BTC: BTC has been enjoying major gains in the past 3 sessions as price recovers from $7,400 to $9,000. Lower shadow with expanding volumes formed on March 18 is the symbol for the battle between panic sellers and ambitious buyers. Finally, bulls are taking actions after a long-term rest. That’s why I believe a short-term bottom has been formed. Though volumes shrink today, indicating the weakening momentum among buyers, price still breaks above the resistance at $8,700 with large volumes. A minor correction is needed before bulls push price up again. Current wave of uptrend will be divided into 2 parts, we’re experiencing the first part which has almost come to an end judging by the weak rally. The second part will be initiated after a minor correction, whether price can break the resistance at $9,500 or not depends on the momentum and volumes. Even if price manages to unlock the area above $9,500, BTC is more likely to correct lower after rally. Short-term trend seems clear as BTC is believed to oscillate between $8,700 and $9,100 in the coming days with support at $8,700. When correction is completed, price holds greater chances to keep moving up as strength from bears is weakening. Window for daily traders will be opened every time price corrects lower.
ETH: Though correlated to BTC in price action, ETH remains weak. Besides, every time ETH bounces, support from volumes is weak, which can be explained by the reasons as followed: Most coins newly listed on exchanges break their offering prices, causing a sharp decline in demand for ETH. Most ETH collected through crowdfunding are not dumped, even price breaks above, selling pressure is believed to resist price from moving up. The sharp change in demand and supply stops ETH from surging along with BTC. Stimulation from overall bullish sentiment is needed if ETH tries to stand up and lead the market again.
NEO: NEO is exactly correlated to BTC in price action as NEO continues bouncing with shrinking volumes. Price is expected to keep moving up after oscillation before testing the resistance at $84.
BCH: We’ve seen no major changes in volumes during uptrend as BCH is still correlated to BTC in price action. Most transactions are conducted by retailer traders with a little guidance from main funds.
ZEC: ZEC sees minor changes in price though volumes expand sharply. If price breaks above the strong resistance between $280 and $300 with expanding volumes, a decent rally can be expected. There is still some space for price to move up further.
Disclaimer: The information contained herein is not guaranteed and is strictly for information purposes only. It does not constitute any trading proposal and will not be liable for any loss based on the information herein.
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