Crypto Frontline

Weekly Crypto Analysis April 29 – May 5, 2019

Weekly Crypto Analysis April 29 – May 5, 2019
April 28
07:52 2019

BTCUSD (Coinbase chart)

BTCUSD technical analysis May 2019


The positive momentum in Bitcoin seems to have faded in the last few days, as the price weakened, despite managing to reach the $5,600 area. Also, the price action breached below the ascending trend line we’ve talked about two weeks ago, another bearish signal, which might communicate there’s more downside in the following days.

We suspect the sellers will test the broken trend line again and given that the $5,345 resistance is near it, a new leg lower, probably towards the 4h chart 200 moving average, or the $4,800 support, will follow.

In order to have a confirmation that buyers regained control and $5,900 will be the next target, we will need Bitcoin to break above the current 2019 high, which at the present time seems like the less likely scenario.

ETHUSD (Bitfinex chart)

ETH technical analysis May 2019


Since April 9th, Ether had started to form a consolidation structure and given how the price action is currently behaving, it will end the month with more than half of the gains erased. We’ve highlighted a few weeks ago that there was no follow through after the price broke above the 200 daily moving average, a detail suggesting bulls were cautious despite the break higher.

Although Ether made a new 2019 high, right now we think the price could further retrace to an ascending trend line which goes back to mid-December 2018. Around it, we have the 200 MA and the $147 which means we have a really strong support area, which if fails, we could see Ether plunge to the 2018 lows again.

On the other hand, if buyers manage to accumulate enough around the key support, we might see a new bull leg, probably heading towards the $222 resistance area.

LTCUSD (Coinbase chart)

LTC technical analysis May 2019


After banking some significant gains in 2019, Litecoin weakened considerably in April, plunging from $100 towards $69.7 at the time of writing. A bearish parabolic structure continues to unfold in what could end up as a move that will erase all the April gains.

We’re back below the 4h chart 200 moving average and the fact that buyers did not have any reaction around the MA communicates there’s little interest to buy right now.

As long as the price action does not break and hold above the 200 MA, we believe the leg down will extend towards $61.4 – $60.2 support area, which is right where the April rally had started.

On the other hand, we suspect buyers will have a hard time breaking above the MA and the $75.4 resistance. If they do, the next level to watch will be $83.7, but right now our bias remains tilted towards the sell side.

Briefings about ICOs

Until April 30th, VANM will continue to raise funds in order to build a local search engine for products and services that match supply and demand for local advertisements, using the blockchain technology to distribute advertising revenue to users.

Starting from May 1st, the Dayta ICO will start and people can get involved in a project that wants to solve the issues of data protection, consent, and privacy, by building a secure, easy-to-use and robust personal information Dapp and exchange mechanism within an integrated ecosystem.

Weekly Crypto Analysis April 29 – May 5, 2019 - overview
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