Cryptocurrency & Blockchain Business

April 11 Short-Term Technical Analysis

After the last day’s developments, it is interesting today to have a quick look at some of the main cryptos. The technical analysis shows two different technical settings, one having a definite bullish potential and the other signaling a lateral movement continuity scenario.

BTC/USD 240 min

Bitcoin isn’t one of the cryptos with bullish hopes. It is following a lateral, weakly bullish trendline, and needs an upwards momentum to become clearly bullish.

The 240 min MACD is still in negative, taking to the limit the laterality and narrowness of the past sessions, and so it doesn’t convey much information.

The Directional Movement Index shows a relevant decrease in sales since April 9th. Purchases haven’t increased with the same strength, a key factor in the lack of bullish hopes for BTC/USD.

ETH/USD 240 min

Ethereum is just below an important resistance, while the SMA100 and EMA50 are supporting it and compressing its action range. The scenario suggests significant rises if it can break the key $417 level.

The MACD is already above the 0. It still doesn’t show clearly bullish slope and range, but its moving in the positive zone and the chart analysis favor a rising scenario.

The 240 min Directional Movement Index shows buyers in control, and the ADX is starting to follow the upwards movement. Sellers are losing strength, and don’t leverage the rises to open more positions.

LTC/USD 240 min

Litecoin is in Bitcoin’s group, moving in the lower range of a triangular pattern that keeps compressing it. It should first get to $115.00 and break the $115.50 to develop a potentially bullish scenario.

The 240 min MACD is below 0 and similar to Bitcoin’s. Undefinition and a narrowing daily range define this technical setting.

The Directional Movement Index shows sellers and buyers in similar levels, but both below 20, a signal of a lack of any trend. No one is positive about the outcome.

XRP/USD 240 min

Ripple is also in the group of assets that aren’t getting the investor’s attention. It is in the lower zone of its range and it hasn’t been able to break any moving average. There is a support at $0.46, and it would need to break the EMA50 at $0.492 and the SMA100 at $0.50 to be able to abandon this zone and face a major resistance at $0.54.

The MACD is similar to its scenario colleagues, without any directional force and strengthening the laterality.

The Directional Movement Index is also uncertain, with a very low ADX and no trends or visibility.

EOS/USD 240 min

EOS is one of the lucky cryptos in a favorable setting to attack resistances. It has already broken the pattern and has a bullish profile, but is still to confirm the new setting.

The MACD is in the positive range, but without much slope or wideness. The setting favors a rising continuation.

The 240 min Directional Movement Index shows a buyer’s reaction to clearly control the situation, and sales clearly decrease. The ADX has reacted too, but it still needs to confirm the new trend. This is the key element for a new bullish trend.

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Tomas Salles

Tomas Salles

Tomas Salles started his training as an analyst in 2006, when he decided to give a new direction to his professional career.

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