Cryptocurrencies on April 18, 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 is capped by its 50 sma resistance and making lower highs.
  2. Ethereum is stuck on its resistance trendline.
  3. Ripple and Bitcoin Cash are turning prior support into resistance.

2:29 am. Bitcoin is capped by its 50 sma resistance and making lower highs.
Bitcoin is stuck in a bearish pattern of “lower highs and lower lows”. Right on cue, it was not able to break its $9000 “higher high” level.
Bitcoin is being continuously pushed down by its 50 daily moving average.

2:28 am: Ethereum is stuck on its resistance trendline.
Ethereum is making a bearish pattern of “lower lows and lower highs” just like Bitcoin. Ethereum is being guided downwards by its resistance trendline.

2:27 am: Ripple and Bitcoin Cash are turning prior support into resistance
Ripple and Bitcoin Cash are making “lower highs and lower lows”, just like Bitcoin and Ethereum. Ripple and Bitcoin Cash are turning their February support lows into resistance.


Read Cryptocurrencies on April 16, 2018: outlook

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