The value of Bitcoin (BTC) has been correcting above the lows of the mini squeeze it experienced about 48 hours ago. Since the digital currency declined below the $6k mark, the bulls have managed to keep the bears away.
Nevertheless, the bears are still around as they have managed to keep the value of the coin from surging further. The Fib retracement level shows that the 61.8 percent level crosses the trendline and it coincides with weak support.
The 100-Day simple moving average has crossed beneath the longer-term 200-Day simple moving average. This indicates that the bears are still in charge, and the value of Bitcoin could decline further. If this happens, the sell-off will resume.
There is a key support level at $6,150 and $6,287. After this, the digital currency will face resistance at $6,424 and $6,837.
Ethereum Price Analysis
Ethereum (ETH) hit a low of $421 before it consolidated to its present value. Ethereum is been put in a bearish momentum by the market indicators even as the bulls are struggling to keep off the bears. The present range has an intricate network of both resistance and support zones.
What this means is that there is likely to be a break below or above the present zones. If it breaks below, the digital currency will likely find support at $420. If it breaks above, it might face major resistance at both $470.00 and $480.00 baseline channels.
Litecoin (LTC) Technical Price Analysis
The value of Litecoin (LTC) declined to a low of $76 in the early trading hours in Asia on Monday. The digital currency is presently trading slightly above its support level at $80, below its 13-day exponential moving average at $81.
If the digital currency corrects higher, it will face a major resistance at the $130 level. Above that, it will face another stiff resistance at $165 and $185. But if it breaks below, then it might find support at $79 and $75.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.
