Market Outlook #32

Market Outlook #32

AD: Before I begin this post, I’d like to briefly mention Bitcoin.Live, who are sponsoring my blog.

Bitcoin.Live offers regular, detailed content on their free-to-access blog, created by a panel of analysts (including Peter Brandt), and covering all manner of market-related topics. I found both the video material and the blog posts to be genuinely insightful, with many differing analytical perspectives available for viewers and readers. The platform also offers premium content for paying subscribers who find value in the free material, with daily videos, alerts and support provided. Check it out and bookmark the blog.


Market Outlook #32 (21st April 2019)

Hello, and welcome to the 32nd Market Outlook. In today’s post, I’ll be covering the past week’s price-action in Bitcoin, Ethereum and Monero, as well as providing an update on Dash.

This will be the last blog post for the next 10 days, as I’ll be away on holiday from tomorrow – a long overdue one, at that.

Anyway, let’s crack on:

Bitcoin:

BTCUSDDaily

Price: $5320

Market Cap: $93.939bn

Thoughts: As anticipated in last week’s Market Outlook, Bitcoin found a local bottom around $4900 and made an attempt at breaking through the local high at ~$5450. Price has faltered a little here, as would be expected given the short-term resistance, but it does look to me as though we will make a move towards $5750 soon before we see any significant rejection. Following this, I expect price to return to retest the 200-day moving average, and perhaps even the range resistance at ~$4350; the perfect buying opportunity, as one cycle ends and another begins…

Things rarely play out that smoothly, of course, but that is the general course I expect price to take over the coming weeks.


Ethereum:

ETH/USD

ETHUSDDaily

ETHUSD4H

ETH/BTC

ETHBTCDaily

ETHBTC1H

Price: $170.82 (0.03223 BTC)

Market Cap: $18.052bn (3,408,885 BTC)

Thoughts: There is rather a lot more going on with Ethereum, at present, and it continues to look bullish mid-term. Looking at ETH/USD on the Daily timeframe, we can see that price is lingering above the reclaimed support at $166, having found new resistance at $189. Volume has been declining throughout April, indicating an imminent, significant move. Looking at the 4H chart, we can see that the lows at $160 were swept this past week, following which price bounced hard, turning market structure bullish with a close above $170. I expect we’ll see the weekly low formed early this coming week, with bullish momentum continuing into next weekend.

Now, looking at ETH/BTC, we can clearly see that price is range-bound between significant support at 0.0306 BTC and resistance at 0.0353 BTC. April has seen declining volume, and I expect we’ll see a bullish breakout above range resistance in May. The hourly chart shows us that price has returned to the bottom of this recent range; providing a low-risk entry for those looking to get long.


Monero:

XMR/BTC

XMRBTCDaily

Price: $68.12 (0.012868 BTC)

Market Cap: $1.153bn (217,897 BTC)

Thoughts: After the false breakout at the beginning of the month, Monero has returned to its range-bound price-action, though support remains firm at 0.0125 BTC. The 200-day moving average continues to cap price, and volume remains strong. One day…


Dash:

DASH/BTC

DASHBTCdaily

dashbtc4h

Price: $121.15 (0.02287 BTC)

Market Cap: $1.061bn (200,429 BTC)

Thoughts: In Market Outlook #27, I gave my trade setup and price trajectory for Dash, and it played out rather perfectly. Now, we find Dash sitting at 10-week trendline support, the 200-day moving average and inside the consolidation range that preceded the previous leg up. There is clearly a low-risk buying opportunity here if we are to expect further bullish movements in Dash, and the most risk-averse trade setup would be to buy here with a stop-loss on a Daily close below 0.02 BTC and a target of 0.029 BTC, giving around 2.5 reward-to-risk. For those who are comfortable with more risk, a much tighter stop can be set on a Daily close below 0.022 BTC and the same target, giving almost 9 reward-to-risk.

And that concludes this week’s Market Outlook. I hope you’ve found some value in the read, and I’ll see you all in May for the next post.


AD: I’d like to conclude this blog post by thanking one of the sponsors of the blog: Nexo.

Nexo is the foremost crypto-backed loans platform, allowing you to get cash without selling your crypto. Nexo delivers you cash or stablecoins via 45+ different currencies direct to your wallet or bank account.

The platform has already processed over $300m, with all client funds secured by BitGo and insured by Lloyds London. Nexo also offers interest on stablecoin deposits of 6.5%, with full withdrawal flexibility; providing a consistent revenue stream for your unused crypto.


If you’ve enjoyed this post and want to receive new posts straight to your inbox, I’ve set up a RSS-to-Email feed that will be sent out weekly; every Monday, 12pm. Just submit your email and I’ll make sure you’re included in the list. Cheers.

Join my mailing list today to receive a free copy of my 23-page ebook, The Definitive Guide To Altcoin Selection, plus receive regular exclusive material I don't publish elsewhere:

This Post Has 2 Comments

  1. Thanks for the updates.

    1. No problem.

Leave a Reply

Close Menu
×
×

Basket