Insights for the Asian Crypto trading session Friday 22/03/19
BTC/USD: Bitcoin nursing losses of over 2%
ETH/USD: Ethereum bears retest $137
XRP/USD: Ripple bears have forced a move lower, testing vital support
LTC/USD: Despite losses of 3.5%, Litecoin price pattern still positive
EOS/USD: EOS rejected at 200 Day MA, tests $3.60 support
BTC/USD Technical Analysis: Bitcoin price back in the control of market bears
BTC/USD nursing losses of over 2%
BTC/USD bears are testing key daily rising trendline support
Failure for price to hold ket support around $4,000 level could open up test of $3,700/$3,800 area
BTC/USD Daily chart
BTC/USD: Bitcoin in the latter part of trading in the session on Thursday, is seen nursing losses of some 2.35%, as the market bears regain control. Cooling has been observed across the crypto market, as Bitcoin struggles to hold the $4000 price mark.
The bears have been pressing and testing the key daily rising trend channel to the downside. A breach is very possible given the current pressure. The noted running support has been in play since 8th February, a breach could see BTC/USD swiftly move towards the next major support zone around $3,700/$3,800.
However Bitcoin is still positive from a daily chart perspective with both Moving Averages and oscillators both positive, so we would recommend a cautious wait and see approach to the current weakness as BTC/USD, looking for confirmation in future price direction from the weekly close
Daily Technical Analysis Summary: Buy
Moving Averages: Buy
Support 1: $4,000
Support 2: $3,901
Resistance 1: $4,090
Resistance 2: $4,150
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