Most of the cryptocurrencies have started the week on a positive note. Even though throughout the weekend, they were in the negative but this morning, they have bounced back into the green. It remains to be seen whether they continue this trend or whether they drift lower once again. We have curated the different cryptocurrencies and their technical analysis for the next 24 hours to provide you with a better perspective.
USD / Bitcoin (BTC)
The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside or that the selloff could carry on. These moving averages could hold as dynamic resistance levels in case of corrections as well.
Stochastic is already indicating overbought conditions and might be ready to turn lower, drawing more sellers in. A break below the $9,300 level could be enough to confirm that bears are gaining traction.
However, RSI has some room to climb so bitcoin price could still attempt a larger correction. The 100 SMA is just below the $10,000 major psychological resistance while the 200 SMA is close to $10,500.
There was a failure to break the $870 resistance in ETH price against the US Dollar. The price started a downside correction and traded below $850. It also declined below the 23.6% Fib retracement level of the last wave from the $775 low to $870 high. More importantly, there was a break below the $840 support and the 100 hourly simple moving average.
However, the downside move was protected by the 800-810 support area. Moreover, the 76.4% Fib retracement level of the last wave from the $775 low to $870 high acted as a support and prevented declines. A fresh upside wave was initiated recently and the price moved above $820. It seems like the ETH/USD pair is currently attempting an upside break above a bearish trend line at $840 on the hourly chart. The pair may close above the $840 resistance and it could attempt a run towards $870. However, a break above the $870 resistance won’t be easy in the near term.
On the downside, the $820 support is a decent buy zone. If the price fails to stay above the $820 support, it could retest the $800 handle. On the upside, a break above the $870 swing high may call for more upsides towards the $900 level.
There was a downside move below $0.9000 in Ripple price this past week against the US Dollar. The price traded below the $0.8500 support level and tested the $0.8000 low. Later, it started consolidating in a range and an intermediate low was formed at $0.8195. An upside move was initiated and the price moved above the 23.6% Fib retracement level of the last drop from the $0.9322 high to $0.8195 low.
The range pattern is contracting and it seems like the pair is approaching a break with support at $0.8200. There is also a major contracting triangle forming with resistance at $0.8550 on the hourly chart of the XRP/USD pair. The triangle resistance is near the 38.2% Fib retracement level of the last drop from the $0.9322 high to $0.8195 low. Moreover, the 100 hourly simple moving average is positioned near the $0.8620 level. It means there is a major resistance forming near $0.8600-0.8620. Once there is a close above the stated $0.8620 level, there could be more gains in the near term.
On the downside, the price must stay above the $0.8200 level. If there is a close below the $0.8200 level, there can be a downside push towards $0.8000.
Bitcoin Cash (BCH)
This past week, we saw a fresh downside move below $1,250 in bitcoin cash price against the US Dollar. The price even traded and settled below the $1,200 support. It recently formed a low at $1,118 and is currently trading in a tiny range. It has moved above the 23.6% Fib retracement level of the last decline from the $1,286 high to $1,118 low. However, there are many resistances on the upside towards the $1,250 level.
An initial resistance is around the $1,200 level and the 100 hourly simple moving average. The stated $1,200 level is also the 50% Fib retracement level of the last decline from the $1,286 high to $1,118 low. Above the stated $1,200, there is a major bearish trend line forming with resistance at $1,220 on the hourly chart of BCH/USD. The trend line resistance is near the 61.8% Fib retracement level of the last decline from the $1,286 high to $1,118 low.
Therefore, it seems like the $1,200-1,220 resistance region is a crucial barrier for buyers. As long as the price is below $1,220, it remains at a risk of more declines in the near term. Below $1,100, the price may decline towards $1,050.
There was a short-term bottom formed around the $0.2900 level in ADA price against the US Dollar. The price started an upside move and traded above the $0.3000 level. It opened the doors for more gains and the price moved towards $0.3400. During the upside move, there was a break above a major bearish trend line with resistance at $0.3130 on the hourly chart of the ADA/USD pair.
The pair traded as high as $0.3369 and later it started a downside correction. It seems like the $0.3400 and $0.3500 levels are important resistance levels. ADA has declined below the 38.2% Fib retracement level of the last wave from the $0.2890 low to $0.3369 high. However, there are many supports on the downside around the $0.3000 level. More importantly, the broken trend line could act as a support near $0.3100. Furthermore, the 50% Fib retracement level of the last wave from the $0.2890 low to $0.3369 high is at $0.3133 to act as a support.
Therefore, as long as the price is above the $0.3100 level, it may rise once again. On the upside, the price must break the $0.3400 and $0.3500 resistance levels to gain upside momentum.
Let’s talk of possible spoilers for LTC now that buyers look to be firmly in charge. Fact is they are even feeding the 3rd phase of a typical bullish break out pattern.
Well, the first got to be possible resistance at around $220 which happens to be right around the 50% Fibonacci retracement level.
Today, I expect buyers to cross and sustain prices above it. If not, then a pull back towards the middle BB is on the cards. From there we can as well forget about prices testing $270 in the short term as LTC prices might be confined within $170 and $220 probably in a consolidation.
Over the past 2 days, IOTA valuation has been on the rise and that appreciation is evident from price action.
Of course, from my previous analysis, I remain neutral on this pair because prices are still a long way from $3, my main resistance line and buy trigger.
For now, even after yesterday’s early pump and failure to close above the middle BB, I still think buyers are in charge. As such, if there is a recovery and prices rise above $1.95 or above yesterday’s highs, bulls can buy and aim for $2.2 which is our immediate resistance.
The DASH market has rallied a bit initially during the trading session on Friday but found the $640 level to be too resistive to continue going higher. By rolling over the way it has, it looks as if we are going to continue to go lower, perhaps down to the $600 level. That’s an area that should be supportive, as the market has seen it bounce before. However, if we break down below the $600 level, this market will unwind a bit.
Monero XMR/USD is trading at 258. The cryptocurrency is traded below the lower boundary of the Ichimoku Kinko Hyo Cloud, indicating a bearish trend in Monero. Ichimoku Kinko Hyo Cloud near the level 265 is expected to be tested near the level of 265, from which we should expect a rebound and an attempt to continue the fall of the cryptocurrency with a target at the level of 195. An additional signal in favor of the drop will be a resistance level test.
Earlier, a weak signal was received for sell of Monero cryptocurrency, due to the crossing of signal lines at level 295. Cancellation of the option of falling quotes Monero will be a breakdown of the upper boundary of the Cloud Ichimoku Kinko Hyo with the closing of quotes above the area of 305, which indicates the change of the bearish trend in favor of the bullish trend. Expect to accelerate the fall in quotations XMR/USD is with the breakdown of the support area and the closure below the level of 245.