We take a look at the 4 major and most popular cryptocurrencies starting with...
Bitcoin BTC/USD
Price bounced exactly when it should have. Right when the 61.8% Fibonacci retracement was breaking, the reversal came and gave some hope to bulls that a major low is in. Is it?
The green trend line resistance is a key level bulls must break upwards. A rejection at current levels would be a big disappointment. Support is at 9050-7800. Break it and we or off to new lows.
Ripple XRP/USD
Very weak bounce despite the exit off the downward sloping wedge pattern. Price still remains below the 23.6% Fibo level. This is bad news. Bulls must show some strength signs by breaking the 38% and 50% retracement levels, otherwise expect new lows.
Etherium ETH/USD
Price made a strong bounce off our target area at $627 but price action is not impulsive and the price remains below the important black TL resistance. Moreover, the price has broken below the short-term green trend line. I believe we could see new lows here.
Litecoin LTC/USD
This was our preferred bullish coin and it gave 100% performance from its lows. The price broke out of the bearish channel and is moving in an impulsive way higher. Trend remains bullish. Short-term support is at $202. If broken we could see price back towards $180 but I believe trend will continue to be bullish.
I believe a major low is in for LTC/USD and has started its next leg up that will eventually break to new all time highs. This scenario is canceled on a break below $100.