Our previous crypto analysis, click here
The cryptocurrency markets are looking indecisive but are showing signs of potential upside.
As suggested in our previous analysis, BTCUSD has been moving sideways.
The weekly time-frame is showing lower swing highs and lower swing lows, so Bitcoin has been down-trending. Price is struggling to close below the 19000 area and is finding support, so Bitcoin may be due a bullish retrace move. But the weekly moving averages have crossed bearish, suggesting that an upside move may find resistance.
On the daily, bitcoin has been clearly down-trending – price action has formed a series of lower swing highs and lower swing lows. But the BTCUSD has recently been moving sideways and has formed a range at 19000-24500, suggesting market indecision.
Trading opportunities could exist around the support and resistance areas of the daily range and if price moves out of the range (break-out trade). Other opportunities could also exist around the diagonal resistance area, around the weekly moving averages and around any of the identified horizontal levels at 5400, 12000, 31800, 36200, 46800 and 60000.
Price continues to move sideways and be indecisive, as signalled in our last crypto chart analysis.
Ripple is clearly ranging on the weekly time-frame (0.1260-1.3100). The weekly moving averages confirm the indecision – they are tight and have been crossing frequently. Ripple is no where need range support or resistance, so XRPUSD could continue to range for the near future.
The daily chart has also been indecisive but recent price action has been bullish. XRPUSD is above a recent consolidation area and the moving averages are bullish and steady, so Ripple could start up-trending.
Trading opportunities may exist around the support and resistance areas of the weekly range. Buying opportunities may exist around the daily moving averages and around the horizontal levels at 0.3880 and 0.3060. A bullish move could be rejected or reverse around 0.5535, 0.6915, 0.8730 and 0.9915.
As suggested in our previous cryptocurrency chart analysis, price has been moving sideways.
Litecoin continues to be indecisive and move sideways on the weekly time-frame. The moving averages continue to cross frequently and price action is forming no trend direction, so the market indecision may continue.
The daily chart is showing market indecision. Price action has formed a clear daily chart range at 43.65-64.40. The moving averages are very tight and moving sideways, so the current indecision may continue.
Trading opportunities could exist around the support and resistance areas of the range and if LTCUSD moves out of the range (break-out trade). A break to the upside may find resistance around 100.25, 136.00, 232.00 and 278.15.
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