Cryptocurrency Update – April, May & June 2020


 

***Coronavirus fears are driving markets – cash fleeing to safe-haven currencies (CHF, JPY, USD). Stock markets down***

 

Bitcoin (BTCUSD) – Daily & Weekly Charts 

 

As suggested in our last cryptocurrency update, BTCUSD has been bearish. Price has broken the recent daily bearish channel but price action has now formed a larger bearish channel on the weekly time-frame. Bitcoin is clearly down-trending within the weekly channel. The daily moving averages are currently moving sideways, signalling potential market indecision. The weekly moving averages signal the same. BTCUSD is approaching key support levels at 3440 and 3215.

Opportunities to go short could exist around the dynamic resistance of the moving averages on both daily and weekly time-frames, the bearish channel resistance area and around the horizontal levels at 6585, 10340, 11475, 11970 and 12880. A bearish move may stall or reverse around the bearish channel support area and around the horizontal support levels at 4810, 3240 and 3215.

 

Ethereum (ETHUSD) – Daily & Weekly Charts 

 

Price has been finding support around the long-term range support area (as suggested in our last cryptocurrency update). Ethereum continues to range between recent lows at 80.00 and recent highs at 335.00. The moving averages confirm the market indecisive – they have been crossing frequently and are moving sideways. Price action has formed a daily bearish channel within the range and ETHUSD has been trending within the channel. Price has just entered a retrace move after recent downside.

Shorting opportunities may exist around the moving averages, around any of the key Fib levels, around the bearish channel resistance area and around the horizontal levels at 192.50, 221.00, 283.00 and 335.00. A bearish move could find support and ever reverse around the bearish channel support area and the range support area around 80.00-103.00.

 

Ripple (XRPUSD) – Daily & Weekly Charts 

 

Ripple swung above the recent daily bearish channel but has since moved lower and continues to downtrend (as suggested in our last cryptocurrency update). Price is clearly down-trending. The weekly moving averages are bearish and steady – confirming the current downside momentum. XRPUSD recently formed a lower swing low, suggesting that the downtrend may continue. Price has been rejected at key weekly support at 0.1320 though, signalling a potential shift in market direction.

Selling opportunities could exist around the moving averages, around any of the key Fib levels and around the horizontal levels at 0.1820. 0.3360 and 0.4700. Ripple may continue to find support around 0.1320 and may even attempt a bullish move off this area.

 

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