The crypto-market took a turn for the worse during the past 24 hours with heavy losses in USD for most coins. Some like Dash even entered a bear market in BTC terms.
Ether Flat Ahead of Consensus
Ether prices are staying mostly flat vs bitcoin. The crypto is quoted at 0.8047 BTC right now, not far from where it was trading last week.
The trend on the daily charts remains up. To end it the bears will have to push us below the 0.073 BTC level. A move below the 0.06606 BTC swing low is needed for a new downtrend. Higher up there’s resistance at 0.08438 BTC, the latest swing high. This is followed by the 0.08829 swing high and the 0.09 and 0.1 BTC round figures. A decisive breakout above here may open to door to this year’s high at 0.121 BTC. On the weekly charts the picture is still mixed but the monthlies are keeping the bullish bias.
Next week we have a potential price catalyst in the form of ‘Consensus 2018’. The conference will be held in New York, from the 14th to the 16th of May. According to Coindesk, it will feature 250+ speakers and 4,000+ attendees from the leading industry startups, investors, financial institutions, enterprise tech leaders, and academic and policy groups who are building the foundations of the blockchain and digital currency economy.
Some traders are pinning their bullish hopes on this event. While it’s good to keep the timing of the conference in mind, it’s not clear how much of a positive impact (if any) this event will have on coin prices. Additionally any Consensus pump will probably get faded later on as speculators ‘sell the news’.
Dash Enters a Bear Market
Dash has re-entered a bear market on the daily charts. The coin hit a low of 0.04505 BTC yesterday and is currently quoted slightly off these lows at 0.04622 BTC.
The bulls need to push us back above the 0.05320 high to end the downtrend. A move above the 0.0588 BTC swing high should re-start the uptrend. On the longer-term weekly charts DSH/BTC is range-bound. The monthly charts are still bullish.
Bitcoin in a Downtrend
Bitcoin prices broke below the important support at $8,815 dollars yesterday. In our last article we noted this support as the uptrend ending level. After the break the losses accelerated and during the night we saw a low of $8,332 dollars.
We are now back in a downtrend on the daily charts. A move above the $10,000 round figure would both end the downtrend and re-start the rally. Similarly to DSH/BTC and ETH/BTC, on the weekly charts BTC/USD is in a range while the monthly chart is looking bullish.