Daily Crypto Analysis - 21st Mar - Technical AnalysissteemCreated with Sketch.

Bitcoin

Bitstamp:BTCUSD 2h
(Bitstamp:BTCUSD 2h)

After testing the 23.6% resistance on relatively low volume, Bitcoin is making a pullback. The question now is whether it'll bounce into a push higher or drop through support. I expect it will bounce to make a second test of the $9222 resistance at least, but it remains to be seen, as the bullish volume was very low on the recent climb.


Ethereum

Bitstamp:ETHBTC 2h
(Bitstamp:ETHBTC 2h)

Ethereum has so far failed to make a good bounce on the ratio, instead gliding on low volume towards support. This is looking like it could form a bearish consolidation zone, unless to can bounce significantly higher on increased volume. Past the 0.06181 support the next major support comes at 0.05930.

Bitstamp:ETHBTC daily
(Bitstamp:ETHBTC daily)

On the daily chart, we can see that volume has been dropping off significantly during the recent pullbacks vs the the major bounce. This suggests that the market is less interested in lows as it continues to test support. The 0.05930 support marks the top of a peak before the high time frame "spring" that Ethereum saw. Once Ethereum has made a good bullish reversal pattern we can look to make positions.


NEO

Binance:NEOBTC 2h
(Binance:NEOBTC 2h)

Neo has dropped from its ascending channel and will likely retest the 7856 support. Volume dropped off significantly during the climb within the channel compared to that of the bounce, making this pullback likely.
Neo may move to retest lows before making a double bottom, so we'll have to watch whether it breaks support. Once a bullish pattern is in place we can start looking for trades to make.


Litecoin

Poloniex:LTCBTC 2h
(Poloniex:LTCBTC 2h)

Litecoin is pulling back on high volume from its test of 0.01920. The previous bearish candle saw much higher volume than the climb, suggesting weakness. We'll have to wait and see how Litecoin reacts to the lows around the 0.01845 support, but I suspect it may break downwards. That being said, with such high volatility its best for both bulls and bears to stay on the sidelines until a clear direction has been signalled.


Monero

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

Rather than hold above support with low volatility, Monero appears to have followed Bitcoin's small pullback with a high volume dip, dropping through both the 0.02493 and 0.02462 supports. We're now testing the 0.02435 support and we may make a retest of towards the lows of the bounce. Due to the sharp breakdown through support, this is looking significantly less bullish in the very short term, so I recommend holding off to see where the next bounce will come.


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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Coins mentioned in post:

CoinPrice (USD)📉 24h📉 7d
BTCBitcoin8936.130$0.29%5.67%
ETHEthereum562.326$0.81%-10.67%
LTCLitecoin169.147$-0.31%3.09%
NEONEO73.564$-4.3%-0.03%
XMRMonero218.305$-4.33%-1.2%

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