Daily Crypto Analysis - 6th May - Technical AnalysissteemCreated with Sketch.

in cryptocurrency •  7 years ago 

Bitcoin

Bitstamp:BTCUSD 1h
(Bitstamp:BTCUSD 1h)

Bitcoin confirmed the bearish divergence by pulling back from the $9950 resistance, before dropping to the 50% support of the bullish leg.
Volume was fairly high on the bearish candles as we dropped, suggesting a level of fear to the market as it sold off. In the very short term, we look to be holding above the 50% retracement, however we may form a bearish continuation pattern to push lower.

Bearish divergence on the 4h was also confirmed, so a larger scale pullback below $9000 is a possibility over the next few days/ next week. $8780 marks the 50% retracement of the leg up from $7805, and has provided good support in the last week or two. A break below this level could see a retest down to $8240 or $7800.


Ethereum

Bittrex:ETHBTC 2h
(Bittrex:ETHBTC 2h)

Yet another push higher, against bearish, divergence was followed by a pullback towards the 0.08000 support, which has held nicely so far. If we can hold around these levels without incident for the next few days, this will make a great bullish consolidation zone.
However, there is significant downside risk at the moment, so another bounce from 0.08000 would be required as confirmation. Until then, I recommend holding off to see whether or not it'll hold.


Bitcoin Cash

Bittrex:BCCBTC 1h
(Bittrex:BCCBTC 1h)

After its brief consolidation around the 0.1700 support/ resistance, Bitcoin Cash made a nice break to 0.1850 on strong volume. However, we're seeing a possibility of bearish divergence on the 1h RSI and MACD. This would normally suggest weakness, but isn't much of an issue, as it hasn't been confirmed on other time frames.

We look to be forming a small bull flag, which is a good continuation pattern. Another leg up is looking likely in the near future. Make sure to size positions appropriately and keep reasonable stop losses.


Litecoin

Bittrex:LTCBTC 1h
(Bittrex:LTCBTC 1h)

Litecoin briefly broke the 0.01850 resistance, to reach 0.01863, before pulling back to the 50% support of its leg up. Volume has dropped off nicely, suggesting this to be a bullish pullback rather than a bearish reversal.
Depending on your risk tolerance, I'd recommend waiting for a stronger confirmation of support before building up any positions here. Otherwise you could risk a situation such as XMRBTC's drift into the floor.


Monero

Poloniex:XMRBTC 4h
(Poloniex:XMRBTC 4h)

Speaking of Monero's drift into the floor - its still going! We're edging closer to the 0.02370 support by the day. I'll probably reduce coverage on Monero until something particularly new happens.


Disclaimer

I will do my best to give unbiased, objective analysis, but I can make no promises about my accuracy.
All posts are based on my personal opinions and ideas and do not constitute professional financial investment advice.

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