March 1, 2018, Price Analysis: USD / Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), IOTA (MIOTA), Dash (DASH), Monero (XMR): The movement of cryptocurrencies continues to be range bound. This is the reason why investors are looking for a breakdown either on the bullish side or on the bearish side.
Some of the cryptocurrencies like Litecoin look much more stronger on the technical charts as compared to the other cryptocurrencies. We will today share with you the latest technical analysis of most of the cryptocurrencies.
USD / Bitcoin (BTC):
The 100 SMA is below the longer-term 200 SMA to suggest that the path of least resistance is to the downside. This signals that a break of support is possible, likely sending bitcoin price down by the same height as the chart pattern. However, the gap has narrowed significantly to show that an upward crossover is underway.
In that case, a bounce off support could take bitcoin price back up to the triangle resistance or even on a breakout. The moving averages line up with the support zone, adding to its strength as a floor as well.
Stochastic looks ready to turn higher, also another signal that buying pressure could return. However, RSI has some room to fall so sellers could stay in control for a bit longer.
There was a minor downside wave initiated in ETH price from the $876 swing high against the US Dollar. The price declined and traded below the $860 and $862 support levels. During the downside, there was a break below a short-term bullish trend line at $863 on the hourly chart. Moreover, there was a close below the $860 support and the 100 hourly simple moving average, which is a negative sign.
A low was formed at $835 from where the price started an upside correction. It is currently testing the 23.6% Fib retracement level of the last drop from the $876 high to $835 low. However, the 100 hourly SMA is acting as a resistance near $852 and is prevented gains. On the upside, there is a connecting bearish trend line forming with resistance at $865 on the hourly chart of ETH/USD. An intermediate resistance is the 50% Fib retracement level of the last drop from the $876 high to $835 low.
Therefore, if the price corrects higher, it may face sellers near the $860 and $862 resistance levels. On the downside, a break below the recent low of $835 may call for more declines towards $800 and $785.
There was a minor upside move from the $0.8900 swing low in Ripple price against the US Dollar. The price traded higher, but it was not able to break the $0.9100 resistance. It also failed to near the 100 hourly simple moving average and declined below $0.9000. There was an hourly close below the $0.9000 support and the 100 SMA, which is a bearish sign.
The recent low was formed at $0.8749 and the price seems to be holding the $0.8800 support. An initial resistance on the upside is around the 23.6% Fib retracement level of the last decline from the $0.9596 high to $0.8749 low. There is also a connecting bearish trend line forming with resistance at $0.9100 on the hourly chart of the XRP/USD pair. Moreover, the trend line resistance is close to the 38.2% Fib retracement level of the last decline from the $0.9596 high to $0.8749 low. Therefore, if the price corrects higher, it may face sellers near the $0.9100 resistance level.
On the downside, a break below the $0.8800 support could ignite more declines. The next major support is at $0.8400 followed by the $0.8200 level.
Bitcoin Cash (BCH):
There was no upside move above $1,250 in bitcoin cash price yesterday against the US Dollar. The price started a downside move and traded below the $1,240 and $1,220 support levels. The decline gained pace and the price even traded below the $1,200 support level. During the slide, there was a close below the 50% Fib retracement level of the last upside move from the $1,125 low to $1,283 high.
More importantly, there was a close below $1,200 and the 100 hourly simple moving average. It has opened the doors for more losses below the $1,150 level. At the moment, the price is testing the 61.8% Fib retracement level of the last upside move from the $1,125 low to $1,283 high. On the upside, there is a key bearish trend line forming with resistance at $1,225 on the hourly chart of BCH/USD. Therefore, if the price corrects higher, it may face sellers near the $1,220 and $1,225 resistance levels.
On the downside, a break and close below the $1,180 support level could push the price towards $1,150. An intermediate support is near the 76.4% Fib retracement level of the last upside move from the $1,125 low to $1,283 high at $1,162.
Evidently, LTC bears are still in control and so far, LTC is down $30 from recent highs.
It is likely that this trend might continue and even if there is a recovery, then it might retests highs of $220 or there about before bears step on the gas.
At the moment, buyers might have to wait until prices retest the middle BB in the daily chart before thinking of entering this trade.
If not, and say there is a spike above yesterday’s highs of around $225, then bulls may resume their long entries as there will be a shift of trend. Before then, patience remains a valuable asset.
Now, this retracement is not a surprise. It actually happens after every spike and after February 27 rapid move, a correction of the obvious over extension in lower time frames was inevitable.
What is important as per our analysis is how IOTA buyers react at the middle BB, our key support, in the 4HR chart.
In the daily chart, there is a duplication of the same move-as in the 4HR chart- and the middle BB at $1.87 remains a very good anchor for bulls who should be buying on dips. Any price recovery past $1.95 means buyers are back on track. Source: https://www.newsbtc.com
DASH traders sold off as well, dropping down towards the $600 level. This is an area that begins a significant support extending down to the $575 level. I think that the market will find plenty of buyers down in that area, and I think that given enough time we will bounce enough to reach towards the $650 level. If we break above there, the market will extend to the $740 level. If we break down below the $575 level, the market will probably go down to the $550 level, perhaps even as low as $500.
Monero traders went sideways during the session initially on Wednesday, as the $300 level offered a significant amount of resistance. We broke down from there and it now looks as if we’re going to go down to the $280 level, perhaps even down to the $265 level. Ultimately, that’s an area that I think should bring in buying pressure, but we need Bitcoin and Ethereum to turn around before we can start putting money to work in Monero [source: https://www.fxempire.com