Daily Crypto Analysis - 28th Feb - Technical AnalysissteemCreated with Sketch.

Bitcoin

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

Bitcoin pushed up to $11065 with further bearish divergence on both the RSI and MACD before breaking the $10540 support to test the 23.6% retracement. So far, volume is very low on this drop. We'd have to see a pick up in volume to justify a break of the $10153 support and below.

Bitstamp:BTCUSD 4h
(Bitstamp:BTCUSD 4h)

On the 4 hour time frame, we can see this may form a large double top. There is still room to move for another leg up without breaking the $11800 resistance. The total dip hasn't even reached the 50% retracement from the $6k bounce, so I would be surprised if didn't move down to $8850 at least before starting a new major bull run.


Ethereum

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

Ethereum continued to drop through support, reaching as low as 0.08018 before seeing a decent bounce. However, the volume was rather low on the bounce, so we may not have found a bottom yet. I would hold off on positions until we've seen a second bounce from support or a clear rise on the back of a drop in BTCUSD.
In the medium term, Ethereum is looking much stronger than Bitcoin, but Bitcoin still remains the driving force in the short term.


Bitcoin Cash

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

Bitcoin Cash is now starting its meander lower, with a brief stop at 0.1141. This small climb comes as a counter-trend movement to Bitcoin's pullback from $11k today. Things are still looking very much bearish for BCH, so I'll reduce coverage for the meantime until it has found a good support level or if something notable happens.


NEO

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

Neo saw a pullback to the 50% support of the recent movement. Volume remains fairly high, so I would wait for it to drop off along with a second bounce from support before looking for positions. There is also the possibility that this forms a descending wedge, but we'd need another bounce lower to form a descending support.
The main thing to watch for in a consolidation vs a reversal is the drop off in volume near lows of the pullback. This combined with a confirmed support is what to look for in the next day or two.


Litecoin

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

Litecoin continues its pullback and has broken both the 0.20133 and 0.019950 supports. As we move to test the 78.6% support, the volume is relatively low, but there are still no signs of bullish divergence on the RSI or MACD. As with most other pairs today, it is a case of waiting for a confirmed support to give a defined risk limit for a new position.


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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Thanks for posting! Been following you for a while and I really like your analysis.

Nice analysis. Looking forward to reading more from you in the future.

Coins mentioned in post:

CoinPrice (USD)📉 24h📈 7d
BCHBitcoin Cash1223.940$-1.87%-7.5%
BTCBitcoin10563.900$-1.27%-1.48%
ETHEthereum869.396$-0.94%2.16%
LTCLitecoin208.443$-3.72%-2.52%
NEONEO135.340$-4.14%11.83%

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