The Crypto Daily – Movers and Shakers – March 3rd, 2021

Bitcoin, BTC to USD, fell by 2.11% on Tuesday. Partially reversing a 9.49% rally from Monday, Bitcoin ended the day at $48,536.0.

A bullish start to the day saw Bitcoin rally to an early morning intraday high $50,148.0 before hitting reverse.

Falling well short of the first major resistance level at $51,182, Bitcoin slid to a late intraday low $47,158.0.

Steering clear of the first major support level at $46,539, however, Bitcoin found late support to end the day at $48,500 levels.

The near-term bullish trend remained intact in spite of last week’s 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.

Bitcoin Cash SV and Polkadot rose by 3.70% and by 3.83% respectively to lead the way.

Chainlink (+2.81%), Crypto.com Coin (+2.16%), and Litecoin (+1.80%) also found support to buck the trend on the day.

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

Binance Coin  (-5.87%), Cardano’s ADA (-5.64%), and Ethereum (-5.31%) led the way down.

Ripple’s XRP (-2.24%) saw relatively modest loss on the day.

Early in the week, the crypto total market fell to a Monday low $1,345.39bn before rising to a Tuesday high $1,533.73bn. At the time of writing, the total market cap stood at $1,436.62bn.

Bitcoin’s dominance fell to a Tuesday low 61.08% before rising to a Tuesday high 62.40%. At the time of writing, Bitcoin’s dominance stood at 61.89%.

This Morning

At the time of writing, Bitcoin was up by 0.18% to $48,625.0. A mixed start to the day saw Bitcoin fall to an early morning low $48,183.4 before rising to a high $48,855.0.

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

Elsewhere, it was a mixed start to the day.

Litecoin and Ripple’s XRP were down by 0.04% and by 0.46% to buck the trend early on.

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

At the time of writing, Polkadot was up by 1.95% to lead the way.

BTCUSD 030321 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $48,614 to bring the first major resistance level at $50,070 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 Tuesday’s high $50,148.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $52,000 before any pullback. The second major resistance level sits at $51,604.

Failure to avoid a fall back through the $48,614 pivot would bring the first major support level at $47,080 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $45,624 and the 23.6% FIB of $45,501.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 3rd, 2021

Ethereum

Ethereum slid by 5.31% on Tuesday. Partially reversing a 10.55% rally from Monday, Ethereum ended the day at $1,488.34.

A mixed start to the day saw Ethereum rise to an early morning intraday high $1,605.89 before hitting reverse.

While falling short of the first major resistance level at $1,627, Ethereum broke through the 23.6% FIB of $1,579.

The reversal saw Ethereum slide to a late intraday low $1,455.86.

The sell-off saw Ethereum fall through the 23.6% FIB and the first major support level at $1,465.

Finding late support, Ethereum moved back through the first major support level to reduce the deficit on the day.

At the time of writing, Ethereum was down by 0.44% to $1,481.85. A mixed start to the day saw Ethereum rise to an early morning high $1,489.04 before falling to a low $1,480.27.

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

ETHUSD 030321 Hourly Chart

For the day ahead

Ethereum would need to move through the pivot level at $1,517 to support a run at the first major resistance level at $1,578 and the 23.6% FIB of $1,579.

Support from the broader market would be needed, however, for Ethereum to break back through to $1,570 levels.

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

In the event of another breakout, Ethereum could test the second major resistance level at $1,667 and resistance at $1,700.

Failure to move through the $1,517 pivot would bring the first major support level at $1,428 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,400 levels. The second major support level sits at $1,367.

Looking at the Technical Indicators

First Major Support Level: $1,428

Pivot Level: $1,517

First Major Resistance Level: $1,578

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin rose by 1.80% on Tuesday. Following on from a 6.30% rally on Monday, Litecoin ended the day at $179.25.

It was a mixed start to the day. Litecoin fell to a mid-morning low $171.13 before making a move.

Steering clear of the first major support level at $167, Litecoin rallied to an early afternoon intraday high $185.48.

Litecoin broke through the first major resistance level at $180.71 before hitting reverse.

Coming up against the second major resistance level at $185.40, Litecoin slid to a late intraday low $170.70.

