TechnoMeter

Bitcoin, Litecoin, Ripple broke important levels

For Bitcoin, 7888 in confluence with the 200-day MA may bring some relief, but not looking for it to do much more than that. Rallies are expected to be short-lived events, rather than sustaining moves higher. With that said, the November low at 5555 is the next big downside target.

Chart 1 – BTC/USD



Litecoin is dropping sharply after breaking out of a wedge, it’s trading below the Jan 17 level of 137.57 noted as important, which brings us to 110. The 200-day, as is the case with Bitcoin, also arrives around price support. Perhaps a relief bounce soon, but look for more weakness to follow.

Chart 2 – LTC/USD: Daily



The Ripple ‘drip-drip-drip’ price action is turning into a waterfall. The 87-cent threshold has been broken as of the time of this writing, with the 50-cent area next up. At some point it looks like the rally from the wedge that formed during the second half of 2017 will get fully erased, taking Ripple back down to around 25-cents, or so.

Chart 3 – XRP/USD: Daily



Ethereum is finally breaking too

Ethereum has been a hold-out for the most part, but that is quickly changing. The short-lived rise which ended back on Jan 28 is now turning out to be a major lower-high. The November trend-line is quickly coming into play, with a break expected.

Chart 4 – ETH/USD: Daily



more...