Cryptocurrencies on March 28, 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 has turned its 200 daily moving average from support into resistance. A bearish sign.
  2. Ethereum is making lower highs and has turned its 200 daily moving average into resistance. A bearish sign.
  3. Bitcoin Cash, Litecoin, and Ripple are on the verge of breaking down.

6 pm: Bitcoin has turned its 200 daily moving average from support into resistance. A bearish sign.
Bitcoin tried to rally on its 200 daily moving average twice. Both of those attempts failed. Now Bitcoin has turned this into resistance. This is a bearish sign for Bitcoin.

6 pm: Ethereum’s bearish sign.
Ethereum is stuck in a bearish pattern of “lower highs”. It has turned its 200sma into resistance, just like Bitcoin. Trend followers should not be long Ethereum right now.

6 pm: Bitcoin Cash, Litecoin, and Ripple are on the verge of breaking down.
Bitcoin Cash is sitting on a big support right now. Bitcoin Cash will go a lot lower if it breaks below this support.

Litecoin is also sitting on support right now. Litecoin will tank if it breaks below this support.

Ripple is also sitting on support right now. Ripple will tank if it breaks below this support.

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