Bitcoin / US Dollar
Price Analysis
A small rebound appeared last 2 days in Bitcoin's price, creating a support point at $ 8,500. The same point ($ 8,500) had served as a resistance point in late-April, slowing down the uptrend. This move creates an upper triangle with the max point of $ 10,000. The max point of $ 10,000 is not only a resistance point but it could be read as the goal for Fibonacci retracement point at value = 1. Fibonacci retracement can show the rate of how fast or slow the price will return to the average. The indicator has been used extensively for predicting price movements in abnormal situations.
Moving between the uptrend channels, we expect another price rebound around $ 10,000 in the next week, as many signals have appeared regarding this position. If the price remains stable for some more days, then a sharp move is possible to happen.
In the short-term diagram, we can observe the same pattern around the $ 8,500 support line. What we can see is that a Head-and-Shoulders pattern seems to appear, creating a bullish signal for the next period. The volume has plummeted in the previous days and a sudden peak in volume will move the price according to investor's expectations.
Indicators
MACD index remains on the negative side, displaying a bearish signal for the market. In parallel, the RSI index is moving around 60, a scenario that may show us a possible downtrend in the next days. The indexes could be used as a hedge against a possible downturn of the price. We expect an uptrend in the next days, based on our expectations from investors.
Ethereum / US Dollar
Price Analysis
Ethereum's price has continued its positive trend since mid-March, as you can see from the pitchfork analysis. The pitchfork boundaries could be used as an average for calculating indicators which will show the differences between trading strategies. The horizontal channel broke downtrend and form a new reality for Ethereum.
The downtrend stopped around $ 190, creating a new support level, which used to be a resistance level back in mid-April. If we could zoom our focus in the previous weeks, we observed that two upper triangles are a bearish signal, showing that the price isn't able to break the upper line in the horizontal channel and it collapses.
The same pattern was formed in mid-February when Ethereum's price wasn't able to break $ 290 point and collapses. Firstly, around $ 230, then around $ 200 and finally around $ 110. The pattern could be replicated this time also.
Indicators
MACD index remains slightly negative, showing no clear signal for bullish or bearish action at this moment. Accordingly, the RSI index is in the middle between the boundaries, again showing nothing regarding a possible outcome for the price. We expect a slight downtrend in the next days for Ethereum as no fundamental event will take place that will affect the price to an extreme level.
