Crypto Frontline

Weekly Crypto Analysis April 22-28, 2019

Weekly Crypto Analysis April 22-28, 2019

Weekly Crypto Analysis April 22-28, 2019
April 21
08:28 2019

 

BTCUSD Coinbase

Bitcoin technical analysis

Source: tradingview.com

Although we’ve seen some weakness in Bitcoin more than a week ago, it seems like buyers are keeping their ground firmly. An ascending-type triangle formation is currently unfolding, communicating that sellers are being squeezed out of the market.

Traders should watch for breakouts around $5,345 and $5,500 area, as it could mean the price action could then edge higher towards the $,5800 or $6,000 key psychological area. Although various analysts already signal Bitcoin is overbought, there’s no actual evidence showing that sellers are the ones driving the order flow.

If the price action retraces lower, support is expected around the 1h chart 200 moving average, which backed closely by the ascending line of the triangle. Only an impulsive break below them will unlock further downside, towards $4,800 or $4,400. The more likely scenario at this point is that Bitcoin could continue to break higher.

ETHUSD Bitfinex

ETHUSD technical analysis

Source: tradingview.com

For the entire month of April, Ether had been stuck in a range between $156.6 and $181.3. After a few failed attempts to break on the upside, the order flow had been driven by the sellers and we think the range will continue to be in play, as long as no new important news will flood the market.

Playing the range will mean sellers will have the ability to short Ether around the top line, which is close to the current price level. Only a clear breakout above the current $187.9 2019 might signal buyers have been energized.

However, we think the most likely scenario will be a retracement lower, towards the 4h chart 200 moving average, which confluences with the lower line of the range, at the time of writing. Still, the bigger picture supports further gains, in the long run, considering the token managed to bank significant gains since the year started.

 XRPUSD Bitfinex

XRP technical analysis April 2019

Source: tradingview.com

Since the end of January, XRP had started to form a nice ascending channel formation, which had not been thus far breached on either side. Buyers had been on the brink of pushing the price outside of the channel this month, but sellers managed to balance the order flow.

At the time of writing, the price action trades under the 4h chart 200 moving average, which means buyers should wait for a retest of the lower line of the channel. A breakout below the channel seems unlikely right now, but if it does and buyers have no significant reaction, the losses could extend further towards 28.5 cents.

If the channel continues to hold, a new upward move might emerge, creating a new opportunity for buyers. A breakout on the upside of the channel will mean that XRP could head towards the 40 cents area in the mid-term.

Briefings about ICOs

Vecap is an ambitious ICO project, which will raise funds until April 28th, as it attempts to create a solution for ensuring the security of a smart home network thanks to the blockchain technology and smart contracts.

In terms of upcoming projects, Matic will run its ICO on Binance’s platform – Launchpad, on April 24th. The Matic Network will provide scalable, secure, and instant transactions, with an implementation of the PLASMA framework.

 

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