Bitcoin Price Analysis [BTC]
Short-Term Bullish Pullback Levels.
Bitcoin is still on a tear but could use a pullback in order to sustain a climb. Price hit resistance close to the $4,100 mark and appears ready for a retracement to the Fib levels on the 1-hour time frame. Applying the Fibonacci tool shows that the 61.8% level is closest to the newly-formed rising trend line and an area of interest. The 38.2% level is closer to the 100 SMA dynamic support, which might already be enough to keep losses in check. If any of the Fibs hold as support, bitcoin could resume the climb to the swing high and beyond. The 100 SMA is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. In other words, the uptrend is more likely to resume than to reverse. The 200 SMA lines up with the rising trend line support to add to its strength as a floor around $3,750. A break below this, however, could signal that selling pressure is back and that a reversal from the climb is happening. RSI is on the move down to confirm that sellers are currently in control and could keep the correction going. The oscillator has some room before hitting the oversold region as it is just crossing the centerline to signal momentum. Stochastic appears to be bottoming from the oversold region to turn higher and reflect a return in bullish pressure already.
More and more analysts are calling a bottom in bitcoin as the price has broken through several resistance levels and confirmed reversal and continuation patterns. This may be in anticipation for the Fidelity institutional platform launch in March that would draw more volumes from banks and big funds. This keeps bitcoin on track towards aiming for the $5,000 target that many have been eyeing for the past week. However, the momentum appears to be slowing at this point as traders might also be holding out for fresh catalysts.
Ethereum Price Analysis [ETH]
There was an increase in selling pressure and the price tested the $139-140 support area.
In the past few days, ETH price climbed higher and broke the $135 and $140 resistances against the US Dollar. The ETH/USD pair even traded towards the $150 resistance zone, where sellers emerged. A top was formed just below the $150 level and later the price started a downside correction. It declined below the $146 support and the 23.6% Fib retracement level of the last leg from the $135 swing low to $150 swing high. It opened the doors for more gains and the price dropped towards the $140 support zone. Moreover, there was a break below a key bullish trend line with support at $146 on the hourly chart of ETH/USD. The pair declined below the 50% Fib retracement level of the last leg from the $135 swing low to $150 swing high.
However, there are many important supports are in place near the $141, $140 and $136 levels. The main support is near the $138 level. It coincides with the 76.4% Fib retracement level of the last leg from the $135 swing low to $150 swing high. Besides, the 100 hourly simple moving average is positioned near the $136 level to act as strong support. Therefore, if the price continues to decline, the $138 and $136 levels are likely to prevent losses. If there is a break and close below the 100 hourly SMA, the price might decline further towards the $130 level. On the other hand, if the price finds support near $138, it could start afresh upward move.
Looking at the chart, ETH price corrected lower from the $150 resistance zone. However, dips remain supported as long as the price is above the $136 pivot zone. On the upside, initial resistance is near $145, above which the price may retest $150.
Ripple Price Analysis [XRP]
The price is likely preparing for a fresh upward move as long as it is above the $0.3100 support area.
Yesterday, there was a solid upward move in ripple price above the $0.3200 resistance area against the US Dollar. The XRP/USD pair gained traction and broke the $0.3300 and $0.3320 resistance levels. It even broke the $0.3400 resistance and spiked above the $0.3450 level. The price topped near the $0.3460 level and later started a sharp downside correction. It declined below the $0.3320 support and the 50% Fib retracement level of the last wave from the $0.3036 low to $0.3459 high. Sellers even pushed the price below the $0.3250 support area. However, the price found support near the $0.3160 level. The 61.8% Fib retracement level of the last wave from the $0.3036 low to $0.3459 high also acted as a support. Moreover, yesterday’s highlighted major bullish trend line is intact with support near $0.3190 on the hourly chart of the XRP/USD pair. Below the trend line, the next support is near the $0.3135 level. It coincides with the 76.4% Fib retracement level of the last wave from the $0.3036 low to $0.3459 high. The main support is near the $0.3100 level and the 100 hourly simple moving average. Therefore, the price is likely to find a lot of buying interest near the $0.3160, $0.3130 and $0.3100 supports. If there is a downside break below the $0.3100 support, the price might move back in a bearish zone. On the other hand, if the price stays above $0.3100, it could start afresh upward move above $0.3300.
Looking at the chart, the XRP price remains well supported above the $0.3100 level. In the short term, there could be range moves, but the price is likely to climb higher once again above $0.3300. The main resistance is near the $0.3350 level, above which there are high chances of gains above $0.3400 in the near term.
Litecoin Price Analysis [LTC]
LTC/USD Medium-term Trend: Bullish Resistance Levels: $66, $68, $70 Support Levels: $40, $38, $36
Yesterday, February 19, the price of Litecoin was in a bullish trend. The crypto’s price is making a series of higher highs and higher lows. A bullish trend line is drawn showing the support levels of price where traders can initiate long trades. From the chart, a bearish candlestick has broken the trend line indicating that the trend is terminated. A trend is said to be terminated when price breaks the trend line and the following candlestick is closed on the opposite of it. Meanwhile, the price of Litecoin is facing resistance at the $48 price level.
On the upside, the crypto’s price may rise, if the crypto’s price is sustained above the EMAs and the $48 resistance level is broken. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the crypto’s price is above the EMAs which indicate that price is in the bullish trend zone.
LTC/USD Short-term Trend: Bullish
On the 1-hour chart, the price of Litecoin is in the bullish trend zone. The crypto’s price is in a smooth uptrend but has been resisted at the $48 price level. The ETH price is retracing but now in a bullish movement. The ETH price is likely to retest the resistance level at $48 and probably break it.
On the downside, if the bears break below the EMAs, the crypto is likely to resume its downward trend. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]