Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 27th, 2021

Ethereum

Ethereum fell by 2.49% on Friday. Following on from an 8.78% slide on Thursday, Ethereum ended the day at $1,445.18.

A mixed start to the day saw Ethereum rise to an early morning high $1,530.00 before hitting reverse.

Falling well short of the major resistance levels and 23.6% FIB of $1,579, Ethereum fell to a mid-morning intraday low $1,400.01.

Finding support at the first major support level at $1,403, Ethereum struck a late afternoon intraday high $1,564.11.

Falling short of the 23.6% FIB and the first major resistance level at $1,617, Ethereum slid back to $1,411 levels before steadying.

At the time of writing, Ethereum was up by 0.82% to $1,457.03. A mixed start to the day saw Ethereum fall to an early morning low $1,439.59 before rising to a high $1,466.67

Ethereum left the major support and resistance levels untested early on.

ETHUSD 270221 Hourly Chart

For the day ahead

Ethereum would need to move through the pivot level at $1,470 to support a run at the first major resistance level at $1,540.

Support from the broader market would be needed, however, for Ethereum to break back through to $1,500 levels.

Barring an extended crypto rally, the first major resistance level and 23.6% FIB of $1,579 would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at $1,700 before any pullback. The second major resistance level sits at $1,634.

Failure to move through the $1,470 pivot would bring the first major support level at $1,375 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the 38.2% FIB of $1,292. The second major support level at $1,306 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,375

Pivot Level: $1,470

First Major Resistance Level: $1,540

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin slid by 5.07% on Friday. Following on from a 1.17% decline on Thursday, Litecoin ended the day at $170.30.

It was a mixed start to the day. Litecoin rose to an early morning intraday high $182.90 before hitting reverse.

Falling short of the 23.6% FIB of $195 and the first major resistance level at $198.04 Litecoin fell to a late morning intraday low $162.23.

The sell-off saw Litecoin fall through the first major support level at $168.05 and the 38.2% FIB of $163.

Finding late morning support, Litecoin revisited $181 levels before falling back to end the day at $170 levels.

At the time of writing, Litecoin was up by 1.65% to $173.11. A mixed start to the day saw Litecoin fall to an early morning low $169.50 before rising to a high $174.24.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 270221 Hourly Chart
LTCUSD 270221 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $171.81 pivot level to support a run at the first major resistance level at $181.39.

Support from the broader market would be needed, however, for Litecoin to break back through to $180 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $182.90 would likely cap any upside.

In the event of an extended breakout, Litecoin could test the second major resistance level at $192.48 and 23.6% FIB of $195.

Failure to avoid a fall through the $171.81 pivot level would bring the 38.2% FIB of $163 and the first major support level at $160.72 into play.

Barring another extended sell-off, Litecoin should steer clear of the second major support level at $151.14.

Looking at the Technical Indicators

First Major Support Level: $160.72

Pivot Level: $171.81

First Major Resistance Level: $181.39

23.6% FIB Retracement Level: $195

38.2% FIB Retracement Level: $163

62% FIB Retracement Level: $110

Ripple’s XRP

Ripple’s XRP fell by 1.54% on Friday. Following on from a 6.93% slide on Thursday, Ripple’s XRP ended the day at $0.42821.

A bearish start to the day saw Ripple’s XRP slide to an early morning intraday low $0.41137.

Finding support at the first major support level at $0.4133, Ripple’s XRP rose to a late afternoon intraday high $0.45030.

Falling well short of the first major resistance level at $0.4700, however, Ripple’s XRP fell back to sub-$0.42 levels before finding support.

A late move back through to $0.42 levels reduced the deficit on the day.

At the time of writing, Ripple’s XRP was up by 1.45% to $0.43443. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.42843 before rising to a high $0.43699.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 270221 Hourly Chart
XRPUSD 270221 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall back through the $0.4300 pivot level to bring the first major resistance level at $0.4486 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.4500 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $0.4503 should cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at the 38.2% FIB of $0.4632 and the second major resistance level at $0.4689.

Failure to avoid a fall through the $0.4300 pivot would bring the first major support level at $0.4096 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.40 levels.  The second major support level sits at $0.3910.

Looking at the Technical Indicators

First Major Support Level: $0.4096

Pivot Level: $0.4300

First Major resistance Level: $0.4486

23.6% FIB Retracement Level: $0.5320

38.2% FIB Retracement Level: $0.4632

62% FIB Retracement Level: $0.3521

Please let us know what you think in the comments below.

Thanks, Bob

The Crypto Daily – Movers and Shakers – February 26th, 2021

Bitcoin, BTC to USD, slid by 5.14% on Thursday. Reversing 1.71% gain from Wednesday, Bitcoin ended the day at $47,162.

A mixed start to the day saw Bitcoin rise to an early morning high $50,900.0 before hitting reverse.

Falling short of $51,000 levels and the major resistance levels, Bitcoin fell to a late morning low $48,673.0.

Steering clear of the first major support level at $47,294, Bitcoin bounced back to an early afternoon intraday high $52,189.0.

Bitcoin broke through the first major resistance level at $51,746 before sliding to a late intraday low $46,750.0.

The late sell-off saw Bitcoin fall through the first major support level at $47,294.

A late move back through to $47,100 levels reduced the deficit on the day, however.

The near-term bullish trend remained intact in spite of the current week reversal. For the bears, Bitcoin would need to slide through the 62% FIB of $24,751 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Thursday.

Cardano’s ADA and Crypto.com Coin rose by 2.49% and by 5.21% respectively to buck the trend on the day.

It was a bearish day for the rest of the majors, however.

Chainlink slid by 12.38% to led the way down.

Binance Coin (-7.82%), Ethereum (-8.78%), and Ripple’s XRP (-6.93%) also saw relatively heavy losses.

Bitcoin Cash SV (-0.70%), Litecoin (-1.17%) and Polkadot (2.02%) saw relatively modest losses on the day.

In the current week, the crypto total market cap rose to a Monday high $1,748.98bn before sliding to a Tuesday low $1,291.06bn. At the time of writing, the total market cap stood at $1,372.14bn.

Bitcoin’s dominance rose to a Tuesday high 64.74% before falling to a Wednesday low 61.25%. At the time of writing, Bitcoin’s dominance stood at 62.61%.

This Morning

At the time of writing, Bitcoin was down by 2.25% to $46,101.0. A mixed start to the day saw Bitcoin rise to an early morning high $47,638.4 before sliding to a low $45,858.0

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a bearish start to the day for the broader crypto market.

At the time of writing, Crypto.com Coin was down by 10.63% to lead the way down.

BTCUSD 260221 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $48,700 to bring the first major resistance level at $50,651 into play.

Support from the broader market would be needed for Bitcoin to break back through to $50,000 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $51,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $54,139.

Failure to move through the $48,700 pivot would bring the 23.6% FIB of $45,501 and the first major support level at $45,212 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $43,261.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 26th, 2021

Ethereum

Ethereum slid by 8.78% on Thursday. Reversing a 3.01% gain from Wednesday, Ethereum ended the day at $1,482.62.

A mixed start to the day saw Ethereum rise to an early morning high $1,659.97 before hitting reverse.

Falling well short of the major resistance levels, Ethereum fell to a late morning low $1,579.70.

Finding support at the 23.6% FIB of $1,579, Ethereum struck a late intraday high $1,672.49 before a 2nd sell-off.

Falling short of the first major resistance level at $1,726, Ethereum slid to a late intraday low $1,458.50.

Ethereum fell through the 23.6% FIB and the first major support level at $1,512 to end the day at sub-$1,500 levels.

At the time of writing, Ethereum was up by 0.75% to $1,493.80. A mixed start to the day saw Ethereum fall to an early morning low $1,464.68 before rising to a high $1,493.80

Ethereum left the major support and resistance levels untested early on.

ETHUSD 260221 Hourly Chart
ETHUSD 260221 Hourly Chart

For the day ahead

Ethereum would need to move through the pivot level at $1,538 to support a run at the first major resistance level at $1,617.

Support from the broader market would be needed, however, for Ethereum to break out from the 23.6% FIB of $1,579.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $1,672.49 would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at $1,800 before any pullback. The second major resistance level sits at $1,752.

Failure to move through the $1,538 pivot would bring the first major support level at $1,403 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $1,324.

Looking at the Technical Indicators

First Major Support Level: $1,403

Pivot Level: $1,538

First Major Resistance Level: $1,617

23.6% FIB Retracement Level: $1,528

38.2% FIB Retracement Level: $1,251

62% FIB Retracement Level: $804

Litecoin

Litecoin fell by 1.17% on Thursday. Partially reversing a 2.37% gain from Wednesday, Litecoin ended the day at $179.47.

