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Crypto Conjecture For March 7, 2019

Bitcoin Price Analysis [BTC]

Daily Chart:
The pair is currently consolidating losses below $3,860, with supports at $3,800 and $3,775.

BTC price analysis for Mar 07

Yesterday, the bitcoin price broke the $3,720 support level and tested $3,670 against the US Dollar. The BTC/USD pair formed a low near the $3,672 level and later started a solid rebound. There was a break above a contracting triangle at $3,710, opening the doors for a fresh rally. The price surged higher and broke the $3,750 and $3,800 resistance levels. There was even a close above the $3,760 resistance and the 100 hourly simple moving average. More importantly, there was a break above a key bearish trend line at $3,780 on the hourly chart of the BTC/USD pair. The pair even spiked above the most important resistance at $3,860.
However, buyers failed to retain gains above the $3,860 resistance and the price retreated from highs. It corrected below the $3,850 and $3,840 level. There was also a break below the 23.6% Fib retracement level of the recent wave from the $3,672 low to $3,875 high. At the outset, the price is forming a consolidation pattern with support at $3,810. If there is a downside break below $3,810, the price could test the $3,775 support and the 100 hourly simple moving average. Besides, the 50% Fib retracement level of the recent wave from the $3,672 low to $3,875 high is also near $3,775. The main support is near the $3,760 level, which was resistance earlier. On the upside, the price must settle above the $3,860 resistance level to climb further higher.
Looking at the chart, bitcoin price clearly reversed most of its losses and traded above the key $3,760 resistance. BTC is now trading nicely above the 100 hourly SMA, but it must surpass the $3,860 barrier for more gains. If there is another rejection, the price could retreat and decline towards the $3,775 or $3,760 support area.

Ethereum Price Analysis [ETH]

Daily Chart:
The pair is likely to continue higher towards $145 as long as it is above the $134 support area.

ETH price analysis for Mar 07

Recently, we saw a sharp upward move above the $130 resistance in ETH price against the US Dollar. The ETH/USD pair climbed above the $132 and $134 resistance levels to move into a positive zone. Finally, there was a close above the $134 level and the 100 hourly simple moving average. The price extended gains and tested the all-important $140 resistance level, where sellers emerged. Later, there was a downside correction below the $138 level. Sellers pushed the price below the 50% Fib retracement level of the recent rise from the $132 low to $140 high. However, the drop was protected by the $135 support level. Besides, there was no close below the 61.8% Fib retracement level of the recent rise from the $132 low to $140 high.
The price recovered and it is currently trading nicely above the $136 level. Moreover, there is an ascending channel in place with support at $136 on the hourly chart of ETH/USD. The pair is likely to continue higher and it could retest the $140 resistance area. A successful close above the $140 barrier may open the doors for more gains. The next stop for buyers could be near the $144-145 zone. On the other hand, the channel support at $136 might continue to hold losses. Below $136, the price is likely to test the $134 support level. The main support is near the $133 level and the 100 hourly simple moving average.
Looking at the chart, ETH price is signaling more gains above the $139 and $140 resistance levels. Once there is a close above $140, it could really lift the market sentiment for Bitcoin, Ethereum, XRP, EOS, bitcoin Cash, Litecoin and other cryptocurrencies in the near term.

Ripple Price Analysis [XRP]

Daily Chart:
The price traded as high as $0.3198 recently and later corrected a few points below $0.3160.

XRP price analysis for Mar 07

Yesterday, there was a solid recovery in the crypto market, with gains in Bitcoin, Ethereum and XRP against the US Dollar. The XRP/USD pair broke the $0.3080 and $0.3100 resistance levels to move into a bullish zone. Buyers even pushed the price above the $0.3120 resistance and the 100 hourly simple moving average. The upward move was strong and the price recently traded towards the $0.3200 resistance. Yesterday’s buying dips idea worked, but gains were capped by the $0.3200 resistance. A swing high was formed at $0.3198 and later the price corrected lower. It broke the $0.3160 support and the 50% Fib retracement level of the last wave from the $0.3088 low to $.3198 high.
However, the decline was protected by the $0.3140 support area. Besides, the 61.8% Fib retracement level of the last wave from the $0.3088 low to $.3198 high acted as a support. The price recovered and it is currently trading above the $0.3160 level. More importantly, there is a key ascending channel in place with support at $0.3145 on the hourly chart of the XRP/USD pair. The pair could continue to move higher towards the $0.3200 resistance in the near term. If there is a proper break above the $0.3200 barrier, the price could accelerate higher towards the $0.3250 level. The next key resistance is near the $0.3300 level, where sellers may emerge. On the downside, a bearish break below the channel support might push the price towards the $0.3100 support.
Looking at the chart, the XRP price is clearly placed nicely in a positive zone above the $0.3100 support level. However, the main support is near the $0.3080 level and the 100 hourly SMA. If there is a break below $0.3080, the price may turn bearish again.

Litecoin Price Analysis [LTC]

Daily Chart:
LTC/USD continues growing strongly.
The next bullish target is seen at $60.00.

LTC price analysis for Mar 07

Litecoin (LTC) remains one of the best-performing cryptocurrencies out of top-20. The coin has gained nearly 8% in recent 24 hours to trade at $56.47 at the time of writing. On a weekly basis, LTC has grown 13% amid strong buying interest.
Litecoin takes the fifth place in the rating of digital assets compiled by CoinMarketCap with current capitalization of $3.4B. It is worth noting that Litecoin’s trading volume has nearly doubled since the beginning of the week and reached $2B, the highest level since February 2018.
From the longer-term point of view, DMA200 at $44.54 served as an excellent jumping-off ground, and most likely to stop the correction once it happens. A sustainable move below this critical level will open up the way towards $40.50 (DMA50) and $36.00-$35.90 (the upside trendline from December 24, 2018 low.
The next bullish target is seen as high as $60.00, followed by psychological $70 and $71.13 (SMA50, weekly). LTC/USD stays below weekly SMA50 since May 2018, which means that a sustainable move higher will create an additional positive impulse.

[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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