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Crypto Conjecture For February 21, 2019

Bitcoin Price Analysis [BTC]

Daily Chart:
Bullish Correction or Continuation?

BTC price analysis for Feb 21

Bitcoin is still hitting a roadblock at the $4,100 area but is forming higher lows to signal that bulls are trying harder. This appears to be a bullish pennant formation, with a break past the highs likely indicating that continuation is due.
However, if resistance holds, the price could be due for a pullback to the nearby support levels marked by the Fibonacci retracement tool. Price is currently testing the top of the ascending channel seen on the 1-hour time frame and could pull back to the bottom around the $3,800 mark and 61.8% Fib.
A shallow pullback could already draw support from the 38.2% level near $3,900 and the mid-channel area of interest. The 100 SMA seems to be holding as dynamic support also and is above the 200 SMA to confirm that the path of least resistance is to the upside. This means that the climb is more likely to gain traction than to reverse. The gap between the moving averages is also widening to signal that bullish momentum is getting stronger. The 200 SMA is hovering near the very bottom of the rising channel to add to its strength as a floor in a larger pullback. RSI still has some room to go on its move south before indicating oversold conditions. This means that sellers could stay in control for a bit longer and keep the correction going until selling pressure is exhausted. Stochastic is also pointing down so the price might follow suit while bearish pressure is in play.
Bitcoin has been on a strong run since last week as more and more analysts are sharing bullish forecasts and price has been able to sustain its upside breaks past key technical barriers. This suggests that momentum is on bulls’ side likely spurred by anticipation for a pickup in institutional investments soon.

Ethereum Price Analysis [ETH]

Daily Chart:
The price recovered, but it struggled to break the $148 and $149 resistance levels.

ETH price analysis for Feb 21

Yesterday, we saw a downside correction in ETH price from the $149 and $150 resistances against the US Dollar. The ETH/USD pair declined below the $144 support level, but the $138 and $140 levels acted as a solid buy zone. As a result, the pair bounced back and traded above the $144 and $146 levels. However, sellers remained in control near the $148 and $149 resistance levels. There was no successful break above the $148 and $150 barriers. The last swing high was formed just below $149 and the price is currently correcting lower. It already tested the 50% Fib retracement level of the last wave from the $140 swing low to $149 swing high.
On the downside, there are many supports near the $143 and $144 levels. There is also a new connecting bullish trend line forming with support at $143 on the hourly chart of ETH/USD. Besides, the 61.8% Fib retracement level of the last wave from the $140 swing low to $149 swing high is also near the $143 level. Therefore, the $143 support is likely to act as strong support. Below $143, the next major support is near the $140 area, followed by $138. The 100 hourly simple moving average is also close to the $138 level to act as a support. As long as the price is trading above the $138 swing low, it remains supported for more gains. However, buyers need to take out the $148 and $149 resistance levels for further gains.
Looking at the chart, ETH price is clearly eyeing an upside break above the $148 and $150 resistances. Once buyers succeed in gaining strength above $150, the price could even break the $155 level in the near term. The next target could be $162.

Ripple Price Analysis [XRP]

Daily Chart:
The pair must stay above the $0.3250 and $0.3220 support levels to avoid a downside break.

XRP price analysis for Feb 21

Yesterday, we saw the start of a downside correction from the $0.3460 high in ripple price against the US Dollar. The XRP/USD pair declined below the $0.3300 and $0.3200 support levels. The decline was strong, but the $0.3150 support acted as a barrier for sellers. There was no close below $0.3150 and the price remained well above the 100 hourly simple moving average. A low was formed at $0.3158 and later the price started a fresh upward move. It climbed above the 23.6% Fib retracement level of the last drop from the $0.3460 high to $0.3158 low. Later, there was a spike above the $0.3300 resistance level.
However, there was no close above the $0.3300-0.3310 resistance zone. The price even failed to stay above the 50% Fib retracement level of the last drop from the $0.3460 high to $0.3158 low. On the upside, there are two connecting bearish trend lines in place with resistance near $0.3280 on the hourly chart of the XRP/USD pair. Buyers need to take out $0.3280 and $0.3300 levels to start a fresh upward move. On the downside, this week’s followed key bullish trend line is in place with support near $0.3250 on the same chart. If there is a downside break below the $0.3250 and $0.3220 supports, there could be more losses. The next key support is near $0.3160 and the 100 hourly simple moving average.
Looking at the chart, the XRP price is clearly approaching the next key break either above $0.3300 or below $0.3220. The current price action is slightly bearish, with chances of a break below $0.3320. However, the $0.3160 swing low and support holds the key. As long as the price is above $0.3160, there are chances a decent comeback above $0.3350.

Litecoin Price Analysis [LTC]

Daily Chart:
LTC/USD above DMA200, the first time since May 2018.
The LTC forecast is favorable as long as it stays above $40.00
Bulls set their eyes at $60.00.

LTC price analysis for Feb 21

Litecoin has been one of the best-performing cryptocurrencies lately. The coin has gained over 21% in recent seven days and settled at the 5th place in a global cryptocurrency rating compiled by CoinMarketCap.
LTC/USD is changing hands at $51.10 at the time of writing, off the recent high hit at $51.40 during late Wednesday hours. From the long-term point of view, LTC/USD picture looks bullish. The coin is trading above DMA200 for the first time since the beginning of May 2018, which is a positive signal. In terms of price momentum, LTC closed the bearish gap created in November 2018, while a sustainable move above 50.00 handles gave credibility to the recovery process.
Now the first level to watch on the way up is the recent high of $51.40. Once it is cleared, $56.55 (November 7, 2018 high) will come into focus followed by psychological $60.00. DMA200 creates significant support at $45.41, preceded by interim support at $47.20-$47.00 (broken resistance). A sustainable move below the said bearish target would negate the immediate bullish scenario and bring psychological $40.00 back in the limelight.

[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. ]

OWLT Market Media Desk publishes press releases from individuals and companies related to the cryptocurrency-related market.

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