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

  1. If Bitcoin breaks above its 50sma, next target is $10k. Otherwise still bearish.
  2. Ethereum has broken out above its 50sma. Next resistance at $640.
  3. Bitcoin Cash has broken out above its 50sma. Next resistance at $1200 (100sma).
  4. 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

3 comments add yours

  1. 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!

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