Long-Term Cryptocurrency Price Analysis: Bitcoin, Ethereum, Ripple, Litecoin

in investing •  2 years ago


Daily Chart of BTC/USD

Bitcoin has cleared a part of its overbought state since hitting a high near $3000, but usually, BTC corrects in a more complex way after a huge rally, as you can see with the example of the March correction (we noted a possible trajectory for the correction). We expect more corrective action in the coming period that might provide more great buying opportunities for long-term investors. We still think that short-term BTC is vulnerable, and a re-test of the previous short-term low is possible. A move about $2800, on the other hand, would trigger a new buy signal.


Daily Chart of ETH/USD

ETH is still in a similar technical position to Bitcoin, being in a clear corrective phase after the monster rally. We expect more consolidation in the coming period, with a possible move back to the $250-$270 range that supported the coin during the previous move lower. ETH is still well inside the strongly rising trend, which converges with the support range in about a week, providing an ideal target for the correction.


Daily Chart of LTC/USD

We wrote two weeks ago that:

Litecoin’s chart is looking promising from a long-term perspective, as LTC is after a lengthy and deep (-55%, after 1000% of gains in 5 weeks) correction, while several signs point to a bullish turning point. (…)While it is entirely possible that LTC will consolidate more if Bitcoin enters a correction, it will likely outperform both BTC and ETH in the coming weeks.
The chart now is out of the buy-zone as the MACD is already overbought, but the break-out move is still intact, and another move higher, possibly towards the range-extension target at $60, is in the cards, new positions are riskier here than previously. The long-term rising trend is intact and we advise investors to hold on to their core positions.


Daily Chart of XRP/USD

Ripple has lagged Litecoin and failed to produce a sustained break-out so far after its lengthy consolidation period. The MACD indicator is still in neutral territory, but it hasn’t given a clear long-term buy signal yet. Long-term investors could still add to their existing XRP positions here, while short-term traders could try to buy the break-out attempts, as they provide a good profit/risk ratio thanks to the long-term picture.

Here are some of the possible strategies once again:

~Buy and hold, without caring about day-to-day (or even month-month) fluctuations

~Buy and hold a core position and add on the major dips; a very powerful strategy

~Buy a certain amount every week or month, and even-out your entry price, without the hassle of timing the market

~Try to catch major turning points to reduce and “re-boost” your position

~Trade short-term movements with stop-losses, targets, and strict risk management (this is trading not investing)”


Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:

I would wait for more definite reversal/buy signals (starting with the hourly charts), because it was not about a pair of coins, but the whole market was down. Lets just wait for a week.

Nice post!

Solid post. Nice to see I'm not the only one who thinks like this. The price of a coin should depend on the quality of the product, the team behind it, if proffesional investors believe in it, and a lot more facets. I found this great website: https://www.coincheckup.com It's a great site that gives in depth research on every tradable cryto in the market.