Crypto Briefing 4/18/23 – The Forecast

Crypto Briefing 4/18/23

Crypto Briefing 4/18/23

Bitcoin is still consolidating before it either surpasses current resistance or goes down to support. Looking at the BTC price chart, we can see that Bitcon’s momentum is beginning to slow down. The breakout bars for the second leg push are dramatically lower than the initial breakout of BTC. We expect Bitcoin to give back a portion of its rally.

Ethereum appears to be forming a double top. After having a decisive rally, we have a potential reversal signal. Whenever an asset has massive candle bodies late into a trend, there is a high probability that they are exhaustion bars. With the current push-up in Ethereum being greater than the previous breakout and slightly surpassing August’s high, we think that the crypto market is in store for a reversal.

After months of consolidation, Casper is witnessing a major breakout. With the first leg of this move not complete yet, we cannot give a measured move target for CSPR. However, we believe that altcoins which have not broken out yet have a chance of experiencing a breakout similar to Casper.

While Algorand is still in a trading range, we believe that it could be a promising trading vehicle. Unlike CSPR, ALGO has yet to see a breakout on the daily chart. Should the altcoin market continue to experience strong momentum in the short term, we could envision Algorand increasing in price. A good entry price for ALGO would be at the bottom of its current trading range between $0.19 to $0.20.