Weekly Technical Reviews on Cryptocurreny

14 May 2019

Ether/USD (CMP: $208)

Daily Chart of Ether/USD

Post December-April consolidation & subsequent ascending triangle breakout in Ether, we are witnessing a raging bull market in Ether and in fact in all major cryptocurrency pairs.
There can not be any denial of the fact that trends are up in all time frames. Being trend followers it will not be prudent for us to look for selling opportunities, nor for any justification for being it in oversold area etc. During a primary uptrend, we should either buy on weakness or buy on fresh breakout without looking at valuation.
The present rally has steam enough to be protracted till 221 regions, which not only coincides with the November top but also the minimum upside target of the broader ascending triangle as shown above.

Litecoin (CMP: $92)

Daily Chart of LTC/USD

We are witnessing an important breakout in the daily chart of Litecoin as it is poised to topple its April high. As the series of higher bottoms are quite evident in the adjoined diagram, this breakout, if successful will enforce further continuation of the uptrend. Nearest support (stop) is at 84 and one may buy for a potential target 105.