Connect with us


Ethereum, BitTorrent Token, Chiliz Price Analysis: 05 April



Source: Pixabay

Ethereum dipped back to the $2000 area of demand while Chiliz was unable to climb past supply at $0.5 and could be forced to drop below support in the coming hours. BitTorrent Token still had impetus upward, although it would see some pullbacks in-between lasting for a few hours.

Ethereum [ETH]

Ethereum, BitTorrent Token, Chiliz Price Analysis: 05 April

Source: ETH/USD on TradingView

Ethereum was trading inside the region of demand from $1965-$2040. On the 4-hour chart, it can be seen that the RSI has not yet sunk past the neutral 50 mark, and even formed a hidden bullish divergence in the past couple of days that saw the price bounce off the $2000 mark.

A similar reaction is necessary for bulls to continue driving ETH higher, as a dive beneath $1960 will likely take the price back to $1855. The Stochastic RSI was in oversold territory, and the next day or two could see ETH rise back toward $2150 if the demand area is unbroken.

BitTorrent Token [BTT]

Ethereum, BitTorrent Token, Chiliz Price Analysis: 05 April

Source: BTT/USDT on TradingView

BTT soared past the targets presented in a previous analysis as demand from buyers continued to pour in. For such a strong performance in such a short span of time, there is no way to call the exact top.

Being long until wrong could net profits on BTT. Using Fibonacci extension levels once more, the 200% and 261.8% levels lie at $0.0147 and $0.0329 respectively. The Supertrend indicator suggested a stop-loss at the $0.0089 mark. Trading volume has been very high in recent sessions to affirm market conviction.

Chiliz [CHZ]

Ethereum, BitTorrent Token, Chiliz Price Analysis: 05 April

Source: CHZ/USDT on TradingView

For CHZ, the $0.53-$0.56 area was highlighted as a strong area of supply. The price had defended the $0.469 support in recent weeks but the repeated bounces weakened this level and saw CHZ slip below.

A turn in momentum would arrive if CHZ drops below the $0.426 mark- this could see CHZ embark on a deep correction, and could go as far as $0.175, the 50% retracement level.

The Chaikin Money Flow was below -0.05 to show more capital was flowing out of the market than in, that is, bearish pressure held sway.

Where to Invest?

Subscribe to our newsletter

Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.