Daily Crypto Analysis - 5th May - Technical Analysis
Bitcoin
Bitcoin has managed to scrape through the $9755 and $9892 resistance levels over the last two days. However, volume is staying low and we're seeing signals of bearish divergence on both the RSI and the MACD. This is a worrying sign, and a pullback is looking likely.
We're also seeing bearish divergence on higher time frames, between the current level and $9755. While this is yet to be confirmed with a pullback, its something to keep an eye on if volume and momentum don't pick up.
Ethereum
ETHUSD is also showing a similar bearish divergence to Bitcoin, as it pushes ever higher on relatively low volume. If bitcoin pulls back, this is definitely coming with it. For the moment, there is still the possibility of further upside, but I would be looking to take profit and/or keep tight stop losses on any trades. We can buy back into any positions after a solid pullback.
ETHBTC, too, is showing signs of weakness, with double bearish divergence. We can also see a bit of a pullback in volume on the uptrend since the break of 0.07572 on the 3rd. As with ETHUSD, I'd recommend looking to take profit and waiting for a pullback and/or consolidation zone.
Bitcoin Cash
Bitcoin Cash finally broke above the 0.1700 resistance. There was strong volume on the candles leading up to the break, however momentum petered out somewhat above 0.1700. We may form a secondary consolidation zone around this level, which would be an extremely bullish sign, but keep an eye out for sudden pullbacks.
Litecoin
After retracing sharply from the 0.01714 resistance, Litecoin managed to hold the 0.01634 support. From there it made another leg up to break the resistance levels we've been watching. This is the confirmation we've been waiting for, and we can start building up a position on the next pullback/ consolidation.
Monero
Monero draws nearer and nearer to the 0.02370 support against slight bullish divergence. Unless we can form a good bounce, this is looking pretty bleak for XMRBTC, with very few support levels below 0.02370.
Disclaimer
I will do my best to give unbiased, objective analysis, but I can make no promises about my accuracy.
All posts are based on my personal opinions and ideas and do not constitute professional financial investment advice.
Coins mentioned in post: