Cryptocurrency Bears Were Warned

On April 10th I wrote an analysis calling for a possible reversal in cryptocurrencies and warning that it was not the time for someone to be bearish. Our view was confirmed and the four major cryptos we are monitoring reversed higher with potential of higher levels still.

BTC/USD

BTC/USD Chart

Has broken above the green trend line. The RSI confirms this reversal by breaking also above its resistance trend line. Short-term trend has changed to bullish and I expect more upside to follow.

LTC/USD

LTC/USD Chart

Bounced strongly off the horizontal blue trend line support. Held above the green trend line and is now challenging the black downward sloping trend line resistance. The RSI has already broken above its downward resistance trend line.

XRP/USD

XRP/USD Chart

Big reversal here as well. Price has broken above the long-term trend line resistance. We nailed the bottom here.

ETH/USD

ETH/USD Chart

Price has broken the downward sloping trend line resistance here as well and is making higher highs and higher lows. Short-term trend is bullish and I expect more upside over the coming weeks.

Disclosure: None of the information or opinions expressed in this blog constitutes a solicitation for the purchase or sale of any security or other instrument. Nothing in this article constitutes investment advice and any recommendations that June be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. Any purchase or sale activity in any securities or other instrument should be based upon your own analysis and conclusions.

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