Bitcoin Price Analysis [BTC]
On November 23, 2017, Thanksgiving Day, Bitcoin’s price was trading around $8,000 – up nearly double in value from the start of the prior month, when Bitcoin was trading in the low $4,000s.
Now Bitcoin price declined towards $4,000 before buyers appeared against the US Dollar. BTC/USD could correct higher towards the $4,750 or $4,800 resistance.
Yesterday, we discussed that bitcoin price could tumble towards the $4,000 support area against the US Dollar. The BTC/USD pair did decline further and traded below the $4,500 and $4,400 support levels.
The price fell close to the $4,000 level and a new multi month low was formed at $4,038. Later, the price corrected above $4,200, but it is still well below the 100 hourly simple moving average. The recent upside move was positive since the price broke the $4,400 resistance.
Moreover, there was a break above a major bearish trend line with resistance at $4,451 on the hourly chart of the BTC/USD pair. The pair even traded above the 50% Fib retracement level of the recent decline from the $4,763 high to $4,038 low. It seems like the price may correct further towards the $4,750 level in the near term. An immediate resistance is $4,600 and the 76.4% Fib retracement level of the recent decline from the $4,763 high to $4,038 low.
Above $4,600 and $4,750, the price could test the $4,800 resistance.
Looking at the chart, bitcoin price seems to be correcting from the $4,038 low. In the short term, there could be a recovery towards $4,800, but any further gains are likely to be contained below $5,000. The MACD for BTC/USD is back in the bullish zone.
The RSI is currently just above the 50 level. Major Support Level – $4,220 Major Resistance Level – $4,800
Ethereum Price Analysis [ETH]
After forming a decent support base around the $122 level, ETH price started a recovery against the US Dollar.
The ETH/USD pair recovered above the $125 and $130 levels to move into a short term positive zone. Later, the price gained traction and moved above the $131-132 zone. Besides, there was a break above the 50% Fib retracement level of the last drop from the $146 swing high to $122 swing low.
More importantly, yesterday’s major bearish trend line was breached with resistance at $132 on the hourly chart of ETH/USD. The pair is currently placed nicely above the $132 level, with a bullish angle. If the price gains traction, it could surpass the $140 resistance. It represents the 76.4% Fib retracement level of the last drop from the $146 swing high to $122 swing low. Above $140, the next resistance is at $146 and the 100 hourly simple moving average. Finally, the main resistance is positioned near the $150-151 zone.
At this chart, ETH price could correct further higher towards $140 and $150 in the near term. However, the $150-151 zone is likely to act as a strong barrier for buyers. On the downside, an initial support is at $130, below which the price may decline to $124.
The RSI is currently placed nicely above the 50 level. Major Support Level – $130 Major Resistance Level – $151
Ripple Price Analysis [XRP]
XRP/USD may soon make the next move either above $0.4500 or towards $0.4000.
Yesterday, we discussed that ripple price may correct higher above $0.4200 and $0.4300 against the US Dollar.
The XRP/USD pair did recover higher after trading as low as $0.4011. It moved above the $0.4180 resistance and traded with a positive bias. During the upside, it broke the 23.6% Fib retracement level of the recent decline from the $0.5180 high to $0.4011 low.
However, the price faced a strong resistance near the $0.4500 zone, which was a support earlier. There were a couple of attempts to trade above $0.4500 and $0.4520, but buyers failed.
An intermediate resistance is the 50% Fib retracement level of the recent decline from the $0.5180 high to $0.4011 low at $0.4590.
At this chart, ripple price seems to be preparing for the next break either above $0.4500 or below $0.4280. If there is a downside break, the price could trade below the $0.4250 and $0.4120 support levels. The main support is at $0.4000 and the key resistance is at $0.4500.
The RSI for XRP/USD is just near the 50 level. Major Support Level – $0.4280 Major Resistance Level – $0.4500
Litecoin Price Analysis [LTC]
[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. ]
Yesterday, November 21, the price of Litecoin was in a sideways trend. The digital currency fell to the low of $33.36 and commenced a range bound movement at the same price level. The crypto’s price no longer follows the bearish pattern of lower lows and lower highs.
Price was ranging at the $33 price level in the last three days. The crypto’s price has broken the 12-day EMA and it is in a bullish movement. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. The price is below the 12-day EMA and the 26-day EMA which indicates that price is in the bearish trend zone.
Ranging Resistance Levels: $34.20, $37, $42
Support Levels: $30, $28, $26