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Crypto.com Chain has a neutral trading bias against Bitcoin over the short-term The one-hour time frame shows that a bearish head and shoulders pattern could start to take shape The CRO / BTC pair is currently trading around the 50% Fibonacci retracement level of its all-time price low to high Crypto.com Chain / Bitcoin Short-term price analysis

In the short-term Crypto.com Chain has a neutral bias against Bitcoin, with the CRO / BTC pair attempting to stage a near-term recovery following a sharp reversal from the March 15th trading high.

Price is currently trading above the CRO / BTC pair’s 50-period moving average on the one-hour time frame, which is a possible sign of short-term strength.

Technical indicators are bullish on the one-hour time frame and are showing scope for further upside over the short-term.

CRO / BTC H1 Chart                                                                         (Source: TradingView)

Pattern Watch

Traders should note that if bulls fail to break above the March 15th trading high, a bearish head and shoulders pattern could take shape on the one-hour time frame.

RSI Indicator

The Relative Strength Index on the one-hour time frame is trending higher and generating a buy signal.

MACD Indicator

The MACD indicator on the one-hour time frame is also generating a buy signal.

Fundamental Analysis

In the short term, the coin will remain highly volatile. The most recent surge is attributed to the Bittrex, Indodax and Upbit listings. The company also announced the release of its Crypto.com Pay which allows online merchants to accept cryptocurrencies.

Crypto.com Chain has a neutral bias against Bitcoin over the medium-term, with the CRO / BTC pair trading around the 50% Fibonacci retracement level of its all-time price low to high.

During the most recent rally, which peaked on March 15th, bulls failed to break above the CRO / BTC pair’s current all-time price high, sending the cryptocurrency back towards the 50 % Fibonacci retracement level.

Bulls need to recover price above the March 15th trading high or the CRO / BTC pair could soon suffer a second major technical rejection from the 61.8 % or the 78.6 Fibonacci retracement level.

CRO / BTC H4 Chart                                    (Source: TradingView)

Pattern Watch

The potential formation of a bearish double-top pattern could take shape if bulls fail to rally the CRO / BTC pair above the March 15th trading high.

Relative Strength Indicator

The RSI indicator is neutral on the four-hour time frame, although it is attempting to correct higher.

MACD Indicator

The MACD histogram is attempting to correct higher on the four-hour time frame, although the signal line is still generating a bearish signal.

Fundamental Analysis

Although exchange listings have provided a nice boost, merchant adoption remains key for the product line and the cryptocurrency in the medium term.

Both time frames are showing that Crypto.com Chain has a neutral trading bias against Bitcoin, although buyers are now attempting to take back control of price action.

If bulls fail to rally the CRO / BTC pair above the March 15th trading high, we are likely to see the formation of bearish patterns across the one-hour and four-hour time horizons, which could signal potential downside towards the worst levels of the month so far.

Decentral Media, Inc., the publisher of Crypto Briefing, is not an investment advisor and does not offer or provide investment advice or other financial advice. Nothing on this website constitutes, or should be relied on as, investment advice or financial advice of any kind. Specifically, none of the information on this website constitutes, or should be relied on as, a suggestion, offer, or other solicitation to engage in, or refrain from engaging in, any purchase, sale, or any other any investment-related activity with respect to any transaction. You should never make an investment decision on an investment based solely on the information on our website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an investment.

The post Crypto.com Chain / Bitcoin Technical Analysis: In Stormy Waters appeared first on Crypto Briefing.

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