Continuing to steer clear of the first major support level at $167, however, Litecoin moved back through to $179 to end the day in the green.

At the time of writing, Litecoin was down by 0.79% to $177.84. A bearish start to the day saw Litecoin fall from an early morning high $179.29 to a low $177.62.

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

LTCUSD 030321 Hourly Chart

For the day ahead

Litecoin would need to move back through the $179 pivot level to support a run at the first major resistance level at $186.

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 Tuesday’s high $185.48 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at the 23.6% FIB of $195. The second major resistance level sits at $193.

Failure to move back through the $179 pivot level would bring the first major support level at $172 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$160 levels. The second major support level at $164 and the 38.2% FIB of $163 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $172

Pivot Level: $179

First Major Resistance Level: $186

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 2.24% on Tuesday. Partially reversing a 7.04% rally from Monday, Ripple’s XRP ended the day at $0.43624.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.45574 before hitting reverse.

Falling short of the first major resistance level at $0.4624, Ripple’s XRP slid to a late afternoon intraday low $0.42228.

Steering clear of the first major support level at $0.4213, Ripple’s XRP moved back through to $0.436 levels to reduce the deficit.

At the time of writing, Ripple’s XRP was down by 0.80% to $0.43277. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.43638 to a low $0.43277.

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

XRPUSD 030321 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.4381 pivot level to bring the first major resistance level at $0.4539 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.45 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.45574 would 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 resistance at $0.47. The second major resistance level sits at $0.4715.

Failure to move through the $0.4381 pivot would bring the first major support level at $0.4204 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.40 levels. The second major support level at $0.4046 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.4204

Pivot Level: $0.4381

First Major resistance Level: $0.4539

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 – March 2nd, 2021

Ethereum

Ethereum rallied by 10.55% on Monday. Reversing a 2.63% loss from Sunday, Ethereum ended the day at $1,571.82.

A bearish start to the day saw Ethereum fall to an early morning intraday low $1,412.61 before making a move.

Steering clear of the first major support level at $1,320, Ethereum rallied to a late intraday high $1,574.28.

Ethereum broke through the first major resistance level at $1,497 and the second major resistance level at $1,572 before ending the day at $1,571 levels.

The day long rally saw Ethereum come within range of the 23.6% FIB of $1,579.

At the time of writing, Ethereum was up by 0.43% to $1,578.64. A mixed start to the day saw Ethereum fall to an early morning low $1,570.01 before rising to a high $1,578.99.

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

ETHUSD 020321 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,520 to support a run at the 23.6% FIB of $1,579 and the first major resistance level at $1,627.

Support from the broader market would be needed, however, for Ethereum to break through to $1,600 levels.

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

In the event of another breakout, Ethereum could test the second major resistance level at $1,681 and resistance at $1,700.

Failure to avoid a fall through the $1,520 pivot would bring the first major support level at $1,465 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$1,400 levels. The second major support level sits at $1,358.

Looking at the Technical Indicators

First Major Support Level: $1,465

Pivot Level: $1,520

First Major Resistance Level: $1,627

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin rose by 6.30% on Monday. Reversing a 3.63% fall from Sunday, Litecoin ended the day at $176.01.

It was a mixed start to the day. Litecoin fell to an early morning intraday low $163.54 before making a move.

Finding support at the 38.2% FIB of $163, Litecoin rallied to a late afternoon intraday high $176.82.

Litecoin broke through the first major resistance level at $175 before a pullback to sub-$170.

Finding late support, however, Litecoin broke back through the first major resistance level to end the day at $176 levels.

At the time of writing, Litecoin was up by 0.83% to $177.47. A mixed start to the day saw Litecoin fall to an early morning low $175.88 before rising to a high $177.80.

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

LTCUSD 020321 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $172 pivot level to support a run at the first major resistance level at $181.

Support from the broader market would be needed, however, for Litecoin to break out from the morning high $177.80.

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

In the event of an extended breakout, Litecoin could test resistance at $190 before any pullback. The second major resistance level sits at $185.

Failure to avoid a fall through the $172 pivot level would bring the first major support level at $167 into play.

