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April 10, 2018 |
Joanna Newman | 0 Comments|419 Views
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The major cryptocurrencies are still in the process of bottoming. Despite a surge in conventional risker assets following conciliatory words on trade from China's President Xi Jinping. The president pledged greater openness in sectors from banking to auto manufactures while warning against a return to a "Cold War mentality" helped to calm nerves and underpinned riskier assets, while weighing on safe haven securities.
View
Ripple is consolidating and chopping around but there are some intra-day movements that can be captured.
Analysis
XRP prices are whipsawing and daily volatility has dried up. Intra-day prices have recently dipped generating blowout in the Bollinger bands. The last time this occurred, prices consolidated and then rebounded as quickly as they declined. The intra-day stochastic moved into oversold territory which allow happened when the Bollinger bands blew out, which somewhat confirms the current environment. Support is seen near 0.46, while resistance is near 0.51.
Up-side Target: 0.51
Down-side Target: 0.46
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Bitcoin prices are attempting to form a bottom but have been unable to gain traction.
Bitcoin prices continue to trade sideways despite a pickup in riskier assets. Prices have been unable to recapture resistance near the 10-day moving average at 6,740. A break of this level would likely lead to a test of the 50-day moving average at 8,790. Momentum is neutral as the MACD histogram is printing a reading near the zero-index level with a flat trajectory which reflects consolidation. The fast-stochastic recently generated a crossover sell signal but the trajectory is flat which also reflects consolidation.
Up-side Target: 6,740
Down-side Target: 6,060
Forecast
Litecoin is moving sideways and has been range-bound since late March. Prices are closer to the bottom then the top of the range making the risk to the upside.
Litecoin prices are consolidating but prices are moving out of oversold territory which is considered a buy signal. Additionally, the fast stochastic generated a crossover buy signal in oversold territory reflecting accelerating positive momentum. Target support on the cross cryptocurrency pair is seen near 110. Resistance is seen near the 122.63 level.
Up-side Target: 122.63
Down-side Target: 110.00
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