Bitcoin (BTC / USD), Ethereum (ETH / USD), Litecoin (LTC / USD), Technical Analysis – Call Points
- The target for cryptocurrencies has been higher since the lowest time in July
- The momentum is pulling in Bitcoin, Ethereum and Litecoin risk
- What are the main technical levels to follow in the near future?
Bitcoin technical outlook
Bitcoin has risen about 70% since prices fell to their lowest level in July. The cryptocurrency has reversed more than 50% of the sharp decline from April to May. BTC /USD seems to be trading above a bullish Rising wedge scheduling. Although the pattern may suggest a peak if prices fall and are confirmed, BTC’s near-term uptrend will remain intact.
This is underlined by the bullish crossover between the 50-200-day moving mobile average (SMA). However, there are a few warning signs that advise you to proceed with caution. The first is the bear Falling star candlestick pattern. This is a sign of indecision, but so far prices have not been able to find a negative confirmation. Meanwhile, the negative difference in RSI indicates that the rate of increase is fading.
Daily closing below the Fibonacci withdrawal center (46849) reveals a 38.2% level of 42589. Further losses may then focus on SMAs, which may reverse the focus. Otherwise, the BTC / USD could prepare itself to retest the current low levels in 2021. Continuing the upward trend, a 78.6% increase at 57,173 reveals an all-time high of 64,899.
BTC / USD – daily schedule
Technical perspective of Ethereum
Ethereum is also reversing most of the sharp decline earlier this year, rising to about 90% after reaching a low in July. Recently, the momentum has slowed significantly, highlighted by the sharp negative difference in RSI on the daily chart below. This may precede the ETH / USD turning point. Confirmatory closure under a 20-day SEA would reveal a 50-day line.
Nevertheless, a bullish crossover between moving averages offers upside biases. They can come into play at a lower turn, acting as the main fulcrum. Climbing above 61.8% Fibonacci extension levels continues the upward trend. It could focus 78.6% on point 3806 to an all-time high of 4380. Otherwise, removing the 50-day SMA could open the door to retest the 1701-1840 support zone.
ETH / USD – daily schedule
Litecoin technical outlook
Litecoin has had difficulty tracking material after Bitcoin and Ethereum in July after bottom fishing. There is also a negative difference in RSI, warning that maps may have a lower turn. Nevertheless, the bullish crossover of 20-50-day SMAs offers a technical bias. Closing above the immediate obstacle at 191.73 reveals a turning zone of 207-223 towards the February peak of 246.49. Falling below the 50-day line may open the door for re-viewing of the support zone 104-112.
LTC / USD – daily schedule
– Written by Daniel Dubrovsky, Strategist For DailyFX.com
Use the or comments section below to contact Daniel @ddubrovskyFX Twitter