Barring an extended sell-off, Litecoin should steer clear of the second major support level at $159. The 38.2% FIB of $163 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $167

Pivot Level: $172

First Major Resistance Level: $181

23.6% FIB Retracement Level: $195

38.2% FIB Retracement Level: $163

62% FIB Retracement Level: $110

Ripple’s XRP

Ripple’s XRP rallied by 7.04% on Monday. Reversing a 4.45% fall from Sunday, Ripple’s XRP ended the day at $0.44593.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.41314 before making a move.

Steering clear of the first major support level at $0.3939, Ripple’s XRP rallied to a late afternoon intraday high $0.45422.

Ripple’s XRP broke through the first major resistance level at $0.4388 to revisit $0.45 levels for the first time since Saturday.

Falling short of the second major resistance level at $0.4610, however, Ripple’s XRP eased back to end the day at $0.445 levels.

At the time of writing, Ripple’s XRP was up by 0.47% to $0.44802. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.44625 to a high $0.44802.

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

XRPUSD 020321 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.4378 pivot level to bring the first major resistance level at $0.4624 and the 38.2% FIB of $0.4632 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Monday’s high $0.45422.

Barring an extended crypto rally, the first major resistance level and the 38.2% FIB of $0.4632 would cap any upside.

In the event of an extended rally, Ripple’s XRP could test the second major resistance level at $0.4788 before any pullback.

Failure to avoid a fall through the $0.4378 pivot would bring the first major support level at $0.4213 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 $0.3967.

Looking at the Technical Indicators

First Major Support Level: $0.4213

Pivot Level: $0.4378

First Major resistance Level: $0.4624

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’s Nosedive below $45,000 Can Open Way to Continued Correction, Ethereum’s Repeats after Bitcoin

Bitcoin Sellers Took the Lead, Took BTC/USD below 45,000

BTC/USD started the week at 57,499 near the all-time high at 58,400, based on the CEX.IOpricing. In the first four hours of Monday’s trading session, BTC/USD declined to 56,000, which was an important support level in intraday terms. The level produced some buying pressure for the pair but only for the next four hours, as BTC/USD closed the 4-hour candlestick between 04:00 and 08:00 UTC at 46,479.

That, however, made no lasting influence, and BTC/USD had broken down below 56,000 and dropped below 53,500 by 16:00 UTC. That was a signal for a big sale, as the Bitcoin market had been overheated. In confirmation of that hypothesis, BTC/USD made a huge rollercoaster swing in the interval between 13:00 and 15:00 UTC, falling from 53,677 to 47,400 and bouncing back up. Meanwhile, Glassnode, an on-chain data aggregator reported that high-net-worth Bitcoin holders had sold 140,000 BTC, which was proof of traders’ readiness to sell BTC/USD big time. There was a slight upside recovery to 56,000 at the end of Monday, but with the start of Tuesday’s session the selling went on.

By 09:00 UTC of Tuesday, 23rd February, BTC/USD had already been at 46,500 as per Bitstamp’s exchange rate. Form 09:00 UTC, BTC/USD continued sideways, with high volatility taking place in the price action. The pair was edging sideways within the corridor of 45,000 – 49,000 until 01:00 UTC of Wednesday, 24th February. At that time a rebound above 49,000 started to take place and continued until 05:00 UTC, with 51,000 topped out.

The volatility reduced considerably, as the pair continued edging sideways within the price range of 50,000 – 51,000. At 13:00 – 14:00 UTC, a drawdown to 49,000 happened; afterwards, BTC/USD continued between 48,000 – 50,000 until the end of Wednesday. The sideways fluctuations continued on Thursday, 25th February, until 12:00 UTC. At 12:00 – 14:00 UTC, BTC/USD bounced to 52,000. Afterwards, BTC/USD began another continued downfall, which continued to 45,000 on Friday, 26th February. The falling stopped at 08:00 UTC, as the zone offered a buying opportunity.

