Daily Crypto Analysis - 7th Apr - Technical AnalysissteemCreated with Sketch.

Bitcoin

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

After failing to break the $6550 support, Bitcoin is looking a lot more bullish. The bounces at A and B gave clues to this, due to the speed that they were rejected. Both spikes have come on strong volume and the extremely low volatility after the first spike formed a good support level for the next to push up from. We may see a small pullback first, but I'm expecting a strong push higher once we break the descending resistance.

Bitstamp:BTCUSD 4h
(Bitstamp:BTCUSD 4h)

The higher time frame outlook seems to support this, with a loose descending wedge which has formed a double bottom ready for a break upwards. The volume profile fits for a double bottom, with much lower volume on the second test of support than the dip to $6400.
Volume will need to pickup dramatically to sustain a new bullish trend, but we'll see how the market fairs once we've broken the descending resistance.


Ethereum

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

ETHBTC is still holding just above the 0.05533 support with only a small break below. Volume remains low, so this looks to be forming a bullish consolidation zone.
I'd wait until we've broken the 0.05659 resistance and held a higher support, as confirmation for a bullish sentiment. After that, we can wait to build up a position once a secondary support has been found.


Bitcoin Cash

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

Bitcoin Cash continues to drift lower on further decreasing volume. We're seeing more signs of bullish divergence on both the RSI and MACD, so the bearish trend is definitely weak as we approach the 0.09050 support. However, a weak trend is not necessarily indicative of the bottom of a dip, as could easily continue to drift lower. For that reason, I would hold out on building up longs until we've got a confirmed support level so that we can define our risk.


Litecoin

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

Litecoin pushed below the 0.01717 support to make a retest of 0.01690. Volume remains low, so this still appears to be a bullish pullback. This is simply a matter of waiting for a good bounce from support, so that we can look for its next consolidation zone.


Monero

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

Monero has already broken down from the bullish consolidation I marked only yesterday. Although, the 0.02435 support would also be a valid level for the sideways channel, so we can adjust the zone if we form a suitable bounce.
For now its best to hold off on positions until this support has been confirmed.


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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