Bitcoin Price Analysis [BTC]
Bitcoin is still hovering at the area of interest right on the ascending trend line visible on the 4-hour time frame, still deciding whether to make a bounce or a break. Technical indicators are giving mixed signals on a continuation, reversal, or consolidation. First up, the 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the downside. This means that the uptrend is more likely to resume than to reverse. However, the price has fallen below the 100 SMA to signal that there is a bit of selling pressure in play.
The 200 SMA around the $3,700 mark could still hold as dynamic support when tested. RSI is heading higher but is still cruising around the middle ground to indicate that further consolidation might be in the works. This oscillator has some room to climb before hitting the overbought zone, which suggests that buyers could stay in control for a bit longer. In that case, bitcoin could still recover to the swing high at $4,300 or higher.
However, stochastic is turning lower after recently hitting the overbought zone, which suggests that buyers are tired and that sellers might take over from here. A break below the 200 SMA could be enough to confirm that a slide is in the works.
Bitcoin seems to have run out of steam on its earlier uptrend as buyers continue to liquidate their holdings out of disappointment that the $5,000 target wasn’t reached. Still, a number of analysts are maintaining bullish forecasts as the price seems to have bottomed out from a technical standpoint. Besides, there’s a lot to look forward to for the industry, something that was recently highlighted by tech gurus from Apple and Tesla. A pickup in institutional interest could be enough to spur another leg higher, possibly following the launch of Fidelity’s platform this month.
Ethereum Price Analysis [ETH]
The pair is likely to make the next move either above the $137 resistance or towards the $130 support.
Yesterday, we saw a few swing moves in ETH price near the $130 level against the US Dollar. The ETH/USD pair declined heavily, found support near the $126 level, and later bounced back. It settled above the $130 and $132 support levels. The recovery was strong as the price even moved above the $135 level. However, it found a lot of selling interest near the $139-140 resistance zone. There was also no close above the $138 level and the 100 hourly simple moving average. A swing high was formed near $140 and later the price started trading in a range. It dipped below the 50% Fib retracement level of the last wave from the $126 low to $140 high.
However, the decline was protected by the $131-132 zone. Moreover, the 61.8% Fib retracement level of the last wave from the $126 low to $140 high also acted as a support. At the outset, there is a short term breakout pattern formed with resistance at $136 on the hourly chart of ETH/USD. If there is an upside break above the $136 and $137 resistance levels, the price could revisit the $140 zone. Having said that, a proper close above the $140 and 100 SMA is needed for buyers to gain traction. The next stop for buyers could be $144, where sellers may emerge. On the other hand, if there is a downside break below $133, the price could revisit the $130 support.
Looking at the chart, ETH price seems to be trading in a range above the $130 pivot level. It may continue to trade in a range before the next move either above the $137 resistance or towards the $130 support. The price action is positive, but a follow-through above $137 and $140 is must for more upsides.
Ripple Price Analysis [XRP]
XRP could make the next move and climb above the $0.3180 and $0.3200 resistance levels.
Yesterday, we saw a nasty decline below the $0.3200 and $0.3150 supports in ripple price against the US Dollar. The XRP/USD pair even spiked below the $0.3000 support and traded as low as $0.2980. Later, the price started an upside correction and moved above the $0.3050 resistance. There was a break above the 23.6% Fib retracement level of the last slide from the $0.3390 high to $0.2980 swing low. Later, the price gained traction and broke the $0.3100 resistance and the 100 hourly simple moving average. Moreover, yesterday’s highlighted key declining channel was breached with resistance near the $0.3110 level on the hourly chart of the XRP/USD pair. The pair tested the $0.3150 resistance level and later started trading in a range.
At the moment, the pair is trading inside a short term triangle with resistance at $0.3155 on the same chart. Above the triangle, immediate resistance is near the $0.3185 level. It coincides with the 50% Fib retracement level of the last slide from the $0.3390 high to $0.2980 swing low. If there is a break above the $0.3185 and $0.3200 resistance levels, the price could continue to move higher. The next key resistance is near the $0.3250 level. An intermediate resistance could be $0.3235 and the 61.8% Fib retracement level of the same wave. On the other hand, if the price fails to climb above $0.3150 and $0.3185, it could decline towards the $0.3050 support. The main support is at $0.3000, below which the price could turn bearish.
Looking at the char, the XRP price is currently trading in a positive zone above the $0.3050 and $0.3080 supports. Having said that, buyers need to gain pace above $0.3150 and $0.3185 to set the pace for more upsides in the near term.
Litecoin Price Analysis [LTC]
At the time of writing, Litecoin (LTC) was up 1.4 percent from yesterday’s close but down 11.1 percent from last week’s close. Even so, our previous LTC/USD trade plan is sound as prices are trending above $35, our breakout level and our main support line. Since we are net bullish and expect prices to expand, risk-averse or conservative traders should be off this trade until after prices race above $50 at the back of high trade volumes. It is easy to see why. Note that from a top-down approach, sellers are technically in control and trading within a bear breakout pattern mainly because of liquidation of early Nov 2018.
Therefore, armed with this knowledge, bulls will be officially in charge if there is a solid breakout, reversing losses of Feb 24 as the second stage of a typical breakout pattern—the retest, is nullified while Litecoin (LTC) bottom up in a much-awaited reversal. Before any of these medium-long term trade conditions are validated, risk-off traders can buy on dips in line with Feb 18, high volume bull bar with first targets at $50.
On the reverse side, sellers will wreck-havoc if there is a confirmation of Feb 24 double bar bear reversal pattern, the bearish engulfing, as LTC drop below $42. It is likely that will cause a sell-off putting pressure on bulls who might cave-in, as the bear resumption phase of the bear breakout pattern of early Nov sets in.