The #Bitcoin is in freefall, falling to 8268.69 usd at the time we are writing the article, even many #Altcoin who are following.
As you can see in image 1, the bitcoin has drawn a double top and then re-starts the descent phase:
Image 1: Tradingview – BTCUSD – 2018-05-12 – Timeframe 1 day – Double top
Look at the prices in the long run seem to move within a triangle, the current top two could then push us to the bottom of the triangle or around 6300 usd, and then re-initiate to rise in a later phase.
The price trend on therefore suggests to divest because losses could continue: the double top pattern indicates a phase of substantial price drop.
At this time also many altcoins seem to follow the bitcoin, such as #EOS which reports a loss in the 24h of 6%, or the # ONT of 8.81%. Attention must also be paid to those that are currently uphill because they could also be influenced by the #BTC.
#BTC uphill or downhill?
This morning we publish a flash article on #Bitcoin, starting from the technical analysis of image 1 :
Image 1 – tradingview – 1 day timeframe – btc / usd: continuation triangle and hidden bullish divergence
We can see both a bullish continuation triangle on the price chart, while on the RSI there seems to be a Hidden Bullish divergence which is also a bullish continuation signal.
Ultimately the trend of BTC seems to be still bullish, but it is still necessary to find confirmation in prices and fix the appropriate stop loss.
The #BTC in the last 7 days has entered a phase of price lateralization, this stalemate can be both positive and negative. Meanwhile, #ALTCOIN as #ONT and #EOS are taking advantage of it.
The phases in which the price moves horizontally are characterized by a halo of uncertainty as to where the price could subsequently go. We can have a first positive note in image 1 :
Image 1: TradingView – BTC / EUR – 2018-05-01 – Timeframe 1 day – Lateralization of the price
What immediately jumps to the eye is that in previous points of local maximum the price has changed direction (going down) within a maximum of 4 days. Currently, however, the lateralization phase lasts for 7 days, which suggests a phase of consolidation of the price rather than preparation for a descent.
Another positive note can be found in image 2 :
Image 2: TradingView – BTC / EUR – 2018-05-01 – Timeframe 1 day – bullish triangle
In this image we have in fact identified the triangle pattern which, in this conformation, indicates an upward price break. We must be careful that, before the break up, the firuga could first understand a further fall.
Ultimately Bitcoin could suffer a decline in the short term but a bullish trend is expected in the short medium term. We must therefore be careful and monitor prices.
Meanwhile, some altcoins, such as Ontology and EOS, are achieving very positive results. We must be careful, however, that a recovery of Bitcoin could shift altcoin capital.
Continue the articles on the Altcoin and this time we talk about #ADA (Cardano).
Among the various altcoins aroused our interest for the following reasons:
- High trading volume in the last 24h (by now this is the first parameter we look at to choose the altcoins to analyze, without volumes it is difficult to make predictions);
- Identified a pattern of bullish continuation, in this case the triangle;
- RSI on timeframe 4h not yet oversold;
In image 1 we can see the pattern that is being broken right now, thus suggesting an upward trend in prices.
Image1: Tradingview – timeframe 4h – #ADA #BTC – 2018-04-24 – continuation triangle
A possible target has been identified at the price of about 0.000035 btc / Ada.
As always the technical analysis alone of the suggestions, we must then find feedback on prices.
#EOS is another #altcoin, after the #ONT, whose price trend suggests a possible bullish break in the short term.
EOS has recently moved to 5th place for MarketCap surpassing #LTC. Even the trade volume of the last 24 hours, about 6 million according to CoinMarketCap , appears to be considerable.
In image 1 we can see the current trend of EOS / BTC prices on timeframe 4h:
Image 1 : Tradingview – EOS / BTC – 2018-04-23 – continuation triangle
What you can see is a continuation triangle which therefore suggests a bullish trend. This pattern is almost complete, to suggest the fact that prices are rebounded only on the upper line that acts as a resistance. Even the volume seems to be on the rise.
Switching to oscillators / indexes, we have:
- the RSI that is still not oversold, thus still allowing us a margin of price increase;
- The ADX and DI suggest an uptrend, whose strength is well established.
This analysis ultimately suggests a long position at least in the short term.But we need to follow the price further to make sure that these hypotheses really materialize.