BTC/USD on a 4-hour-timeframe chart

BTC/USD had bounced to 48,265 by 17:00 UTC and then reversed downwards until 23:00 UTC, almost reaching 45,000, and closed Friday at 45,447. On Saturday, 27th February, BTC/USD the bulls continued supporting the trading pair with buying volumes, and BTC/USD briefly rose to 48,100 between 0200 – 02:45 UTC. The pair continued sideways until 07:00 UTC, once breaking above the 50-period hourly SMA, but was eventually driven down below 47,000 between 08:00 and 09:00 UTC. The upside attempts at the SMA continued unsuccessfully until the end of Saturday. On Sunday, 28th February, selling pressure increased and saw BTC/USD gradually head down to 43,067 at its lowest. The capitalisation below 44,000 on the 4-hour timeframe was an indication of continuing selling bias in the trading pair.

Hope for Bitcoin Bulls

There was some news in the week of 22nd February that kept up Bitcoin bulls’ hopes of an upside recovery. Square, Inc. that had invested $50,000 million in Bitcoin in October 2020 made another Bitcoin purchase worth $170 million on 24th February 2021. Besides that, MicroStrategy – the corporate frontrunner among Bitcoin investors – bought 19,452 more BTC worth $1.026 billion at an average price of $52,765. This new purchase had brought MicroStrategy’s exposure to Bitcoin to 90,531 BTC.

These tendencies clearly showed that high profile investors were happy with the Bitcoin drawdown and were ready to buy the dip. This shows that Bitcoin continues to be looked upon as a solid financial instrument, and every downside correction is going to be met with substantial buying volumes.

Up or Down for BTC/USD in the Near Term?

The decline to nearly 43,000 and a stabilisation below 44,000 on the 4-hour timeframe was a signal of continuing bearish bias in BTC/USD, promising lower lows. Still, some bullish momentum remains to be present, and a breakthrough above 48,000 and above the 50-period 4-hour SMA would signal a change of bias and an upside recovery gaining traction. On the contrary, another decline to 43,000 will mean a continuation of bearish price action, with prospects of getting back to testing the 31,000 support level.

Therefore, we shall soon get answers on where BTC/USD will go next. With the pair edging higher towards 48,000 in the morning hours of Monday, the odds for a breakthrough are presently going higher.

1,392 Supports ETH/USD

ETH/USD opened the week of 22nd February at 1,933.4 and headed straight down from the start of the day, briefly getting below the 50-period 4-hour SMA with the lower wick of Monday’s first 4-hour candlestick reaching 1,867.3. The SMA gave ETH/USD some transitory support, but it continued sinking lower until 09:00 UTC on Tuesday, 23rd February, with support being found at 1,440. The trading pair continued sideways until the end of Tuesday, fluctuating within a considerable range of 1,360 and 1,600.

From the start of Wednesday, 24th February, the ETH/USD trading pair headed upwards to reach 1,715 and break above the 50-period hourly SMA. The volatility shrank considerably, as ETH/USD spent most of the time until 18:00 UTC on Thursday, 25th February within the range of 1,586.4 – 1,662, being regularly supported by the 50-period hourly SMA.

ETH/USD, ETH/USD headed down from 18:00 UTC on Thursday through to 08:00 UTC on Friday, 26th February. The pair eventually hit 1,402 at the minimum and continued edging sideways between 1,424.7 and 1,560 until the end of Saturday, 27th February, with the 50-period hourly SMA upkeeping the ETH/USD bearish momentum.

Another downswing took place on Sunday, 28th February, with a minimum at 1,299.6. However, an upside recovery that began at 19:00 UTC and continued through to the end of Sunday, with the 1,392.2 support level letting ETH/USD close the week at 1,417.5 as per the CEX.IO pricing. On top of that, ETH/USD finished Sunday in a hammer candlestick on the daily timeframe, which coupled with the 1,420 support level gives increased potential for a full-fledged upside recovery in the near term.

ETH/USD stabilises at 2018 high, daily timeframe

Grayscale Ethereum Trust Buying the Dip

It became known that the intraday pullback in ETH/USD between Tuesday, 23rd February, and Wednesday, 24th February, from the mid-to-lower 1,400s to above 1,700 coincided with a purchase of 10,000 ETH by Grayscale Ethereum Trust, which brought its Ether exposure to 3.17 ETH.

