The TradingView website this week features an interesting technical analysis on Bitcoin (BTC) – which approaches its third halving – and others on Ethereum (ETH) and Verge (XVG).
The analysis on Bitcoin
In the case of the BTC analysis, the TradingView trader explains that the crypto is struggling to break the resistance that emerged at the end of June 2019 at $9,000, but if it were to break it, the price could rise above $11,000.
This is a phenomenon that occurred also at the end of April – beginning of May 2017 after which there was a 40% correction.
Basically, the trader is not particularly positive, predicting that in May the price will fall dramatically.
“Critical point is 8.5k. Break it and we lose the log curve on the weekly & support cluster on 4h. In this case, the first target would be 8k. Until then the trend is your friend”, explained the expert.
Ethereum Analysis
As far as the second crypto for market cap is concerned, on TradingView another trader explains that the price is not following a clear direction and obviously there are always different possibilities and factors to consider.
Apart from that, the analyst explains that there could be, and the probability percentage is very high, a pull back/ price correction in the near future.
“The trend and the overall price is never straight into one clear direction and there are always many different factors, possibilities, and anticipations which need to be taken into the calculation to get an overall perspective of the underlying price-structure, therefore it is highly important that we elevate ourselves above the mere speculation practiced in these times, this is what a wise trader should always keep in mind”, added the trader on Tradingview.
Technical Analysis on Verge
According to another trader, the Verge (XVG) crypto is doing well and could soon rise as high as 145%.
“Verge ( XVGBTC ) is done correcting and can finally start to move up, prices broke above EMA 50 on high volume,” the analyst explained.
