Cryptocurrencies are on Fire – Crypto Recorder

Bitcoin (BTC), Ethereum (ETH) and EOS: Cryptocurrencies are on Fire

Bitcoin Price Analysis

Bitcoin price is correcting higher as the week’s trading comes to an end on Friday. BTC/USD is recording over 2% rise in price after exploring new April highs above the major resistance level at $8,500. The price has been trading higher highs since Wednesday 18 after recovering from a dip below $8,000. It was reported that a huge selling activity from a couple of individuals liquidated their BTC causing a slide where Bitcoin price exchanged hands at $7,900.

During the recent upside movement, Bitcoin price breached the 61.8% Fib retracement level with the previous swing high of $9,087 and a low of $6,630. BTC/USD encountered stiff resistance at $8,200 but the bulls held ground preventing downside movements. The price is currently trading above the ascending bullish trend line on the 5-hour timeframe chart; however, selling pressure has pushed it towards $8,500.

The MACD is signalling a potential upside breakout, at the same time, the RSI is pulling into the overbought levels to signalling more buyers to enter the market. On the downside, the 200 SMA will provide short-term support at $8,350. Besides, a stronger support is at $8,000. The bulls must push for a support above $8,500 to allow the price to gain momentum to attack $9,000 in the long-term.

Ethereum Price Analysis

Ethereum price is testing the intraday resistance level at $600. However, technical indicators show that a potential breakout to the upside is on the horizon (more on this later). ETH/USD broke out of a ranging channel that had capped the price below $535 (50% Fibo) recently. The bullish trend that is sweeping across the crypto market has given Ethereum price the momentum to break some key resistance areas at $535 and $560 respectively.

At the moment, ETH/USD is dancing with $590 on the 5-hour timeframe chart while the buyers are eyeing the psychological $600. As mentioned technical indicators are pointing to a potential breakout. For instance, the RSI is sitting squarely in the overbought regions to signal that the buyers have the market influence. Besides, the MACD is moving further into the positive regions to signal for more buyers to enter the market.

On the downside, in case of a trend reversal, the 61.8% Fib retracement level with the previous swing high of $690 and a low of $370 will provide short-term support close to $560. The 200 SMA will stop declines below the above level close to $550.

EOS Price Analysis

On the other hand, EOS price is surging to test early February highs. EOS/USD is up over 18% in the last 24 hours on Friday. The price has breached the $11.00 mark as it explores new April highs while the bullish momentum is threatening to test EOS all-time highs above $18 traded in January.

EOS price spiked last week on Thursday but encountered resistance below $9.4 opening the door for lower corrections and consolidations above $8. Another bullish flag pattern paved the way for upside corrections during the trading on Thursday 19 (exactly a week after the previous surge). EOS/USD breached the resistance level at $10; similarly, the price is now trading at $10.23 while it could test $12 as we begin the weekend sessions.

The price is exchanging hands above both the 200 SMA and the 100 SMA. The gap between the two moving averages is narrowing to signal that the buying pressure is present in the market. EOS/USD must form a support above $11.00 to allow it time to gain momentum to attack $12.00. The major support for EOS is below $10, particularly highlighted at $9.00, although the 61.8% Fib retracement level with the previous swing high of $13.5 and $3.9 low will prevent declines at $10.00.

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This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.

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