Crypto markets have sprung back to life and are returning to their volatile ways after Bitcoin spiked $1,000 in a few hours back in early April. However, Bitcoin has been teetering around the $6,000 mark for a few weeks now, frequently falling as low as $5,200 and quickly rebounding. Alts have been highly volatile too, with Bitcoin Cash gaining 13% over the course of a day only to lose it a few hours later. Bitcoin looks like it’s on a fragile course and could sink lower while EOS looks like it’s about to break down. On the plus side, SIA is preparing for a moonshot!
Bitcoin Looking Fragile
If history has taught us anything, people with large BTC balances like to place large sell orders when the markets start FOMOing, as it’s an easy way to cash out their profit and prepare to kick off the next upward trend. Since December 2018, we have seen lower lows and higher highs that are looking unsustainable. If this scenario does play out and large players drop their Bitcoin to FOMOers around the $6,200 mark, we could see a new triple bottom come in to play around the $4,200 mark before it starts the next moon cycle.
There is a bearish divergence occurring on the RSI, with the 4 hour and 1-day chart also showing bearish movements. Yet, if large sell off doesn’t occur, we could see Bitcoin surge higher and reach the $7,000 mark before May is out. If that’s the case, we will likely see a rather large pullback to the mid $5,000 region before another upwards surge for the next halving event.
EOS About to Break Down
Like many other alts, EOS has been enjoying the uptick in crypto markets, led by Bitcoin. But, momentum for EOS is slowing down and oscillators are hinting that we could see EOS break down over the next few days. We could very well see EOS hit the $3.80 mark in the coming days, so set up some buy orders around that level. After settling down here and finding a new support level around the $3.50 mark, we will likely see EOS recover and head back towards $4.60.
The Bitcoin momentum could come in to play, meaning if Bitcoin surges, EOS could also surge higher, but it’s looking like a rather unlikely scenario at the moment. With the Binance hacking news breaking, alts are suffering. It’s only a matter of time before EOS breaks down, so get consider taking profits off the table before it’s too late.
SIA was one of the few tokens that performed relatively well throughout the 2018 crypto winter, and it’s looking ready for another aggressive upwards trend. It’s currently on its 1M supporting channel, and every time it has surpassed this level, it has rallied aggressively. If it manages to break the $0.0046 mark, we will see SIA climb aggressively towards the $0.01 area, where it will likely find support for a significant period of time. If you can buy SIA before it crosses the $0.003 level, you will have bagged yourself a bargain. Set up a stop loss around $0.0019 – depending on your risk appetite – with sell orders all the way up to take profit off the table.
That’s how the crypto markets are looking for the upcoming couple of weeks. Buckle your seatbelts, we’re in for one hell of a ride. Hopefully, we’re wrong about Bitcoin and it continues to head upwards and drag the rest of the crypto markets with it!