During the last part of Asian session cryptocurrencies had a sharp intraday drawdown.
Let's see if this fall has compromised the technical situation we drew yesterday.
BITCOIN
MEDIUM TERM
Daily chart
Medium term analysis is unchanged: trend is still positive and both MACD and RSI did not give any worrying signal.
Resistences:
- 4670$
- 4900$
Supports:
- 4147$
- 3571$
SHORT TERM
1 hour chart
Let's see if this fall has compromised the technical situation we drew yesterday.
BITCOIN
MEDIUM TERM
Daily chart
Medium term analysis is unchanged: trend is still positive and both MACD and RSI did not give any worrying signal.
Resistences:
- 4670$
- 4900$
Supports:
- 4147$
- 3571$
SHORT TERM
1 hour chart
Yesterday I wrote that RSI was in overbought area and needed to go down. That just happened and RSI is now in oversold area, showing a good probability of a short term rebound.
Looking at price levels we have a bad news and a good one.
Bitcoin has just broken the ascendent trendline, and this is a negative point, considering that it has accompanied price since September 25.
However the support at 4230$ wasn't broken and this is a good news, because a breakout would change technical situation.
So, what to expect?
I expect a sideways trend between 4250$ and 4370$: a breakout of one of these two levels would be a buy (or sell signal)
ETHEREUM
MEDIUM TERM
Daily chart
No change on medium term analysis. Trend is positive, MACD has given a buy signal, while RSI is in neutral area.
Honestly I can't see clear signals, so I would wait for future indications.
SHORT TERM
1 hour chart
Price has just touched dynamic support in the ascendent channel and RSI was in oversold area.
The situation is similar to Bitcoin: it could be a good signal for a short term trade, in order to take advantage of a rebound.
First resistence is at 294$ and the second one at 300$.
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Comments are welcome!
MEDIUM TERM
Daily chart
No change on medium term analysis. Trend is positive, MACD has given a buy signal, while RSI is in neutral area.
Honestly I can't see clear signals, so I would wait for future indications.
SHORT TERM
1 hour chart
Price has just touched dynamic support in the ascendent channel and RSI was in oversold area.
The situation is similar to Bitcoin: it could be a good signal for a short term trade, in order to take advantage of a rebound.
First resistence is at 294$ and the second one at 300$.
If you want to keep updated on CryptoCharting analysis, just press "SUBSCRIBE" on the top of this page.
Comments are welcome!
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