Crypto Market Update - 13 April 2018

Here are todays' quick Crypto Market Update.

BTC - 12 Hour Chart

Tools used: Ichimoku Cloud, Stoch RSI and Trendlines

I've mentioned to possible scenarios on the chart there. As you can see there that yesterday's rally still respecting the major resistance on the bull flag. For a bull scenario we need to see that this prior resistance has turned into a support (preferably on the daily chart).

Notice the volume over the last 3 days, that is a breakout volume confirmation. Even though BTC is overbought (stoch RSI indicator), there is still a possibility of BTC breaking out of the cloud on this 12 hour time frame.

Now for the bear scenario, BTC might get push down by the cloud. Notice the cloud is respecting the major resistance trendline on BTC's bull flag? So there is also a possibility that yesterdays' rally could be a fake out and BTC is going back into the bull flag.

There is also key level support around $7,500 there but I didn't put it on the chart since it has quite a bit of indicators already. So if pullback happens this $7,500 key level support might be tested.

ETH - 12 Hour Chart

Tools used: Ichimoku Cloud, Stoch RSI and Trendlines

If you notice this ETH has similar patterns going on with BTC. For ETH's case the resistance around this price is little bit bigger (indicated by ichimoku cloud). However this major resistance (bull flag) haven't been tested for quite a while.

But depending on how ETH react with the ichimoku cloud we should see a confirmation on the trend. I think if ETH have another breakdown from this resistance which means the current trend is still downward. And this pattern continues for at least a couple more weeks, we might see a full bear trend.

LTC - Daily Chart

Tools used: Ichimoku Cloud, Stoch RSI and Trendlines

On LTC chart the current resistance is slightly different since LTC isn't testing major resistance. And notice the volume is pretty medium compared to the rest of the time frame there (a couple of months at least).

I think LTC might lose some momentum with the last rally and lean towards bear scenario to retest key level support. But anything like yesterday's BTC rally could happen anytime which nobody saw it coming. So I would prepare for both scenarios as usual.

Steem - Daily Chart

Tools used: Ichimoku Cloud, Stoch RSI and Trendlines

Since there was an unexpected BTC rally yesterday, Steem had quite a bit of a rally too. The price was pushed quite a bit and now it is close to breaking out from ichimoku cloud which could signal a bullish trend.

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!