Cryptocurrencies on April 20, 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
- If Bitcoin breaks above its 50sma, next target is $10k. Otherwise still bearish.
- Ethereum has broken out above its 50sma. Next resistance at $640.
- Bitcoin Cash has broken out above its 50sma. Next resistance at $1200 (100sma).
- Ripple has broken out above its 50sma. Next resistance at $1.1
2:46 am. Bitcoin is still capped by its 50 daily moving average
Bitcoin is stuck in a bearish pattern of “lower highs and lower lows”. It was not able to break its $9000 “higher high” level.
Bitcoin is being continuously pushed down by its 50 daily moving average. If Bitcoin breaks above this resistance, it will probably retest its $10k resistance level.
2:41 am: Ethereum has broken out above its 50sma. Next resistance at $640.
Unlike Bitcoin, Ethereum has broken out above its 50 daily moving average. Its next resistance is at $640 (prior supports).
2:35 am: Bitcoin Cash has broken out above its 50sma. Next resistance at $1200 (100sma).
Unlike Bitcoin, Bitcoin Cash has broken out above its 50 daily moving average. Its next resistance is at $1200 (100 daily moving average).
2:24 am: Ripple has broken out above its 50sma. Next resistance at $1.1
Unlike Bitcoin, Ripple has broken out above its 50 daily moving average. Its next resistance is at $1.1 (prior support and resistances).
Read Cryptocurrencies on April 18, 2018: outlook
Cryptocurrency kind of intrigues me. The idea of money that exists in no physical form is an interesting one. Still gotta wonder who invented it!
For all we know it could be Elon musk 🙂
or charlie lee