It was a bearish start to the day. Litecoin fell to a late morning intraday low $175.21 before making a move.

Steering clear of the first major support level at $170.50, Litecoin rallied to an early afternoon intraday high $205.20.

Litecoin broke through the first major resistance level at $191.30 and the second major resistance level at $200.89.

More significantly, Litecoin broke back through the 23.6% FIB of $195 before a late slide back to sub-$180 levels.

At the time of writing, Litecoin was up by 0.11% to $179.66. A mixed start to the day saw Litecoin fall to an early morning low $174.65 before rising to a high $179.82.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 260221 Hourly Chart
LTCUSD 260221 Hourly Chart

For the day ahead

Litecoin would need to move through the $186.63 pivot level to support a run at the 23.6% FIB of $195 and the first major resistance level at $198.04.

Support from the broader market would be needed, however, for Litecoin to break back through to $190 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $205.20 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $220 before any pullback. The second major resistance level sits at $216.62.

Failure to move through the $186.63 pivot level would bring the first major support level at $168.05 into play.

Barring another extended sell-off, Litecoin should steer clear of the second major support level at $156.64. The 38.2% FIB of $163 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $168.05

Pivot Level: $186.63

First Major Resistance Level: $198.04

23.6% FIB Retracement Level: $195

38.2% FIB Retracement Level: $163

62% FIB Retracement Level: $110

Ripple’s XRP

Ripple’s XRP slid by 6.93% on Thursday. Following a 0.38% decline on Wednesday, Ripple’s XRP ended the day at $0.43654.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.48195 before hitting reverse.

Falling short of the first major resistance level at $0.4960, Ripple’s XRP fell to a late morning low $0.45393.

Ripple’s XRP fell through the 38.2% FIB of $0.4632 before striking an early afternoon high $0.48115.

Continuing to fall short of the major resistance levels, Ripple’s XRP slid to a late intraday low $0.42524.

Ripple’s XRP fell through the 38.2% FIB and the first major support level at $0.4469 to end the day at $0.435 levels.

The late sell-off saw Ripple’s XRP come within range of the second major support level at $0.4245.

At the time of writing, Ripple’s XRP was down by 2.39% to $0.42522. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.43489 to a low $0.41674.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 260221 Hourly Chart
XRPUSD 260221 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.4476 pivot level to bring the first major resistance level at $0.4700 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the 38.2% FIB of $0.4632.

Barring an extended crypto rally, the first major resistance level should cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.50 before any pullback. The second major resistance level sits at $0.5043.

Failure to move through the $0.4476 pivot would bring the first major support level at $0.4133 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer well clear of sub-$0.40 levels.  The second major support level sits at $0.3909.

Looking at the Technical Indicators

First Major Support Level: $0.4133

Pivot Level: $0.4476

First Major resistance Level: $0.4700

23.6% FIB Retracement Level: $0.5320

38.2% FIB Retracement Level: $0.4632

62% FIB Retracement Level: $0.3521

Please let us know what you think in the comments below.

Thanks, Bob

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 25th, 2021

Ethereum

Ethereum rose by 3.01% on Wednesday. Partially reversing Tuesday’s 11.27% slide, Ethereum ended the day at $1,625.3.

A mixed start to the day saw Ethereum slide to an early morning intraday low $1,500.28 before finding support.

Steering clear of the first major support level at $1,362, Ethereum rallied to late morning intraday high $1,714.00.

While falling short of the first major resistance level at $1,789, Ethereum broke back through the 23.6% FIB of $1,579.

Through the 2nd half of the day, Ethereum briefly fell back through the 23.6% FIB before wrapping up the day at $1,600 levels.

At the time of writing, Ethereum was down by 0.05% to $1,624.49. A mixed start to the day saw Ethereum rise to an early morning high $1,634.99 before falling to a low $1,621.00

Ethereum left the major support and resistance levels untested early on.

ETHUSD 250221 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,613 to support a run at the first major resistance level at $1,726.

Support from the broader market would be needed, however, for Ethereum to break out Tuesday’s high $1,714.00.

Barring an extended crypto rally, the first major resistance level and resistance at $1,750 would likely cap any upside.

In the event of a breakout, Ethereum could test the second major resistance level at $1,827 before any pullback.

Failure to avoid a fall through the $1,613 pivot would bring the 23.6% FIB of $1,579 and the first major support level at $1,512 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$1,500 levels. The second major support level sits at $1,400.

Looking at the Technical Indicators

First Major Support Level: $1,512

Pivot Level: $1,613

First Major Resistance Level: $1,726

23.6% FIB Retracement Level: $1,528

38.2% FIB Retracement Level: $1,251

62% FIB Retracement Level: $804

Litecoin

Litecoin rose by 2.37% on Wednesday. Partially reversing a 14.71% stumble from Tuesday, Litecoin ended the day at $181.70.

It was a bearish start to the day. Litecoin slid to an early morning intraday low $168.89 before making a move.

In spite of the sell-off, Litecoin steered clear of the 38.2% FIB of $163 and the first major support level at $154.55.

Finding support through the morning, Litecoin rose to a mid-day intraday high $189.69.

Falling well short of the 23.6% FIB of $195 and the first major resistance level at $204.79, Litecoin slid back to $172 levels.

A late move back through to $181 levels delivered the upside on the day, however.

At the time of writing, Litecoin was up by 0.02% to $181.74. A mixed start to the day saw Litecoin fall to an early morning low $181.05 before rising to a high $182.17.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 250221 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $180.09 pivot level to support a run at the first major resistance level at $191.30 and the 23.6% FIB of $195.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $189.69.

Barring an extended crypto rally, the first major resistance level and the 23.6% FIB would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $210 before any pullback. The second major resistance level sits at $200.89.

Failure to avoid a fall through the $180.09 pivot level would bring the first major support level at $170.50 into play.

Barring another extended sell-off, Litecoin should steer clear of the 38.2% FIB of $163 and the second major support level at $159.29.

Looking at the Technical Indicators

First Major Support Level: $170.50

Pivot Level: $180.09

First Major Resistance Level: $191.30

23.6% FIB Retracement Level: $191

38.2% FIB Retracement Level: $159

62% FIB Retracement Level: $108

Ripple’s XRP

Ripple’s XRP fell by 0.38% on Wednesday. Following on from a 15.90% slump from Tuesday, Ripple’s XRP ended the day at $0.46923.

A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.45782 before making a move.

While steering clear of the first major support level at $0.3720, Ripple’s XRP fell through the 38.2% FIB of $0.4632.

Finding support through the morning, Ripple’s XRP broke back through the 38.2% FIB to strike an intraday high $0.50044.

Falling well short of the 23.6% FIB of $0.5320 and the first major resistance level at $0.5759, Ripple’s XRP fell back to $0.45 levels.

The pullback saw Ripple’s XRP briefly fall back through the 38.2% FIB before ending the day at $0.469 levels.

At the time of writing, Ripple’s XRP was down by 0.23% to $0.46813. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.47014 before falling to a low $0.46778.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 250221 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.4737 pivot level to bring the first major resistance level at $0.4960 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.49 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.050044 should cap any upside.

In the event of an extended rally, Ripple’s XRP could test the second major resistance level at $0.5228. The 23.6% FIB of $0.5320 would likely cap any upside, however.

Failure to move through the $0.4737 pivot would bring the 38.2% FIB of $0.4632 and the first major support level at $0.4469 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer well clear of the second major support level at $0.4245.

Looking at the Technical Indicators

First Major Support Level: $0.4469

Pivot Level: $0.4737

First Major resistance Level: $0.4960

23.6% FIB Retracement Level: $0.5320

38.2% FIB Retracement Level: $0.4632

62% FIB Retracement Level: $0.3521

Please let us know what you think in the comments below.

Thanks, Bob

Should You Buy Ethereum Soon?

Last week I showed, see here, using the Elliott Wave Principle (EWP) and Technical Analysis (TA) that Ethereum (ETH) was most likely about to embark on a nasty correction to $1300s. It was trading at $1920s then, topped a few days later at around $2040 and dropped this week to as low as $1361…

Thus, (black) major-4 -as shown in last week’s chart, is IMHO now underway and has already reached the ideal target zone as outlined last week ($1300+/-100). So is this wave-4 already complete, and can we now expect the rally to $3000+? Hold your horses, not so fast. Let me explain.

Figure 1. ETH daily chart with detailed EWP count and technical indicators.

The Elliott Wave Principle points to a bounce followed by the next move lower.

This week’s “flash crash” is what I call an “initiation wave”; it has set in motion the more extensive correction: blue wave-a in Figure-1. But, from EWP -and from studying chart patterns in general- we know that there’s always this “dead cat bounce” first before the next leg lower starts. In EWP-terms, this counter-trend rally is called a B-wave. B-waves always consist of three smaller waves: a, b, c. In Figure-1, I have labeled the B-wave in blue and its smaller waves in green.

