After dropping significantly last month, the cryptocurrency market took another plunge downwards. Let’s take a look at some of our favorite cryptocurrencies – Bitcoin, Ethereum, Litecoin – and see if the charts tell us anything.
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Bitcoin Price Analysis (BTC/USD)
Within the last 24hrs, BTC/USD pair has dramatically fallen back to trade below $8000.00. That was due to the high volatility that corresponded to further downside move in the short-term. Nevertheless, the BTC/USD pair began the session trading at $8223.64, where it, later on, closed the session trading at $7969.89 that showed an intraday loss of about 3.09%.
The dip was massive that could most likely affect other altcoins since investor’s sentiments is likely to reduce. However, at the press time, BTC/USD pair is now holding firm support above $7952.00, but there seems to be a struggle to break below the support level. The technical indicators also reflected the bearish signal. With the long-term SMA above the short-term SMA and the RSI gravitating in the oversold region. That shows a high increase in selloffs.
Bitcoin Price Prediction (BTC/USD)
Failure of the price to stabilize above $8000.00 level gives a high chance for imminent further downside correction towards $6000.00. Conversely, since the RSI is pointing north, a price recovery towards $8350.00 is likely.
Ethereum Price Analysis (ETH/USD)
Failure for ETH/USD pair to continue higher above $174.3974 resistance level resulted in a sharp fall that corresponded to intense bearish pressure over the intraday. Besides, the descending trend line formed (A) confirmed the bearish trend. ETH/USD pair began the session trading at $174.5019. That was followed by a dramatic fall that dipped the price by the help of a bearish accumulative candle to an intraday low of $164.1651 at around 03:00.
The dip, therefore, defined the current price at $166.1064 that translated to a 24hrs loss of 4.9%. There was a medium-term consolidation phase above $170.8487 that consolidated losses. Currently, the popular coin is testing $165.8885 level. Thus a break below may extend the downside move. On the upside correction, a clear break above the short-term SMA, and a close above $167.2595 is needed.
Ethereum Price Prediction (ETH/USD)
Since most indicators are now suggesting a bearish sign, with the long-term SMA above the short-term SMA and the RIS currently below the oversold region. A short-term period of consolidation is imminent before further downside move towards $150.0000 level.
Litecoin Price Analysis (LTC/USD)
LTC/USD pair has also been beaten up by the bears over the past 24hrs. LTC market is today crying losses as the pair’s price has dropped by 4.3% after having escalated from the opening session at $54.8037 to now changing hands at $52.4480. Unfortunately, in the market, there are descending channels formed that suggested a sharp increase in buying interest.
Looking at the technical, the bears seemed to hold the throne, with both moving averages suggesting negative sign and the RSI that lies in the oversold region also suggests the same. However, if the RSI indicator manages to scale up above average, then better digits above $55.000 could be seen. Therefore a break above the upper channel could give rise to a bullish trend.
Litecoin Price Prediction (LTC/USD)
With the RSI currently pointing north, it is a high probability for an upside correction towards $60.000 in the near term. Conversely, a break below the lower channel could lead to a downside break below $40.000.
Cryptocurrency Charts By Tradingview
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.