Weekly Cryptocurrency Market Outlook April 17

By Jamie Holmes Apr 17, 2017 1:48 PM EDT

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BTCManager’s Weekly Cryptocurrency Outlook highlights the price action and technical indicators on a long-term basis to identify the best opportunities in the largest cryptocurrencies, such as bitcoin, ether, and others.

BTC-USD (Bitstamp)

Bitcoin has dipped below $1200 but the bullish outlook remains intact as last week’s dive remained above the conversion line at $1120.66. However, the market could be forming a fractal resistance at $1229.00, which will be confirmed if BTC-USD remains below $1229.00 until May 1. However, a break above $1229.00 this week, or next, should point to further gains and see the market tend toward the fractal resistance at $1350.00. But the conversion line remains flat, suggesting the market will be attracted to the $1120.66 level.

On the other hand, if the week’s price action closes below the conversion line, below $1120.66, then this will provide a bearish signal and see the market test the next support at the base line, around $995.00.

Looking at the daily price action below, a bullish outlook is displayed. For instance, the market is testing the resistance provided by the conversion line at $1185 and a close above $1185 for April 17 will give a strong bullish signal. A close above the conversion line will open up the fractal resistance at $1229.00.

The most recent fractal support lies at $1141.00, therefore sell positions are only justified with a daily close below $1141.00. Even then, the Ichimoku cloud provides a support zone directly below this level, around $1124-$1130. Also, another bullish indication is given by the Ichimoku cloud, which has turned green, however, the cloud needs to fan outwards to provide stronger confirmation.

ETH-USD (Kraken)

Ether recovered losses last week, moving away from the low at $42 and tested the $50 handle, with the market rests below this important psychological

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