Cryptocurrencies review for March 8th

Ετοιμαστείτε…..
March 8, 2018
Σημάδια ανάκαμψης….
March 11, 2018

BTC/USD Bitcoin

I’m bearish Bitcoin. Although staying above the broken green trend line and back testing it is a good sign, the rise from the February lows is NOT impulsive. This bounce is most probably a part of a bigger downward correction. Support is at 9270$. Break it and we should be falling hard towards 7840$. New lows would then be expected. Resistance and double top is at 11600-11700$. Bulls need to break above this area to hope for the resumption of the up trend.

LTC/USD Litecoin

After an impulsive rise from 100$ to 250$, we expected a pull back towards 159$. It seems we are going to reach our target. We now wait and see what happens then.

XRP/USD Ripple

In our last analysis about XRP/USD I noted that the bounce was very weak and we should expect a bearish reversal. The bounce could not even get to the 38% Fibonacci level. Price has since then turned lower as expected and is making lower lows and lower highs. For trend to change back to bullish we need to see a break above 1.085$

ETH/USD Etherium

In our last analysis I showed a bearish Head and Shoulders pattern that was being formed. I also noted that the rise from February lows was not impulsive and that it would most probably be seen as a wave X before the new downward wave starts. So far price has broken below the neck line support and got rejected at the black downward sloping resistance trend line. Nothing bullish here as well.

 

Thank you for taking the time to catch up on my thinking.

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.