Daily Crypto Analysis - 11th Apr - Technical AnalysissteemCreated with Sketch.

Bitcoin

Bitstamp:BTCUSD 30m
(Bitstamp:BTCUSD 30m)

After bouncing from $6660, Bitcoin broke the major resistance line yet again, before forming a small consolidation zone and another leg up. We now wait to see where this latest move will find support. Volume remains fairly low, although, there have been significant spikes on each leg up. Over the next few days we're looking for a test towards the $7176 resistance. This is a key level to confirm the break of the bearish trend.

Bitstamp:BTCUSD 2h
(Bitstamp:BTCUSD 2h)

On the 2h time frame, we can see the formation of a large symmetrical triangle. Volume has been declining along the length of the pattern, which fits the volume profile. Symmetrical triangle are usually considered continuation patterns, but they can occasionally break into a reversal. Given the current market outlook, its hard to tell which direction this will go until it decides to break. It may be wise to hold off on positions until the break has been confirmed in one direction or another with a large uptick in volume.


Ethereum

Bitstamp:ETHBTC 2h
(Bitstamp:ETHBTC 2h)

After a brief pullback, ETHBTC pushed to new highs and now appears to be holding above the 0.06029 support/ resistance. Unfortunately, this push came with bearish divergence on both the RSI and MACD. This is not a strong sign for ETHBTC and I suspect we'll retest a lower support.
However, if we can hold the 0.06029 for the next few days without incident, it will make a good secondary consolidation level.


Bitcoin Cash

Poloniex:BCHBTC 2h
(Poloniex:BCHBTC 2h)

Bitcoin Cash looks to be forming a small consolidation zone after rejecting the 0.09585 resistance again. Volume remains low, so this makes a good candidate for a consolidation. Due to the strong bearish trend of the last few months, I'd be more comfortable waiting for a break of the 0.09792 resistance and a secondary consolidation rather than buying into this level. This would help confirm a new bullish trend, as there is still room for a bearish continuation at the moment.


Litecoin

Poloniex:LTCBTC 2h
(Poloniex:LTCBTC 2h)

Rather than holding the 0.01663 support, Litecoin is yet again pushing towards 0.01652. This is a weak sign, as we could easily drift back to the 0.01640 support or below. Volume is still fairly low, so this is still in the realm of a bullish pullback, however its best to wait for a good bounce from support to help limit downside risk.


Monero

Poloniex:XMRBTC 4h
(Poloniex:XMRBTC 4h)

Monero wasn't able to hold the 0.02400 support and is moving for a retest of 0.02340. We can see some strong volume spikes as we break support, so this is looking like a larger scale break downwards. We may well be in for another large bearish leg, but it remains to be seen how we'll react to the 0.02340 support in the next day or two.


Disclaimer

I will do my best to give unbiased, objective analysis, but I can make no promises about my accuracy.
All posts are based on my personal opinions and ideas and do not constitute professional financial investment advice.

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