Daily Crypto Analysis - 17th Feb - Technical AnalysissteemCreated with Sketch.

Bitcoin

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

Bitcoin is still moving upwards within its ascending channel and closing in on a test of the $11160 resistance, which marked the bottom of the first dip from the ATH.
Volume remains low and there is still divergence on both the RSI and MACD, suggesting that this trend isn't too strong. Based on this, I would be surprised if we saw a good break of the $11160 resistance level. Time will tell as to how the market will react, but personally I am staying out of this until we either see a decent pullback or the trend finally starts to show greater strength.


Ethereum

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

Ethereum didn't end up forming a double bottom, instead forming an bearish consolidation pattern followed by a new leg of the drop. We are nearing a retest of 0.08825 support which marked the bottom of a strong consolidation zone. We will have to wait and see if this level can hold. If not, 0.0820 is the next historical support level.

Bitstamp:ETHBTC 1h
(Bitstamp:ETHBTC 1h)

On the 1 hour time frame, we can see some clear bullish divergence on both the RSI and MACD, suggesting that this downwards trend is weakening. This makes it unlikely that we will see a break of the 0.08825 support, but I would still hold off on positions until that has been confirmed with a strong bounce.


Bitcoin Cash

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

Bitcoin Cash managed to form a double top yesterday followed by a pullback to test the 0.1410 support level. Volume remains low, so this still holds as a consolidation zone. We may drop a bit further to the 61.8% retracement, but generally this is looking fairly stable. This appears to be nearing the end of the consolidation period so, unless there is a strong break of the 61.8% support, we will likely test highs in the near future.


NEO

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

As expected, Neo saw a failed test of the 38.2% resistance and thus formed a flat consolidation pattern. For the more conservative traders, you may wish to wait for a 3rd test of support to confirm the level.
Generally, buying near the bottom of the consolidation zone will give a good risk/ reward ratio, as you can place a stop loss close below the support level in case of an unexpected break down.


Cardano

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

Cardano's slight pullback turned into a bearish continuation pattern and we finally broke through the 3700 support. There is no longer any sign of bullish divergence on the RSI nor the MACD, suggesting no weakness in this down trend.
This could well form a longer term bearish trend, and so will provide little opportunity for trading based on my strategy. As such, I will only be analysing it occasionally when there are any significant changes.


Litecoin

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

Litecoin pulled back after the test of the 23.6% resistance yesterday and appears to be forming a bit of a descending pennant. I've drawn a possible support level, but it waits to be confirmed by a proper bounce. Such a shallow formation is unusual, so a break lower is a distinct possibility.


Monero

Poloniex:XMRBTC 1h
(Poloniex:XMRBTC 1h)

Monero has decided to make a test of highs at the 0.03045 resistance. I still don't consider this to have formed a proper consolidation zone, so I remain a sceptical of any breaks upwards.
If it can form a high volume break higher, then we can always get in once it forms a new consolidation zone. But until then, I remain on the sidelines of this market.


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.

Coin Marketplace

STEEM 0.17
TRX 0.16
JST 0.029
BTC 60754.63
ETH 2349.52
USDT 1.00
SBD 2.53