Crypto Market Update - 9 April 2018

Hi guys!

Since I'm having troubles with videos and I tried making gif but so far no success, I will have to stick with simple written posts. So here are todays' Crypto Market Update.

BTC - Daily Chart

Tools used: Fib Extension, Stoch RSI and Trendlines

Remember I mentioned on my previous post that a hammer candle is forming on weekly chart also there are 2 possible scenarios. So here are a few signs that I found on daily chart.

Volume decrease, stoch RSI indicates BTC is almost overbought which could reverse the direction. Basically there is a possibility of a pullback. How big could it be? My rough estimate would be close to previous $6,000 low.

ETH - Daily Chart

Tools used: Ichimoku Cloud, Stoch RSI and Trendlines

Price action looks sideways to me which usually doesn't tell you anything. However it looks like ETH is about to breakout from this cloud (on the 4 hour time frame) which the last time it happened it was a fake out and ETH had quite a pullback from that.

Since stoch RSI is overbought on ETH here I think it's highly likely that ETH will fail breaking this $420 resistance.

LTC - Weekly Chart

Tools used: Fib Extension

As you can see there's a very defined hammer candle formed on the weekly chart which is followed by big move (almost every time) so we'll have to wait and see if this scenario plays out soon.

Steem - Daily Chart

Tools used: Fib Retracement, Stoch RSI and Trendlines

I think there is a possibility of Steem retesting 25k satoshis key level support. Since stoch RSI is overbought and volume is also decreasing also the current daily candle is forming a hammer candle with very long wick on the top.

In the next few days I guess we'll see how this plays out.

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!