IMHO, wave-a of B is now underway or has possibly already been completed, and green wave-b should ideally target $1495-1575, from which green (minor) wave-c will target $1845-1930, ideally. This upside target zone is based on a simple c=a relationship. It also matches well with a typical 62-76% retrace of the initiation wave-A. The caveat is that 4th waves are often the least reliable, i.e., most variable, and in addition to that, hardest to forecast price structures. In general terms, they can be considered as a healthy consolidation, i.e., profit-taking, after a big run-up (the prior wave-3) with lots of shorter-term twists and turns, rips and dips. Many would then call the “bull flags.”

Whatever we call it; after wave-A comes wave-B (now underway) and then wave-C: green-red-black path in Figure 1, which is not accurate in time. Assuming wave-B tops around $1880+/-40 and that wave-C=A, then wave-4 should bottom around $1200+/-100. From there, I anticipated the next larger multi-month rally: major wave-5. If the 2017 rally is of any guide, see last week’s article, then please know the major-4 wave back then was a 70% correction, but followed by an 1100% rally (!). Please keep these numbers in mind in anticipation of the pending wave-5.

Bottom line: shorter-term I am looking for a somewhat tricky, whipsawing, move higher, ideally to around $1880+/-40, but it could even challenge the recent all-time high. From there, I expect several weeks of downside back to $1200+/100. After that, I anticipated the next rally to ~$3000+. However, a weekly close below $1200 targets $900. That translates to a 55% correction, and if 2017 is of any guide, it would still be fully within the norm.

Thus, trade ETH accordingly: sitting through a 40-50% correction thinking it will go to $3000 is not a strategy. It is dead money, which could be allocated somewhere else. And hope is never a strategy but a disaster recipe. Trade safe!

Buy Ethereum with Binance

Bitcoin Entering Wave 4 Consolidation in Strong Uptrend

Bitcoin (BTC/USD) made a bullish breakout last week which reached the expected target at $57.5k.

However, the bearish retracement has been much more impulsive than previous pullbacks in the current uptrend.

Let’s review the status of the uptrend in combination with the chart plus wave patterns.

Price Charts and Technical Analysis

BTC 24.02.2021 4 hour chart

The BTC/USD bearish retracement seems to be similar to the ETH/USD pullback in yesterday’s analysis: a wave 4 pattern (grey).

Just like Ethereum, Bitcoin has made a bullish bounce at the 38.2% Fibonacci retracement support level (blue box). Although the bearish decline was fierce, the bulls were able to stop and reverse it.

The strong decline is typical for a wave A of a larger ABCDE triangle pattern (orange). Which is why a triangle has the best probability at the moment. Let’s review the daily chart above:

  1. A push up should retest the previous top (wave B orange).
  2. A bearish bounce the previous top could confirm the wave B (orange).
  3. ABC patterns and a lower high and higher low should confirm the larger ABCDE movement (orange and green arrows).
  4. Once the ABCDE triangle pattern is completed, an uptrend continuation is expected to push price action higher towards $65k and $75k.
  5. A bearish break below the 38.2% Fib invalidates the ABCDE triangle but price action is still expected to find support at the 50-61.8% Fibonacci levels.
  6. Only a break below the next support zone (black box) would invalidate the current wave analysis (red circle) and indicate a deeper retracement.

On the 1 hour chart, the bearish price action yesterday was an ABC (green) correction in the wave A (orange).

The resistance trend line (orange) will not be an easy level to break. But if price action does break it, then a bullish wave C (green) is expected.

The main target for the immediate breakout is the previous top. Here a bearish bounce is likely (red arrow), which could create a wave C (orange) downwards (orange arrows).

Only an immediate bearish breakout below the support lines (green) could indicate more downside pressure (dotted orange arrows) sooner than expected. In that case, price action could reach the next support zone at $40k-$44k.

BTC 24.02.2021 1 hour chart

Good trading,

Chris Svorcik

The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter

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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 24th, 2021

Ethereum

Ethereum tumbled by 11.27% on Tuesday. Following on from an 8.11% slide on Monday, Ethereum ended the day at $1,577.83.

A mixed start to the day saw Ethereum rise to an early morning intraday high $1,783.22 before hitting reverse.

Falling short of the first major resistance level at $1,976, Ethereum slumped to a late morning intraday low $1,356.00.

The sell-off saw Ethereum fall through the through the 23.6% FIB of $1,579 and the first major support level at $1,545.

Steering clear of the second major support level at $1,311, Ethereum briefly revisited $1,600 levels.

A choppy 2nd half of the day, however, saw Ethereum slide back to $1,430 levels before finding late support. Ethereum moved back through the first major support level to end the day at $1,570 levels.

At the time of writing, Ethereum was down by 2.85% to $1,532.85. A mixed start to the day saw Ethereum rise to an early morning high $1,585.28 before falling to a low $1,529.65.

While leaving the major support and resistance levels untested early on, Ethereum briefly broke through the 23.6% FIB of $1,579.

ETHUSD 240221 Hourly Chart

For the day ahead

Ethereum would need to move back through the pivot level at $1,572 to support a run at the first major resistance level at $1,789.

Support from the broader market would be needed, however, for Ethereum to break out from the 23.6% FIB of $1,579.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $1,783.22 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at $1,900. The second major resistance level sits at $2,000.

Failure to move through the $1,572 pivot would bring the through first major support level at $1,362 and the 38.2% FIB of $1,292 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$1,200 levels. The second major support level sits at $1,145.

Looking at the Technical Indicators

First Major Support Level: $1,362

Pivot Level: $1,572

First Major Resistance Level: $1,789

23.6% FIB Retracement Level: $1,528

38.2% FIB Retracement Level: $1,251

62% FIB Retracement Level: $804

Litecoin

Litecoin tumbled by 14.71% on Tuesday. Following on from an 8.50% slide on Monday, Litecoin ended the day at $177.59.

It was a bearish start to the day. Litecoin slid from an early morning intraday high $208.94 to a late morning intraday low $158.70.

The sell-off saw Litecoin fall through the first major support level at $182.26. Litecoin also fell through the 23.6% FIB of $195 and the 38.2% FIB of $163.

Finding support going into the afternoon, Litecoin briefly revisited $181 levels before falling back into the deep red. Finding support at the 38.2% FIB, Litecoin ended the day at $177 levels.

At the time of writing, Litecoin was down by 3.24% to $171.83. A mixed start to the day saw Litecoin rise to an early morning high $178.00 before falling to a low $171.61.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 240221 Hourly Chart

For the day ahead

Litecoin would need to move through the $181.74 pivot level to support a run at 23.6% FIB of $195 and the first major resistance level at $204.79.

Support from the broader market would be needed, however, for Litecoin to break out from the 23.6% FIB.

Barring an extended crypto rally, the 23.6% FIB would likely leave Litecoin short of the first major resistance level.

In the event of an extended breakout, Litecoin could test resistance at $210 before any pullback. The second major resistance level sits at $231.98.

Failure to move through the $181.74 pivot level would bring the 38.2% FIB of $163 and the first major support level at $154.55 into play.

Barring another extended sell-off, Litecoin should steer well clear of the second major support level at $131.50.

Looking at the Technical Indicators

First Major Support Level: $154.55

Pivot Level: $181.74

First Major Resistance Level: $204.79

23.6% FIB Retracement Level: $191

38.2% FIB Retracement Level: $159

62% FIB Retracement Level: $108

Ripple’s XRP

Ripple’s XRP slumped by 15.90% on Tuesday. Reversing a 3.87% gain from Monday, Ripple’s XRP ended the day at $0.47646.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.57095 before hitting reverse.

Falling short of the first major resistance level at $0.6536, Ripple’s XRP tumbled to a late morning intraday low $0.3670.

The sell-off saw Ripple’s XRP fall through the first major support level at 0.4744 and the second major support level at $0.3826.

More significantly, Ripple’s XRP also fell through the 23.6% FIB of $0.5320 and the 38.2% FIB of $0.4632.

Finding support in the late morning, Ripple’s XRP broke back through the 38.2% FIB to end the day at $0.47 levels.

At the time of writing, Ripple’s XRP was down by 2.06% to $0.46664. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.47437 before falling to a low $0.46623.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 240221 Hourly Chart

For the day ahead

Ripple’s XRP will need to move back through the $0.4715 pivot level to bring the first major resistance level at $0.5759 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the 23.6% FIB of $0.5320.

Barring an extended crypto rally, the 23.6% FIB of $0.5320 would likely leave Ripple’s XRP short of the first major resistance level.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.60 before any pullback. The second major resistance level sits at $0.6754.

