Market Update

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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

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Our Forecast:

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

Oscillators: Buy

Support 1:               $4,000

Support 2:               $3,901

Resistance 1:               $4,090

Resistance 2:          $4,150

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