Daily Crypto Analysis - 3rd Mar - Technical AnalysissteemCreated with Sketch.

Bitcoin

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

Bitcoin is still moving to retest the $11780 resistance with bearish divergence and lower volume. We've just about breached the resistance line of the ascending wedge that I commented on yesterday, but this is by no means a breakout yet. I added a secondary resistance line, which Bitcoin's movement still holds within.
Unless we see a sustained high volume break above the $11780 resistance, I remain cautiously bearish.


Ethereum

Bitstamp:ETHUSD 1h
(Bitstamp:ETHUSD 1h)

Despite Bitcoin's continued climb, Ethereum remains close to the 38.2% support on relatively low volume. This still holds up as a possible consolidation zone, however a drop in Bitcoin would definitely cause a drop through support. There has been a descending resistance for the last few days, bringing us closer and closer to the 38.2% retracement, so we'll have to see whether we can break through it before it crosses support.
Until Bitcoin has found a strong new bull trend, I remain cautious of crypto vs USD as a whole, as Bitcoin is very much the driving force during corrections and we may yet see another leg down.

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

ETHBTC has been following a counter-trend pattern to Bitcoin since late January, and with the movement to retest $11780 comes further drops on the ratio. Volume remains low on the drops, suggesting the market is simply looking for support rather than in panic mode. Another bearish leg for Bitcoin would likely see the formation of support for ETHBTC and maybe even a bullish reversal.


NEO

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

Neo continues its drop, breaking through several support levels to move for a retest of 0.010600. Volume has dropped off significantly since the spike to 0.013988. This is a good example of why we should always wait for confirmation of support before trying to buy a dip - despite the bullish divergence and volume drop that we noted yesterday we continued the drop. In that spirit, I would recommend watching around the 0.010600 support for a bounce. But wait for a second bounce and/or a bullish reversal signal before entering any trades.


Litecoin

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

Similarly to Neo, Litecoin continues its search for support. There is a noticeable slump in volume during drops to around the levels of the early February consolidation. Along with this, there is some divergence on the MACD and possible divergence on the RSI which is yet to be confirmed. It is still definitely recommended to wait for a strong support to form, but this has good bullish potential in the medium 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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