Bitcoin Price Analysis [BTC]
Daily Chart :
Bitcoin meets a psychological support at the 4000 round number in severely oversold conditions. 2500 pips on 1 trade is more than enough & although I see no buy signal it would be wise to take profit & wait for the next signal. We have been selling in to any strength all year & made huge profit in the bear trend, which I predicted as far back as January.
There is no question we could drop as far as a measured target of 2000/1500 but it is unlikely to be in a straight line. 1st target 4280, 1st resistance at 4420/40 then strong resistance at 4630/60 could see a high for the day. Shorts need stops above 4800. A break higher targets 4850 then a selling opportunity at 5000/5100, with stops above 5200.
A break below 4000 targets 3800 & 3600/3500.
Ethereum Price Analysis [ETH]
Ethereum touched $124.48 low during early Asian hours before recovering to $135 by the time of writing. The third largest asset with a current market value of $13B stays in the oversold territory amid decreased volatility.
ETH/USD has stabilized after Tuesday’s collapse, however, the downside momentum may gain traction later during the day, when Europen traders join the market. ETH/USD has lost over 82% since the beginning of the year. The coin is trading at the lowest level since May 2017 amid increasingly bearish sentiments. An ICO boom that supported Ethereum during 2017 might turn against the coin, increasing the downside pressure as the projects sell their proceeds to finance everyday needs.
Basically, the bulls need to take the price above $146,25 (SMA50, 1-hour) and $150.00 handle to mitigate the bearish pressure.
Ripple Price Analysis [XRP]
Ripple’s XRP is changing hands at $0.4332, down over 12% on a day-on-day basis. The second largest coin with market value $17B is moving within a strong bearish trend as yesterday’s attempt to recover above $0.50 proved to be unsustainable.
XRP price nursing deep losses of some 7% in the latter stages of trading on Tuesday. The trading session has been very much a roller-coaster. XRP/USD had started the day firmly on the back foot, nursing double-digit losses, to then see a chunky amount of buying to take the price back to flat. However, this move was very much short-lived. XRP/USD continues to move within a pennant pattern, this has been the case since mid-September.
A range-bound form of trading, with the lack of committed direction from either buyers or sellers. Given the extent of time XRP/USD has traded within this pattern, it makes it subject to a chunky breakout. Near-term vital support should be noted at $0.4400, which is the lower trend line of the pennant pattern. Further south, eyes on the 100DMA tracking at $0.4190.
Any failure to hold at these levels, could be very punishing. A fall down to $0.30-0.25 could be on the cards.
Litecoin Price Analysis [LTC]
At this chart, LTC price declined close to the $30.00 level after it broke the $35.30 support area. A swing low was formed at $30.30 and the price is currently consolidating losses.
On the upside, an initial resistance is near the $33.20 level and the 23.6% Fib retracement level of the recent slide from the $43.05 high to $30.30 low.
Moreover, there is a major bearish trend line in place with resistance at $33.30 on the hourly chart of the LTC/USD pair. The current price structure is short term positive above $30.00, but the price is trading well below the 100 hourly simple moving average. In the short term, there could be an upside correction above the $33.30 level.
The next major resistance is near the $35.30 level, which was a support earlier. Above this, the price could test the 50% Fib retracement level of the recent slide from the $43.05 high to $30.30 low at $36.67.
Overall, there are a few positive signs above the $30.00 support. Therefore, Litecoin price may perhaps correct higher towards the $35.00 or $36.00 level in the short term. Above $36.00, LTC could test the $38.00 level.
On the downside, the key support is at $30.00, below which the price may slide to $25.00.