Failure to move back through the $0.4715 pivot would bring the 38.2% FIB of $0.4632 and the first major support level at $0.3720 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer well clear of the second major support level at $0.2675.

The 62% FIB of $0.3521 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.3720

Pivot Level: $0.4715

First Major Resistance Level: $0.5759

23.6% FIB Retracement Level: $0.5320

38.2% FIB Retracement Level: $0.4632

62% FIB Retracement Level: $0.3521

Please let us know what you think in the comments below.

Thanks, Bob

The Crypto Daily – Movers and Shakers – February 24th, 2021

Bitcoin, BTC to USD, slid by 9.61% on Tuesday. Following on from a 5.73% decline on Monday, Bitcoin ended the day at $48,874.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $54,138.0 before hitting reverse.

Falling short of the first major resistance level at $58,272, Bitcoin tumbled to a late morning intraday low $45,000.

The extended sell-off saw Bitcoin fall through the first major support level at $49,078 and the 23.6% FIB of $45,501.

Steering clear of sub-$45,000 support levels, Bitcoin briefly revisited $49,500 before a 2nd pullback.

Bitcoin broke back through the first major support level and the 23.6% FIB before a 2nd slide through the 23.6% FIB of $45,501.

Finding late support, however, Bitcoin broke back through the 23.6% FIB to end the day at $48,800 levels.

The near-term bullish trend remained intact in spite of the current week reversal. For the bears, Bitcoin would need to slide through the 62% FIB of $24,751 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Tuesday.

Polkadot rose by 1.48% to buck the trend on the day.

It was a particularly bearish day for the rest of the pack, however.

Crypto.com Coin tumbled by 34.61% to lead the way down.

Bitcoin Cash SV (-15.14%), Binance Coin (-13.52%), Cardano’s ADA (-12.47%), Chainlink (-17.54%), Ethereum (-11.27%), Litecoin (-14.71%), and Ripple’s XRP (-15.90%) all saw heavy losses.

Early in the current week, the crypto total market cap rose to a Monday high $1,747.86bn before sliding to a Tuesday low $1,290.41bn. At the time of writing, the total market cap stood at $1,444.92bn.

Bitcoin’s dominance fell to a Monday low 61.37% before rising to a Tuesday high 64.77%. At the time of writing, Bitcoin’s dominance stood at 62.73%.

This Morning

At the time of writing, Bitcoin was down by 0.71% to $48,527.0. A mixed start to the day saw Bitcoin rise to an early morning high $49,087.0 before falling to a low $48,465.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV and Crypto.com Coin were up by 1.62% and by 2.92% to buck the trend early on.

It was a bearish start for the rest of the majors, however.

At the time of writing, Binance Coin was down by 2.23% to lead the way down.

BTCUSD 240221 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $49,337 to bring the first major resistance level at $53,675 into play.

Support from the broader market would be needed for Bitcoin to break back through to $50,000 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $54,138.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $58,475.

Failure to move through the $49,337 pivot would bring the 23.6% FIB of $45,501 and the first major support level at $44,537 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $40,199.

Bitcoin and Ethereum See Major Weekend Corrections After Hitting New ATHs

Bitcoin (BTC) and Ethereum (ETH) have seen massive price increase over the past week, only for their prices to reach the peak over the weekend, and then see strong corrections as the final week of February started. Both coins have seen massive price drops over the last two days, but this doesn’t necessarily mean that the rally has ended.

Bitcoin price crashes

Bitcoin has been making headlines about new highs and new records for weeks, and even months, at this point. The coin’s current all-time high, reached on February 21st, puts it at $58,400. Over the past week, the coin surged from $50k to reach this record over the weekend.

While it did go up and down between $56k and $58k for several days, it appears that it did not make any of these upper levels into a strong enough support to withstand the correction that came after.

The price crashed on February 21st, dropping from $58,400 to $55,800, according to data from CEX.IO. However, yesterday, February 22nd, it dropped from $55,800 to $47,600. The drop caused traders and investors to start buying, causing an immediate recovery to $53,859, but as soon as the price came back above $50k, people started selling again. Asa result, BTC price dropped below $50k once more, currently sitting at $49,920.

The oversell came soon after veteran trader, Peter Brandt, hinted that BTC could peak at $200k in a recent tweet. However, he also said that it is likely that the coin’s price will go through a deep correction before hitting this price. It is possible that this was the correction he was expecting to see, although it is just as likely that this is only a beginning.

Meanwhile, Elon Musk once again spoke about cryptocurrencies on Twitter, this time in response to Changpeng Zhao. In a recent interview, Zhao noted that he is surprised that Musk is pushing Dogecoin so much, but that he is, ultimately, free to like whatever he wants. However, he did note that it was interesting that Musk’s company, Tesla, bought $1.5 billion of BTC and not DOGE.

To that, Musk replied that Tesla’s action is not reflective of his opinion. Having Bitcoin is a simply less dumb form of liquidity than cash, as he stated.

He did point out that he is an engineer, and not an investor. Later on, in conversation with Peter Schiff, Musk also mentioned in a different context that Bitcoin and Ethereum ‘do seem high,’ potentially hinting that he expects a correction.

Ethereum price crashes after hitting $2k

Ethereum has been going up for a long time now, slowly but surely heading towards the $2k mark. The coin did not have many instances where it suddenly skyrocket like what Bitcoin tends to do. Instead, it was a long but steady growth, and it finally allowed ETH to hit the $2,000 milestone late on February 19th. The coin reached this milestone just as the weekend started, and it even kept going for the most part on Saturday.

According to CEX.IO data, ETH’s current all-time high is at $2,035. After reaching this high, however, the coin saw a strong correction. It dropped to $1800, recovering to $1,920 after a brief period. On Sunday, it remained between $1900 and $1970, fluctuating between these two positions.

However, yesterday, February 21st, the coin saw a massive crash that took it down to $1550 before seeing a recovery to $1,800. As of today, Ethereum price is dropping again, currently once again sitting at $1593, and currently still heading down.

At the same time as the price was crashing, Binance had one of its withdrawal suspensions that prevented users from withdrawing ETH and Ethereum-based tokens.

Needless to say, a lot of people were quite infuriated with the exchange, which once again claimed that the high network congestion is responsible for the inability of users to withdraw money. Binance has had a bit too many incidents a bit too often, and the exchange has also made headlines in which it was blamed for purposefully choking Ethereum’s network to drove more users to its platform.

What is next for Bitcoin and Ethereum?

It is safe to say that both, Bitcoin and Ethereum have reached uncharted territories over the past few days, and it is understandable that investors and traders were in a rush to sell as soon as something signaled a correction was coming. However, this is likely only a bump on the road, and a lot more of price growth is expected by the experts.

Konstantin Anissimov, Executive Director at CEX.IO

ETH/USD Bearish Decline Starts ABCDE Triangle Pattern Within Uptrend

Ethereum (ETH/USD) is in a strong uptrend. The bullish momentum is similar or even stronger than Bitcoin’s recent surge above $50k.

But strong bearish candlesticks are now visible on the 4 hour chart… Will this bearish volatility change the outlook? Let’s review the key wave and chart patterns.

Price Charts and Technical Analysis

ETH 23.02.2021 daily chart

The ETH/USD recent surge up has been strong. Price moved from $400-$500 to the $2,000 resistance level in just 3 months.

Now bearish pressure seems to be actively pushing price action lower again. Is this a reversal or just a retracement?

  1. In our view, the probability of a retracement is much higher than a reversal. Why? Because the recent push up is a typical wave 3 (pink).
  2. This means that the current pullback is probably a wave 4 (pink).
  3. Waves 4 are usually choppy, corrective, and shallow retracements. The 23.6% Fibonacci level already acted as support but price action broke below it.
  4. The next support zone is the 38.2% Fib or 50% Fibonacci levels. These Fibs are expected to act as support and should create some bounce to the upside.
  5. The key pattern to look for is an ABCDE triangle pattern. If this chart pattern emerges, then it indicates the end of the retracement. That should give a green light to the uptrend to continue for a new higher high.

After the price action completes 5 waves (grey) in wave 4 (pink), the uptrend should break the pattern and move north (blue arrow). Only a very deep correction puts the uptrend in doubt (orange and red circles).

On the 4 hour chart, we can see that the ETH/USD bullish momentum is temporarily over. Price has broken below the support trend line (dotted green) and the 21 ema zone.

Price action should be able to reach the 38.2% Fibonacci level where support support is expected. If a triangle pattern does emerge, then there should be multiple ABC patterns visible in each leg.

ETH 23.02.2021 4 hour chart

Good trading,

Chris Svorcik

The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter

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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 23rd, 2021

Ethereum

Ethereum slid by 8.11% on Monday. Reversing a 1.07% gain from Sunday, Ethereum ended the day at $1,778.66.

