Archives for December 10, 2017

Key Highlights

• Ripple price is struggling to break the $0.2400 resistance is approaching a short-term break against the US Dollar.
• There is a contracting triangle forming with support at $0.2300 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair might make an upside move above $0.2400 as long as it is above the 100 hourly simple moving average.

Ripple price remains well supported against the US Dollar and Bitcoin. XRP/USD might soon clear the $0.2400 resistance for more gains.

Ripple Price Trend

There was no major move in Ripple price either above $0.2400 or below $0.2200 during the weekend against the US Dollar. However, the price remained well supported above the $0.2200 level. It recently traded close to the $0.2500 level from where a correction was initiated. It moved below the 38.2% Fib retracement level of the last wave from the $0.2050 low to $0.2489 high.

The downside move was protected by the $0.2200 support. Moreover, the 50% Fib retracement level of the last wave from the $0.2050 low to $0.2489 high also prevented declines. At the moment, the price is now above the $0.2300 support and the 100 hourly simple moving average. These are positive signs and it seems like there is a contracting triangle forming with support at $0.2300 on the hourly chart of the XRP/USD pair. The pair is slowly approaching towards the next break either above $0.2400 or below $0.2300.

As long as the pair is above $0.2300 and the 100 hourly SMA, there are chances of an upside break. On the flip side, a downside break below $0.2300 would call for a test of the $0.2050 low.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is now moving nicely in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level and is moving higher.

Major Support Level – $0.2300

Major Resistance Level – $0.2400

 

Charts courtesy – Trading View, Kraken

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Key Points

• Bitcoin cash price is recovering from the $1205 low against the US Dollar, but it is facing many resistances.
• There is a crucial bearish trend line forming with resistance at $1410 on the hourly chart of BCH/USD (data feed from Kraken).
• The price might struggle to move above the $1400-1410 resistance area in the near term.

Bitcoin cash price is recovering from $1200 against the US Dollar. BCH/USD has to move above the $1400 resistance zone to recover further.

Bitcoin Cash Price Resistance

There were a couple of downsides swing moves in bitcoin cash price this past week towards $1200 against the US Dollar. The main reason was BTC/USD’s sharp rise above $17,000. BCH declined and tested the $1200 support area. However, buyers were able to protect further declines and pushed the price back above $1250. The price also traded above the 50% Fib retracement level of the last decline from the $1500 high to $1205 low.

At the moment, the price is trading above the $1350 pivot and the 100 hourly simple moving average. It seems like the 61.8% Fib retracement level of the last decline from the $1500 high to $1205 low at $1385 is acting as a resistance and preventing gains. Above $1385, there is a crucial bearish trend line forming with resistance at $1410 on the hourly chart of BCH/USD. Therefore, it seems like the $1400 resistance zone is very important and a break above it won’t be easy.

Moreover, the $1440 level is also a major resistance above the mentioned $1400. On the downside, the $1350 level is an initial support followed by $1320. The most important support on the downside remains at $1200.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is moving nicely in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well above the 50 level.

Major Support Level – $1320

Major Resistance Level – $1400

 

Charts courtesy – Trading View, Kraken

The post Bitcoin Cash Price Technical Analysis – Can BCH/USD Recover Further? appeared first on NEWSBTC.

LTC bulls are marauding and as it is, the first take profit level at $155 no longer holds. Concurrently, we are seeing some price recovery in NEM Monero and DASH as they try to move higher with a stochastic buy signal.

Of the five alt coins under our consideration, it is IOTA whose volatility remains muted but should there be a close above the wedge where it is moving in, bullish trend might resume.

Let’s look at the charts:

NEM PRICES STABLE AND MOVING HIGHER

Interesting events happened towards the end of last week, the whipsaws after what is appearing to be a perfectly executed insider trading to me. Well, it sunk and the next day prices were testing the moon.

At current prices, NEM prices are trading low and bouncing off the 20 period MA with a stochastic buy signal in place.

Previous resistance now support is also acting as a reliable prop for bulls and the way it is, NEM bulls might continue moving up towards $0.676 resistance line.

AFTER A TRIPLE BOTTOMS, DASH EDGE HIGHER

DASH prices are bullish. With every higher high it makes, the ultimate bull target of $820 and $1050 get closer.

At the moment, DASH is pushing higher after bouncing from the triple bottoms with a stochastic buy signal in place. We also have the minor resistance trend line connecting December 3 and 9 highs as our next resistance line.

Any close above that and the 20 period MA means bull pressure is on.

20 PERIOD MA ACTING AS STRONG IOTA SUPPORT LINE

We are in a strong bull run as per the weekly chart momentum. However, as per recent price action IOTA bulls have been slowing down. Matters of fact, prices are now moving inside a wedge.

There is some good news though, if these higher highs continue in the next sessions now that there is a stochastic buy signal in place, chances of the resistance trend line defining the upper limit of the wedge might be broken.

For now, we wait for a confirming bull candlestick to close above the 20 period MA before we buy.

MONERO BULLS CLOSE IN ON $300

Monero bears eventually managed to close below the 20 period MA after days of sustained buy pressure which saw prices touch $300.

No doubt that the general trend is bullish and as it is every dip is a buying opportunity.

Well, there is a dip and now we have a stochastic buy signal in place. However,  we are waiting for higher highs and close above the 20 period MA and the minor resistance trend line to confirm our entry.

After December 10 bearish over-extension we are seeing price recovery. As it is, any swing past $265 means we enter long and aim December 6 highs of $300.

LTC BULLS TRADING ABOVE $150

Fundamentals are driving LTC bulls and as such we shall only use technicals as entries for out buy trade.

With a $50 added over 2 days our strategy is simple. We shall look to enter at any retest of the 20 period MA when there is a stochastic buy signal.

In the weekly chart, LTC price action is oscillating above the first take profit level target at $155. This is all courtesy of  Fibonacci extension levels and it makes  $155 our immediate support level.

All charts courtesy of Trading View

The post LTC BULLS DRIVING PRICES HIGHER TECHNICAL ANALYSIS December 11, 2017 appeared first on NEWSBTC.