Cryptocurrencies remain under pressure

Πηδώντας στις..κορυφές
February 2, 2018
Πιάσαμε το “τηλεφωνικό” σήμα…
February 5, 2018

Our 4 major cryptocurrencies we are monitoring continue to trade under heavy selling pressure. In some cases the price bounce we saw last week was followed by new lows….in all 4 cases prices bounced towards resistance levels and got rejected. No major trend line resistance was broken so no reversal confirmation yet.

BTC/USD Bitcoin

Has reached our December target. Trend remains bearish. No sign of reversal. Resistance that bulls must break is at 10200$. Price has reached the 61.8% Fibonacci retracement of the entire rise in price of Bitcoin. I believe, if this coin has the future many people believe it has, it must reverse to the upside very soon and start its next leg higher.

ETH/USD Etherium

Has revered right where we wanted and is approaching our target. Trend clearly bearish. Nothing new to add. Resistance that bulls must break is at 1000$.

XRP/USD Ripple

The worst coin of the 4 according to my technical view. Has broken twice below the 78.6% Fibonacci retracement of the entire rise. Has made very shallow bounces so far…It would not surprise me to see it back to October-November price levels.

LTC/USD Litecoin

Nothing bullish here either. Price remains inside a bearish channel, bounced towards resistance and got rejected. A break below 97-95$ could bring it even lower towards 50$. It is clear that bulls need to break 175$ for the trend to reverse to the upside.

 

 

Be careful when trading these beasts….have a great week everyone

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.