A mixed start to the day saw Ethereum rise to an early morning intraday high $1,938.95 before hitting reverse.

Falling short of the first major resistance level at $1,980, Ethereum slid to an early afternoon intraday low $1,508.35.

The sell-off saw Ethereum fall through the through the day’s major support levels and the 23.6% FIB of $1,579.

Finding late support, however, Ethereum broke back through the 23.6% FIB and the third major support level at $1,749 to end the day at $1,770 levels.

At the time of writing, Ethereum was down by 1.22% to $1,756.95 A mixed start to the day saw Ethereum rise to an early morning high $1,783.22 before falling to a low $1,755.30.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 230221 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,742 to support a run at the first major resistance level at $1,976.

Support from the broader market would be needed, however, for Ethereum to break back through to $1,900 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $1,938.95 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test the second major resistance level at $2,173.

Failure to avoid a fall through the $1,742 pivot would bring the 23.6% FIB of $1,579 and the first major support level at $1,545 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $1,311.

Looking at the Technical Indicators

First Major Support Level: $1,545

Pivot Level: $1,742

First Major Resistance Level: $1,976

23.6% FIB Retracement Level: $1,528

38.2% FIB Retracement Level: $1,251

62% FIB Retracement Level: $804

Litecoin

Litecoin slid by 8.50% on Monday. Reversing a 0.22% gain from Sunday, Litecoin ended the day at $208.23.

It was a bearish start to the day. Litecoin slid from an early morning intraday high $227.72 to an early afternoon intraday low $179.02.

The sell-off saw Litecoin fall through the day’s major support levels and the 23.6% FIB of $195.

Finding late support, however, Litecoin broke back through the third major support level at $199.85.

More significantly, Litecoin also broke back through the 23.6% FIB of $195 to wrap up the day at $208 levels.

At the time of writing, Litecoin was down by 1.92% to $204.24. A mixed start to the day saw Litecoin rise to an early morning high $208.94 before falling to a low $204.12.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 230221 Hourly Chart

For the day ahead

Litecoin would need to move back through the $204.99 pivot level to support a run at the first major resistance level at $230.96.

Support from the broader market would be needed, however, for Litecoin to break back through to $220 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $227.72 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $240 before any pullback. The second major resistance level sits at $253.69.

Failure to move back through the $204.99 pivot level would bring the 23.6% FIB of $195 and the first major support level at $182.26 into play.

Barring another extended sell-off, Litecoin should steer well clear of the second major support level at $156.26. The 38.2% FIB of $163 should limit the downside in the event of a sell-off.

Looking at the Technical Indicators

First Major Support Level: $182.26

Pivot Level: $204.99

First Major Resistance Level: $230.96

23.6% FIB Retracement Level: $191

38.2% FIB Retracement Level: $159

62% FIB Retracement Level: $108

Ripple’s XRP

Ripple’s XRP rose by 3.87% on Monday. Following on from a 6.47% rally from Sunday, Ripple’s XRP ended the day at $0.56619.

A mixed start to the day saw jump to a mid-morning intraday high $0.64919.

Ripple’s XRP broke through the day’s major resistance levels before hitting reverse.

Going into the 2nd half of the day, Ripple’s XRP slid to an early afternoon intraday low $0.47000.

Ripple’s XRP fell through the first major support level at $0.5132 and the second major support level at $0.4813.

More significantly, Ripple’s XRP fell back through the 23.6% FIB of $0.5320 before revisiting $0.63 levels late in the day.

Ripple’s XRP broke back through the first major resistance level at $0.5677 and the second major resistance level at $0.5903.

A bearish end to the day, however, saw Ripple’s XRP fall back through the major resistance levels to end the day at $0.566 levels.

At the time of writing, Ripple’s XRP was down by 1.53% to 0.55755. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.56869 before falling to a low $0.55602.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 230221 Hourly Chart

For the day ahead

Ripple’s XRP will need to move back through the $0.5618 pivot level to bring the first major resistance level at $0.6536 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Monday’s high $0.64919.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.70 before any pullback. The second major resistance level sits at $0.7410.

Failure to move back through the $0.5618 pivot would bring the 23.6% FIB of $0.5320 and the first major support level at $0.4744 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer well clear of the second major support level at $0.3826. The 38.2% FIB of $0.4632 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.4744

Pivot Level: $0.5618

First Major Resistance Level: $0.6536

23.6% FIB Retracement Level: $0.5320

38.2% FIB Retracement Level: $0.4632

62% FIB Retracement Level: $0.3521

Please let us know what you think in the comments below.

Thanks, Bob

Bitcoin and Ethereum – Weekly Technical Analysis – February 22nd, 2021

Bitcoin

Bitcoin, BTC to USD, rallied by 18.06% in the week ending 21st February. Following on from a 25.08% breakout from the previous week, Bitcoin ended the week at $57,376.0.

A mixed start to the week saw Bitcoin fall to a Monday intraweek low $45,730.5 before making a move.

Steering clear of the first major support level at $41,134, Bitcoin rallied to a Sunday intraweek high and a new swing hi $58,321.2.

Bitcoin broke through the first major resistance level at $57,109 and the second major resistance level at $57,109.

Falling short of $60,000 levels, however, Bitcoin eased back to end the week at sub-$57,000 levels.

The pullback saw Bitcoin fall briefly fall back through the second major resistance level at $57,109.

4 days in the green that included an 8.34% rally on Friday delivered the upside for the week.

For the week ahead

Bitcoin would need to avoid a fall through the $53,809 pivot to support a run the first major resistance level at $61,888.

Support from the broader market would be needed for Bitcoin to break out from 21st February’s new swing hi $58,321.2.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at $65,000 before any pullback. The second major resistance level sits at $66,400.

Failure to avoid a fall through the $53,809 pivot would bring the first major support level at $49,297 into play.

Barring an extended sell-off, Bitcoin should steer clear of sub-$45,000 levels and the second major support level at $41,219. The 23.6% FIB of $45,501 should limit the downside.

At the time of writing, Bitcoin was down by 1.31% to $56,625.0. A mixed start to the week saw Bitcoin rise to an early Monday high $57,449.0 before falling to a low $56,000.0.

Bitcoin left the major support and resistance levels untested at the start of the week.

BTCUSD 220221 Daily Chart

Ethereum

Ethereum rose by 7.34% in the week ending 21st February. Following on from an 11.65% rally from the previous week, Ethereum ended the week at $1,935.57.

It was also a mixed start to the week. Ethereum fell to a Monday intraweek low $1,659.93 before making a move.

Steering clear of the first major support level at $1,621, Ethereum rallied to a Saturday intraweek high and a new swing hi $2,041.42.

Ethereum broke through the first major resistance level at $1,932 before a late Saturday slide back to sub-$1,900 levels.

Finding support late Saturday and through Sunday, however, Ethereum broke back through the first major resistance level to wrap up the week at $1,935 levels.

5-days in the green included a 3.93% gain on Wednesday and a 4.73% rally on Thursday contributed to the upside in the week.

For the week ahead

Ethereum would need to avoid a fall through the pivot level at $1,879 to support a run at the first major resistance level at $2,098.

Support from the broader market would be needed, however, for Ethereum to break out from last week’s new swing hi $2,041.42.

Barring another extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another extended breakout, Ethereum could test resistance at $2,300 before any pullback. The second major resistance level sits at $2,260.

Failure to avoid a fall through the pivot level at $1,879 would bring the first major support level at $1,717 into play.

Barring an extended sell-off in the week, Ethereum should steer well clear of sub-$1,700 levels, however. The second major support level sits at $1,497.

At the time of writing, Ethereum was down by 2.30% to $1,891.01. A mixed start to the week saw Ethereum rise to an early Monday high $1,938.95 before falling to a low $1,871.18.

Ethereum left the major support and resistance levels untested at the start of the week.

ETHUSD 220221 Daily Chart

The Crypto Daily – Movers and Shakers – February 22nd, 2021

Bitcoin, BTC to USD, rose by 2.85% on Sunday. Reversing a 0.16% decline from Saturday, Bitcoin ended the week up by 18.06% to $57,376.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $55,386.0 before making a move.

Steering clear of the first major support level at $54,723, Bitcoin rallied to a late intraday high and a new swing hi $58,321.2.

Bitcoin broke through the first major resistance level at $57,158 to come within range of the second major resistance level at $58,539.

A bearish end to the day saw Bitcoin briefly fall back through the first major resistance level to sub-$57,000 levels.

Finding late support, however, Bitcoin broke back through the first major resistance level to end the day at $57,300 levels.

