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Crypto Conjecture For February 28, 2019

Bitcoin Price Analysis [BTC]

Daily Chart:
The price bounced back from the $3,653 low and broke the key $3,750 resistance.

BTC price analysis for Feb 28

Yesterday, we discussed the chances of more losses if bitcoin price breaks the $3,750 support against the US Dollar. The BTC/USD pair did break the $3,750 support and declined below the $3,700 level. There was a sharp downward move and the price tested the $3,650 support. A new weekly low was formed at $3,653 and later the price bounced back. The recent recovery was strong as the price climbed above the $3,750 and $3,760 resistance levels. There was a break above the 61.8% Fib retracement level of the recent decline from the $3,827 high to $3,653 low.
More importantly, there was a break above a major bearish trend line with resistance at $3,785 on the hourly chart of the BTC/USD pair. It has opened the doors for more gains above the $3,800 level. BTC is currently trading above the 76.4% Fib retracement level of the recent decline from the $3,827 high to $3,653 low. Therefore, there are chances of more gains above the last swing high at $3,827. Immediate resistance is at $3,830 and the 100 hourly simple moving average. If there is a break above the 100 hourly SMA, the price could climb towards the $3,860 resistance. A successful close above $3,860 and $3,900 will most likely set the tone for a rally towards the $4,000 resistance. In the mentioned case, the price may even climb above $4,050. On the other hand, initial support is at $3,760, below which the price could test $3,700.
Looking at the chart, the bitcoin price is slowly moving into the positive zone above $3,800. However, it must gain momentum above the $3,860 and $3,900 resistances to climb further higher. In the short term, there could be range moves before the price makes the next move either above $3,900 or dive back to $3,700.

Ethereum Price Analysis [ETH]

Daily Chart:
The pair is still facing many strong hurdles near the $137, $138 and $141 resistance levels.

ETH price analysis for Feb 28

Yesterday, we discussed above a fresh weekly low below $130 in ETH price against the US Dollar. The ETH/USD pair did trade lower after it failed to move above the $138 and $140 resistance levels. During the decline, there was a break below the 61.8% Fib retracement level of the last leg from the $131 low to $141 high. The decline was strong as the price broke the $131 and $130 support levels. Sellers gained traction and pushed the price to a new weekly low below $130. A swing low was formed near $126 and later the price bounced back. It recovered nicely above the $128 and $130 resistance levels. Besides, there was a break above the 50% Fib retracement level of the recent drop from the $139 high to $126 low. However, the price is facing strong resistance near the $136-137 zone. More importantly, there is a significant bearish trend line in place with resistance at $137 on the hourly chart of ETH/USD. The trend line coincides with the 76.4% Fib retracement level of the recent drop from the $139 high to $126 low. Finally, the 100 hourly simple moving average is positioned near the $139 level to act as strong resistance. Therefore, it seems like there are many resistances formed near $137, $138 and $140 levels. ETH must break the $140 and $141 resistance levels to move into a bullish zone. If it fails to gain pace above $137 and $138, there is a risk of a fresh decline in the near term.
Looking at the chart, ETH price bounced back nicely from the $126 swing low. However, it is facing an uphill task near the $137, $138 and $140 levels. A continued failure to break to the upside may result in more losses below $130.

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 28

Yesterday, we discussed the chances of more losses towards $0.3000 in ripple price against the US Dollar. The XRP/USD pair failed to hold gains above the $0.3200 support and later declined. It broke the $0.3145 and $0.3150 support levels to move into a bearish zone. There was a proper close below the $0.3150 level and the 100 hourly simple moving average. The price traded below the $0.3050 support and even spiked below the $0.3000 level. A new intraday low was formed at $0.2983 before the price started an upside correction. Buyers pushed the price above $0.3050 and the 23.6% Fib retracement level of the recent drop from the $0.3389 high to $0.2983 low. However, there is a strong resistance formed near the $0.3145 and $0.3150 levels.
More importantly, there is a major declining channel in place with resistance near the $0.3145 level on the hourly chart of the XRP/USD pair. Above the channel resistance, the 100 hourly SMA is positioned near the $0.3150 level. The next key resistance is near the $0.3185 level. It represents the 50% Fib retracement level of the recent drop from the $0.3389 high to $0.2983 low. If there is an upside break above $0.3150, the price could face sellers near $0.3185 or $0.3200. On the other hand, if the price fails to move above $0.3200, there could be a fresh decline. Initial support is near the $0.3050 level, below which the price may revisit $0.3000.
Looking at the chart, the XRP price seems to be trading in a bearish zone below $0.3200. As long as XRP is placed below $0.3185 and $0.3200, it remains in a downtrend. On the downside, a break below the $0.3000 support will likely push the price towards the $0.2850 level in the near term.

Litecoin Price Analysis [LTC]

Daily Chart:
The crypto’s price is still ranging below the EMAs at the price of $45.88. If the bears break the $45 price level, the crypto’s price will fall to the next support level.

LTC price analysis for Feb 28

LTC/USD Medium-term Trend: Ranging
Resistance Levels: $66, $68, $70
Support Levels: $40, $38, $36
Yesterday, February 27, the price of Litecoin was in a sideways trend zone.
The crypto’s price is still ranging and below the 12-day EMA and the 26-day EMA. On February 25, the bulls fail to break above the EMAs and were resisted. Today, the bulls are making another attempt to break the EMAs and if it does the crypto’s price will be in the bullish trend zone. On the other hand, if the bears break the $45 price level, the crypto’s price will fall to the next support level. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the crypto’s price is below the EMAs which indicate that price is in the bearish trend zone.

Daily Chart:
LTC/USD Short-term Trend: Ranging.

LTC price analysis for Feb 28

On the 1-hour chart, the price of Litecoin is in the sideways trend zone. Yesterday, the bulls tested the 12-day EMA and the 26-day EMA to break above it but were resisted on three occasions. If the bulls failed to break the EMAs, the crypto will continue its range bound movement. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. The LTC price is below the EMAs which indicate that price is in the bearish 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. ]
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OWLT Market Media Desk publishes press releases from individuals and companies related to the cryptocurrency-related market.

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