Bitcoin Price Analysis [BTC]
The price is currently recovering, but it likely to face a strong selling interest near $3,560 and $3,600.
This past week, there was a slow and steady rise above the $3,600 level in bitcoin price against the US Dollar. The BTC/USD pair even broke the $3,700 resistance level. However, it seems like buyers failed to gain strength above the $3,750 level. As a result, there was a strong downward move and the price declined below $3,700 and $3,600. The decline was such that the price settled below the $3,600 support and the 100 hourly simple moving average.
More importantly, there was a break below a crucial bullish trend line with support at $3,620 on the hourly chart of the BTC/USD pair. Sellers pushed the price below the key $3,550 support, opening the doors for more losses. A low was formed at $3,470 and the price is currently correcting higher. It moved above the $3,520 level and the 23.6% Fib retracement level of the recent decline from the $3,729 high to $3,470 low. However, the previous support at $3,550 is now acting as strong resistance. If there is a break above $3,550, the price could face sellers near $3,600. It represents the 50% Fib retracement level of the recent decline from the $3,729 high to $3,470 low.
Looking at the chart, the bitcoin price has moved into a bearish zone below $3,600. As long as sellers remain in control below $3,600 and $3,550, there is a risk of more losses below $3,500 and $3,400.
Ethereum Price Analysis [ETH]
The pair is currently consolidating below the $118 and $120 resistance, with a few positive moves.
Yesterday, we saw a nasty decline in ETH price from the $125 swing high against the US Dollar. The ETH/USD pair broke the $122, $120, $118 and $115 support levels to move into a bearish zone. It tested the $112 support area where buyers emerged. Later, the price started consolidating losses and corrected a few points above the $114 level. It traded above the 23.6% Fib retracement level of the last slide from the $123 swing high to $112 swing low.
However, there are many hurdles on the upside near the $118 level. The price made a couple of attempts to surpass the $117-118 zone, but buyers failed to gain momentum. Besides, the 50% Fib retracement level of the last slide from the $123 swing high to $112 swing low is also near $118. More importantly, yesterday’s highlighted important bearish trend line is intact with resistance at $118 on the hourly chart of ETH/USD. Finally, the 100 hourly simple moving average is positioned near the $120 level. Therefore, both $118 and $120 levels are crucial barriers for buyers in the short term.
Looking at the chart, ETH price may continue to trade in a range above $112 before the next move. If buyers push the price above the $118 and $120 resistance, there could be a recovery towards $125. If not, the price could retest the $112 or $110 level.
Ripple Price Analysis [XRP]
Ripple price is slowly recovering against the US Dollar and Bitcoin. However, XRP/USD is likely to face a lot of hurdles on the upside near the $0.3220 and $0.3250 levels.
Yesterday, there was a sharp decline in ripple price below $0.3300 similar to Ethereum and bitcoin against the US Dollar. The XRP/USD pair even broke the $0.3200 support and settled below the 100 hourly simple moving average. It traded close to the $0.3100 level and formed a low at $0.3102. Later, the price started a short term upside correction and traded above $0.3150 and $0.3160. Buyers pushed the price above the 23.6% Fib retracement level of the recent slide from the $0.3350 high to $0.3100 low.
Moreover, there was a break above a connecting bearish trend line with resistance at $0.3180 on the hourly chart of the XRP/USD pair. The pair traded towards the $0.3220 level, which acted as a solid resistance. However, there was no test of the 50% Fib retracement level of the recent slide from the $0.3350 high to $0.3100 low. Therefore, there are chances of more upsides towards the $0.3225 and $0.3250 levels. The price action is still bearish and it seems like it won’t be easy for buyers to clear the $0.3220 and $0.3250 resistances.
Looking at the chart, the Ripple price is currently following an ascending channel with support at $0.3160. There could be a short term spike towards the channel resistance, $0.3220, and the 100 hourly SMA. A failure to gain momentum above these barriers could result in a fresh decline to $0.3100.
Litecoin Price Analysis [LTC]
LTC/USD, 1-day chart
LTC/USD may retest 2018 low if $31.00 is broken.
Litecoin, now the 8th largest digital asset with a market value of $1.8, is changing hands at $31.00. The coin has hardly moved in recent days, glued to the critical support level. As there are no LTC specific catalysts that might have influenced the price momentum, the coin is moving in sync with other digital assets, being vulnerable to speculative sentiments and technical factors.
Litecoin’s technical picture From the longer-term point of view, LTC/USD is trading at the critical support level, created by a confluence of strong technical indicators, including DMA50 (currently at $30.74) and 23.6% Fibo retracement level for the downside movement from November 6 high at $56.17.This area has kept Litecon bears at check since the end of December. If it is broken, the sell-off may be extended towards $27.80 (December 27 low) and to 2018 low at $23.90. On the upside, the recovery is capped by DMA20 ($33.30).
If the bulls manage to take this barrier out the way, the upside momentum is likely to gain traction and take the coin towards the next hurdle created by $35.50 (38.2% Fibo retracement level of the above-said move).
The next target lies with DMA100 at $38.20, which is followed by psychological $40.00.