Cryptocurrencies on April 14, 2018: outlook


*I don’t trade cryptocurrencies. The best strategy for trading a crypto bubble is a classic trend following strategy.
Here’s my outlook for various cryptocurrencies based on the aforementioned strategy.

Discretionary outlook based on charts

  1. Bitcoin, Ethereum, and Bitcoin Cash have been making a bearish pattern of lower highs.
  2. Like Bitcoin Cash, Ripple is turning prior support into resistance.

Bitcoin, Ethereum, and Bitcoin Cash have been making a bearish pattern of lower highs.
“Lower highs” means that Bitcoin is firmly stuck in a downtrend.

Bitcoin is making a bounce on its prior support level ($6500). I expect this bounce to fail since Bitcoin is making “lower highs”.
Ethereum is finding resistance on its trendline.

Not only is Bitcoin Cash making “lower highs”, but it’s also turning prior support into resistance after breaking down.

Like Bitcoin Cash, Ripple is turning prior support into resistance.
Ripple is stuck in a bearish trend just like the other major cryptocurrencies. And like Bitocoin Cash, Ripple has turned prior support into resistance.

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