Cryptocurrencies under pressure, only LTCUSD differentiates from the rest

Στον απόηχο της αναβάθμισης
February 22, 2018
Pound Dollar at major resistance
February 26, 2018

BTC/USD Bitcoin

Bitcoin got rejected at our resistance trend line. This is not a good sign for bulls. However price form since the lows has many impulsive characteristics and this could be the start of a new up trend. What Bitcoin bulls want to see next? They want to see a higher low and an upward reversal that will eventually break above the green trend line resistance. Bitcoin bulls do not want to see price break below the 61.8% Fibonacci retracement support of the latest rise.

XRP/USD Ripple

The shallow bounce towards the 23.6% Fibonacci retracement was the first sign that the upward bounce was weak and a reversal lower would soon follow. I warned you about it on time. I expect new lows here. A break above the recent high will open the way for a bounce higher towards the 38% Fibo level.

ETH/USD Etherium

Corrective price action here as well. We also see a potential head and shoulders pattern being formed. Neckline support is at 788$. Break below it on a daily close basis and we have short-term target around 570$.

LTC/USD Litecoin

The only one from the 4 that might have limited downside left. Price was expected to pull back towards the 61.8% Fibo level and back test the broken wedge pattern. It has only retraced to the 38% Fibo level. This is a sign of strength. Support is at 194$ and next at 183$. Break below them and we are off towards 160$. Resistance is at 251$. Break the highs and we can see the 400$ level.

Have a great week ahead everyone…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.