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Bitcoin Price Analysis – April 19


BTCUSD Medium-term Trend: Bullish


Resistance: $9,500, $9,000, $8,500
Support: $6,500, $7,000, $7,500

Yesterday, April 18, price of Bitcoin which fell was as a result of price pullback. It was at the resistance level of $8,500 that it faced opposition. We also assume that if price of Bitcoin continues with fall in price, it will find support at $7,500. Today, price of Bitcoin is in a Bullish market trading at $8,209.61 as at the time of writing.

At the onset of a trend, whether bullish or bearish traders are to look for buy setups or sell setups. In the case of a bullish trend, we are to look for buy setups. From the weekly chart, a bullish trend line is drawn across the price bars showing the support levels of price where traders can place long trades.

Any time price pulls back to the trend line, it is an opportunity to initiate a long trade. As the bullish market continues, price is expected to retest the resistance level at $8,500 and break it. If it eventually breaks the resistance at $8,500, it will face another resistance at $9,000 before reaching other highs of price levels.

BTCUSD Short-term Trend: Bullish

In the daily chart, price of Bitcoin is making a series of higher highs and higher lows. The 50-day moving average and 20-day moving average are trending northward signifying the uptrend.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

 

[Cryptoglobe]

Bitcoin Long-term Price Analysis


BTCUSD Long-term Trend – Bearish

Distribution territories: $11,000.00, $12,000.00, $13,000.00.
Accumulation territories: $7,000.00, $6,000.00, $5,000.00.

Bitcoin has been consecutively witnessing bearish movements against the US dollar since the beginning of this week. Between May 5 and 6, the bulls were close to the distribution territory of $10,000.00 but were being slightly weakened, and the bears eventually took over. The 13-day SMA is still above the 50-day SMA.
Bitcoin’s price is currently trending southward towards the 50-day SMA within the distribution territory of $10,000.00 and the accumulation distribution territory of $8,000.00.

The Stochastic Oscillators have crossed and moved a bit southward past range 50. They are seemingly gathering momentum around said range. Expectations may see the current bearish movement lure traders into entering fake selling orders that will only last for a while.

The bulls can be believed to have started building up the required catalyst from the markets current down trend. The sentiment as to what investors are expected to do show us they can continue to enter long trades from bearish reversal trends. Traders can also look out for the same reversal format and take long entries by applying good money management rules.


Views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

SOURCE: https://www.cryptoglobe.com/markets

 

[Cryptoglobe]

Ethereum Price Analysis – May 15


ETHUSD Medium-term Trend: Ranging


Resistance: $760, $750, $740
Support: $700, $710, $720

Yesterday, May 14th the overall trend of Ethereum was bearish. The price of the asset had fallen from the highs of $830, $767 and $735 as per the bearish trend line. However, at the time of writing, the MACD line and the signal line were above the zero line indicating a buy signal. The price bars of Ethereum were above the 12-day EMA and 26-day EMA indicating that the bullish trend is ongoing.

It was assumed that if the support level was broken, Ethereum would find support at $672. Today, Ethereum is currently trading at $723.67 at the time of writing. From the weekly chart, the price of the asset is above the $700 level. The asset is ranging from the support level at $700 to the resistance level at $750. Today the indicators are showing bullish signals. The MACD line and the signal line are above the zero line indicating a buy signal.

The price bars of Ethereum were above the 12-day EMA and 26-day EMA indicating that the bullish trend is ongoing. Therefore the price is expected to test the resistance level at $750 and reach further highs.


ETHUSD Short-term trend: Ranging

On the daily chart, the price of Ethereum is in a ranging market. At the levels of $690 and $700, the price of Ethereum was ranging. Then it had a bullish movement which took it to the high of $740. At the high of $740, it resumed its range bound movement.


The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

SOURCE: https://www.cryptoglobe.com/markets

 

[Cryptoglobe]

Bitcoin Price Analysis – May 16


BTCUSD Medium-term Trend: Bearish

Resistance: $8,500, $8,400, $8,300
Support: $7,900, $8,000, $8,100

Yesterday, May 15, the BTCUSD pair traded above the $8,500 price level and, at the same time, the bearish trend line was broken. Secondly, the candlestick also closed on the opposite of the trend line. The price action also showed that the price retouched the trend line and began a ranged bound movement. Based of that, it was assumed that the downtrend was over.

It was previously stated that Bitcoin price is unlikely to continue its downtrend. Today, the price was trading at $8,341.68 at the time of writing. However, the weekly chart shows that it fell again to the previous day's low of $8,341.68. Nevertheless, if the asset continues its fall, it will certainly retest the previous low of $8,000.

The relative strength index period 14 is level 27 indicating that the market is oversold. This suggests that the bulls will take control of the market. However, that does not mean the price will not retest the previous low of $8,000 because it can rally even at the oversold market condition.


BTCUSD Short-term Trend: Bearish

The daily chart shows that Bitcoin price has a bearish outlook. Yesterday, the asset was trading at $8,700 in a range bound movement. Later, the price fell to $8,500 and resumed its range bound movement. Bitcoin finally fell to $8,300. Since the price has broken the $8,500 level, it may find support at $8,000.


