Weekly Technical Reviews on Cryptocurreny

21 May 2019

As the colossal momentum continues in major crypto pairs, BTC USD is also retaining the strength. In short term though, there is a consolidation phase continuing in Bitcoin. The lower end of this consolidation is at $7600 and as long as it keeps above this support zone, there is every possibility of continuation of the primary uptrend. $8200 is the nearest target for the present leg of trend and once it manages to go past this region, $8500 will be legitimate target for Bitcoin.

The rising slope of all major moving averages as well as the series of higher bottoms on 4 hour chart of Ether, as shown above, testify for the primary uptrend that it is in.

But just like Bitcoin, Ether too, right now is embroiled within a short term choppy trend, which is evident from the symmetrical triangle drawn above. This kind of consolidation actually serves in favor of the prevailing trend because if & when the breakout happens in continued direction, it tends to be strong. For the present case in Ether, it happens to be above the levels of $261. Stop loss in that case should be put in $238 & target $288.

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