The cryptocurrency market appears to be overbought at the moment and as a result, we see a failure of critical support levels from an intraday perspective across major cryptos. Read on as we identify these levels and probable trend directions.
Bitcoin (BTC)
Starting
![](https://cryptotradernews.com/wp-content/uploads/2019/04/image-43.png)
The bearish price decline triggered a regular divergence pattern on 10 April ’19 20:00 was halted by an opposite breakout of bearish accumulation resistance on 12 April ’19 08:00, with strong support at 4934.7. Yesterday 15 April, the pair closed below a higher support level of 5054.80. A bullish accumulation pattern triggered on 16 April ’19 00:00 indicates an oversold market from an intraday point of view.
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![](https://cryptotradernews.com/wp-content/uploads/2019/04/image-42.png)
From an intraday viewpoint, the 1-hour outline of the BTCUSD shows price breaking through bearish accumulation on 14 April ’19 for roughly a 2.3% price gain. On 15 April ’19, the bears reciprocated the signal by a break of bullish accumulation, placing resistance at 5200.00, as price went further to break through the support of 14 April at 5054.8. Towards the last hours of April 15, the pair again shows double bullish accumulation with support at 4997.0 signaling bullish sentiment.
Ethereum (ETH)
![](https://cryptotradernews.com/wp-content/uploads/2019/04/image-45.png)
The price of Ether plummets from a high of 186.97, after a breakdown of bullish accumulation on 10 April ’19 20:00. An attempt towards price increase was made by the bulls on 11, 13 and 14 April ’19, which failed to pull through. Looking above, the pair broke below two major support levels at 160.89 and 162.48. The increase in bearish volatility translates into an intraday oversold, and bullish regular divergence confirmed by bullish accumulation.
![](https://cryptotradernews.com/wp-content/uploads/2019/04/image-44.png)
The intraday 1-hour chart shows a breakdown of bullish accumulation on 15 April ’19 16:00 indicating a rejection of bullish sentiment. Formation of bullish accumulation on 16 April ’19 04:00 setup support at 160.49, agreeing with the bullish patterns of the 4-hour chart.
Ripple (XRP)
Ripple
![](https://cryptotradernews.com/wp-content/uploads/2019/04/image-40.png)
Yesterday 15 April, the XRP price crashed through major support levels as shown on the 4-hour chart. This quickly resulted in a shake off of weak buyers and later confirms a bullish regular divergence by triggering a bullish accumulation pattern on 16 April ’19 00:00. This signaled a highly probable end to the bearish price decline on the 4-hour chart.
Litecoin (LTC)
![](https://cryptotradernews.com/wp-content/uploads/2019/04/image-41.png)
The price of LTC is currently encapsulated within a descending channel triggered by alternating bearish and bullish divergence patterns on 15 April ’19 16:00 and 16 April ’19 00:00, with established resistance and support levels at 85.327 and 77.596 respectively. The outlook for the LTCUSD points towards a bullish direction in favor of Litecoin. A close above the bearish trend line presents the possibility of scaling in an extra buy trade.
EOS (EOS)
Looking at the 4-hour chart below, the price of EOS broke below a rising triangle built by bullish and bearish divergence patterns on 09 April ‘19 16:00 and 11 April ’19 00:00.
![](https://cryptotradernews.com/wp-content/uploads/2019/04/image-47.png)
The bullish trend of EOS which started on 12 April ’19 08:00 came to a halt following a bearish accumulation pattern on 15 April ’19 04:00. In today’s early hours, a bullish accumulation pattern was triggered signaling a bullish outlook.
EOS is one altcoin that maintains a stronger bullish outlook as the major support level is not yet breached.
BinanceCoin (BNB)
Earlier today 16 April ’19 01:00, the BNBUSD broke below bullish accumulation support, thereby leading to a bearish price decline, which trapped prices within a channel between support and resistance at 18.6393627 and 19.4452743.
Unlike most cryptocurrencies in the space, the critical support level of the BNBUSD stood its ground and went on to trigger another breakout of bearish accumulation on 16 April ’19 07:00. A new support level is established at 18.6957300, slightly above yesterday’s support.
![](https://cryptotradernews.com/wp-content/uploads/2019/04/image-46.png)
IOTA (MIOTA)
The formation of bullish and bearish divergence patterns puts the price of IOTUSD within a bearish expanding channel. Today April 16, the pair, like most cryptos, flagged bullish accumulation establishing support at 0.2986. Further price close above the bearish resistance reinforces bullish sentiment, and a decision to buy.
![](https://cryptotradernews.com/wp-content/uploads/2019/04/image-49.png)
TRON (TRX)
A breakdown of double bullish accumulation yesterday threatened the support levels of 0.026100 and 0.025510. Above the major support and within the range of the higher support, the pair triggers a bullish accumulation pattern with new support at 0.2620.
![](https://cryptotradernews.com/wp-content/uploads/2019/04/image-48.png)
Conclusion
Although the price of the top ten cryptos experienced a bearish descent yesterday, failure of previous support levels indicates the volatility oversold nature of the market from an intraday perspective. These patterns reveal that the bulls are staying around for the time being.