Weekly Technical Views on Cryptocurrency

07 May 2019

BTC/USD (CMP: $6235)

After the bullish breakout in late March/early April, BTC has travelled a lot of ground and not looking exhausted as yet. The chances are high that its upward momentum will continue in near future.

When drawn Fibonacci retracement levels from Oct top, we observe that the last resistance of 78.6% is taken out and that added further bullishness. It is now likely that entire 100% will now be retraced, which puts the intermediate price target for BTC in the neighborhood of $6800.

In the short term however, one may expect the previous resistance (now turned support) at $6140 odd levels with stop 6010 & target 6320 over the next few trading sessions.

Ether USD (CMP: $186.2, Bitfinex)

Although not as strong as Bitcoin, but Ether has also generated a continuation buy signal above its April high of $182. With this, both the intermediate & primary trends are now bullish and $210 becomes a legitimate target for Ether. For this positional trade, one may keep the stop loss at $170 and enter at CMP.