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Crypto Conjecture For March 8, 2019

Bitcoin Price Analysis [BTC]

Daily Chart:
The pair will most likely break the $3,880 and $3,900 resistance levels to climb above or challenge $4,000.

BTC price analysis for Mar 08

After a strong upward move above the $3,850 level, bitcoin price started consolidating gains against the US Dollar. The BTC/USD pair tested the $3,900 resistance on a couple of occasions and later corrected lower. It declined below the $3,850 level, but the downside was limited. The last swing low was formed at $3,831 before the price recovered above $3,840. There was a break above the 50% Fib retracement level of the recent slide from the $3,892 high to $3,831 low. However, the price is currently facing strong resistance near the $3,880 and $3,890 levels. Besides, the 76.4% Fib retracement level of the recent slide from the $3,892 high to $3,831 low is acting as a resistance.
More importantly, there is a symmetrical triangle pattern formed with resistance at $3,880 on the hourly chart of the BTC/USD pair. Therefore, it seems like the pair is setting up for the next break, which could be above $3,880. If there is a successful close above $3,880 and $3,900, the price may surge higher towards the $4,000 resistance level. An intermediate resistance is near the $3,930 level. It represents the 1.618 Fib extension level of the recent slide from the $3,892 high to $3,831 low. On the other hand, if the price fails to gain pace above $3,900, it could decline below the $3,850 support. The next main support is near the $3,820 level. If there are further losses, the price may perhaps test the $3,800 support and the 100 hourly simple moving average.
Looking at the chart, the bitcoin price is preparing for the next ride either above $3,900 or below $3,800. There are higher chances of a break above $3,900 and $3,930 considering the current structure. If buyers remain in action, the price could even clear the $4,000 barrier in the coming sessions.

Ethereum Price Analysis [ETH]

Daily Chart:
The pair could decline sharply if sellers manage to push the price below the $134 support level.

ETH price analysis for Mar 08

In the past few sessions, ETH price faced a strong barrier near the $139 and $140 resistance levels against the US Dollar. The ETH/USD pair made a couple of attempts to surpass the $140 barrier, but buyers failed to gain momentum. The last swing high was formed just below $140 before the price started a fresh downside move. Sellers gained pace and pushed the price below the $138 and $136 support levels. During the decline, yesterday’s highlighted ascending channel with support at $137 was breached on the hourly chart of ETH/USD. The pair dropped sharply towards the $134 support level, where buyers emerged.
More importantly, the 100 hourly simple moving average acted as strong support near the $134 level. Later, the price recovered above the $135 level and the 50% Fib retracement level of the recent drop from the $140 swing high to $134 low. However, the upside move was capped by the broken channel trend line and the $137.50 level. Besides, the 61.8% Fib retracement level of the recent drop from the $140 swing high to $134 low acted as significant resistance. The price falls to move above $138 and it is currently following a bearish path. On the downside, the $134 support and the 100 hourly SMA are important barriers for sellers. If they succeed in taking out $134, there could be a sharp drop in Ethereum price below the $132 level. The next key support is near the $129 level, which was resistance earlier.
Looking at the chart, ETH price is clearly facing a strong barrier near the $138, $139 and $140 resistance levels. As long as the price is below $140, there is a risk of a fresh decline below the $134 and $132 levels. The next important support could be near the $129-130 zone.

Ripple Price Analysis [XRP]

Daily Chart:
The price traded below the $0.3140 support and it is now approaching the key $0.3080 support.

XRP price analysis for Mar 08

After a decent upward move, ripple price faced a strong resistance near the $0.3200 level against the US Dollar. The XRP/USD pair formed a short-term top near the $0.3197 and later started a steady decline. The price broke the $0.3150 and $0.3140 support levels to move into a bearish zone. Besides, there was a break below the 23.6% Fib retracement level of the last wave from the $0.2994 low to $0.3197 high. Sellers took control and pushed the price below the $0.3120 support level. However, the price is now approaching crucial support near the $0.3080 level. It represents the 50% Fib retracement level of the last wave from the $0.2994 low to $0.3197 high.
More importantly, the 100 hourly simple moving average is positioned near the $0.3080 support area. Therefore, there could be a strong buying interest near the $0.3075-0.3080 zone. If there is a downside break below $0.3080, the price is likely to move into a downtrend. The next key support is near the $0.3040 level and the 76.4% Fib retracement level of the last wave from the $0.2994 low to $0.3197 high. At the outset, there is a new declining channel formed with resistance at $0.3125 on the hourly chart of the XRP/USD pair. The pair needs to overcome selling interest and clear the channel resistance $0.3130. However, the main resistance is at $0.3150, above which the price is likely to revisit the $0.3200 resistance area.
Looking at the chart, the XRP price seems to be approaching a crucial juncture near $0.3080. It could turn out to be make-or-break support area. Therefore, traders need to keep a close watch on the $0.3075-0.3080 support area to grab the next move.

Litecoin Price Analysis [LTC]

Daily Chart:
LTC/USD Medium-term Trend: Bullish
Resistance Levels: $66, $68, $70
Support Levels: $40, $38, $36

LTC price analysis for Mar 08

The bulls continued to trend higher as the crypto’s price reached a high of $56.60. The bulls have earlier overcome the resistance at the $50 price level as the crypto’s price trends higher. On the upside, if the crypto’s price is sustained above the EMAs, the price of Litecoin is expected at the $70 price level.
On the downside, if price breaks below the 12-day EMA and the 26-day EMA, the crypto is likely to resume a downward trend. Meanwhile, the MACD line and the signal line are above the zero line which indicates 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: Bullish

LTC bullish market trend on Mar 08

On the 1-hour chart, the price of Litecoin is in the bullish trend zone. The 12-day EMA and the 26-day EMA are trending northward indicating the bullish trend. The crypto’s price is trading at $58 as at the time of writing. The crypto’s price is above the EMAs which indicate that price will continue to rise.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. The LTC price is above the EMAs which indicate that price is in the bullish trend zone.

[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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