Bitcoin Price Analysis [BTC]
After weeks and even months of lower lows that have seen Bitcoin drop from $20,000 to just over $3,500, hints are beginning to emerge of a possible recovery.
So far, BTC/USD is down five percent in the last week revealing the much needed correction as it was down 20 percent or so early this week—and a massive 13 percent in the last day. With this, statistics hint of a $350 addition which by all counts is miniscule when compared to the $1,500 drops from $6,000 or so registered in the last two weeks or so. As it is, conservatives should take a cautious stand and not jump in until after we see strong convincing close above $5,000. When that prints then there shall be a double bar bull reversal pattern. Then again, it would be ideal if this move is accompanied by high trading volumes exceeding those of last week at 434k.
Like aforementioned, risk-on or conservative traders should not jump right in but instead aggressive type of traders should load at spot prices as they take advantage of a clear three-bar bullish reversal pattern the morning star which printed after yesterday’s upsurges. Though we would like to see a confirmation above $4,700 before committing volumes are still thin and below the 58k average, risk off traders can ramp up with stops at Nov 25 lows of $3,700.
First target will be $4,700 and later $5,800 assuming momentum is high.
Ethereum Price Analysis [ETH]
Recently, there was a positive break above the $115 level in ETH price against the US Dollar.
The ETH/USD pair climbed higher and broke the $118 and $120 resistance levels. There was even a close above the $112 pivot level and the 100 hourly simple moving average. The price traded towards the $125 resistance level where sellers emerged. As a result, there was a downside reaction and the price declined below $120. During the slide, there was a break below the 23.6% Fib retracement level of the recent wave from the $99 low to $125 high.
Moreover, there was a break below a connecting bullish trend line with support at $119 on the hourly chart of ETH/USD. The pair is now approaching a couple of important supports above the $112 level. An initial support is at $114 and the 100 hourly simple moving average. The next support is at $112 and the 50% Fib retracement level of the recent wave from the $99 low to $125 high.
If there is a break below $112 ad $111, the price could decline towards $105.
At this chart, ETH price traded with a bullish angle above the $120 level, but failed near $125. It is currently correcting lower towards the $112 support, which could stop losses. Hourly MACD – The MACD is moving back in the bearish zone.
Major Support Level – $112 Major Resistance Level – $120
Ripple Price Analysis [XRP]
The XRP/USD pair gained bullish momentum and traded above the $0.3780 and $0.3880 resistance levels. The upward move was positive as there was a proper close above the $0.3600 support and the 100 hourly simple moving average. The price tested the $0.4000 resistance and traded as high as $0.4016. Later, the price started a downside correction and traded below the $0.3900 level. There was a break below the 23.6% Fib retracement level of the recent recovery from the $0.3357 low to $0.4016 high.
However, there are many supports near the $0.3680 and $0.3600 levels. Besides, there is a key ascending channel in place with support at $0.3600 on the hourly chart of the XRP/USD pair. The 50% Fib retracement level of the recent recovery from the $0.3357 low to $0.4016 high is also near $0.3680.
Finally, the 100 hourly SMA is positioned near the $0.3600 support area.
At this chart, ripple price is clearly placed in a positive zone above the $0.3600 support. As long as there is no close below the 100 hourly SMA, the price may climb back above $0.3900 and $0.4000. Looking at the technical indicators: Hourly MACD – The MACD for XRP/USD is slowly moving back in the bearish zone.
Major Support Level – $0.3600
Major Resistance Level – $0.4000
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. ]
Litecoin is currently correcting deeply oversold readings on the RSI. The recovery can reach the 20-day EMA, which is likely to act as the first barrier.
As the decline has been sharp, the recovery is also likely to be strong. Above the 20-day EMA, the LTC/USD pair can reach the $47 level.
Aggressive traders can try to trade the counter-trend rally, keeping tight stops and aiming for small targets. Contrary to our opinion, if the pullback fizzles and the bears resume the downtrend, the next support on the downside is $20.