Bitcoin, Ethereum and Litecoin: Price Analysis

The major cryptocurrencies moving higher as momentum turns positive.  Prices are bouncing for the 4th consecutive trading day but will likely face tough resistance near some major moving averages.

BTC/USD Daily Chart Technical Analysis

btc_technical_analysis

Forecast

Bitcoin has bounced from support as momentum turns positive and poised to test target resistance.

Analysis

Bitcoin prices are moving higher as momentum turns positive. The MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average crosses above the MACD signal line (the 9-day moving average of the MACD line). Target support is the March lows at 7,325, while target resistance is seen near the 50-day moving average at 9,450.

Up-side Target:     9,450

Down-side Target: 7,325

ETH/USD Daily Chart Technical Analysis

eth_technical_analysis

Forecast

Ethereum is bouncing after breaking down through a head and shoulder reversal pattern.

Analysis

Ethereum prices are bouncing from oversold territory after breaking down through the neckline of a head and shoulder reversal pattern. The RSI (relative strength index) rebounded from oversold territory below 30. The fast stochastic generated a crossover buy signal in oversold territory which points to lower prices. Look for ETH/USD to test the neckline near 650 before reversing lower.

Up-side Target:       650

Down-side Target: 453

LTC/EUR Daily Chart Technical Analysis

litecoin_technical_analysis

Forecast

Litecoin has broke out through trend line support and is poised to test target resistance.

Litecoin prices broke through trend line support and are poised to test target resistance near the March 10, highs at 195.  Support is seen near the former breakout level near 165. Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. The fast stochastic also generated a buy signal from oversold territory which points to higher prices.

Up-side Target:     195

Down-side Target: 165

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Bitcoin, Ethereum, Litecoin
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