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Analysis of various cryptocurrency coins as of April 13.


Apr 16, 2018 Posted /  1108 Views


Analysis of various cryptocurrency coins as of April 13.

Bitcoin price rose to $1,000 within 30 minutes as it experiences the biggest one-hour trade volume throughout its history. As this spike was not backed by any FUD in the news. There are chances that large institutional investors might have entered the market or whale would have considered buying back bitcoins. And the reason might be the easing of the selling pressure.

Let us understand the market of a few of the cryptocurrencies by analyzing their charts.

  • BTC/USD

On April 13th the price of the Bitcoins moved past its resistance. The previous attempt of the price to come out of the channel on March 3 became unsuccessful within three days.

This time the price of Bitcoin might look optimistic as it has broken the downward channel with a Great force. It must move on to the 50-day slow moving average as soon as possible but it might offer some resistance.

Once the price is above the 50 day slow moving average it's next move should be $10,000. Next, the profits will be booked at $12,172.43 where it might experience a huge resistance.

Traders who have initiated a long process on April 13th can hold with s stop loss at $6700. However, they can place their stop losses higher if the price struggles to come out of the downtrend channel.

  • ETH/USD

The positive trend was validated on April 13th as the price closed above the 20 day EMA and also the resistance the channel which was descending. The prices are now expected to shift to 50 days SMA.

This was the first time that this pair broke out of the resistance and the descending channel. If the bullish trend succeeds in breaking the  $600 levels, it's next move is expected to be at $725 level.

Any dip in the price of the currency until $420 can be as a better buying opportunity.

  • BCH/USD.

Bitcoin cash broke out the $778.2021 level of its resistance and also the 20-day exponential moving average, setting up quick short-term trade.

 

Long positions can be initiated by the traders at a current level of $779. The stop loss can be kept at $610. The estimated target on the positive side is $974.

Above the 50 days slow moving average the currency can raise up to $1,115 level. The traders, instead of booking the profits at the upper resistance levels, should increase their stop levels because Bitcoin cash is evident to make larger moves once it shows positive signs.

  • XRP/USD

Ripple has reached an expected price of $0.7, which was mentioned in the previous analysis. The market seems to reject the lower levels as we observe a positive Trend in the price.

 

The $0.7 to $0.73 area can be considered as the resistance levels. If the price drops up to $0.56270 it is an opportunity for buying maintaining the stop loss at $0.453. We can predict the next bottom if the price doesn't fall below $0.56270. It is also expected that this currency would be traded in a wide range.

  • XLM/USD

We always had a bullish attitude towards Stellar. The precise reason being, its positive divergence from the (relative strength index) RSI.  On April 13th the price move above the 20-day exponential moving average.

 

 

 

 

The XLM/USD pair is currently hovering around the resistance level of the descending channel. However, if it breaks the resistance,  then the trend would be expected to change from bearish to bullish. The traders can enter into breakouts for long positions but above the resistance line of the channel. On a closing basis, the stop-loss initially can be kept at $0.18.

 

The traders should book partial profits at $0.36 because the risk to reward ratio is not good and also the train stops higher to reduce the risk.

  • LTC/USD

Litecoin is struggling to break the 20 day EMA but has cleared the downward trend line 1.

It still has another resistance at $141.026 even if it breaks out of the 20 days EMA. The pair is expected to turn bullish once it touches $142.  On the there is another a resistance level downward trend line 2 at $165. The trade is not recommended since the risk to reward ratio doesn't seem to be suitable.

  • ADA/BTC

Earlier we had proposed a long position on the currency Cardano and close just above the 0.00002460 mark. As the currency reached 0.00002722 level the trade went live. However, our bullish expectancy can be invalidated if there is an immediate dip below 0.000021. 

 

 

Their 20-day exponential moving average and the 50 days slow moving average is on the verge of bullish crossover rich is also a good sign. The pair also trends to retest the breakout levels of 0.0000246 which should hold.

  • NEO/USD

Long positions for the pair were suggested on a breakout above $64 level. The trade went live the previous day. 

 

 

The initial stop loss can be placed at $44. The pair is also expected to find a strong support in between the 20 day EMA and $63.62.

$78 until now has not acted as major resistance previously, though the 50 day SMA is the same.  Hence the currency is expected to move towards the downtrend line of the descending triangle at $88.  The traders are advised to keep their position size to 50% of usual.

  • EOS/USD

The previous buy level suggested on this pair was fulfilled at $7.5. our expectations on the upper side is a move at $11. The moving averages are on verge of crossover which can be assumed as another sign of an initiation of a new trend. 

 

 

 In order to reduce risk, the traders can book partial profits at $9.5. Also, the can raise the stop loss at $5.5.

A retest of the $7.28 Breakout level is expected which must hold.  But if the pair breaks below this support. The trend might become negative and the closing positions might be recommended early.


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