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Crypto Conjecture For March 5, 2019

Bitcoin Price Analysis [BTC]

Daily Chart:
The pair is trading in a bearish zone and it could decline further below $3,700 and $3,680.

BTC price analysis for Mar 05

This past week, we saw many rejections near the $3,900 and $3,860 resistances in bitcoin price against the US Dollar. The BTC/USD pair topped near the $3,860 level and later started a downward move. It broke the $3,800 and $3,760 support levels to move into a bearish zone. The recent decline was crucial as the price settled below the $3,800 level and the 100 hourly simple moving average. The decline was such that the price even broke the $3,720 support level. Moreover, there was a break below a declining channel with resistance at $3,800 on the hourly chart of the BTC/USD pair.
Finally, a new intraday low was formed near $3,692. In the short term, there could be a minor upside correction towards $3,760 or $3,750. The 50% Fib retracement level of the recent decline from the $3,805 high to $3,692 low is near the $3,748 level to act as a resistance. However, the main resistance is near the $3,800 level and the channel upper trend line. An intermediate resistance is near the $3,775 level. It coincides with the 76.4% Fib retracement level of the recent decline from the $3,805 high to $3,692 low. Therefore, if the price corrects higher, it could struggle to clear the $3,760, $3,775 and $3,800 resistance levels. The main hurdle for buyers remains near $3,860, above which the price may move into a bullish zone.

Looking at the chart, the bitcoin price is slowly declining towards the $3,680 and $3,650 support levels. If sellers remain in action, there are even chances of more losses below the $3,640 level. The key support is at $3,600, where buyers are likely to take a stand. On the other hand, to start a decent uptrend, the price must clear the $3,800 and $3,860 resistance levels.

Ethereum Price Analysis [ETH]

Daily Chart:
The pair could correct higher, but it is likely to find a strong selling interest near $127 and $128.

ETH price analysis for Mar 05

Recently, we saw a downside extension below the $130 support in ETH price against the US Dollar. The ETH/USD pair gained bearish momentum and broke the $126 and $125 support levels. It even traded below the $124 level and settled well below the 100 hourly simple moving average. A new monthly low was formed near $122 and the price is currently consolidating losses. It recovered above the $124 level and the 23.6% Fib retracement level of the recent drop from the $135 swing high to $122 swing low. However, the previous support at $127 is acting as a solid resistance. Above $127, the $128 and $129 levels are waiting to prevent gains.
There is also a crucial bearish trend line in place with resistance at $130 on the hourly chart of ETH/USD. Below the trend line, the 50% Fib retracement level of the recent drop from the $135 swing high to $122 swing low is near $129. Finally, the 100 hourly simple moving average is positioned near the $131 level. Therefore, there are many resistances on the upside, starting at $127 and ending near $131. If the price corrects higher, it is likely to find a strong selling interest near $127 and $128. Once the current consolidation/correction pattern is complete, the price may resume its decline below $124. The next key support is positioned near the $120 level. If sellers remain in action, the price could even test the $118 level in the near term.

Looking at the chart, ETH price is trading heavily in the bearish zone below the $131 resistance. There could be short-term corrective moves, but upsides remain capped below $130 and $131. On the downside, buyers are likely to take a stand near the $120 and $118 levels in the coming sessions.

Ripple Price Analysis [XRP]

Daily Chart:
The pair remains in a downtrend and sellers remain in action below $0.3040 and $0.3080.

XRP price analysis for Mar 05

In the past few days, there was a steady decline in ripple price from the $0.3200 swing high against the US Dollar. The XRP/USD pair traded below the $0.3150 and $0.3100 support levels to enter a bearish zone. There was even a close below the $0.3080 support and the 100 hourly simple moving average. Recently, the price even broke the $0.3050 and $0.3040 support levels. Finally, it spiked below the $0.3000 support and a new monthly low was formed at $0.2972. Later, the price corrected higher and traded above the $0.3000 level. It surpassed the 23.6% Fib retracement level of the recent drop from the $0.3129 high to $0.2972 low.
However, the previous support near the $0.3050 level acted as strong resistance. Besides, the 50% Fib retracement level of the recent drop from the $0.3129 high to $0.2972 low acted as aresistance. More importantly, there is a major bearish trend line formed with resistance near the $0.3040 level on the hourly chart of the XRP/USD pair. The pair declined again and it is currently trading below the $0.3020 level. It seems like there is a risk of a sharp decline below the $0.3000 and $0.2970 levels. The next key support is near $0.2850, where buyers might appear. On the upside, the price may continue to face sellers near $0.3040 and $0.3050. To start a recovery, the price must break $0.3050 and then $0.3080 in the near term.

Looking at the chart, the XRP price is following a bearish structure from well above $0.3200. If sellers gain pace below the $0.3000 support, there could be a nasty drop towards $0.2850. The overall price action is suggesting more losses in bitcoin, Ethereum, XRP and other cryptocurrencies in the coming sessions.

Litecoin Price Analysis [LTC]

Daily Chart:
The LTC price faces resistance at the $50 price level. On the downside, if the bulls failed to break above the EMAs, the crypto will fall and find support at the previous low at the $45.
LTC/USD Medium-term Trend: Ranging

LTC price analysis for Mar 05

Last week the price of Litecoin was in a sideways trend zone. The crypto’s price was below and above the 12-day EMA and the 26-day EMA. On March 1, the bulls break above the EMAs to reach the bullish trend zone. The crypto’s price reached a high of $50 but was repelled. However, as the bulls failed to break above the $50 price level, the crypto is forming a range bound movement below the $50 price vessel.

The range bound movement resulted in the bears breaking the 12-day EMA. Today, the price of Litecoin is trending at the 12-day EMA. On the downside, if the bulls failed to break above the EMAs, the crypto will fall and find support at the previous low at the $45. On the upside, if the bulls broke above the EMAs, the crypto’s price will resume its uptrend but will face resistance at the $50 price level. Meanwhile, the MACD line and the signal line are above the zero lines which indicate a buy signal. Also, the crypto’s price is above the EMAs which indicate that price is in the bullish trend zone.

LTC/USD Short-term Trend: Bearish

LTC price analysis for Mar 05

On the 1-hour chart, the price of Litecoin is in the bearish trend zone. Last week, the LTC price was trending above the 12-day EMA and the 26-day EMA. In other words, the crypto was in the bullish trend zone. On March 3, the bears broke below the EMAs as the price fell to the low of $48.

The LTC price is still likely to fall because the price is in the bearish trend zone. Meanwhile, the MACD line and the signal line are below the zero lines which indicates a sell signal. The LTC price is below the EMAs which indicate that price is in the bearish trend zone.

Resistance Levels: $66, $68, $70
Support Levels: $40, $38, $36

[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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