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Cryptoglobe

CryptoGlobe Cryptos Analyses

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Bitcoin Price Analysis – April 5

Highlights

  • The medium and short term trend bias are bearish.

 

  • In a downtrend, a trader should know that if price retraces from the recent low, a resistance level would be created. This gives the trader the opportunity to place short trades.

 

 

 

BTCUSD Medium-term Trend: Bearish

 Resistance: $7,000, $6,900, $6,800

 Support: $6,400, $6,500, $6,600

Yesterday, BTCUSD pair had a bullish outlook but the bullish movement was short-lived. Bitcoin which was trading at $7,429.57 yesterday lost control to the bears who took the price to $6,621.17, as at the time of writing. However, from the weekly chart, the 20-day moving average crosses below the 50-day moving average indicating a bearish outlook of Bitcoin. 

 

Price is falling and moving towards the previous low of $6,500. However, the RSI period 14 is level 21 which indicates that the market is oversold suggesting bulls could take control of the market for a biref bounce. As the market is oversold, traders could look for buy setup to form in order to place long trades.

 

BTCUSD Short-term Trend: Bearish

From the daily chart, you will find price of Bitcoin making series of  lower highs and lower lows symbolizing a bearish movement. The bearish trend line over laps the price bars showing resistance levels where a trader can make short positions. In a downtrend, a trader should know that  if price retraces from the recent low, a resistance level would be created. This gives the trader the opportunity to place short trades.

Meanwhile, the RSI period 14 is level 67 which indicates that price is in the bullish trend zone.

 

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

Edited by Cryptoglobe

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ETHUSD Long-term Trend – Bearish

Distribution territories: $500.00, $600.00, $700.00.

Accumulation territories: $300.00, $200.00, $100.00.

                                          

This week ETHUSD pair continues to trend southward almost the same bearish outlook as last week’s formation. On April 3rd, the price managed to form a lower high above distribution territory of $400.00, April 4th marked another noticeable bearish movement in the market. Presently, price has also moved deeply southward and has now been trading around the accumulation territory of $400.00.

 

Moving average 50 is far above moving average 13. The price action has been traded along the bearish path of moving average 13 consecutively with a wide space notification to moving average 50. The stochastic oscillator remains crossed into the oversold zone and also pointing southward. However, the current price trend could, in the long-term, accumulate momentum from breaking below the next accumulation territory of $300.00 and form a trading range towards another accumulation territory of $200.00. Pit stops can be experienced if that eventually cropped up. Traders can look out at that point in time to take on the bull from a reversal or a pullback which can lead to a potential markup in price in the next few weeks.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

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Bitcoin Price Analysis – April 10

BTCUSD Medium-term Trend: Ranging

Resistance: $7,100, $7,000, $6,900

Support: $6,500, $6,600, $6,700

Yesterday, April 9, the price of Bitcoin was in a bullish trend. Bitcoin traded up to $7,200 before the bears took control of the market and brought price to its low at $6,786.67. Price has resumed its range bound movement because neither the bulls, nor the bears have control of price. From the weekly chart, the support at $6,500 and the resistance at $7,500 have been strong key levels for the price of Bitcoin.

These key levels have been holding since March 30, 2018. The bears have been resisted by the bulls at the support level; therefore price is expected to rise again or fluctuates. Traders can adopt a range bound strategy in a situation where price is in a range bound movement. I don’t see price breaking the support level but if it does traders should short their positions.

I expect price to rise again or fluctuates in a range bound movement. Now look at the weekly chart. If you had followed the range bound movement since March 30, 2018, you would have had the opportunity of placing two long trades and a short trade. In a range bound strategy, you take a long trade at the support level and exit near the resistance zone.

On the other hand, you take a short trade at the resistance level and exit near the support zone.

BTCUSD Short-term Trend: Ranging

 From the daily chart, the BTCUSD pair is in a range bound movement. Price is oscillating between the resistance at $6,800 and the support at $6,600.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

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Ethereum Weekly Price Analysis – April 14

 

ETHUSD Long-term Trend – Bearish

Distribution territories: $600.00, $700.00, $800.00.

Accumulation territories: $400.00, $300.00, $200.00.

 

Unlike last week, ETH/USD value this week maintained its increase on Wednesday and consolidated it on Thursday the 12th. Quite a significant lower high has been witnessed, and the bearish outlook has yet not been convincingly outdone as far as long-term trend is concerned. At present, the price has moved northward and has been trading at around the distribution territory of $500.00.

 

The 50-day moving average is above the 13-day moving average as price action shows that bulls are now trying to spring back into action. Stochastic oscillators have crossed and moved above 50 range as they are now pointing northward at an area not yet too far away from the oversold zone. Investors, potentially, can witness pit stops in the current significant price hike between the distribution territory of $500.00 and $600.00. At this point, should the bulls take action and give up way back to a strong pullback, then the bears could again play back into action that can last for only a few weeks.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research

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