ETH/USD pulls back from 1,440 to 1,694, hourly timeframe

The bullish market reaction to the purchase clearly shows that big players’ moves have a strong impact on the Ethereum market. And the purchase itself shows that high-profile investors, who constitute most of Grayscale clients, have trust in Ethereum in the long term, which can result in continued market growth for the smart-contract pioneer.

Konstantin Anissimov, Executive Director at CEX.IO

The Crypto Daily – Movers and Shakers – March 1st, 2021

Bitcoin, BTC to USD, fell by 1.95% on Sunday. Following a 0.07% decline on Saturday, Bitcoin ended the week down by 21.04% to $45,300.0.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $46,703.0 before hitting reverse. In spite of the bearish week, Bitcoin ended February up by 36.78%.

Falling short of the first major resistance level at $48,063, Bitcoin slid to a late afternoon intraday low $43,171.0.

Bitcoin fell through the first major support level at $44,756 and the second major support level at $43,275.

The sell-off also saw Bitcoin fall through the 23.6% FIB of $45,501.

Steering clear of sub-$40,000 support levels, however, Bitcoin revisited $46,000 levels before easing back.

Bitcoin broke back through the major support levels and the 23.6% FIB of $45,501 before ending the day at $45,300 levels.

The near-term bullish trend remained intact in spite of the week’s 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 Sunday.

Cardano’s ADA (+0.15%) and Polkadot (+3.25%) also bucked the trend on the day.

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

Crypto.com Coin tumbled by 13.89% to lead the way down, with Bitcoin Cash SV sliding by 8.95%.

Binance Coin (-6.49%), Chainlink (-5.56%), Ethereum (-2.63%), Litecoin (-3.63%), and Ripple’s XRP (-4.45%) also struggled, however.

For the week, it was a mixed week for the cryptos.

Cardano’s ADA rallied by 19.53% to lead the way, with Polkadot rising by 8.45% to also buck the trend.

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

Binance Coin (-28.66%), Bitcoin Cash SV (-29.10%), Chainlink (-27.56%), Ethereum (-26.54%), Litecoin (-27.18%), and Ripple’s XRP (-23.57%) led the way down.

Crypto.com Coin (-7.44%) saw a relatively modest loss in the week, however.

In spite of the downward trend for the week, it was a mixed month for the majors.

Bitcoin Cash (-4.12%) and Ripple’s XRP (-15.97%) bucked the trend with losses for February.

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

Binance Coin surged by 374.51% to lead the way, with Cardano’s ADA (+281.46%) and Crypto.com Coin (+108.38%) also impressing.

Chainlink (+9.53%), Ethereum (+8.22%), Litecoin (+27.86%), and Polkadot (+53.66%) trailed the front runners.

In the week, the crypto total market cap rose to a Monday high $1,748.98bn before sliding to a Sunday low $1,277.34bn. At the time of writing, the total market cap stood at $1,399.38bn.

Bitcoin’s dominance rose to a Tuesday high 64.74% before falling to a Saturday low 60.94%. At the time of writing, Bitcoin’s dominance stood at 62.05%.

This Morning

At the time of writing, Bitcoin was up by 2.73% to $46,537.6. A mixed start to the day saw Bitcoin fall to an early morning low $45,100.0 before rising to a high $46,552.0.

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

Elsewhere, it was a mixed start to the day.

Cardano’s ADA and Polkadot were down by 1.24% and by 0.95% respectively to buck the trend early on.

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

At the time of writing, Crypto.com Coin was up by 8.95% to lead the way.

BTCUSD 010321 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the 23.6% FIB of $45,501 and the pivot level at $45,058 to bring the first major resistance level at $46,945 into play.

Support from the broader market would be needed for Bitcoin to break out from Sunday’s high $46,703.0.

Barring an extended crypto rally, the first major resistance level and resistance at $47,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $49,000 before any pullback. The second major resistance level sits at $48,590.

Failure to avoid a fall through the 23.6% FIB of $45,501 and the $45,058 pivot would bring the first major support level at $43,413 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$42,000 levels. The second major support level sits at $41,526.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 1st, 2021

Ethereum

Ethereum fell by 2.63% on Sunday. Reversing a 1.07% gain from Saturday, Ethereum ended the week down by 26.54% to $1,422.02.

A mixed start to the day saw Ethereum rise to an early morning high $1,469.96 before hitting reverse.

