Best of the Week
Most Popular
1. Gold Final Warning: Here Are the Stunning Implications of Plunging Gold Price - P_Radomski_CFA
2.Fed Balance Sheet QE4EVER - Stock Market Trend Forecast Analysis - Nadeem_Walayat
3.UK House Prices, Immigration, and Population Growth Mega Trend Forecast - Part1 - Nadeem_Walayat
4.Gold and Silver Precious Metals Pot Pourri - Rambus_Chartology
5.The Exponential Stocks Bull Market - Nadeem_Walayat
6.Yield Curve Inversion and the Stock Market 2019 - Nadeem_Walayat
7.America's 30 Blocks of Holes - James_Quinn
8.US Presidential Cycle and Stock Market Trend 2019 - Nadeem_Walayat
9.Dear Stocks Bull Market: Happy 10 Year Anniversary! - Troy_Bombardia
10.Britain's Demographic Time Bomb Has Gone Off! - Nadeem_Walayat
Last 7 days
Want To Earn A Safe 5% In Fixed Income? Buy Preferred Stocks - 24th April 19
Can Gold Price Rise Without a Rate Cut?  - 24th April 19
Silver’s Next Big Move - 24th April 19
How Can a College Student Invest Wisely? - 24th April 19
Prepare For Unknown Stock Market Price Action As New Highs Are Reached - 23rd April 19
Silver Plays a Small but Vital Role in Every Portfolio - 23rd April 19
Forecasting 2020s : Two Recessions, Higher Taxes, and Japan-Like Flat Markets - 23rd April 19
Gold and Silver Give Traders Another Buying Opportunity - 23rd April 19
Stock Market Pause Should Extend - 21st April 19
Why Gold Has Been the Second Best Asset Class for the Last 20 Years - 21st April 19
Could Taxing the Rich Solve Income Inequality? - 21st April 19
Stock Market Euphoria Stunts Gold - 20th April 19
Is Political Partisanship Killing America? - 20th April 19
Trump - They Were All Lying - 20th April 19
The Global Economy Looks Disturbingly Like Japan Before Its “Lost Decade” - 19th April 19
Growing Bird of Paradise Strelitzia Plants, Pruning and Flower Guide Over 4 Years - 19th April 19
S&P 500’s Downward Reversal or Just Profit-Taking Action? - 18th April 19
US Stock Markets Setting Up For Increased Volatility - 18th April 19
Intel Corporation (INTC) Bullish Structure Favors More Upside - 18th April 19
Low New Zealand Inflation Rate Increases Chance of a Rate Cut - 18th April 19
Online Grocery Shopping Will Go Mainstream as Soon as This Year - 17th April 19
America Dancing On The Crumbling Precipice - 17th April 19
Watch The Financial Sector For The Next Stock Market Topping Pattern - 17th April 19
How Central Bank Gold Buying is Undermining the US Dollar - 17th April 19
Income-Generating Business - 17th April 19
INSOMNIA 64 Birmingham NEC Car Parking Info - 17th April 19
Trump May Regret His Fed Takeover Attempt - 16th April 19
Downside Risk in Gold & Gold Stocks - 16th April 19
Stock Market Melt-Up or Roll Over?…A Look At Two Scenarios - 16th April 19
Is the Stock Market Making a Head and Shoulders Topping Pattern? - 16th April 19
Will Powell’s Dovish Turn Support Gold? - 15th April 19
If History Is Any Indication, Stocks Should Rally Until the Fall of 2020 - 15th April 19
Stocks Get Closer to Last Year’s Record High - 15th April 19
Oil Price May Be Setup For A Move Back to $50 - 15th April 19
Stock Market Ready For A Pause! - 15th April 19
Shopping for Bargain Souvenirs in Fethiye Tuesday Market - Turkey Holidays 2019 - 15th April 19
From US-Sino Talks to New Trade Wars, Weakening Global Economic Prospects - 14th April 19
Stock Market Indexes Race For The New All-Time High - 14th April 19
Why Gold Price Will “Just Explode… in the Blink of an Eye” - 14th April 19

Market Oracle FREE Newsletter

Top 10 AI Stocks Investing to Profit from the Machine Intelligence Mega-trend

March 2019 Cryptocurrency Technical Analysis

Currencies / BlockChain Mar 22, 2019 - 05:25 PM GMT

By: Umer_Mahmood

Currencies Although cryptocurrencies lost significant value during 2018, most of the major tokens had a decent performance so far in 2019. Today we’ll look at Bitcoin, Ether, and Litecoin, in order to help you understand the price action context and potentially find some good trading opportunities.

BTCUSD (Coinbase chart)

Those of you familiar with online trading on cryptocurrencies, already know that Bitcoin started to edge higher since December 15th. Widely known as the “Santa rally”, this seasonal occurrence proved to be right for the major cryptocurrency.

Even though the price had moved sideways for a considerable amount of time, it’s worth to mention that Bitcoin spent a significant amount of time above the 4h chart 200 moving average. Since February 8th, no breakout below the MA took place, which is encouraging for the near term prospects.

Bitcoin technical analysis 2019


As you may notice from our chart, the Bitcoin price seems to be moving inside an ascending channel, and we expect the price action to gradually move towards the $4,200 key resistance area. Short-term breaks below the 200 MA should be capped by the ascending trend line and unless a breakout below the triangle will occur, Bitcoin seems poised for further gains.

ETHUSD (Bitfinex chart)

Same as Bitcoin, Ether bottomed out around the $85 level in mid-December, and since then it managed to gradually move higher, banking almost 100% in gains at a particular point in February.

Ether technical analysis 2019


However, the upside had been capped around the $166 resistance area, as we can notice strong selling interest emerging twice so far. If buyers will be able to push the price action towards the resistance, we suspect strong supply will be placed around it, considering that it comes in confluence with the daily 200 moving average – considered to be a dividing line between bullish and bearish territory.

On the other hand, if Ether will weaken, we could see support around an ascending trend line confirmed by two points, or if a break lower occurs, the next target should be around the 2018 lows.

LTCUSD (Coinbase chart)

Out of all the major cryptocurrencies, Litecoin is by far the best performing, banking an impressive 250% return since mid-December. The price action broke above the daily 200 moving average and also above a previous floor, formed by the $47.1 and $47.6 levels.

It’s encouraging to see the price above the 200 MA, which communicates a strong interest from the bulls. Still, we could see attempts from the sell side and the floor mentioned above is expected to act as a support zone. Only a breakout below it and below the moving average will negate the current bullish view.

Litecoin technical analysis 2019


On the other hand, if the price action will continue to edge higher, we suspect the $73 are will act as a resistance zone and some profit taking might be seen there.

By Umer Mahmood

© 2019 Copyright Umer Mahmood - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

© 2005-2019 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules