Daily Crypto Analysis - 4th Apr - Technical AnalysissteemCreated with Sketch.

Bitcoin

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

After pushing to the top of the ascending channel before forming bearish divergence, Bitcoin broke down sharply with small volume spikes. As expected, the bears are still strong in the market, and we're likely going to retest the $6400 lows at least.
Past that, $5920 marks the bottom of the Feb dip. Since the bounce from $6400 was so small and short lived, a break below the $6400 support and a retest towards $5920 is looking ever likely. Its hard to say what the outcome of a break below $5920 would be, but the next major support comes at $5555.


Ethereum

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

ETHBTC has made 2 retests of the 0.05395 support so far, both breaking just below before quickly bouncing. On both, we can see bullish divergence to the marginal new lows. However, the bounces have been fairly weak, which raises concerns about the strength of any possible reversal.
Volume remains very low as we retest these supports, which would normally indicate a bullish pullback but we've seen ETHBTC happily drift through support recently.
I would recommend waiting for a strong bounce and confirmed secondary support level before looking to take on positions, as this will give a preferable risk/ reward.


Bitcoin Cash

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

Bitcoin cash pushed slightly lower, after the bullish divergence we noted, and seems to have found support at 0.09320 for the moment. Volume has been dropping off a bit, so this could easily form a bearish consolidation zone.
However, for the bulls in the market, if we can break above the 0.09792 resistance and hold the support, we may form a bullish consolidation zone.

Poloniex:BCHBTC daily
(Poloniex:BCHBTC daily)

On the daily, we can see that Bitcoin Cash has been in a strong pullback since mid December, and is showing no sign of stopping. We're reaching the 100% retracement of the movement, which started from 0.09050. Volume is almost nonexistent compared to that of the initial bull run, almost all interest has been lost in trading Bitcoin Cash.
On the macro scale, this is looking pretty bearish. What we need is a very strong bounce from support and a secondary support at a higher level. Until then, we're just slowly grinding lower.


Litecoin

Poloniex:LTCBTC 1h
(Poloniex:LTCBTC 1h)

Litecoin bounced from the 0.01663 support early yesterday before picking up momentum and volume to break the 0.01752 resistance. Unfortunately, the 0.01808 resistance proved too much and it quickly retraced as BTCUSD began to drop.
Such a sharp retrace is not a very strong sign for LTCBTC, so we'll have to wait and see how support holds up over the next few days.


Monero

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

After breaking the 0.02493 resistance the other day, Monero appears to be starting a bullish consolidation zone. Volume has been dropping as we've held above around/ above the 0.02493 support. If we can continue to hold this support level with a continued drop off in volume, this will make a very good level to build up longs in the next few days.


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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Coins mentioned in post:

CoinPrice (USD)📉 24h📉 7d
BTCBitcoin6842.480$-8.31%-13.94%
ETHEthereum379.575$-8.62%-15.36%
LTCLitecoin117.926$-11.39%-10.98%
XMRMonero169.900$-10.16%-13.82%

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