Featured, Research and Analysis

Crypto Conjecture For March 4, 2019

Bitcoin Price Analysis [BTC]

Daily Chart:
The BTC price declined below the $3,860 support area and tested the $3,620 support zone.

BTC price analysis for Mar 04

After a sharp rally above the $4,000 level, bitcoin price faced sellers near the $4,190-4,200 zone against the US Dollar. The BTC/USD pair declined heavily and broke the $4,000 and $3,860 support levels. There was a close below the $3,860 support and the price spiked below the $3,650 support level. It traded close to the $3,620 support level and recovered later. More importantly, there was no close below the $3,720 support and the 100 simple moving average (4-hours). The last swing low was formed at $3,628 and the price climbed above $3,760. It broke the 23.6% Fib retracement level of the last decline from the $4,191 high to $3,628 low. There was a proper close above the $3,760 level and the 100 simple moving average (4-hour).
However, the price struggled to break the key $3,860 resistance (the previous main support). At the outset, there is a short term ascending channel or bear flag formed with resistance at $3,900 on the 4-hour chart of the BTC/USD pair. The pair could slowly move higher towards the channel resistance and $3,890. The 50% Fib retracement level of the last decline from the $4,191 high to $3,628 low is also near the channel resistance. Therefore, it won’t be easy for buyers to clear the $3,900-3,910 resistance area. If there is a proper close above $3,900, the price may rally towards the $4,000 barrier. On the downside, initial support is at $3,760 and 100 simple moving average (4-hours). If there is a daily close below the $3,720 support, the price could move into a bearish zone towards $3,620 and $3,560.
Looking at the chart, the BTC price seems to be consolidating below the key $3,860 and $3,900 resistance. Until the price is below $3,900, there is a risk of another drop. Therefore, buyers seem to be cautiously bullish, but it might change if the price closes below $3,720.

Ethereum Price Analysis [ETH]

Daily Chart:
The pair could continue to move down and it could test the $126 or $125 support level in the near term.

ETH price analysis for Mar 04

This past week, we saw how the ETH price struggled near the $139 and $140 resistances against the US Dollar. The ETH/USD pair made many attempts to break higher towards $145, but it failed. Recently, it formed many swing highs such as $140, $138 and $135 before it started a downside move. Sellers gained pace below the $134 support, with a strong negative angle. There was a sharp drop below the $130 support and the price settled well below the 100 hourly simple moving average. During the decline, there was a break below a major triangle with support at $131 on the hourly chart of ETH/USD. The pair even broke the $128 support and traded close to the $127 level.
Later, there was a minor bounce above the $128 level. The price recovered above the 23.6% Fib retracement level of the recent decline from the $135 swing high to $127 low. However, the recovery remained capped by the $130 zone. It seems like there is a strong resistance formed near the $131 zone. Besides, the 50% Fib retracement level of the recent decline from the $135 swing high to $127 low is also near $131. Above the $131 resistance, the next key resistance is near the $134 and $135 levels. More importantly, buyers need to push the price above $136 and the 100 hourly SMA for a sustained move higher. If they fail, there are chances of more losses below the $127 swing low.

Looking at the chart, ETH price is clearly trading in a bearish zone below the $134 and $131 resistance levels. There could be a short term upside correction, but sellers remain in control below $134. On the downside, initial support is at $126, followed by the $125 pivot level.

Ripple Price Analysis [XRP]

Daily Chart:
The pair could dip sharply towards the $0.3020 support before it attempts a solid recovery.

XRP price analysis for Mar 04

This past week, we saw a decent recovery from the $0.2980 swing low in ripple price against the US Dollar. The XRP/USD pair broke the $0.3100 and $0.3150 resistance levels to climb above $0.3200. It traded as high as $0.3232 and later started a downside move. There was a bearish push below the $0.3150 support and the 100 hourly simple moving average. The price broke the 50% Fib retracement level of the last wave from the $0.2981 low to $0.3232 high. It opened the doors for more losses and the price declined below $0.3100. At the outset, the price is testing important support near the $0.3070 level. If there is a downside break below $0.3070, the price could decline towards $0.3040. It represents the 76.4% Fib retracement level of the last wave from the $0.2981 low to $0.3232 high. More importantly, there is a crucial contracting triangle in place with resistance near the $0.3095 level on the hourly chart of the XRP/USD pair. The pair could dip sharply below the triangle support and test $0.3040 in the near term. On the upside, if there is a break above the triangle, the price may test the $0.3130 resistance and 100 hourly simple moving average. Having said that, a proper break and close above $0.3150 is must for buyers to gain traction. The next key resistance is at $0.3200 and $0.3220.
Looking at the chart, the XRP price is currently in a bearish zone below $0.3140. Therefore, there is a risk of a sharp drop towards the $0.3020 support before XRP attempts a solid recovery. Should buyers fail to defend the $0.3020 support, the price could break the last swing low at $0.2981. The next main support is at $0.2950 and $0.2920.

Litecoin Price Analysis [LTC]

Daily Chart:
Litecoin price topped just below the $50.00 resistance and declined (Data feed of Kraken) against the US Dollar.
There was a break below a major bullish trend line with support at $48.00 on the hourly chart.
LTC price remains at risk of more losses towards the $45.00 and $44.00 support levels.

LTC price analysis for Mar 04

After a steady rise above the $45.00 resistance, Litecoin price faced sellers near the $50.00 level against the US dollar. The LTC/USD pair started a major decline and broke the $47.50 support level to move into a bearish zone.
Looking at the chart, LTC price failed to climb above the $49.50 and $50.00 resistances. A swing high was formed at $49.11 and later the price started a downward move. It broke the $48.00 support and the 23.6% Fib retracement level of the last wave from the $42.36 low to $49.11 high. Moreover, there was a break below a major bullish trend line with support at $48.00 on the hourly chart. It opened the doors for more losses below the $47.00 level and the 100 hourly simple moving average.
The price is currently trading with a bearish angle below $47.50 and it could extend losses towards the $45.00 support. It coincides with the 61.8% Fib retracement level of the last wave from the $42.36 low to $49.11 high. However, the main support is near the $44.00 level, below which the price may perhaps decline towards the $42.35 swing low. On the upside, initial resistance is near the $47.00 level and the 100 hourly SMA. To move into a positive zone, the price must surpass the $48.00 resistance zone.
Overall, the Litecoin price is under pressure below $48.00 and recent bearish moves in Ethereum, Ripple, Bitcoin, Binance coin, EOS, and bitcoin cash could increase selling pressure on LTC in the coming sessions.

[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. ]
coinmag

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

Leave a Comment

Your email address will not be published. Required fields are marked *