CRYPTO TRADE OPPORTUNITIES

CRYPTONAIRE LYWEEK

CRYPTO investment journal

CRYPTO TRADE OPPORTUNITIES

BITCOIN - BTC/GBP

Bitcoin broke above the downtrend line on March 29, but the bulls could not push the price above the all-time high at £44,238. This suggests the bears are defending this level aggressively.

However, a positive sign is that the bulls have not allowed the price to dip back below the 20-day EMA. This suggests the bulls are buying on every minor dip.

This tight range trading is unlikely to continue for long. We should soon see a sharp move that could start the next trend.

If the bulls can drive the price above the all-time high and sustain the breakout for two days, it will signal the start of the next leg of the uptrend. The next target objective on the upside is £50,000.

Contrary to this assumption, if the bears sink the price below the 20-day EMA, the BTC/GBP pair could retest the critical support at the 50-day SMA. This is an important support to watch out for because if it cracks, the pair could drop to £36,777. Such a move will suggest that the bullish momentum has weakened.

Traders may buy on a breakout and close above £44,238. The stop-loss for this trade could be kept below the 20-day EMA initially and can be trailed higher as the price moves northwards.

CRYPTONAIRE LYWEEK

CRYPTO investment journal

ETHEREUM - ETH/GBP

Ether broke above the resistance line of the symmetrical triangle on March 31 and this triggered the buy recommendation given in the previous analysis. Traders who bought on the suggestion are already profitable.

The bulls continued their buying and propelled the price to a new all-time high of £1,549.98 on April 2. The ETH/GBP pair has been consolidating between £1,456.18 and £1,549.98 for the past three days. This shows that the bulls have flipped the previous resistance into support.

If the bulls can push the price above £1,549.98, the next leg of the up-move could begin. This could carry the pair to £1,872, which is the pattern target of the breakout from the triangle.

The rising 20-day EMA and the RSI in the positive territory suggest the bulls are in command.

This positive view will invalidate if the price turns down from the current level and breaks below the 20-day EMA. Such a move will suggest aggressive selling at higher levels. That could then result in a fall to the support line of the triangle.

Therefore, traders who have purchased on a break above the triangle can keep their stops at breakeven. This could be trailed higher if the price rises above £1,549.98. Traders who added their positions above £1,456.18 can keep the stops just below the 20-day EMA.

CRYPTONAIRE LYWEEK

CRYPTO investment journal

RIPPLE - XRP/GBP

XRP soared above £0.48718 and £0.58847 on April 5 with a 41.54% rally for the day. Traders who had bought on our earlier recommendation have made huge gains within the past few days.

The bears tried to pull the price below £0.58847 today but the long wick on the day’s candlestick suggests that the sentiment has turned bullish and traders are buying the dips. If the bulls can drive the price above £0.68, the XRP/GBP pair could rally to the next target objective at £0.824.

However, traders should not get greedy. They must trail their stops to protect their paper profits because if the pair breaks below £0.588, the correction could deepen to £0.48718.

A break below this support will suggest that traders dumped their positions at higher levels and that could keep the pair range-bound for a few more days.

CRYPTONAIRE LYWEEK

CRYPTO investment journal

CARDANO - ADA/GBP

Cardano has been clinging to the 20-day EMA for the past few days. The bulls attempted to push the price higher on April 2 and 3 but they could not cross the £0.90 barrier.

The flat 20-day EMA and the RSI below 55 suggest a balance between supply and demand. It is very difficult to predict the direction of the breakout from a tight range. Therefore, it is best to wait for the price to breakout and sustain the move before jumping in to buy or sell.

If the bulls can drive the price above the £0.90 to £0.935 resistance zone, the ADA/GBP pair could retest the all-time high at £1.07197. Conversely, if the bears sink the price below the 50-day SMA, the pair could drop to £0.71001.

The next trending move could start after the price breaks above £1.07197 or breaks below £0.71001. Until then, the range-bound action may continue. We do not find any reliable trading setup at the current levels.

CRYPTONAIRE LYWEEK

CRYPTO investment journal

BINANCE - BNB/GBP

Binance Coin soared above the resistance line of the symmetrical triangle on March 30 and this triggered the buy recommendation given in the previous analysis. Traders who acted on the suggestion are sitting on some quick profits.

The BNB/GBP pair picked up momentum after breaking out of the triangle and climbed above the all-time high at £249 on April 2. The bears tried to trap the bulls and start a sell-off on April 3 but failed.

This resulted in renewed buying, pushing the price to a new all-time high today. The upsloping moving averages and the RSI in the overbought territory indicate the bulls are in the driver’s seat. The next target objective to watch on the upside is £326, which is the pattern target from the breakout of the triangle.

This bullish view will invalidate if the pair reverses direction and plummets below the 20-day EMA. Such a move will suggest aggressive profit-booking at higher levels. Traders who are long can trail their stops higher to protect their paper profits.