February 28, 2018, Price Analysis: USD / Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Cardano (ADA), Litecoin (LTC), IOTA (MIOTA), Dash (DASH), Monero (XMR)
Most of the cryptocurrencies are just in a range from the last 48 hours. This is the reason why traders are looking extensively at the trading indicators in order to find out whether they can break this range.
We look into some of the technical indicators of these cryptocurrencies to figure out which direction they would go in next.
USD / Bitcoin (BTC):
The 100 SMA has crossed above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. In other words, bulls are gaining traction and could allow the uptrend to resume.
The 38.2% Fib extension level lines up with the swing high around $11,000 while the 50% level is closer to the channel resistance and long-term area of interest at $12,000. The 61.8% extension is at $12,879.30 and the 76.4% extension is at $13,737. The full extension is at $15,123.30.
Stochastic is indicating overbought conditions, though, and looks ready to turn lower to reflect a return in selling pressure. RSI has some room to climb but is closing in the overbought region as well.
There was a slow and steady rise in ETH price above the $850 level against the US Dollar. The price traded higher and moved above the $865 resistance. It traded as high as $884 before starting a downside correction. There was a downside move and the price traded below the $870 level. A low was formed at $855 where buyers appeared and prevented further declines.
A fresh upside wave was initiated and the price traded above the 23.6% Fib retracement level of the last decline from the $884 high to $855 low. On the downside, there is a connecting bullish trend line forming with support at $862 on the hourly chart. The pair is currently facing resistance near $875 and the 61.8% Fib retracement level of the last decline from the $884 high to $855 low. Once there is a close above the $875 level, the price may move above the recent high of $885. Above $885, the price may even break the $900 resistance.
If the price fails to move above $885, there could be a downside reaction. A break below the trend line support at $862 may perhaps ignite more declines. Any further losses would push the price towards the $825 level in the near term.
There was a nice bullish trend formation above $0.8000 this week in Ripple price against the US Dollar. The price traded higher and it was successful in breaking the $0.8400 and $0.8500 resistance levels. It also succeeded in closing above the $0.8600 level and the 100 hourly simple moving average. These are positive signs and it means that the price may continue to move higher towards $0.9500 in the near term.
During the upside move, there was a break above a crucial bearish trend line with resistance at $0.8700 on the hourly chart of the XRP/USD pair. The pair traded as high as $0.9062 where it faced sellers and started a downside correction. It traded below the 23.6% Fib retracement level of the last wave from the $0.8239 low to $0.9062 high. However, the downside move was protected by the $0.8750 support. Moreover, there is also a major support near $0.8600. The stated level is close to the 50% Fib retracement level of the last wave from the $0.8239 low to $0.9062 high.
Therefore, the $0.8600 level is a major buy zone. As long as the price is above $0.8600, it may perhaps rise again towards $0.9500 or even $0.9800 in the near term.
Bitcoin Cash (BCH):
There was an attempt recently to move above the $1,280 and $1,290 resistance levels in bitcoin cash price against the US Dollar. However, the price faced a lot of sellers near $1,290 and it could not move above the $1,300 level. As a result, there was a downside move and the price broke the $1,250 support. There was also a break below the 23.6% Fib retracement level of the last wave from the $1,125 low to $1,282 high.
The downside move is currently finding support near $1,220. There is also a short-term connecting bullish trend line forming with support at $1,220 on the hourly chart of BCH/USD. Moreover, the 38.2% Fib retracement level of the last wave from the $1,125 low to $1,282 high is acted as a support. If the pair fails to stay above the $1,220 level, it could test the 100 hourly simple moving average. An intermediate support is around the 50% Fib retracement level of the last wave from the $1,125 low to $1,282 high.
On the upside, a break above the $1,280-90 zone is needed for more gains. Above $1,290, the price may perhaps move above $1,300 for a test of $1,350.
There was a steady rise initiated in ADA price from the $0.2900 swing low against the US Dollar. The price made a nice upside move and traded above the $0.3000 and $0.3100 resistance levels. There are many positive signs emerging since the price is now above $0.3250. However, there is a major resistance near the $0.3400 level, which must be breached for more gains.
There was a high formed at 0.33669 recently from where a downside correction was initiated. ADA declined and moved below the 50% Fib retracement level of the last wave from the $0.2948 low to $0.3370 swing high. The downside move was protected by the $0.3000 support. Moreover, the 76.4% Fib retracement level of the last wave from the $0.2948 low to $0.3370 swing high also acted as a support. The current price structure is positive above the $0.3200 level. It seems like there is a major contracting triangle forming with resistance at $0.3330 on the hourly chart of the ADA/USD pair.
The pair must break the triangle resistance at $0.3330 to gain upside momentum. Above $0.3330, the next major resistance is around the $0.3400 level. A proper close above $0.3400 could trigger an upside wave towards the $0.3800 and $0.4000 levels.
Sellers are still pushing prices lower and despite potential support at the 20 period MA at around $200 and $210 in the 4HR chart, yesterday’s bearish candlestick may as well push prices lower towards $180.
Remember, a single glance at the daily chart shows a mid-range Morning star pattern after yesterday’s bearish confirmation of February 26 bear pin bar.
LTC sellers should look to sell especially if there is any dip below $205 in the 4HR chart, that just below the middle BB.
With that humongous bull candlestick deflating all misinformation and DCI FUDs, IOTA proponents and bulls are upbeat.
Of course, our bullish inclination has come to pass. There is a clear break and close above the middle BB clear in the daily chart and that is obviously important for our analysis.
Now, from yesterday’s forecast, our first level of take profit looks likely to be hit and any higher high today means we might have to move our stops to break and consequently shift our consecutive bull targets to $3.
That’s right at the upper limit of this $1 tight resistance zone and our bull trigger.
DASH traders went back and forth during the trading session on Tuesday, as the $650 level has offered resistance. If we can break above that level, it’s likely that the market should continue to go higher, perhaps reaching towards the $750 level. I believe that the market has plenty of support underneath as well, and it looks likely that the $600 level could offer a bit of support. I also see support below at the $575 level, so therefore it’s likely that we continue to see a bit of a basing pattern. If we were to break down below the $570 level, that would be extraordinarily negative and send this market lower.
Monero rallied initially during the day on Tuesday, but as I record this we are giving back quite a bit of the gains. I think there is plenty of support below though, especially near the $280 level, an area that has previously been resistive. I think we are going to try to reach towards the $325 level above, an area that has been resistance more than once. Buying on the dips continues to be the way.