Weekly Technical Views on Cryptocurrencies

Exhibit 1: Daily Chart of Bitcoin along with Fibonacci

Bitcoin (CMP: $5310)

Retracement Levels drawn from October Top till December Bottom!

Thanks to the upsurge of early April, most Crypto pairs has crossed their respective 200 day moving averages after a long period of time and although the slope the averages are yet to turn up, we can assert it with reasonable confidence that Bitcoin and other major Crypto-pairs have entered into an orbit of intermediate uptrend,where-from we can expect even higher prices in near future.

Exhibit 1 shows an interesting case in BTC daily chart. After the huge fall of December 2018 and subsequent bottom made in December followed by a phase of consolidation, it is marching ahead but right now also facing resistance at 50% Fibonacci retirement levels in the zone of $5400. Some exhaustion in the bull’s camp is evident and any fresh move above $5400 will renew the buying interest in this premier crypto pair. And as mentioned in an earlier issue of this blog, the minor uptrend will be reversed only upon violation of $5000.

EOS/USD (CMP: $5.19)

We had mentioned earlier that EOS was one of the most outperforming scrips in this sector & true to our expectations, this crypto kept on marching ahead.

It was only in the second week of April that EOS met with resistance of previous top at $5.80 mark & subsequently took a beating. Present situation shows no immediate threat to the primary uptrend but some consolidation phase might well set in. The lower band of the channel stays at $4.90 mark & its offering some sort of support which we are not expecting to be breached in near term. A breakout above $5.50 on the other hand will reinstate the uptrend in EOS.

Related posts:

How do I get view credit scores from all three bureaus in 60 seconds for free off my home page I am using yaho? Answer : I suggest that you try this website where you can get from the best companies…

Brazilian Jiu Jitsu (BJJ) is one of the most applicable, fun, and rewarding martial arts out there. All of its skills are focused on ground fighting and grappling, with an emphasis on submissions and…