Daily Chart - Picture of MT5
Looking at the charts, we can ask the question already: buy a cryptocurrency now? It is striking that the currencies are rising mostly on.
In this article I will examine the market under chart aspects and from the perspective of my trading system. In the chart you see the currency Bitcoin, Ethereum, Ripple and Litecoin.
Technicals :
Basically, a downward trend turned in the overall market, after the strong increases last year. The current downtrend is indicated with a falling line in the chart. Seen now 3 of 4 displayed currencies from this downward trend broken free and are over it now. Also Bitcoin and Ethereum rising on its medium to long-term trend lines ( long-term graphics ).
The highly acclaimed 200 days line is to see again, buts its a lot of work to come over it. Also the prices have corrected heavily since the beginning of the year, so it would be logical that we see a "ordinary" countermovement.
Furthermore, in the last days we have seen a double bottom, with a small high that is now topped.
Conclusion: from chart technical point of view here first purchases offer.
Trading system: buy cryptocurrency?
Now let's look at the length from the perspective of trading systems.
Big 4 (Bitcoin, Litecoin, Ripple and Ethereum) weekly
There is nothing position and announce themselves for the next week, at least from today's perspective, no entrances. (Wait week closing price)
The monthly system is completely dropped out of the market. Crypto 100 a week (here up to 100 crypto currencies be included)
Here are last week already two positions open which Verge is 37% plus. But it announce themselves more (9) on purchases. (Wait week closing price)
Conclusion: Overall, the strategy makes first purchases, but a majority still on hold.