Cryptocurrency Update – January, February & March 2021

Previous analysis… https://analysis.tfxi.com/2020/09/22/cryptocurrency-update-october-november-december-2020/

Bitcoin (BTCUSD) – Daily & Weekly Charts

As suggested in our last Bitcoin chart analysis, BTCUSD has been bullish and has swung higher.

Price action has formed a clear uptrend on the weekly time-frame. Bitcoin is currently forming a swing higher. Price is looking a little over-extended, suggesting that a bearish retrace move could be due. The weekly moving averages are bullish and steady, signalling that the uptrend could continue.

On the daily time-frame, BTCUSD is also up-trending and looking very bullish. The moving averages are bullish and widening.

Opportunities to go long may exist around any of the key Fib levels, around the dynamic support of the daily and weekly moving averages and around any of the horizontal levels at 19128, 11913 and 10420.

Ethereum (ETHUSD) – Daily Chart

ETHUSD has been reversing around the daily moving averages and has been moving higher, as suggested in our last ETHUSD analysis.

Ethereum is clearly up-trending and is currently forming a swing higher. The daily moving averages are bullish and widening, suggesting that the uptrend may continue. Price is looking a little over-extended, signalling that price may be due a retrace move.

Long opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 474, 321 and 284.

Ripple (XRPUSD) – Daily & Weekly Charts

As suggested in our last Ripple analysis, XRPUSD swung higher and was bullish.

On the weekly time-frame, price continues to look indecisive and range between 0.1250 and 2.7000. The moving averages confirm the market indecision – they are tight and are moving sideways.

Price is now also looking indecisive on the daily time-frame. The moving averages have been crossing frequently and are moving sideways.

Trading opportunities may exist around the weekly and daily moving averages and around any of the horizontal levels at 0.1730, 0.1250, 0.3360, 0.6935 and 2.7000.

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