Crypto Frontline

Bitcoin (Bitstamp chart)

Source: tradingview.com

Although it managed to start the month of April in a strong way, Bitcoin did not manage to sustain the bull run for the past week and the price action stalled around the $5,200-$5,326 key resistance area.

A false break setup took place on April 10th, trapping buyers who jumped into the market on the upside break, and now the price action trades sideways around $5,040. We suspect a new attempt to break the area on the upside will be seen in the following days, but we do not think buyers will have enough power.

We think the price will retrace further lower, with $4,800 and $,4400 as potential next targets. On the other hand, a break above the current 2019 high, followed by a weak response from the sellers, could drive the price action towards $5,500 or even $6,000, but at the present time that seems to be the less likely scenario.

Ether (Bitfinex chart)

Source: tradingview.com

Despite the positive momentum, Ether did not manage to remain above the previous 2019 high, located around the $170 area. At the time of writing, the price action is below that zone, after a few days of selling, which showed the bullish momentum is fragile.

In case the buyers will be able to push the price higher again, we think sellers could rejoin the downside around $170 or $181.We expect the retracement lower to extend further towards the 4h chart 200 moving average.

Also, $152 and $147 are two important support levels worth considering. Our assumption is that the upside will pause and sellers will drive the order flow in the week to come. Only a new 2019 high and weak selling interest afterward could negate our current view on the Ether performance.

Stellar (Poloniex chart)

Source: tradingview.com

We’ve covered Stellar a few weeks ago and we mentioned at that time how the price action will reach the 12.7 cents – 13.7 cents key resistance area. That’s exactly what happened and we were right about the importance of the resistance since the price action started to sell heavily there.

However, what could be unfolding right now is an inverted head and shoulders patterns, with the bottom of the right shoulder estimated to be located around 9.19 cents. We also have an ascending trend line confluence with the level, so it should result in a good place for buyers.

If the setup will prove to be right, we’re talking about a surge towards the 20 cents area, so there could be strong potential in play. On the other hand, a breakout below the right shoulder area, followed by weak buying interest could mean Stellar is poised to revisit the current 2019 low again.

Briefings about ICOs

On 22nd of April, Honeypod will end its ICO, as it attempts to raise funds for a completed hardware project that connects to your home router and removes ads and tracking systems, protecting your internet privacy and security.

In terms of upcoming ICOs, EVAIO will start to raise funds on April 15th, in order to leverage the blockchain technology to bring data ownership back to vehicle owners. The platform will aim to monetize vehicle data.