The major cryptocurrencies are attempting to rebound near support. Prices are moving into oversold territory giving investors a chance to buy these currencies.
BTC/EUR Hourly Chart Technical Analysis
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Bitcoin prices appear to be forming an intra-day bottom and are poised to bounce
Bitcoin prices versus the Euro are forming a double bottoming pattern, are a poised to bounce. Prices have pushed through trend line resistance at 6480 and are poised to test the 6667 region. Short-term momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. The fast-stochastic surged higher reflecting accelerating positive momentum. The only caveat is the current reading on the fast stochastic is 83, above the overbought trigger level of 80 which could foreshadow a correction.
Up-side Target: 6666
Down-side Target: 6250
ETH/USD Daily Chart Technical Analysis
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Ethereum is hovering near the lower end of the trading range and poised to test lower levels.
Analysis
Ethereum prices have broken down after generating a head and shoulder reversal pattern. Prices are poised to test target support near the December lows at 391. Resistance is seen near former support near the breakdown level at 590. Momentum is negative as the fast stochastic prints in the red, but the index is printing a reading of 16, below the oversold trigger level of 20 which could foreshadow a correction.
Up-side Target: 590
Down-side Target: 391
LTC/BTC Daily Chart Technical Analysis
Forecast
Litecoin is facing downward pressure against BTC, pushing through support levels.
Litecoin prices are under pressure against fellow crypto currency BTC. Prices are pushing through support near the Bollinger band low which is 2-standard deviations below the 20-day moving average. Target support on the cross crypto currency pair is seen near 0.0133. Momentum is negative but the fast stochastic is printing a reading of 7, well below the oversold trigger level of 20 which could foreshadow a correction.
Up-side Target: 0.0200
Down-side Target: 0.0133
