More Losses for Ether, Dash Apr 2018

FXOpen

Both Ether and Dash saw new lows this week, with prices bottoming out at 0.05240 BTC and 0.04077 BTC respectively. Since these lows we’re seeing somewhat of a bounce for both altcoins but more on that later.

Ether Downtrend Still in Force

The downtrend for ETH/BTC continues for another week. Right now the crypto is trading at 0.05430 per BTC, around 4 percent off the lows.

ethbtcdaily-apr5-copy

We’ve been mostly range-bound during the past few days but we’re still far from ending the bearish trend on the daily charts. For that to happen the bulls need to push us above the 0.06030 BTC swing high. Higher up a break above 0.072 BTC is needed to trigger a new uptrend.

Below current prices there’s major support in the 0.050 – 0.052 BTC area. A decisive break below the 0.05 round figure would exacerbate the losses for Ether. On the longer-term charts ETH/BTC is looking range-bound on the weeklies but bullish on the monthly charts.

Dash Drops Lower

Dash hit a new multi-month low this week, with prices bottoming out at 0.04077 BTC before a small recovery rally. We are currently quoted at 0.04318 BTC, up by almost 6 percent from the lows.

dshbtcdaily-5apr-copy

But the trend lower is not over yet, for that we need a breakout above 0.04677 BTC. A move beyond the 0.05101 BTC swing high is needed for a new rally. Slightly below here the 0.05 BTC round figure should also act as resistance to rising prices.

Below we’re looking at support around the 0.04 BTC round figure. A clean break below here could open the door toward the next two potential support levels at the 0.03557 and 0.03452 BTC swing lows. On the weekly charts DSH/BTC is range-bound. The monthly charts are still exhibiting a bullish bias.

Bitcoin Loses Ground

The short dead cat bounce in BTC/USD seems to be over. After a gain from $6,420 to $7,499 in three days prices took a nosedive yesterday, hitting a low of $6,715 dollars per coin. Today the move lower continued with a low of $6,561, almost completely retracing the previous up move.

Bitcoin is trading at $6,801 dollars right now but price action suggest more losses could be on the way. The trend on the daily charts is still down as well. To end it we need a breakout above $8,256 dollars. A new BTC rally could commence with a break above the $9,165 swing high.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage, 30% margin call, 0.01 lot minimum transaction size with no maximum — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Cryptocurrencies

BTC/USD Analysis: Bulls Lose Progress Amid SEC Defeat Bitcoin Trading Volumes Fell to a Minimum of 4 Years BTC/USD Price Analysis: RSI Drops to Lowest Since March 2020 BTC/USD price analysis: The Price of Bitcoin Collapses by about 8% in One Day Market Analysis: XRP/USD Price Rolls Back to Important Support

Latest articles

Weekly Market Wrap With Gary Thomson: UK STOCK MARKET RISES, S&P 500 FALLS, OIL ANALYSIS, EUR/GBP

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights. UK stock market rises

Forex Analysis

EUR/USD Analysis: Key Support Zone Resists Selling Pressure

Today, fresh monthly values of the PMI index, which is considered a leading indicator of the state of the economy, have become known: France: actual 43.6, expected 46.2. This is the worst economic contraction since the coronavirus.Germany:

Forex Analysis

USD/JPY Analysis: Rate Reaches Maximum of the Year

This morning, the Bank of Japan's decision on the interest rate, which has been kept at -0.1% since 2016, became known. The rate size remained unchanged. Although surprises could occur due to the fact that inflation is still above

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.