Daily Technical Analysis | Ether | Bitcoin | Ripple 2/20/2018

ETH/USD Daily Chart Technical Analysis

ETH_technical_analysis

Our preference: The bias is to the upside but short-term momentum has turned negative

Alternative scenario: look to reverse on a close below support levels near the 10-day moving average at 907.50

Support

Short-term 10-day moving average near 907.50.

Resistance

The February highs at 983

Comment: Prices have broken through a downward sloping trend line and have yet to reject that breakout. Short-term momentum has turned negative as the fast stochastic generated a crossover sell signal. This occurred in overbought territory as the index is printing a reading of 86, above the oversold trigger level of 80.  The RSI is printing a reading of 51, in the middle of the neutral range which reflects consolidation.  

Target: 907

BTC/USD Daily Chart Technical Analysis

Our preference: The bias is to the upside as prices break out above trend line resistance as momentum remains positive

Alternative scenario: prices are overbought, look to reverse on a close below short-term support

Support

Short-term 10-day moving average near 9,919.

Resistance

Resistance – January 20, 2018 highs at 12,949

Comment: BTC broke out above trend line resistance and is now poised to test higher levels. Momentum is positive as the MACD recently generated a crossover buy signal. The MACD histogram is printing in the black with an upward sloping trajectory pointing to higher prices. The short-term stochastic recently generated a crossover buy signal, but the current reading is in overbought territory which could foreshadow a correction.

Target: 12,949

XRP/USD Daily Chart Technical Analysis

XRP/USD Daily Chart Technical Analysis

XRP_USD_Technical_Analysis

Our preference: The bias is neutral as prices are choppy and short-term momentum is negative

Alternative scenario: prices are overbought and a break of support could lead to a test of the February lows.

Support

Short-term 10-day moving average near 1.0814.

Resistance

Short-term resistance – 23.6% Fibonacci retracement at 1.24

Medium-term resistance 38.2% Fibonacci retracement at 1.64

Comment: Momentum has turned negative as the short-term stochastic generated a crossover sell signal. This occurred while the index is in overbought territory which points to lower prices. Positive momentum is decelerating as the MACD histogram prints in the black with a declining trajectory which points to consolidation.

Target: 1.23 or 1.08

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