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Crypto Conjecture For March 6, 2019

Bitcoin Price Analysis [BTC]

Daily Chart:
The price traded as low as $3,671 and it is currently consolidating above the $3,700 level. The pair could correct higher, but it is likely to struggle near the $3,740 and $3,760 resistance levels.

BTC price analysis for Mar 06

This week, there was a downside extension below the $3,800 support in bitcoin price against the US Dollar. The BTC/USD pair declined below the key $3,760 and $3,720 support levels to move into a bearish zone. There was even a close below the $3,760 level and the 100 hourly simple moving average. Finally, the price spiked below the $3,700 level and traded to a new monthly low at $3,671. Later, it started consolidating losses and traded in a range above the $3,700 level. The price climbed above the 23.6% Fib retracement level of the recent drop from the $3,805 high to $3,671 low.
However, there are many hurdles on the upside near the $3,760 and $3,775 levels. At the outset, there is a contracting triangle in place with resistance at $3,715 on the hourly chart of the BTC/USD pair. If there is an upside break, the pair could correct towards the $3,740 level. It represents the 50% Fib retracement level of the recent drop from the $3,805 high to $3,671 low. The main resistance is near the $3,760 level, which acted as strong support earlier. Moreover, there is a crucial bearish trend line formed with resistance at $3,775 on the same chart. The 100 hourly SMA is also near the trend line and $3,775. Therefore, there are many hurdles for buyers near the $3,760 and $3,775 levels. Above $3,775, the price could climb above $3,800 and $3,820 in the near term.

Looking at the chart, the bitcoin price is struggling below the $3,760 pivot level. If sellers remain in action, there are chances of more losses below the $3,700 and $3,670 support levels. The next key support is at $3,620 and $3,600, where are there are high possibilities for buyers to emerge.

Ethereum Price Analysis [ETH]

Daily Chart:
The pair rebounded nicely, but as long as it is below $139 and $140, it could decline once again.

ETH price analysis for Mar 06

After a sharp decline, ETH price found support near the $122 level against the US Dollar. The ETH/USD pair started a solid recovery and broke the $124 and $127 resistance levels. Later, it broke the $130 resistance and the 100 hourly simple moving average. Besides, there was a break above the 61.8% Fib retracement level of the last drop from the $135 swing high to $122 swing low. It opened the doors for more gains and the price gained pace above $130 and $132. During the rise, yesterday’s highlighted key bearish trend line was breached with resistance at $130 on the hourly chart of ETH/USD.
Finally, there was a break above the $134 resistance and the price revisited the key $139 resistance. Sellers emerged near $139, resulting in a minor pullback. The price declined below the $136 and $135 levels. There was a spike below the 23.6% Fib retracement level of the recent wave from the $122 low to $139 high. However, the $134 support acted as a decent buy zone and the price started consolidating gains. The current price action suggests that there could be more losses below $134. The price could drop towards the $130 support and the 100 hourly simple moving average. The 50% Fib retracement level of the recent wave from the $122 low to $139 high is also near the $130 level to act as a support. The next key support is near the $129 level (the previous resistance).

Looking at the chart, ETH price recovered nicely, but it faced a strong resistance near the $139 level. The stated level prevented gains earlier and it may continue to stop buyers near $139 and $140. As long as the price is below $139 and $140, it could decline once again in the near term.

Ripple Price Analysis [XRP]

Daily Chart:
The price gained momentum above the $0.3020 and $0.3030 resistance levels to turn positive.

XRP price analysis for Mar 06

Yesterday, there was a downside reaction in ripple price below the $0.3000 support against the US Dollar. The XRP/USD pair tested the $0.2970 support, where buyers emerged. Later, the price recovered above $0.3000 and started consolidating losses. Finally, sellers failed to push the price to a new intraday low, resulting in bullish moves above $0.3020. There was a sharp upward move and the price broke the $0.3030 resistance level. During the upward move, yesterday’s highlighted important bearish trend line was breached near $0.3030 on the hourly chart of the XRP/USD pair. The pair even broke the 61.8% Fib retracement level of the last decline from the $0.3232 high to $0.2970 swing low. More importantly, there was a close above the $0.3080 resistance and the 100 hourly simple moving average.
Finally, there was a break above the $0.3150 resistance before sellers emerged near the $0.3170 level. The 76.4% Fib retracement level of the last decline from the $0.3232 high to $0.2970 swing low acted as resistance. The price is currently correcting lower and trading below $0.3150. There is strong support placed near the $0.3080 level and the 100 hourly simple moving average. The next key support is at $0.3068, below which the price could move back into the bearish zone. If the 100 hourly SMA holds, the price is likely to bounce back above $0.3150. A clear break above the $0.3170 resistance may perhaps push the price towards the $0.3200 and $0.3220 resistance levels.

Looking at the chart, the XRP price climbed above key resistance near $0.3080, which are now likely to act as supports. However, buyers need to be active above $0.3080 and push the price above $0.3150. If they struggle, there is a risk of a fresh decline below $0.3080 in the near term.

Litecoin Price Analysis [LTC]

Daily Chart:
LTC/USD Medium-term Trend: Bearish

LTC price analysis for Mar 06

The price of Litecoin was in the bullish trend when the crypto was resisted at the $50 resistance level. As a result, the bears broke below the 12-day EMA and the 26-day EMA to commence the bearish trend. The crypto’s price fell to the low of $46.56 and commenced a range bound movement.
On the downside, if the bearish trend continues, the crypto will fall to the next support level at $44. On the other hand, if the bulls fail to break above the EMAs, the range-bound movement will continue. Meanwhile, the MACD line and the signal line are below the zero lines which indicates a sell signal. Also, the crypto’s price is below the EMAs which indicate that price is in the bearish trend zone.

LTC/USD Short-term Trend: Bearish:
On the 1-hour chart, the price of Litecoin is in the bearish trend zone. The crypto’s price is ranging below the 12-day EMA and the 26-day EMA after the bearish trend. If the bulls break the EMAs, the crypto will be in the bullish trend zone. The crypto’s price will rise again to retest the $50 resistance level. On the other hand, if the bulls fail to break above the EMAs, the range bound movement. Meanwhile, the MACD line and the signal line are below the zero lines which indicates a sell signal. The LTC price is above the EMAs which indicate that price is in the bullish 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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