The near-term bullish trend remained intact, supported by the Sunday’s new swing hi $58,321.2. For the bears, Bitcoin would need to slide through the 62% FIB of $24,751 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Sunday.

Cardano’s ADA (-1.39%), Crypto.com Coin (-3.74%), and Polkadot (-0.96%) saw red on the day.

It was a bullish day for the rest of the majors, however.

Binance Coin and Bitcoin Cash SV rallied by 16.34% and by 10.91%, with Ripple’s XRP rising by 6.47% to lead the way.

Chainlink (+0.42%), Ethereum (+1.07%), and Litecoin (+0.22%) also found support.

For the week, it was also mixed for the majors.

Ripple’s XRP fell by 8.09% to buck the trend in the week.

It was a bullish week for the rest of the pack, however.

Binance Coin surged by 117.09% to lead the way.

Bitcoin Cash SV (+43.58%), Cardano’s ADA (+30.40%), Crypto.com Coin (+54.33%), and Polkadot (+24.95%) also made solid gains.

Chainlink (+2.92%), Ethereum (+7.34%), and Litecoin (+6.37%) trailed the front runners, however.

For the current week, the crypto total market cap fell to a Monday low $1,350.01bn before rising to a Saturday high $1,778.34bn. At the time of writing, the total market cap stood at $1,694.60bn.

Bitcoin’s dominance fell to a Friday low 59.92% before rising to a Saturday high 63.57%. At the time of writing, Bitcoin’s dominance stood at 62.46%.

This Morning

At the time of writing, Bitcoin was down by 1.09% to $56,753.0. A mixed start to the day saw Bitcoin rise to an early morning high $57,449.0 before falling to a low $56,451.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Crypto.com Coin was up by 0.31% to buck the trend early on.

It was a bearish start for the rest of the majors, however.

At the time of writing, Binance Coin was down by 3.24% to lead the way down.

BTCUSD 220221 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $57,028 to bring the first major resistance level at $58,670 into play.

Support from the broader market would be needed for Bitcoin to break out from Sunday’s swing hi $58,321.2.

Barring an extended crypto rally, the first major resistance level and resistance at $59,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $60,000 before any pullback. The second major resistance level sits at $59,963.

Failure to move back through the $57,028 pivot would bring the first major support level at $55,734 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$55,000 levels. The second major support level sits at $54,093.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 22nd, 2021

Ethereum

Ethereum rose by 1.07% on Sunday. Partially reversing a 2.17% fall from Saturday, Ethereum ended the week up by 7.34% to $1,935.57.

A mixed start to the day saw Ethereum fall to an early morning intraday low $1,885.00 before making a move.

Steering well clear of the first major support level at $1,804, Ethereum rallied to a late intraday high $1,976.72.

Falling short of the first major resistance level at $2,034, Ethereum eased back to end the day at sub-$1,940 levels.

At the time of writing, Ethereum was down by 0.96% to $1,917.05. A mixed start to the day saw Ethereum rise to an early morning high $1,938.95 before falling to a low $1,909.49.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 220221 Hourly Chart

For the day ahead

Ethereum would need to move back through the pivot level at $1,932 to support a run at the first major resistance level at $1,980.

Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $1,976.72.

Barring an extended crypto rally, Sunday’s high and the first major resistance level would likely cap any upside.

In the event of an extended crypto rally, Ethereum could retest resistance at $2,000 before any pullback. The second major resistance level sits at $2,024.

Failure to move back through the $1,932 pivot would bring the first major support level at $1,888 into play.

Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $1,841.

Looking at the Technical Indicators

First Major Support Level: $1,888

Pivot Level: $1,932

First Major Resistance Level: $1,980

23.6% FIB Retracement Level: $1,528

38.2% FIB Retracement Level: $1,251

62% FIB Retracement Level: $804

Litecoin

Litecoin rose by 0.22% on Sunday. Following a 4.02% slide on Saturday, Litecoin ended the week up by 6.37% to $227.54.

A mixed start to the day saw Litecoin rise to an early morning intraday high $233.95 before hitting reverse.

Falling short of the first major resistance level at $244.09, Litecoin fell to a mid-morning intraday low $220.25.

Steering clear of the first major support level at $213.17, Litecoin revisited $230 levels before easing back.

At the time of writing, Litecoin was down by 0.98% to $225.31. A mixed start to the day saw Litecoin rise to an early morning high $227.72 before falling to a low $225.00.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 220221 Hourly Chart

For the day ahead

Litecoin would need to move through the $227.25 pivot level to support a run at the first major resistance level at $234.24.

Support from the broader market would be needed, however, for Litecoin to break out from Sunday’s high $233.95.

Barring an extended crypto rally, the first major resistance level and resistance at $235 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $250 before any pullback. The second major resistance level sits at $240.95.

Failure to move through the $227.25 pivot level would bring the first major support level at $220.54 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$210 levels. The second major support level at $213.55 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $220.54

Pivot Level: $227.25

First Major Resistance Level: $234.24

23.6% FIB Retracement Level: $191

38.2% FIB Retracement Level: $159

62% FIB Retracement Level: $108

Ripple’s XRP

Ripple’s XRP rallied by 6.47% on Sunday. Partially reversing a 9.33% slide from Saturday, Ripple’s XRP ended the week down by 8.09% to $0.54515.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.50387 before finding support.

Steering clear of the first major support level at $0.4347, Ripple’s XRP rallied to a late morning intraday high $0.55839.

While falling short of the first major resistance level at $0.5865, Ripple’s XRP broke through the 23.6% FIB of $0.5320.

A late pullback saw Ripple’s XRP briefly fall back through the 23.6% FIB before wrapping up the day at $0.54 levels.

At the time of writing, Ripple’s XRP was down by 1.23% to $0.53843. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.54687 before falling to a low $0.53458.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 220221 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a back fall through the $0.5358 pivot level to bring the first major resistance level at $0.5677 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Sunday’s high $0.55839.

Barring an extended crypto rally, the first major resistance level and resistance at $0.57 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.60 before any pullback. The second major resistance level sits at $0.5903.

Failure to avoid a fall back through the $0.5358 pivot would bring the 23.6% FIB of $0.5320 and the first major support level at $0.5132 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.50 levels. The second major support level sits at $0.4813.

Looking at the Technical Indicators

First Major Support Level: $0.5132

Pivot Level: $0.5358

First Major Resistance Level: $0.5677

23.6% FIB Retracement Level: $0.5320

38.2% FIB Retracement Level: $0.4632

62% FIB Retracement Level: $0.3521

Please let us know what you think in the comments below.

Thanks, Bob

The Crypto Daily – Movers and Shakers – February 21st, 2021

Bitcoin, BTC to USD, fell by 0.16% on Saturday. Following an 8.34% rally on Friday, Bitcoin ended the day at $55,777.0.

A mixed start to the day saw Bitcoin rise to an early morning high and a new swing hi $56,444.0 before hitting reverse.

Falling short of the first major resistance level at $57,887, Bitcoin fell to a late morning low $55,050.0.

Steering well clear of the first major support levels, Bitcoin struck a mid-day intraday high and a new swing hi $57,485.0 before sliding back into the red.

The late sell off saw Bitcoin slide to an intraday low $54,000.0 before wrapping up the day at $55,700 levels.

In spite of the reversal, Bitcoin continued to steer well clear of the first major support level at $52,300.

The near-term bullish trend remained intact, supported by the Saturday’s new swing hi $52,577.0. For the bears, Bitcoin would need to slide through the 62% FIB of $24,431 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Saturday.

Cardano’s ADA and Polkadot rallied by 20.42% and by 11.81% respectively to lead the way.

Crypto.com Coin (+7.88%) also found strong support to buck the trend on the day.

It was a bearish day for the rest of the majors, however.

Binance Coin  slid by 23.93% to lead the way down, with Bitcoin Cash SV (-10.59%) and Ripple’s XRP (-9.33%) struggling.

Chainlink (-2.00%), Ethereum (-2.17%), and Litecoin (-4.02%) also joined Bitcoin in the red.

In the current week, the crypto total market cap fell to a Monday low $1,350.01bn before rising to a Saturday high $1,778.34bn. At the time of writing, the total market cap stood at $1,657.19bn.

Bitcoin’s dominance fell to a Friday low 59.92% before rising to a Saturday high 63.52%. At the time of writing, Bitcoin’s dominance stood at 62.53%.

This Morning

At the time of writing, Bitcoin was down by 0.41% to $55,546.0. A mixed start to the day saw Bitcoin rise to an early morning high $55,898.6 before falling to a low $55,432.5.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Binance Coin was up by 0.17% to buck the trend early on.

It was a bearish start for the rest of the majors, however.

At the time of writing, Crypto.com Coin was down by 5.71% to lead the way down.

