Daily Crypto Analysis - 8th May - Technical Analysis

Bitcoin

Bitstamp:BTCUSD 1h
(Bitstamp:BTCUSD 1h)

After a couple of small bearish consolidations, Bitcoin is continuing to push down towards $9000, recently bouncing from the $9023 support.
We're seeing bullish divergence on the MACD and RSI. However, the RSI divergence is only present on the 1h time frame, so its questionable at the moment. Meanwhile, there have also been strong volume spikes on many of the bearish candles, showing a strength to the bearish trend.
If you wish to open a short here, I'd recommend waiting for a larger bounce from support into an ascending wedge/ channel. This would give a better fill price and preferable risk: reward ratio from a confirmed resistance.


Ethereum

Bittrex:ETHBTC 1h
(Bittrex:ETHBTC 1h)

ETHBTC made a strong bounce from the 0.07572 support after dropping through the 0.08000 support on the 7th. This lead to a push back above 0.08000, around which we currently reside. This is a strong sign for Ethereum due to the speed the dip was rejected.
A few more days around this level, and a confirmed support nearer to highs, would make a good bullish consolidation zone. However, I do recommend holding off until that has been confirmed.


Bitcoin Cash

Bittrex:BCHBTC 1h
(Bittrex:BCCBTC 1h)

Bitcoin Cash is currently holding above the 0.1700 support/ resistance, which marked the top of the previous bull run. We look to be forming a bull flag. Volume has been dropping off since the top of the flag, confirming this as a bullish pullback. The 0.1644 support seems to be a good level to place stops around, if you wish to build up longs. Make sure to keep position sizing appropriate and stop losses at a level you're comfortable with.


Litecoin

Bittrex:LTCBTC 1h
(Bittrex:LTCBTC 1h)

Litecoin continued its pullback to the 61.8% support of the bullish leg. We appear to be forming a double bottom here, giving a well defined risk level for stops. In higher time frames, Litecoin is still looking pretty bullish, so this serves as a good level to build up positions.


Disclaimer

I will do my best to give unbiased, objective analysis, but I can make no promises about my accuracy.
All posts are based on my personal opinions and ideas and do not constitute professional financial investment advice.