Bitcoin, Ethereum, Stellar: Price Analysis April 23
23/04/2019 - huy
Bitcoin (BTC) is trading close to the overhead resistance of $5,404.82. A breakout of this level can push the price towards the next overhead resistance zone of $5,674.84–$5,900. We anticipate a stiff resistance at $5,900, hence, traders can book profits on 50% of their remaining long positions above $5,600 and keep the stop loss on the rest at $4,800. Both the moving averages are trending up and the RSI is close to the overbought zone, which confirms that the bulls are in command.
Contrary to our expectation, if the BTC/USD pair reverses direction from either of the overhead resistances, it can again correct to $4,914.11. This is a strong support. The pair remains positive as long as the price sustains above this.
But if the bears sink the digital currency below $4,914, it will be a spoiler and can result in a quick fall to $4,255. We expect a large range move within the next 3–4 days.
The bulls are unable to push Ethereum (ETH) above the overhead resistance of $187.98. This suggests profit booking closer to $180. However, the positive thing is that the price has sustained above $167.32 for the past four days. The 20-day EMA is also close to this level, hence, we expect the bulls to defend it strongly.
A rebound from the current levels will again try to rise above the overhead resistance of $187.98. If successful, a rally to $251.64 is likely. There are slew of resistances between $220 and $251.64. Hence, we might suggest booking profits on the position if we find the ETH/USD pair struggling to move up.
Contrary to our assumption, if the bears sink the pair below the 20-day EMA, it can fall to the 50-day SMA. Therefore, traders can keep their stop loss on the remaining long positions at $150. With both the moving averages sloping up and the RSI in positive territory, the path of least resistance is to the upside.
Stellar (XLM) has declined to the 50-day SMA, which is likely to provide some support. The 20-day EMA is gradually turning down and the RSI has fallen into the negative zone. This suggests that the bears are making a comeback.
If the XLM/USD pair breaks down and closes below the immediate support of $0.1090, the fall can extend to the uptrend line. This is a critical support. If this is breached, it will complete a breakdown of the wedge, which is a negative sign.
On the upside, the pair will show signs of strength on a breakout and close above $0.12039489. However, we shall wait for the price to sustain above the downtrend line and the overhead resistance of $0.14861760 before turning positive.
According to Cointelegraph
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