Weekly Technical Views on Cryptocurrencies

28 May 2019

BTC/USD (CMP: $8724, Coinbase)

Exhibit 1: 4H Chart of BTC USD

After the early April breakout, most crypto currencies are on fire & they are riding on high upward momentum. Being the leader, BTC indeed is showing the way.
Trends are up in all time-frame & let there be no doubt about it. The daily chart exhibits series of higher bottoms testifying the primary uptrend. But the most important observation for Exhibit 1 is for BTC to break above the multi-day resistance levels at $8300 regions and it proves the strength of the present momentum. This resistance is now a support area for BTC and if & when prices retrace to these regions in near future, this could present a nice buying opportunity in Bitcoin.

Ether/USD (CMP: 267, Bitfinex)

Exhibit 2: Ether USD daily Chart

Like most other Crypto pairs, Ether too is gaining its lost ground & that too, at a very fast pace.
We note a two-week consolidation phase on the daily chart of Ether as above and as anticipated, the breakout has occurred in the upward direction. It shows that there is much steam left in this uptrend in Ether. As of now, 250 is an important support which can serve as stop loss for any long position. 300 is an immediate target for this Crypto pair.