It is apparent that most cryptocurrencies are beginning a new uptrend after the previously restrain by aggressive resistance levels. Changpeng Zhao popularly known as CZ, the CEO of Binance, said the all the major crypto exchanges have seen about 3 to 5 times increase in trading volumes. This simply means that the crypto market is attracting more traders and investors.
CZ stated that the recent development mightn't cause an immediate bull run but as long as the money keeps flowing into the market, the bull run would ultimately happen in the long-term.
The crypto space is really improving and its future looks great, however, due to the unrelenting coronavirus pandemic, the short-term seems unclear.
Let's examine the charts to see if we should expect an uptrend or another correction.
BTC/USD
On the 15th of April, BTC fell under the 20-day EMA at $6827 all the way to $6471.71 but the bears couldn't retain the low levels and as a result, BTC/USD surged and surpassed the 50-day SMA at $6997. This simply indicates that demand is strong at low levels.
credit: Tradingview
BTC may likely experience an aggressive resistance at the $7454.17 level but if it successfully surpasses this level, a bull run might happen. We expect the price to go on to $8000 and possibly further to $9000.
On the opposite side, if BTC fails to go over $7454.17, BTC/USD may stay range-bound for some days. If it falls under the $6471.71 support, that'll be a big negative. We advise traders to set a stop-loss on long positions to $6000.
ETH/USD
On the 16th of April, ETH showed a positive sign as it pushed over the 50-day SMA at $161.52. Momentum will possibly increase if the bulls manage to force the price over $176.103.
credit: Tradingview
Once ETH/USD goes over the $176.103 resistance, it may continue to $208.50 and further to $250. The bulls definitely have the upper hand as shown by the steadily upsloping 20-day EMA.
However, this bullish assessment would be nullified if the ETH plunges under $148. We advise traders to retain stop-loss at $135 on long positions. Once ETH moves over $177, stop-loss should be moved to $145.
Note: This post is culled from an original article by cointelegraph
