.

TRX / USD

Tron (TRX) broke out and closed (UTC time frame) above the above-ground resistance of $ 0.02815521 on April 7. This led to our purchase recommendation that was given in the previous analysis. Traders can keep the stop loss at $ 0.024.

TRX / USD

Both moving averages have reappeared, indicating that the bulls are in command again. If the TRX / USD pair sustains the outbreak, a rally up to $ 0.040 and up to $ 0.0480 is likely.

Our bullish view becomes invalid if the pair slides back under $ 0.02815521. This suggests that the current outbreak found no buyers and was a bull trap.

Market data is provided by the HitBTC exchange. Graphs for analysis are provided by TradingView.

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Written by

Don Bradman

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