The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

SOURCE: https://www.cryptoglobe.com/markets

 

[Cryptoglobe]

Bitcoin Long-term Price Analysis


BTCUSD Long-term Trend – Bearish

Distribution territories: $11,000.00, $12,000.00, $13,000.00.
Accumulation territories: $6,000.00, $5,000.00, $4,000.00.

Bitcoin has been continuously witnessing a downward slide against the US dollar this week. The last time that the pair made a slight high was on May 20. The bears have had a greater advantage on the market over the bulls over the past few weeks. The major critical territory the pair is believed not to easily break remains the immediate accumulation territory of $6,000.00. The cryptocurrency’s price only touched it on February 6.

The 13-day SMA has briefly crossed the 50-day SMA. Both moving averages are a bit above the distribution territory of $8,000.00, whilst price is currently averaging towards the accumulation territory of $7,000.00.

The Stochastic Oscillators have breached past range 20 in the oversold zone suggesting the bearish trend is soon going to end. The market behavior is still expected to see the bears push harder than the bulls. Current possible foundational territories within which strong catalysts can be obtained for a bullish reversal are the accumulation territories of $6,000.00 and $4,000.00.

Investors can probably lookout for a reversal from the bearish movement to go in, but traders can possibly watch out for a sudden breakout of either the accumulation territory of $7,000.00 or distribution territory of $8,000.00 to join in the direction of the breakout trend with the use of fund management rules.


The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

SOURCE: https://www.cryptoglobe.com/markets/price-analysis

 

[Cryptoglobe]

Ethereum Price Analysis – May 29


ETHUSD Daily Trend – Bullish


Distribution territories: $570.00, $580.00, $590.00.
Accumulation territories: $550.00, $540.00, $530.00.

Ethereum had been significantly suffering from the strength of the US dollar. ETHUSD yesterday declined sharply in value up to the point of touching the accumulation territory of $500.00. The buyers managed to stage a good come-back into the market play while a decent Japanese bullish candlestick was formed above the trend-line of the 13-day SMA.

The buyers have moved the market value up to the point of touching the distribution territory of $570.00, today. The sellers’ strength has now been weakening against the buyers’. The 13-day SMA has crossed the 50-day SMA from below. The Stochastic Oscillators have crossed the range of 20 into the oversold zone but now point northwards. The current sudden upward stride in the market movement of ETHUSD is expected to continue giving more strength to the buyers. The sellers will now probably find it necessary to exercise a kind of precautionary bias of placing or entering the trades.


The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

SOURCE: https://www.cryptoglobe.com/markets/price-analysis

 

[Cryptoglobe]

Bitcoin Price Analysis – May 30


BTCUSD Medium-term Trend: Bullish


Resistance: $7,800, $7,700, $7,600
Support: $7,200, $7,300, $7,400

On 24 May, the Bitcoin price broke the support level at $7,500 after several days of fluctuating below and above that level. The asset fell to $7,127 and resumed a range-bound movement. The range-bound movement resulted in a bullish breakout above $7,500. The asset was trading at $7,548.60 at the time of writing.

Today, the weekly chart shows that the Bitcoin price attempts to establish itself above the $7,500 level. A bearish trend line is drawn across the price bars, to determine the end of the bearish trend. On 29 May, the Bitcoin price has broken the bearish trend line and the candlestick closed on the opposite of the trend line. The asset was also in a bullish movement above $7,500.

This implies that the bearish trend may have ended. However, if the price consolidates and establishes above the $7,500 level, traders can initiate long trades.


BTCUSD Short-term Trend: Bullish

On the daily chart, the Bitcoin price is in a bullish trend. The bearish trend made the asset fall to $7,100. After the price consolidated at $7,100 for two days, it made a bullish movement to $7,400. It was at that price level that the asset made its way above $7,500.


The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

SOURCE: https://www.cryptoglobe.com/markets/price-analysis

 

[Cryptoglobe]

Ethereum Price Analysis – May 31


ETHUSD Medium-term Trend: Bullish

Resistance: $585, $580, $575
Support: $555, $560, $565

Yesterday, 30 May, the ETHUSD pair was in a bullish market. Ethereum had established itself above the $550 price level. Meanwhile, the MACD line and the signal line were above the zero line, indicating a buy signal. Also, the price was above the 12-day and 26-day EMA indicating that the bullish trend was ongoing. Ethereum is currently trading at $569.10 at the time of writing.

Nevertheless, today, the Ethereum price is sustained above $550. The asset price is fluctuating between $550 and $600 since 29 May. Meanwhile, the MACD line and the signal line are above the zero line, indicating a buy signal. The Ethereum peice is above the 12-day and the 26-day EMA, indicating that the bullish trend is ongoing.

However, since the asset price has been sustained above the $550, traders should initiate long orders above that level.


ETHUSD Short-term trend: Bullish

The daily chart shows that Ethereum is in a bullish market although the MACD line and the signal line are below the zero line, indicating a sell signal. The asset may reach $600 if the resistance level at $570 is broken.



The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

SOURCE: https://www.cryptoglobe.com/markets/price-analysis