Cryptocurrencies on April 25, 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 facing resistance. Expect a pullback.
  2. Ethereum is facing resistance. Expect a pullback.
  3. Bitcoin Cash is facing resistance. Expect a pullback.

1 am: Bitcoin is facing resistance. Expect a pullback.
As expected, Bitcoin has approached the $10k resistance level. It might go a little higher to exactly tag this resistance line, but the short term risk:reward is skewed towards the downside.
Bitcoin is still stuck in a bear market pattern of “lower highs and lower lows”.

1 am: Ethereum is facing resistance. 
Ethereum has reached the top of its $640-$700 resistance range. Expect a pullback from this level.
*$700 = prior supports for Ethereum.
Like Bitcoin, Ethereum is stuck in a bear market pattern of “lower highs and lower lows”.

1 am: Bitcoin Cash is facing resistance. Expect a pullback
As expected, Bitcoin Cash has reached its $1600 resistance level. Pullbacks are usually at least a 38.2% retracement, which means that Bitcoin Cash should at least retrace to $1200.
Bitcoin Cash is stuck in a bear market pattern of lower highs.

Read Cryptocurrencies on April 23, 2018: outlook

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