Daily Crypto Analysis - 14th Feb - Technical AnalysissteemCreated with Sketch.

Bitcoin

Bitstamp:BTCUSD 1h
(Bitstamp:BTCUSD 1h)

Bitcoin has broken through the historical resistance and is moving to retest the $9490 resistance level. Normally we'd expect this to trigger the start of a new bull run but, apart from the initial spike, volume remains very low.

Bitstamp:BTCUSD 4h
(Bitstamp:BTCUSD 4h)

This is a similar pattern to some of the other fake-outs we've seen recently, on the 20th and 29th of Jan. Unless volume can pick up significantly or we see a strong bounce off support, I remain fairly sceptical of this breakout.
These fake-outs are used to encourage extra market action, so large entities can sell off at higher prices. This is a common tactic used by institutions or "whales".


Ethereum

Bitstamp:ETHBTC 4h
(Bitstamp:ETHBTC 4h)

Ethereum looks to be finding support around 0.0960 on the ratio, with a bit of a bounce after a recent test. Volume still remains low, so another retest or two of this level should form a nice consolidation range, ready for a retest of highs in the next few weeks.


Bitcoin Cash

Poloniex:BCHBTC 1h
(Poloniex:BCHBTC 1h)

After continuing its slow descent, Bitcoin Cash saw a sharp rejection of the 61.8% support. In terms of Wyckoff Analysis, the drawn out slow descent would be viewed as the "creek", which intends to wear down bulls so they sell low. This was followed by the "spring", down to the 61.8% retracement, to shake out the last of the weak hands. This would suggest that we are entering the later stages of a re-accumulation phase, so the next leg of the bull run can be expected after a little more consolidation nearer highs.


NEO

Binance:NEOBTC 1h
(Binance:NEOBTC 1h)

Neo is still holding its support level and has had low volatility for the last 2 days, making it a good fit for a consolidation zone. The trading range may become a little wider over the next few days, but if we stay in this rough area and volume continues to drop, then this will make a very attractive buying opportunity.


Cardano

Bittrex:ADABTC 1h
(Bittrex:ADABTC 1h)

Cardano continues its never ending march into the floor, and is now retesting the 4023 support. Past this, the next support comes at 3961 with the 76.8% retracement of the macro trend. Past that, 3700 marks the 100% retracement of this recent trend.
If none of the supports hold, then its looking quite bearish in the medium term, as further support levels are few and far between.


Litecoin

Poloniex:LTCBTC 1h
(Poloniex:LTCBTC 1h)

Just as expected, Litecoin finally broke upwards on very high volume. The move blasted through the original target of 0.02226 (100% extension) to reach as high as the 127% extension, which is a common level for a large bullish leg.
On the second leg up of the move, we can see bearish divergence on both the RSI and MACD, along with a drop in volume. This suggests that it has gone as high as it can for the short term and the party is over. We'll have to wait and watch for its next consolidation pattern ready to catch the next leg up.

Poloniex:LTCBTC 4h
(Poloniex:LTCBTC 4h)

On the higher time frame, we see no bearish divergence on the RSI nor the MACD, so this bull run is not ready to pack yet. So we can expect a new bullish leg once we've consolidated a bit from this movement.


Disclaimer

I will do my best to give unbiased, objective analysis, but I can make no promises about my accuracy.
All posts are based on my personal opinions and ideas and do not constitute professional financial investment advice.

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