Following a sudden bullish price increase across major altcoins at the end of Q4, the market retraced the gains over the weekend by approximately 23.6% on average. At the start of a new week on 15 April ’19, we begin to notice interesting trendsetting patterns on the 4hour and daily charts of some crypto. We’ve identified some of the major trending pairs for the week.
Bitcoin (BTC)
Starting with Bitcoin, the number one cryptocurrency by market capitalization, which followed a bearish regular divergence, triggered in combination with a similar Fakey pattern on April 10 ’19 20:00, experienced a sudden increase in volatility. The bearish momentum could not stand the test of time, as they failed to a breach of their significant resistance levels of 5134.9, 5125.6, 5101.9 and 5069.0 respectively.
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Ethereum (ETH)
The Ether shows an increase in strength as the bears give way to bullish dominance through the breakout of bearish accumulation patterns shown on the above daily chart. On 02, 05, and more recently on 14 April ’19 bearish accumulation patterns failed to a persistent increase in bullish volatility. This shows a high probability of the pair breaking through the 187.98 resistance level.
Ripple (XRP)
Ripple suffered the deepest retracement of approximately 78% among the cryptocurrencies we are studying today. We attribute this to the recent fundamental event of a Japanese Bank, Resona pulling out of its partnership with MoneyTap, a Ripple-based payment App. Despite the negative fundamental event, the daily chart signals a transition from bear to bullish accumulation on 12 and 14 April ’19 with support at 0.32451.
Although we look forward to further price growth in favor of the XRP, a price close below the critical support level of 0.32451 will signal a rejection of bullish pressure and consequently a price decline. Deploying a protective stop below the mentioned support level might be considered.
Litecoin (LTC)
Litecoin has clearly resumed a bullish trend as the price breaks through the bearish accumulation resistance of 82.00 on 14 April ’19. A breakout of this magnitude implies further growth of the LTC as it broke through a double bearish accumulation, establishing support at 75.68.
EOS (EOS)
The bullish trend of EOSUSD was contested by a triggered regular bearish divergence in combination with a Fakey pattern on 10 April ’19 16:00. This established a strong resistance at 6.0726. A breakout of bearish accumulation in the upward direction on 12 April ’19 08:00 and a triggered double bullish accumulation pattern on 14 April ’19 12:00 confirms a continuation of this bullish trend. The combination of bearish and bullish patterns initialized a rising triangle, thereby reinforcing a rallying bull run.
BinanceCoin (BNB)
Binance coin, the cryptocurrency for the number one crypto exchange and ICO Launchpad, started a bullish campaign by triggering a similar Fakey pattern on 22 March ’19. Attempts to resume a bearish trend failed to a breakout on 30 March ’19, establishing strong support at 15.6316457.
Recently, price is enclosed within bearish and bullish support and resistant levels of 20.4689760, and 16.342920, with the support being the most current pattern at play. With this in mind, we see a bullish trend, but further price close exceeding the above-mentioned resistance level will suggest a strong continuation of the upward trend.
IOTA(MIOTA)
IOTA indicates an upward trend as it triggers a combination of regular bullish divergence and double bullish accumulation pattern on 14 April’19 12:00. We project the pair to reach the 0.3694 resistance, which indicates the likelihood of breaching the 0.3233 price resistance.
TRON(TRX)
Making reference to the above 4hour chart, the gains of TRX were quickly eroded after a bearish accumulation was signaled on 08 April ’19 20:00. This was followed by a breakdown of bullish accumulation on 10 April ’19 20:00. These patterns indicate price crashes by approximately 15.11% last week, before entering into a range bound pattern into the weekend.
As the weekend came to an end, the range-bound pattern began to take shape into what finally turned out to be a breakout of double bearish accumulation on 14 April ’19 20:00. By this latest development, we see an upward trend of TRXUSD and expect to enter a long position with stop loss levels placed below 0.026161 support levels.
Conclusion
The cryptocurrencies analyzed above generally maintain a bullish outlook even in the face of retracement of previous gains. Going forward into the week, we expect a further increase in price across the major cryptocurrencies.
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