Daily Crypto Analysis - 22nd Mar - Technical Analysis
Bitcoin
(Bitstamp:BTCUSD 2h)
Bitcoin pushed to make a second test of the 23.6% resistance before forming a small double top and breaking down to test the 38.2% support. It waits to be seen whether Bitcoin will bounce or move to test the $8450 and $8366 supports. Volume remains low but fairly choppy, so this isn't a full selloff. I suspect that we'll bounce to make a test of the $9490 resistance at least in the next week or so, but its best to wait for bullish confirmation before "buying the dip".
Ethereum
(Bitstamp:ETHBTC 2h)
ETHBTC has gently broken the 0.06181 support and is now looking relatively bullish in the medium term. Volume is extremely low so far and both the RSI and MACD have a long way to go to produce new lows, even if this trend continues further. So, once this bottoms out, it should have strong bullish divergence on all three indicators. It is still advisable to wait for it to find its next support, but we'll be able to look for bullish positions shortly after.
Bitcoin Cash
(Poloniex:BCHBTC 4h)
Bitcoin cash remains within its trading range between the 0.1097 support and the 0.1241 resistance. Volume had lost a bit of its chop during the last few days, but price still remains low. This is looking to be forming a bearish consolidation zone, but the high volatility of the recent movements make it hard to judge. Although, all the recent tests of resistance have broken down sharply, which suggests a lot of weakness in the market.
I recommend waiting until we have a clear break in one direction or another and taking positions once that trend has formed a continuation pattern. At the moment its looking slightly bearish but too close to call with much confidence, so not worth the risk.
NEO
(Binance:NEOBTC 2h)
After breaking down from its ascending channel, Neo is moving to retest the 7856 support as volume continues to tick down. In the medium term, Neo is looking very bullish after such a strong bounce, but it remains to be seen whether or not we'll move to retest lows in the short term.
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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