Daily Crypto Technical Price Analysis – Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Ripple
Defending the February low of $6,000 till now, Bitcoin gave some space to breathe for intraday and short-term traders with an opportunity to gain 10% swing pull from the respective level. Let’s look further what we have in store for the traders:
Bitcoin is representing a gain of about 4% in last 24-hours.
Observing into the chart above, BTC gave a momentum rally of ~5% yesterday post crossing the intraday resistance of $6,500 and made a high of $6,849 till present. As we mentioned even in our previous analysis, Bitcoin will face selling on every rise and the respective strong resistance faced would be seen between the range of $6,900 – $7,000. The resistance level is formed out of lower high’s pattern which also collides with the 20-day EMA.
Any breach above $7,000 will get BTC a momentum upto $7,500 where again it will face selling pressure. The outlook looks bearish unless BTC gains any momentum above it’s most important mid-term resistance of $8,000.
Conclusion: $6,000 – $7,000 will likely not be crossed and Bitcoin might retest lower support. Any break-down below the 2018 all-time low will get BTC plunge down to $5,400 for any support. The rising price acceptance on the lower level since a week has been a worry for the bulls.
Ether is representing a gain of about 4.7% in last 24-hours. Moving back inside the descending channel, ETH has seen some retraction against it’s intraday support level of $450. The 2nd ranked cryptocurrency by market capitalization is trading right under the shadow of the resistant line of the descending channel.
Ether is likely to face resistance against the line depicted in the chart above which also lies close to the 20-day EMA and so, the range of $535 – $550 accumulates strong bearish signals on rising.
Conclusion: Ether should face resistance at the given range mentioned above and is likely to test back it’s lower levels of support. A breach of $550 will open up a momentum opportunity for bulls to gain another 10-12% above the said level. However, even post the breach – the upward momentum up to $635 will not be a cakewalk. ETH will turn positive only if it accumulates strength to cross over $650 and close above the same for a day.
* S – Support, R – Resistance*
* EMA – Exponential Moving Average*
Detailed price report for Cryptocurrencies are as follows:
Traders can smartly use their skills and can refer to the technical levels above to make their own optimized trade decisions. Happy Trading!
If you missed our last report, please read here.
This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choice when deciding if an investment is appropriate.
The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.
Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum etc.are very speculative and are subject to market risks. The analysis by Author is for informational purpose only and should not be treated as an investment advice. This report is for educational purpose only.