4th April - Crypto Technical & Market Watch
3 Reasons Bitcoin’s Price Suddenly Surged Back to $5K
1. Technical were foreshadowing a bullish move
2. Mining reward halving
3. Market activity
The Pair on April 2 broke out at $4,255 and soared close to $5,000. By sustaining above $4,255, it had a target objective of $5,273.91. Traders can book profits on about 30 percent of the long positions at the current levels and buy on dips once again. The stop loss on the rest of the position can be kept at $4,200. Our bullish view will be negated if the price plunges below $4,255.
ETH has broken out at $167.32.Above these level the target objective of this bullish setup is $251.64. If the ETH/USD pair fails to sustain above $167.32, it plunges below the support at $145. Traders can keep a stop loss of $140 on the remaining long positions. We shall trail the stops higher again in a couple of days.
Ripple broke out at $0.33108 on April 2. A probable change in trend that can first carry the digital currency to $0.40 and above it to $0.45097. The medium-term target is $0.60. $0.33108 is the support we should watch. Traders can wait for this retest to be successful before initiating long positions.
Bitcoin Cash skyrocketed on Tuesday, it has exceeded the target objective of $249.60. Traders can pocket 40 percent of the gains around the current levels and raise the stop loss on the remaining long positions to $210. Our bullish view will be invalidated if the bears sink and sustain the price below $239. As long as the digital currency stays above $239, it is on target to move higher.
Disclosure: The author holds no cryptocurrency at the time of writing.
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