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Crypto News: Bitcoin, Ethereum & Litecoin Weekly Key Reversals

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by , 02-13-2018 at 05:14 AM (266 Views)
          
   
Bitcoin posted big key-reversal bar on the weekly time-frame

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Bitcoin is already near resistance around 9222, the January spike-low, and the trend-line from last month. A break through both of these hurdles could have Bitcoin finding a resurgence of buyers for a larger rebound to unfold back towards 11.5-12k, or better.

The lower end of that targeted zone would wipe out the last leg lower from the triangle proceeding the sell-off, a common occurrence after these types of technical patterns lead to a strong move and reversal.

The broader outlook remains, though, despite the possibility of a rally; lower prices look likely as the mania continues to move in reverse. However, this won’t happen in a straight line and with volatility high there will be plenty of trading opportunities for both sides of the market.

Ethereum does similar, remains the strongest of the group

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Ethereum continues to act the strongest of the group, and if we see a broader surge higher it could rally back relatively close to its previous high before turning lower again. With a little more strength, it will soon test the underside of the November trend-line. Beyond there, look to the trend-line off the high near 1100.

Litecoin reversal from support brings attention on December trend-line

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Litecoin traded just below the June spike-high and 200-day MA before putting in what amounted to a near double-bottom (close enough). The weekly doji candlestick has it pointed higher, but also very near the trend-line off the December high. A breakout above should help propel Litecoin higher, with 200+ targeted.

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