Daily Crypto Analysis - 24th Mar - Technical Analysis
Bitcoin
(Bitstamp:BTCUSD 2h)
After its pullback to the $8366 support level, Bitcoin is moving to retest the 23.6% resistance. However, volume is continuing to drop off we climb towards resistance, hinting at a double top forming. Bitcoin has been increasingly weak in the last few days and a bearish continuation is a strong possibility in light of the higher time frame context.
I would suggest taking profit/ reducing exposure to Bitcoin here - if we do break into a new bull trend, we can always buy into it later. For the more conservative traders, its recommended to hold off on shorting for a break below the $8366 support, but said break down will signal a retest towards the $7682 support at least.
Ethereum
(Bitstamp:ETHBTC 2h)
ETHBTC never managed to form a good bounce from the 0.06181 support, instead drifting towards the 0.05930 support on low volume. Both the RSI and MACD are currently slowing significant bullish divergence, we just wait until the next bounce occurs to confirm the signals. 0.05930 is a strong historical support, so makes a good level to watch for bounces.
I'm staying on the sidelines here until we have confirmed a strong support level.
NEO
(Binance:NEOBTC 2h)
Neo broke below the 7856 support to move towards the 50% support of the micro trend. Volume has been dropping back as we move lower (although in a very weird profile compared to normal trading volume) and both the RSI and MACD are signalling bullish divergence. A bottom to this pullback looks to be nearing, but it is still best to hold off until we have a confirmed support level.
Litecoin
(Poloniex:LTCBTC 4h)
Litecoin has broken the 0.0185 support on extremely low volume while showing signs of bullish divergence on both the RSI and MACD. I'm inclined to call this bullish due to such low volume on the dip. The support level to watch comes at 0.01808, which can serve as the stop loss if you're looking to build up a position.
Monero
(Poloniex:XMRBTC 2h)
Monero produced a good bounce above the 0.02340 support, however it was short lived and retraced quickly from resistance. As such, this is not looking very strong. If we can bounce and hold above 0.02493 again, we can look for bullish positions. Until then, I remain cautious as this could easily form a bearish consolidation zone.
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.
Thnx for posting! :)
For future viewers: price of bitcoin at the moment of posting is 8887.90USD
Coins mentioned in post: