CryptoGlobe Cryptos Analyses

[Cryptoglobe]

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.

 

[Cryptoglobe]

Ethereum Weekly Price Analysis – April 8


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.