Previous analysis… https://analysis.tfxi.com/2021/04/08/triumphfx-cryptocurrency-update-april-may-june-2021/
Bitcoin (BTCUSD) – Daily & Weekly Charts
As suggested in our last Bitcoin analysis, BTCUSD has been finding support around the shorter-term moving average and around 30300.
Price is up-trending and is currently in a retrace phase. The weekly moving averages are bullish and widening, signalling that bitcoin could attempt to swing higher. Price action has formed a number of potential resistance levels and the daily moving averages are bearish, suggesting that a bullish move could face selling pressure.
Opportunities to go long may exist around the weekly moving averages, around the 61.8% Fib level and around the horizontal levels at 30300, 19150 and 11900. A bullish move could be rejected or reverse around the daily moving averages and around any of the horizontal levels at 40700, 45100, 47350, 59950 and 63500.
Ethereum (ETHUSD) – Daily Chart
ETHUSD was bullish and swung higher, as suggested in our last analysis.
Price has been up-trending. Recent price action is looking indecisive. The moving averages confirm the market indecision – they are tight and moving sideways.
Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 320, 475, 1425, 1575, 2375, 2990 and 4175.
Litecoin (LTCUSD) – Daily & Weekly Charts
As suggested in our last crypto chart analysis, Litecoin was bullish and swung higher.
LTCUSD has recently been in a retrace move, after forming a large bullish move. The weekly moving averages are bullish and steady, suggesting that price could become bullish again. The daily moving averages are bearish and widening, signalling that a bullish move could meet resistance.
Long opportunities may exist the weekly longer-term moving average and around the horizontal levels at 80 and 25. A bullish move could stall or reverse around the weekly shorter-term moving average, around the daily moving averages and around any of the horizontal levels at 140, 170, 215, 230, 320 and 390.
Start trading today with Triumph’s Forex MT4 trading platform – https://www.tfxi.com/