Bitcoin Price Analysis [BTC]
The bitcoin price on Monday continued its crash course despite showing gains during the early Asian trading session. The digital currency attempted a go at its yearly low at $3,455 after reversing from its intraday peak at $4,115. That overall marked a circa 14 percent crash, setting standards for a further bearish action.
The BTC/USD index at press time is trading at 3581-fiat, eyeing potential support from 3508-fiat. The market has once again created a psychological bottom area inside a 3000-to-3500-fiat range. There is so far no evidence that could prove a potential [strong] reversal at any of these levels. The last time BTC/USD tested these levels as support was in September 2017.
The technical dynamics were different then — the pair was trending above its 50-period, 100-period, and 200-period simple moving averages while forming higher highs. In November 2018, however, the technicalities have turned upside down. The bitcoin price is now trending below its key moving averages, forming lower lows. The question remains whether the levels that were strong supports during an uptrend should remain equally robust when the asset is on its way down.
It moved above the $3,600 and $3,800 resistance levels. More importantly, there was a break above the 50% Fib retracement level of the recent decline from the $4,340 high to $3,449 low. However, the upside move was capped by the $4,080-4,115 zone, which was a support earlier. Moreover, there is a major bearish trend line in place with resistance at $4,080 on the hourly chart of the BTC/USD pair. The pair was also rejected near the 76.4% Fib retracement level of the recent decline from the $4,340 high to $3,449 low. Clearly the price is facing a solid resistance near the $4,080 level and the 100 hourly SMA.
Ethereum Price Analysis [ETH]
We just saw a decent recovery above the $115 level in ETH price against the US Dollar. However, the ETH/USD pair failed to gain traction above the $118 and $119 resistance levels. It was rejected near the 61.8% Fib retracement level of the last drop from the $127 high to $98 low.
More importantly, there was no close above $118-120 and the 100 hourly simple moving average. The price was rejected, resulting in a fresh decline below the $115 and $110 levels. Besides, there is a crucial bearish trend line in place with resistance at $113 on the hourly chart of ETH/USD.
The pair recently broke the 50% Fib retracement level of the last wave from the $98 low to $119 high. At the outset, the price is following a declining channel with resistance at $106 on the same chart. In the short term, there could be a minor upward move, but upsides are likely to be capped near $110 or $113. On the downside, an immediate support is at $102 followed by $100.
Looking at the chart, ETH price is likely to extend the current decline if sellers remain in control below $110. The price may even break the $100 and $98 levels to post new 2018 lows in the near term.
Hourly MACD – The MACD is currently in the bearish zone. Hourly RSI – The RSI settled below the 50 level with a negative angle.
Major Support Level – $100 Major Resistance Level – $113.
Ripple Price Analysis [XRP]
The XRP/USD rate at most corrected to stabilize, meaning the near-term uptrend should extend to the nearest resistance level, probably towards the 100-period simple moving average before a potential pullback overtakes the trend. At the same time, 0.329-fiat is providing decent support according to the daily basis. The level had witnessed buying sentiment before and promised to hold the bears with few bulls. A break below 0.329, on the other hand, could be devastating as it would expose XRP/USD to a crash towards the next potential downside at 0.268-fiat. This level has offered strong support since August.
We saw a minor upside recovery above the $0.3600 level in ripple price against the US Dollar. The XRP/USD pair even traded above the $0.3800 level, but it struggled to clear the $0.3850 and $0.3900 resistances. There was also a rejection noted near the $0.3850 level and the 100 hourly simple moving average. Besides, the price failed to stay above the 61.8% Fib retracement level of the last drop from the $0.4140 high to $0.3125 low.
As a result, there was a fresh decline below $0.3700 and the price moved back in a bearish zone. During the decline, the price broke the 61.8% Fib retracement level of the last wave from the $0.3133 low to $0.3850 high. The price tested the $0.3300 level where buyers emerged.
Moreover, the 76.4% Fib retracement level of the last wave also acted as a support near $0.3302. On the upside, an initial resistance is near the $0.3600 level. More importantly, yesterday’s crucial bearish trend line is active with resistance at $0.3620 on the hourly chart of the XRP/USD pair.
Litecoin Price Analysis [LTC]
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We just saw a short term recovery above the $30.00 level in Litecoin price against the US dollar.
The LTC/USD pair traded with a positive angle, but it struggled to clear the $32.00 resistance area. Looking at the chart, LTC price traded as high as $32.17 and failed to retain gains. It seems like the price was rejected near the $32.00 level and the 76.4% Fib retracement level of the last decline from the $32.85 high to $26.31 low. As a result, the price declined again and traded below the $30.00 level plus the 100 hourly simple moving average.
Moreover, there was a break below the 50% Fib retracement level of the last wave from the $26.31 low to $32.17 high. The current price action is slightly bearish below the $30.00 and $32.00 resistance levels. Besides, yesterday’s highlighted major bearish trend line is still active with resistance at $31.00 on the hourly chart of the LTC/USD pair.
If there is an upward move, the price could struggle near $31.00 and $32.00. A successful close above the $32.00 resistance and the 100 hourly SMA is needed for further gains in the near term. On the downside, if Litecoin price breaks the $28.00 level, there are chances of more losses. The next stop for LTC buyers could be near the $26.20 swing low, below which the price may even break the $26.00 and $25.00 levels in the coming sessions.