BTCUSD 210221 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $56,104 to bring the first major resistance level at $57,158 into play.

Support from the broader market would be needed for Bitcoin to break back through to $57,000 levels.

Barring an extended crypto rally, the first major resistance level and Saturday’s new swing hi $57,485.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $60,000 before any pullback. The second major resistance level sits at $58,539.

Failure to move through the $56,104 pivot would bring the first major support level at $54,723 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $53,669.

The Crypto Daily – Movers and Shakers – February 20th, 2021

Bitcoin, BTC to USD, rallied by 8.34% on Friday. Reversing a 1.04% fall from Thursday, Bitcoin ended the day at $55,866.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $50,755.0 before making a move.

Finding support at the first major support level at $50,773, Bitcoin rallied to a late intraday high and a new swing hi $56,342.0.

Bitcoin broke through the first major resistance level at $52,449 and the second major resistance level at $53,332.

In spite of a late pullback, Bitcoin steered clear of the resistance levels to wrap up the day at $55,000 levels.

The near-term bullish trend remained intact, supported by the Wednesday’s new swing hi $52,577.0. For the bears, Bitcoin would need to slide through the 62% FIB of $23,995 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Friday.

Bitcoin Cash SV slid by 3.51% to buck the trend on the day.

It was a bullish day for the rest of the majors, however.

Binance Coin  surged by 70.55% to lead the way, with Crypto.com Coin rallying by 14.83%.

Chainlink (+7.03%), Litecoin (+4.41%), Polkadot (+3.36%), and Ripple’s XRP (+6.00%) also made relatively solid gains.

Cardano’s ADA (+1.33%), and Ethereum (+0.93%) trailed the front runners, however.

In the current week, the crypto total market cap fell to a Monday low $1,350.01bn before rising to a Friday high $1,753.75bn. At the time of writing, the total market cap stood at $1,667.96bn.

Bitcoin’s dominance rose to a Wednesday high 63.41% before falling to a Friday low 59.92%. At the time of writing, Bitcoin’s dominance stood at 62.12%.

This Morning

At the time of writing, Bitcoin was down by 0.98% to $55,317.0. A mixed start to the day saw Bitcoin rise to an early morning high $56,257.0 before falling to a low $55,200.0

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Polkadot bucked the trend early on, rising by 1.01%.

It was a bearish start for the rest of the majors, however.

At the time of writing, Binance Coin was down by 6.54% to lead the way down.

BTCUSD 200221 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $54,321 to bring the first major resistance level at $57,887 into play.

Support from the broader market would be needed for Bitcoin to break out from Friday’s swing hi $56,342.0.

Barring an extended crypto rally, the first major resistance level and resistance at $58,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $60,000 before any pullback. The second major resistance level sits at $59,908.

Failure to avoid a fall through the $54,321 pivot would bring the first major support level at $52,300 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$50,000 levels. The second major support level sits at $48,734.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 20th, 2021

Ethereum

Ethereum rose by 0.93% on Friday. Following on from a 4.74% rally on Thursday, Ethereum ended the day at $1,957.68.

A mixed start to the day saw Ethereum fall to an early morning intraday low $1,890.00 before making a move.

Steering well clear of the first major support level at $1,877, Ethereum rallied to a late intraday high and a new swing hi $1,974.98.

Coming within range of the first major resistance level at $1,976, Ethereum eased back to end the day at sub-$1,960 levels.

At the time of writing, Ethereum was down by 0.52% to $1,947.53. A mixed start to the day saw Ethereum rise to an early morning high $1,962.31 before falling to a low $1,943.65.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 200221 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,941 to support a run at the first major resistance level at $1,992.

Support from the broader market would be needed, however, for Ethereum to break out from Friday’s new swing hi $1,974.98.

Barring an extended crypto rally, the first major resistance level resistance at $2,000 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at $2,100 before any pullback. The second major resistance level sits at $2,026.

Failure to avoid a fall through the $1,941 pivot would bring the first major support level at $1,907 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$1,900 levels. The second major support level sits at $1,856.

Looking at the Technical Indicators

First Major Support Level: $1,907

Pivot Level: $1,941

First Major Resistance Level: $1,992

23.6% FIB Retracement Level: $1,528

38.2% FIB Retracement Level: $1,251

62% FIB Retracement Level: $804

Litecoin

Litecoin rallied by 4.41% on Friday. Revering a 4.58% slide from Thursday, Litecoin ended the day at $236.60.

A bearish start to the day saw Litecoin fall to an early morning intraday low $220.10 before making a move.

Steering clear of the first major support level at $218.53, Litecoin rallied to a late intraday high and a new swing hi $241.99.

Litecoin broke through the first major resistance level at $236.94 before falling back to end the day at $236.6 levels.

At the time of writing, Litecoin was down by 0.63% to $235.20. A mixed start to the day saw Litecoin rise to an early morning high $237.87 before falling to a low $235.20.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 200221 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $232.93 pivot level to support a run at the first major resistance level at $245.75.

Support from the broader market would be needed, however, for Litecoin to break out from Friday’s swing hi $241.99.

Barring an extended crypto rally, the first major resistance level and resistance at $250 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $260 before any pullback. The second major resistance level sits at $254.82.

Failure to avoid a fall through the $232.93 pivot level would bring the first major support level at $223.86 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$220 levels. The second major support level sits at $211.04.

Looking at the Technical Indicators

First Major Support Level: $223.86

Pivot Level: $232.93

First Major Resistance Level: $245.75

23.6% FIB Retracement Level: $191

38.2% FIB Retracement Level: $159

62% FIB Retracement Level: $108

Ripple’s XRP

Ripple’s XRP rallied by 6.00% on Friday. Reversing a 0.54% fall from Thursday, Ripple’s XRP ended the day at $0.56451.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.51469 before finding support.

Falling through the 23.6% FIB of $0.5320, Ripple’s XRP came within range of the first major support level at $0.5144.

A late morning rally, however, saw Ripple’s XRP strike a mid-day intraday high $0.58151.

Ripple’s XRP broke through the first major resistance level at $0.5547 and the second major resistance level at $0.5775.

More significantly, Ripple’s XRP broke back through the 23.6% FIB.

An afternoon pullback saw Ripple’s XRP fall back through the major resistance levels before a late rally to $0.57 levels.

Ripple’s XRP broke back through the first major resistance level to end the day at $0.56 levels. The second major resistance level at $0.5775 capped the upside late in the day.

At the time of writing, Ripple’s XRP was down by 0.23% to $0.56320. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.56835 before falling to a low $0.56320.

Ripple’s XRP  left the major support and resistance levels untested early on.

XRPUSD 200221 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.5536 pivot level to bring the first major resistance level at $0.5925 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Friday’s high $0.58151.

Barring an extended crypto rally, the first major resistance level and resistance at $0.60 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.65 before any pullback. The second major resistance level sits at $0.6204.

Failure to avoid a fall through the $0.5536 pivot would bring the 23.6% FIB of $0.5320 and the first major support level at $0.5256 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.50 levels. The second major support level sits at $0.4868.

Looking at the Technical Indicators

First Major Support Level: $0.5256

Pivot Level: $0.5536

First Major Resistance Level: $0.5925

23.6% FIB Retracement Level: $0.5320

38.2% FIB Retracement Level: $0.4632

62% FIB Retracement Level: $0.3521

Please let us know what you think in the comments below.

Thanks, Bob

18th February: BTC/USD Declines below 52,000, ETH/USD Comes Closer to 2,000

BTC/USD

The pair was declining until the afternoon. Between 12:00 and 13:00 UTC, the pair continued trending down and reached 50,900, based on the CEX.IO exchange rate, but bounced off the intraday 51,200 support level formed on 17th February and closed the hour above the open. This let BTC/USD retrace the losses in the next two hours.

BTC/USD had travelled back to 52,300 by 15:00 UTC but was unable to try and test the 52,400 level of resistance and turned straight down once again between 15:00 and 16:00 UTC. The trading pair closed the hour at 51,444 as per the CEX.IO pricing and, bouncing to 52,000 between 16:00 and 17:00 UTC, continued trending sideways under 52,000 for the most part until the end of the trading day. BTC/USD came under some selling pressure in the last two hours and came down from 52,110 to 51,635 at the day’s end.

The lack of sufficient buying sentiment and buying trading volumes was the reason why BTC/USD could not attempt to continue its ascent past 52,400. The sideways price action shows that traders are still expecting the uptrend to continue, while market makers might be using this flat channel to make new liquidity to make a breakthrough past 52,400. The positive news factor could be a quick resolution to this stagnation around 52,000. Therefore, some positive news regarding the Bitcoin market may be enough for BTC/USD to get at 52,400 and make a breakthrough.

