Considering the tight consolidation, we recommend traders book partial profits around the $9,200 mark itself because if prices turn down from the current levels, they can easily fall towards $8,300 levels.
The aim should be to buy at the supports of the range, closer to $6,100 and close positions near the resistance levels of the range at $12,000.
We may have to miss a few trades because they don't offer us a good risk to reward entry level.
We are not closing the complete position because, if $1,600 level is scaled, the next stop is $1,800 and $2,000.
The positive point is that it has been holding above the break out levels of $0.36 levels for the past four days.
If the XLM/USD pair doesn't sink below the $0.36 levels, it remains on target to move towards $0.47, where traders should book profits on another 25 percent position.
On April 21, the price again slid back below the downtrend line but found support at lower levels.
On the downside, the ADA/BTC pair has support at 0.000030 and below that at the 20-day EMA. Traders can trail the stops based on their risk tolerance level, but don't allow the position to turn into a loss.
A breakout above $80 levels should start a new uptrend, which can carry the digital currency to $94 and then to $140 levels.
So as the price moves up, traders should tighten their stops further.
Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, EOS: Price Analysis, April 23
gepubliceerd op Apr 23, 2018
by Cointele | gepubliceerd op Coinage
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