Nightly Crypto Recap 5/26/17 BTC, ETH, STEEM

Let's take a look at the crypto markets from a technical perspective in order to forecast future price movements for the near future.

4 hour chart for Bitcoin (BTC):

You can see the market tried to hold the longer term upward trendline today and even made a symmetrical triangle. The most recent leg broke down through the upward trendline and now we can expect price to consolidate here while it digests the move. The next test will be the downward trendline that was formed by the last swings. If we can break through this we may see price move back to the all time highs. If price fails to get out of this downtrend, I have marked areas of support we may bounce at.

4 Hour Chart of Ethereum (ETH)

You can see this is a similar situation to Bitcoin where we broke the longer term upward trendline and are forming lower swing highs and lower swing lows. Currently, we are holding the 50 day moving average and finding support which can lead to price fluctuating at this level. There aren't too many clear areas of support until $127.

4 Hour Chart of Steem (STEEM)

This is currently looking like the best of the bunch. We are currently in a downward price channel, but we are spending most of our time near the top of the channel which usually leads to a breakout to the upside. The 200 day moving average (red line) has also acted as great support in the past and their is an area of support near by. The only thing that could stop this from breaking out to the upside is if Bitcoin continues its fall, it may bring down altcoins as well.

If there are any other cryptos you would like analyzed, please leave a comment!

Disclaimer: All of the information presented is for educational purposes only. I do not not recommend the buying or selling of any of the mentioned assets. I do not assume any responsibility for your trading results. There is an inherent risk in trading cryptocurrencies due to volatility and liquidity so trade at your own risk!