Litecoin price was not able to hold the $205 and $200 support levels against the US Dollar. LTC/USD traded towards $180 before starting a short-term correction.

Key Talking Points

• Litecoin price extended declines and traded below a major support at $200 (Data feed of Kraken) against the US Dollar.
• There is a key bearish trend line forming with resistance at $205 on the hourly chart of the LTC/USD pair.
• The pair may correct a few points in the short term, but it may face sellers near $205 and $210.

Litecoin Price Forecast

There was a no major recovery in litecoin price above $225 yesterday against the US dollar. The LTC/USD pair even failed to hold the $205 support level and declined below the $200 handle. It traded towards the $180 level and formed a low at $181.

The pair is now trading well below the $200 level and the 100 hourly simple moving average. It recently started an upside correction and is currently trading near the 23.6% Fib retracement level of the last drop from the $252 high to $181 low.

Cryptocurrency charts and prices provided by TradingView

However, there are many barriers on the upside for buyers above the $200 level. There is also a key bearish trend line forming with resistance at $205 on the hourly chart of the LTC/USD pair.

More importantly, the stated $205 level was a support earlier, and now it could act as a strong resistance. Furthermore, the 38.2% Fib retracement level of the last drop from the $252 high to $181 low is at $208 to act as another resistance.

Only a successful close above the $205 and $210 resistance levels could kick start a fresh upside wave in litecoin price in the near term.

On the downside, the recent low of $181 is a short term support. If the pair fails to hold the $181-180 support area, there is a chance of a slide back towards the $160 level. The overall price structure is bearish as long as the price is below $210.

Trade safe traders and do not overtrade!

The post Litecoin Price Analysis: LTC/USD Declines Below $200 appeared first on CryptoVila.

The weekly Technical Analysis, published every Wednesday, is provided by Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

Needless to say, all statements and views expressed below and any forecasts contained herein are based on the authors’ particular opinion.

This analysis may not be treated as trading advice. RoboForex and Trustnodes bears no responsibility for trading results based on trading recommendations and reviews contained herein.

Bitcoin

Bitcoin price managed to break out the long term descending channel resistance and went into the projection channel. This breakout enabled forming an uptrend, and, by now, the price is just a bit short of $12,000, still unable to hit it.

Currently, the short term ascending channel support is being tested, and in case this attempt is successful, the price may hit the lower projection channel target at $10,000. Then, the price may fall step by step till $9,000, which is the support.

A wild downward breakout is also possible, as well as a mid-term downtrend, and if this is the case the price may well hit the lower support at $5,000.

Ethereum

Ether is trading within the same descending channel as before, but is now experiencing a pullback upwards. The price is heading towards the resistance, which lies at the important round number of $1,000.

In the short term, the local trend may have changed, as the support of the uptrend channel has been broken out, and the price has fallen into the projection channel, heading down to $815.

After this target has been tested, the price may fall further till $700. The overall trend is still descending, its target being as low as $300.

Bitcoin Cash

Bitcoin Cash went above the long term descending channel resistance, which allowed it to enter the upper projection channel and outlined a new short term ascending trend. The target of the latter may be around $1,800, which is the mid-term channel resistance.

Speaking short term, the price is breaking out the ascending channel support, with the closest target at $1,200. This is exactly the level determining the next trend phase, with many things depending on the market’s reaction to it.

With the support at $1,200 broken, the price may well hit the low at $400, but, if this is the case, it will probably happen in around a few weeks. If, on the contrary, the price bounces off $1,200 upwards, this will mean a new bullish impulse.

Litecoin

Litecoin has probably gained more momentum than many other cryptocurrencies out there. The primary descending channel resistance has been broken out, and the price has headed into the second projection channel.

The market is currently uptrending, while the support of the new projection channel is being tested. The most likely scenario is bouncing off the support and rise to the resistance at $305. Conversely, if the local support at $208 is broken out, the projection channel at $160 may be hit.

Ripple

Like many other digital coins, Ripple has entered the ascending pullback phase by breaking out the previous descending channel resistance. The main target within the current projection channel is probably its resistance at $1.54.

The current status quo shows Ripple is likely to start trading sideways, within the support and resistance of $0.85 and $1.22, respectively.

The market expects the resistance to get broken out and the uptrend to continue, while if the support is hit, the price may well fall to $0.60 and then to $0.35.

The post The Outlook Appears Bleak According to This Week’s Crypto Technical Analysis appeared first on CryptoVila.

Bitcoin Price Key Highlights

• Bitcoin price is still in correction mode but appears to be bouncing off the trend line support.
• Applying the Fibonacci extension tool shows how high price could go if the trend line holds.
• Technical indicators are signaling that the uptrend is about to resume.

Bitcoin price is finding support at the area of interest on the trend line, 200 SMA, and $10,000 mark so the rally might resume from here.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA on this time frame so the path of least resistance is to the upside. This means that the rally is more likely to resume than to reverse. Also, the 200 SMA lines up with the rising trend line connecting the latest lows.

Stochastic is pulling up from oversold levels to signal that bullish pressure is returning. Similarly, RSI is also turning higher to show that buyers are ready to jump back in.

A bit of bullish divergence can be seen on stochastic as the oscillator formed higher lows while price had lower lows. A bounce could take bitcoin price up to the 38.2% extension around $11,000 or the 50% extension at the swing highs.

The 61.8% extension is located at $12,000 or another long-term area of interest. The 76.4% extension is at $12,788 then the full extension is at $13,590.

Market Factors

The US dollar enjoyed another wave higher on hawkish FOMC minutes and risk aversion. Policymakers agreed that stronger growth momentum could warrant further tightening in the months ahead.

This led to higher bond yields and another weak close for US equities as business and consumer activity could be dampened by higher interest rates. Note that bitcoin price has been trading alongside stocks and commodities, so the dip also affected the cryptocurrency.

Nonetheless, it’s still worth noting that bitcoin sentiment has improved after a few nations have expressed the need to keep the door open for industry developments. Then again, some top financial officials have made negative remarks on bitcoin, particularly on its ability to be a store of value.

The post Bitcoin Price Technical Analysis for 02/22/2018 – Potential Bounce Targets appeared first on CryptoVila.