Considering the overall bullish sentiment dominating BTC/USD, we believe this sideways price action to be another milestone in keeping BTC/USD on the rising course. Thus, we expect the near BTC/USD target to be at around 54,300.

ETH/USD

ETH/USD opened the trading session 18th February at 1,849 and made substantial upside progress in the first two hours, having broken above 1,900 by 02:00 UTC. In the next two hours, the BTC/USD trading pair came down below 1,900. From 04:00 UTC, BTC/USD continued trending sideways within a very limited price range, staying for the most part between 1,880 and 1,900.

With some upside slippage at the open of the 10:00 hourly candlestick, BTC/USD had risen above 1,920 by 11:00 UTC. Between 11:00 and 12:00 UTC, the trading pair made a downside retracement, trading below 1,900 for several minutes but, having closed the hour at 1,900, continued climbing higher until the end of the day, setting multiple historical highs along the way.

The trading pair reached the day’s maximum between 21:00 and 22:00 UTC, having risen to 1,950, but came all the way down to 1,920 before the day’s close. Still, ETH/USD was able to close the day near the new all-time high with some very considerable upside progress at 1,936.3 as per the CEX.IO exchange rate.

ETH/USD added some 4.83% to its price on 18th February, which is all the more impressive against the backdrop of a negative price day in BTC/USD, which showed -0.94% on the day. Ethereum is apparently largely enjoying the DeFi market growth as most of its protocols use Ethereum smart contracts.

Alongside, CME Ethereum futures trading volumes and open interest are growing consistently, showing the rising demand for Etherum from professional investors. The open interest for CME Ether futures had grown more than twofold from 20 million on 9th February to $62 million on 17th February, according to Glassnode.

This makes $2,000 a very close target for ETH/USD. And we see 2,342 to be the next target for ETH/USD for the second quarter of 2021.

Konstantin Anissimov, Executive Director at CEX.IO

The Crypto Daily – Movers and Shakers – February 19th, 2021

Bitcoin, BTC to USD, fell by 1.04% on Thursday. Partially reversing a 5.97% rally from Wednesday, Bitcoin ended the day at $51,566.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $52,539.0 before hitting reverse.

Bitcoin fell short of Wednesday’s new swing hi $52,577.0 and the first major resistance level at $53,462.

The reversal saw Bitcoin fall to a mid-day intraday low $50,863.0 before finding support.

Steering clear of the first major support level at $49,885, Bitcoin revisited $52,300 levels before falling back into the red.

The near-term bullish trend remained intact, supported by the Wednesday’s new swing hi $52,577.0. For the bears, Bitcoin would need to slide through the 62% FIB of $22,556 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Thursday.

Litecoin (-4.58%), Polkadot (-1.72%), and Ripple’s XRP (-0.54%) joined Bitcoin in the red.

It was a bullish day for the rest of the majors, however.

Binance Coin  and Crypto.com Coin surged by 18.22% and by 18.66% to lead the way.

Bitcoin Cash SV (+4.94%) and Ethereum (+4.74%) also found strong support.

Cardano’s ADA (+2.44%) and Chainlink (+0.56%) and trailed the front runners.

In the current week, the crypto total market cap fell to a Monday low $1,350.01bn before rising to a Thursday high $1,602.83bn. At the time of writing, the total market cap stood at $1,573.61bn.

Bitcoin’s dominance fell to a Monday low 60.67% before rising to a Wednesday high 63.41%. At the time of writing, Bitcoin’s dominance stood at 61.42%.

This Morning

At the time of writing, Bitcoin was up by 0.54% to $51,847.0. A mixed start to the day saw Bitcoin fall to an early morning low $51,505.0 before rising to a high $51,913.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Polkadot was down by 0.55% to buck the trend early on.

It was a bullish start for the rest of the majors, however.

At the time of writing, Binance Coin was up by 5.72% to lead the way.

BTCUSD 190221 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $51,656 to bring the first major resistance level at $52,449 into play.

Support from the broader market would be needed for Bitcoin to break back through to $52,000 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s swing hi $52,577.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $53,332.

Failure to avoid a fall through the $51,656 pivot would bring the first major support level at $50,773 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$50,000 levels. The second major support level sits at $49,980.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 19th, 2021

Ethereum

Ethereum rallied by 4.74% on Thursday. Following on from a 3.92% gain on Wednesday, Ethereum ended the day at $1,939.64.

A mixed start to the day saw Ethereum slip to an early morning intraday low $1,851.47 before finding support.

Steering well clear of the first major support level at $1,771, Ethereum rallied to a late intraday high and a new swing hi $1,950.3.

Ethereum broke through the first major resistance level at $1,895 and the second major resistance level at $1,938.

A choppy end to the day saw Ethereum briefly fall back through the second major resistance level to $1,916 levels before ending the day at $1,939 levels.

At the time of writing, Ethereum was up by 0.07% to $1,940.93. A mixed start to the day saw Ethereum rise to an early morning high $1,947.37 before falling to a low $1,939.50.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 190221 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,914 to support a run at the first major resistance level at $1,976.

Support from the broader market would be needed, however, for Ethereum to break out from Thursday’s new swing hi $1,950.30.

Barring an extended crypto rally, the first major resistance level resistance at $2,000 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at $2,100 before any pullback. The second major resistance level sits at $2,013.

Failure to avoid a fall through the $1,914 pivot would bring the first major support level at $1,877 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$1,800 levels. The second major support level at $1,815 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,877

Pivot Level: $1,914

First Major Resistance Level: $1,976

23.6% FIB Retracement Level: $1,509

38.2% FIB Retracement Level: $1,236

62% FIB Retracement Level: $795

Litecoin

Litecoin slid by 4.58% on Thursday. Partially reversing a 13.02% rally from Wednesday, Litecoin ended the day at $226.65.

A bullish start to the day saw Litecoin rise to an early morning intraday high and a new swing hi $239.11.

Falling short of the first major resistance level at $248.91, however, Litecoin slid to a mid-day intraday low $220.70.

Steering clear of the first major support level at $214.84, Litecoin revisited $231 levels before falling back into the deep red.

At the time of writing, Litecoin was up by 0.39% to $227.54. A bullish start to the day saw Litecoin rise from an early morning low $226.69 to a high $228.55.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 190221 Hourly Chart

For the day ahead

Litecoin would need to move through the $228.82 pivot level to support a run at the first major resistance level at $236.94.

Support from the broader market would be needed, however, for Litecoin to break out from $235 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s new swing hi $239.11 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $250 before any pullback. The second major resistance level sits at $247.23.

Failure to move through the $228.82 pivot level would bring the first major support level at $218.53 into play.

Barring an extended sell-off, Litecoin should steer clear of the second major support level at $210.41.

Looking at the Technical Indicators

First Major Support Level: $218.53

Pivot Level: $228.82

First Major Resistance Level: $236.94

23.6% FIB Retracement Level: $189

38.2% FIB Retracement Level: $157

62% FIB Retracement Level: $107

Ripple’s XRP

Ripple’s XRP fell by 0.54% on Thursday. Following a 2.60% gain from Wednesday, Ripple’s XRP ended the day at $0.53199.

A bullish start to the day saw Ripple’s XRP rise to a mid-morning intraday high $0.55990 before hitting reverse.

Falling short of the first major resistance level at $0.5627, Ripple’s XRP slid to a mid-day intraday low $0.51955.

While steering clear of the first majors support level at $0.4993, Ripple’s XRP fell through the 23.6% FIB of $0.5320.

Finding late support, Ripple’s XRP broke back through the 23.6% FIB of $0.5320 to revisit $0.54 levels. A bearish end to the day, however, saw Ripple’s XRP fall back to sub-$0.5320 levels and into the red

At the time of writing, Ripple’s XRP was down by 0.13% to $0.53131. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.53587 before falling to a low $0.5300.

While leaving the major support and resistance levels untested early on, Ripple’s XRP briefly broke through the 23.6% FIB of $0.5320.

XRPUSD 190221 Hourly Chart

For the day ahead

Ripple’s XRP will need to move back through the 23.6% FIB and the $0.5371 pivot level to bring the first major resistance level at $0.5547 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.55 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $0.55990 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.60 before any pullback. The second major resistance level sits at $0.0.5775.

Failure to move back through the 23.6% FIB of $0.5320 and the $0.5371 pivot would bring the first major support level at $0.5144 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.50 levels. The second major support level sits at $0.0.4968.

Looking at the Technical Indicators

First Major Support Level: $0.5144

Pivot Level: $0.5371

First Major Resistance Level: $0.5547

23.6% FIB Retracement Level: $0.5320

38.2% FIB Retracement Level: $0.4632

62% FIB Retracement Level: $0.3521

Please let us know what you think in the comments below.

Thanks, Bob