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.
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.