The present marketplace is plagued with indecision as Bitcoin, Litecoin and Ethereum are near their potential support levels.
Technical Analysis for Bitcoin
Bitcoin was rejected in the neckline, and so it failed in the attempt to leave the inverted H&S pattern. It fell even lower afterward. For today’s chart, Bitcoin was seen attempting to progress and leave the H&S pattern, but it failed again as the move was rejected at the neckline. It is now near the significant support level of $8,200.
Although the double rejection looks like an absolute failure for Bitcoin, it is still too early to make any conclusions. Traders and investors need to pay attention to the price action in the upcoming days.
Technical Analysis for Ethereum
Considering the daily chart, Ethereum is currently trading in a triangle pattern as it waits for a resolution. Just like BTC, ETH is around a significant support level against $660. If the level gives way, the next support zone may be as low as $600-$575.
Traders must follow up with the price action for the upcoming days.
Technical Analysis for Litecoin
Just like Bitcoin and Ethereum, Litecoin has also found itself near an H&S pattern, but it was able to get to the top-side of its neckline. However, it could not hold the position for long and was retraced beneath. Since then, it has continued to slip south. The current support level is around the $140-$142, and it is fighting to stay above that level. If it can’t hold the level, the next support level will be around $124.
As the trading days go by, traders need to get clues from the $124 support level should LTC gets there. On the other hand, if Litecoin can recapture the 140-142 support levels and manage to get to $153, the price will enter into an upward correction rally.
The next few trading sessions will go a long way in determining the short-term future of the three cryptocurrencies.