ETH, LTC & BCH technical daily analysis
The PayPal-owned platform Venmo now allows people to buy, hold and sell four leading cryptocurrencies via its mobile app, starting yesterday. The app will support Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
Darrell Esch, senior vice president and general manager of Venmo, stated that,
“No matter where you are in your cryptocurrency journey, crypto on Venmo will help our community to learn and explore cryptocurrencies on a trusted platform and directly in the app they know and love. Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have.”
From a fundamental perspective, the emerging crypto industry continues to attract retail and institutional investors that continues to push and sustain the total market capitalization above $2 trillion during this month of April.
Bitcoin ranged throughout yesterday’s session with a low of $54283.57 and a high of $57449.68, creating a bearish flag. Ethereum made a little rally towards the end of the session while Litcoin and Bitcoin cash consolidated alongside the leading crypto asset Bitcoin.
ETH
Previous session bear pressure caused ETH price to close with an inside bar. This was a bearish signal which caused retail traders to add more selling pressure at the beginning of yesterday’s trading session.
ETH price dipped to an intraday low of $2058.79 during the Asian session but the bulls were able to withstand the pressure at the support of $2058.79, which was created on 9th & 18th of April.
Accumulation of the underlying asset began when traders loaded bags of ETH to their portfolio and spiked up high volume.
With this volume, the bulls simultaneously broke the EMA crosses and a minor resistance with an engulfing 4-hour candle to the upside. Traders risk appetite was turned on and momentum drifted in to further extend ETH price to an intraday high of $2349.69.
Momentum could drop as the RSI approaches 59 mark for a minor pull-back due to traders that will book for profit at $2390.79.
Although ETH will resume the uptrend if the bulls are able to gain enough volume to thrust price above overhead resistance of $2499.68 in the next few sessions ahead.
LTC
LTC price made a solid retracement from a swing high of $335.317 to 61.8% Fibonacci retracement level on 18th April.
This correction was necessary for price to gain healthy support to commerce another phase of rally.
Previous session ushered more bearish pressure at the opening of the Asian trading session that caused LTC price to retest a support at $243.043
Yesterday session saw accumulation phase from the dip as LTC price consolidated with a range bound of $243.043 and $272.805.
LTC got rejected at the 38.2% Fibonacci retracement level as the bulls lack steam to ride to the north after it broke the 20 period SMA.
From market indicator, the MACD line is making attempt to cross over the signal line and also the histogram also shrink, this is a sign of buying pressure building up.
On the day ahead, if the bulls thrust LTC price above $272.805, LTC price will revisit the April all time high of $335.317 in the next few trading session.
BCH
BCH price was not exempted from the crypto bloodbath on the 18th of April. Following on from the bearish pressure at the Asian open trading session, BCH price plunged and retested support at $834.24 built on 18th April.
Technically, BCH price printed a morning star in the 4-hour chart. This was a bullish signal on the intraday session. Buying pressure pushed BCH price above the EMA crosses. The EMA crosses acted as a dynamic support after the break out occurred.
At press time BCH price steered at the Gan fan upper channel mark green. This is also a confluence point due to the horizontal resistance that was created in the previous session at $1026.79.
Stochastic shows momentum is on the side of the bulls to push BCH price to retest $1020.07.
If the bulls break above this price level, BCH price will revisit the April all time high at $1203.67 and probably resume the rally if momentum increases in the next few session.
