Bitcoin, Ethereum, Litecoin etc: Price Analysis
BTC/USD-
Bitcoin broke below the critical support of $9,500, today, and hit an intraday low of $8450, which is just below the 50 percent Fibonacci retracement of the recent pullback from $6,075.04 to $12,172.43.
If the bulls sustain above the $9,500 levels, a range bound action is likely to ensue where we can expect the bulls and the bears to battle it out between $9,500 and $12,200 levels.
ETH/USD -
Ethereum fell according to our expectation to $637.63, but currently, the bulls are attempting a pullback.
The ETH/USD pair is currently in a downtrend as the price is trading inside the descending channel and below both the moving averages. Any rebound from the current levels is likely to face selling pressure at one of these resistance zones.
It is bears’ advantage, until the bulls break out and sustain above these two overhead resistances.
XRP/USD -
We believe that Ripple is forming a large range. today, prices fell close to a lower end of the possible range.
On the downside, the level between $0.56270 and $0.695 is likely to act as strong support. This zone will hold unless there is news that might influence the market.
Traders can buy the dip in the XRP/USD pair towards the $0.60 levels. It is best to wait for prices to stabilize for four hours and then buy on the way up, rather than buy on the way down. The stops can be placed at $0.55.
The target is $1.22. This might turn out to be a roller coaster ride because trading inside the anticipated range will be volatile.
LTC/USD -
Litecoin broke and closed below the descending triangle on March 08, but the bulls quickly pushed the price back above $185 on March 09.
In case the bulls fail to sustain above $185, chances are that the LTC/USD pair will fall to $160 and then to $140 levels. As both moving averages have flattened out, we might see range-bound trading for a few days.
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