Crypto Market Update - 7 April 2018
Hi guys!
Since I doubt I will be able to upload my video to dTube so instead what I'm going to do today is write a summary here in Steemit and put a link to my video on youTube where I upload the market update.
So here are today's crypto market update
BTC - 4 Hour Chart
Tools used: Ichimoku Cloud and Trendlines
There is still a possibility that BTC might follow the shape of the cloud which means there might be a chance that BTC will breakout from this resistance (indicated by the cloud).
As I mentioned on the chart there if BTC close around this key level support/resistance by the end of this week. There latest weekly candle will be a hammer candle which signals a big is just around the corner. In my opinion BTC might go further to the downside from here.
Unless there is confirmation otherwise.
ETH - 4 Hour Chart
Tools used: Ichimoku Cloud and Trendlines
On this 4 hour time frame you can kinda see what is more likely to happen on ETH by using this ichimoku cloud. The cloud indicates there are a lot of resistance above this price and it is crossing the key level support (currently support).
I think by the end the week we should see some kind of confirmation on ETH. And as with BTC if ETH close around this key support, the weekly candle will be a hammer candle. I pretty much it should be similar across all altcoins.
LTC - 4 Hour Chart
Tools used: Ichimoku Cloud and Trendlines
A quick update on LTC price action, as you see LTC is entering the cloud currently and since there are quite a lot of resistance it will likely get rejected and have a small pullback.
Note however, in the next couple of days there is a path will less resistance (indicated by the ichimoku cloud). Which tells us that there might be a chance of LTC having a rally. Since LTC is also sitting on top of 200 SMMA support currently and still holding pretty well.
Steem/BTC - Daily Chart
Tools used: Fib Retracement and Trendlines
This could a possible scenario for Steem for the coming months. I guess we will have to wait and see for this if it plays out. My gut feeling tells me that when BTC have another pullback this scenario might happen sooner that I think it will.
Disclaimer
You know the drill guys. This is just opinion and not a financial advice. Do your own research and decide your own trades. Cheers!
Hi devytan,
Liking your simple yet effective charting.
Amazing how all above 3 curriencies have the similar price shape and looks bearish.
Being bearish for BTC and Steem thru the weekend does not surprise me since usually they are bearish thru the other weekends and the prices for both will pump up on Mondays.
I myself pretty surprise while reading the charts. On 4 hour time frame they look pretty similar.
I guess people take profit around weekends? So you should buy on weekends and sell when pumped on Mondays?
Yes...according to 1 crypto pro trader, he suggest buying every Friday in BTC. I would say both BTC and Steem and sell on Mondays or hold them both long term.