Daily Crypto Analysis - 25th Mar - Technical AnalysissteemCreated with Sketch.

Bitcoin

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

After the double top that we noted yesterday, Bitcoin has made a pullback to retest the $8366 support. It still remains to be seen whether we will break this support to make a retest of lows. Volume is currently rather low, suggesting that we're not in panic mode yet, so its still best to hold out on shorting for a break downwards.

An opposing interpretation of this move is the formation of a large symmetrical triangle, which I've added to the chart. If we instead bounce higher here and confirm the descending resistance, then this could be seen as a bullish continuation pattern.


Ethereum

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

ETHBTC has formed a small bounce after drifting lower for the last few days. This confirms the bullish divergence on both the RSI and MACD, but we may still push a little lower to test the 0.05930 support. Volume has also been dropping off as we've pushed lower, signalling that the market is less interested in these price levels.
Once we've confirmed a support level with a strong bounce, we can start looking for bullish positions, as Ethereum is looking strong on the ratio in the medium - long term.


Bitcoin Cash

Poloniex:BCHBTC 4h
(Poloniex:BCHBTC 4h)

Bitcoin Cash has calmed down in the last few days, with its volume tailing off as volatility reduces somewhat. It appears to be settling into a bearish consolidation zone as price is still holding relatively low. A retest of the 0.1097 support is a strong possibility in the near future and, unless it can form a high volume bounce, we will probably drift yet lower.


NEO

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

Neo continues to drift lower on ever decreasing volume and yet more bullish divergence. It still hasn't touched the 50% support, so it waits to be seen how it'll respond. Because of the slow and steady drift, its hard to say where it'll complete, but it is unlikely to move too much lower unless bearish volume picks up significantly.
As always, unless you're willing to take on the extra risk, its best to wait until it has a confirmed support level before taking on positions.


Litecoin

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

Litecoin formed a bounce from 0.01837 yesterday after bullish divergence and drops in volume. However, we are now seeing volume drop yet further on said bounce. This is not a particularly strong sign for LTCBTC, and we will likely make a retest of 0.01850 if not 0.01837. It would be best to wait to build up positions after a strong second bounce . If we can't make a good bounce then we'll likely move to test 0.01808


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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For future viewers: price of bitcoin at the moment of posting is 8525.00USD

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