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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

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

Source: tradingview.com

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

Source: tradingview.com

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

Source: tradingview.com

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 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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