Falling well short of the first major resistance level at $1,518, Ethereum fell to a mid-afternoon intraday low $1,292.76.

The extended sell-off saw Ethereum fall through the first major support level at $1,411 and the second major support level at $1,256.

Finding support at the 38.2% FIB of $1,292, Ethereum revisited $1,440 levels before easing back.

The first major support level limited the downside late in the day.

At the time of writing, Ethereum was down by 0.62% to $1,413.22. A mixed start to the day saw Ethereum rise to an early morning high $1,430.74 before falling to a low $1,413.22.

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

ETHUSD 010321 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,395 to support a run at the first major resistance level at $1,497.

Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $1,469.96.

Barring an extended crypto rally, the first major resistance level and resistance at $1,500 would likely cap any upside.

In the event of a breakout, Ethereum could test the second major resistance level at $1,572. The 23.6% FIB of $1,579 and resistance at $1,600 would likely cap any upside, however.

Failure to avoid a fall through the $1,395 pivot would bring the first major support level at $1,320 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 at $1,218 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,320

Pivot Level: $1,395

First Major Resistance Level: $1,497

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin fell by 3.63% on Sunday. Reversing a 1.02% gain from Saturday, Litecoin ended the week down by 27.18% to $165.72.

It was a mixed start to the day. Litecoin rose to an early morning intraday high $173.17 before hitting reverse.

Falling short of the first major resistance level at $179.25 Litecoin fell to a late afternoon intraday low $153.07.

The sell-off saw Litecoin fall through the first major support level at $166.00 and the second major support level at $160.00.

Litecoin also fell through the 38.2% FIB of $163.

Finding late support, however, Litecoin broke back through the support levels and the 38.2% FIB before ending the day at $165 levels.

At the time of writing, Litecoin was down by 0.88% to $164.26. A mixed start to the day saw Litecoin rise to an early morning high $166.38 before falling to a low $164.04.

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

LTCUSD 010321 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $164 pivot level to support a run at the first major resistance level at $175.

Support from the broader market would be needed, however, for Litecoin to break out from Sunday’s high $173.17.

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

In the event of an extended breakout, Litecoin could test the second major resistance level at $184.

Failure to avoid a fall through the $164 pivot level would bring the 38.2% FIB of $163 and the first major support level at $155 into play.

Barring another extended sell-off, Litecoin should steer clear of the second major support level at $144.

Looking at the Technical Indicators

First Major Support Level: $155

Pivot Level: $164

First Major Resistance Level: $175

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 4.45% on Sunday. Reversing a 1.82% gain from Saturday, Ripple’s XRP ended the week down by 23.57% to $0.41661.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.43831 before hitting reverse.

Falling short of the first major resistance level at $0.4541, Ripple’s XRP slid to a late afternoon intraday low $0.3934.

Ripple’s XRP fell through the first major support level at $0.4231 and the second major support level at $0.4098.

Finding late support, Ripple’s XRP revisited $0.42 levels before falling back. The first major support level pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was down by 0.74% to $0.41351. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.41862 before falling to a low $0.41351.

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

XRPUSD 010321 Hourly Chart

For the day ahead

Ripple’s XRP will need to move back through the $0.4161 pivot level to bring the first major resistance level at $0.4388 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Sunday’s high $0.43831.

Barring an extended crypto rally, the first major resistance level and resistance at $0.44 would cap any upside.

In the event of an extended rally, Ripple’s XRP could test the second major resistance level at $0.4610 and the 38.2% FIB of $0.4632.

Failure to move back through the $0.4161 pivot would bring the first major support level at $0.3939 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.3712.

Looking at the Technical Indicators

First Major Support Level: $0.3939

Pivot Level: $0.4161

First Major resistance Level: $0.4388

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 28th, 2021

Bitcoin, BTC to USD, fell by 0.07% on Saturday. Following a 1.77% decline on Friday, Bitcoin ended the day at $46,238.0.

A mixed start to the day saw Bitcoin fall to an early morning low $46,173.0 before making a move.

In spite of the early pullback, Bitcoin avoided the 23.6% FIB of $45,501 and the first major support level at $44,083.

Finding early morning support, Bitcoin rose to a mid-morning intraday high $48,407.0 before hitting reverse.

Coming within range of the first major resistance level at $48,497, Bitcoin slid back to sub-$47,000 levels.

After a range-bound afternoon and a return to $47,000 levels, a bearish end to the day left Bitcoin in the red.

A late sell-off saw Bitcoin fall to an intraday low $45,511.0. Bitcoin fell through the 23.6% FIB of $45,501 before wrapping up the day at $46,200 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 Saturday.

Crypto.com Coin fell by 5.55% to join Bitcoin in the red.

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

Polkadot rallied by 6.73% to lead the way, with Cardano’s ADA (+5.64%) and Chainlink (+4.16%) also finding strong support.

Binance Coin (+1.53%), Ethereum (+1.07%), Litecoin (+1.02%), and Ripple’s XRP (+1.82%) saw relatively modest gains on the day.

Bitcoin Cash SV ended the day flat.

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 $1,394.46bn.

Bitcoin’s dominance rose to a Tuesday high 64.74% before falling to a Saturday low 60.94%. At the time of writing, Bitcoin’s dominance stood at 61.57%.

This Morning

At the time of writing, Bitcoin was down by 0.32% to $46,089.0. A mixed start to the day saw Bitcoin fall to an early morning low $45,662.0 before rising to a high $46,425.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (+0.02%) and Polkadot (+0.12%) found early support.

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

At the time of writing, Crypto.com Coin was down by 1.27% to lead the way down.

BTCUSD 280221 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $46,582 to bring the first major resistance level at $48,063 into play.

Support from the broader market would be needed for Bitcoin to break back through to $48,000 levels.

Barring an extended crypto rally, the first major resistance level and Saturday’s high $48,407 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $50,000 before any pullback. The second major resistance level sits at $49,889.

Failure to move through the $46,582 pivot would bring the 23.6% FIB of $45,501 and the first major support level at $44,756 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$43,000 levels. The second major support level at $43,275 should limit the downside.

The Crypto Daily – Movers and Shakers – February 27th, 2021

Bitcoin, BTC to USD, fell by 1.77% on Friday. Following on from a 5.14% slide on Thursday, Bitcoin ended the day at $46,318.0.

A mixed start to the day saw Bitcoin fall to a late morning intraday low $44,027.0 before making a move.

The reversal saw Bitcoin fall through the first major support level at $45,212 and the 23.6% FIB of $45,501.

Finding late morning support, Bitcoin rose to a late afternoon intraday high $48,441.0 before hitting reverse.

Falling well short of the first major resistance level at $50,651, Bitcoin slid back to sub-$47,000 levels and into the red.

Despite the late sell-off, Bitcoin avoided a fall back through the 23.6% FIB and the major support 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 Friday.

Cardano’s ADA rallied by 15.62% to lead the way.

Bitcoin Cash SV (+2.20%), Chainlink (+2.08%), and Polkadot (+2.42%) also ended the day in the green.

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

Binance Coin (-5.50%), Crypto.com Coin (-6.87%), Litecoin (-5.07%) led the way down.

Ethereum (-2.49%), and Ripple’s XRP (-1.54%) 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 $1,417.61bn.

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 62.03%.

This Morning

At the time of writing, Bitcoin was up by 1.75% to $47,130.0. A mixed start to the day saw Bitcoin fall to an early morning low $46,173.0 before rising to a high $47,247.0.

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

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

Crypto.com Coin was down by 3.68% to buck the trend early on.

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

At the time of writing, Litecoin was up by 5.17% to lead the way.

BTCUSD 270221 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $46,262 to bring the first major resistance level at $48,497 into play.

Support from the broader market would be needed for Bitcoin to break out from Friday’s high $48,441.0.

Barring an extended crypto rally, the first major resistance level and resistance at $49,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $52,000 before any pullback. The second major resistance level sits at $50,676.

Failure to avoid a fall back through the $46,262 pivot would bring the 23.6% FIB of $45,501 and the first major support level at $44,083 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $41,848.

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

For a look at all of today’s economic events, check out our economic calendar.

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

For a look at all of today’s economic events, check out our economic calendar.

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