Top 5 Coins Crypto Analysis March'19- Detailed Technical Analysis

Anisa Batabyal
| 27 March, 2019 | 2 min

#1 Bitcoin: BTC/USD (Coinbase)

BTC/USD pair tested the $4050+ price level, dropped 4% but it’s still the most valuable cryptocurrency,

Let's look at the Daily Time frame chart for analysis.

Bullish Case

Bitcoin pair if stayed above $3792 then there is a possibility that bulls are not completely out of the game through the buying volume has not been promising.

  • Risk taker can look for buying around $3788-$3722 price level with tight stop-loss around $3592 and below with target(Sell) $4000+ level near preliminary resistance.
  • It would be safer to enter BTC/USD only after confirmation i.e. breaking of the major resistance level ($4200+) and successful retest of the same.
  • STOCH-RSI is moving near the oversold reason which is bullish but MACD indicator shows bearish signs.
  • Pair has been trading within Ichimoku cloud and above 200H-SMAs which can provide preliminary support for the pair.

Breaking $4400+ price level would be strongly bullish (buy signal) for the asset in the coming days/weeks.

Bearish Case

If the support level $3558+ doesn't hold in the coming weeks then it would be early signs of the bearish(Sell) sentiments and breaking $3300 price level after that, would be strongly bearish (sell signal) for mid-term with a downside potential to $2400-$2800 price range.

Also, we could range between $3000 and $4400 price level before making a significant move up or down.

#2 Ethereum: ETH/USD (Bitfinex)

Ethereum pair tested preliminary resistance near $142 price level for the past few days but couldn't break above and has been trading below it.

Let's look at the 4Hour-Time Frame for the significant price levels.

Bullish Case

  • ETH/USD pair has been slowly trending downward to the support level $132 and if it holds up then it would slightly bullish for the asset.
  • It needs to break the $141-$143 preliminary resistance with strong buy volume to confirm short-term bullish sentiments.
  • Buyers can look for confirmation only after breaking of the resistance level($153-$155) and enter on a successful retest around that area.

Bearish Case

  • Breaking down below $127 price level would be bearish(sell signal) for the asset.
  • Trading below the 200H-SMAs (simple moving average) and broke down below Ichimoku cloud which is a bearish sign.
  • The last line of support would be around $113 and breaking down below would be strongly bearish(sell signal) for the asset.

#3 RIPPLE: XRP/USD (BITFINEX)

Ripple/USD pair has been slowly dying (moving down) when compared to other major assets which have been trending up. It has dropped 6%+ against USD.

Let's look at the 4 Hour-Time Frame for the significant price levels.

Bullish Case

  • Though pair broke out of the pennant pattern upside on 13th March' 2019 moving 4%+ but it turns out to be a false breakout as it couldn't stay above the trendline after a retest.
  • As mentioned in the previous article, breaking below $0.3145 would be bearish hence it dropped 5% against USD.
  • It has been testing preliminary support price level $0.303-$0.306 at the time of writing, if it holds up then it would see a short term upside to $0.3145 price level.
  • Breaking above $0.32+ price level would be bullish for the pair and one can look to enter around $0.318 price level after a successful retest.
  • STOCH-RSI is in the oversold zone and might push the price upward slightly.

Bearish Case

  • If the price drops below $0.30 around preliminary support level then it would be slightly bearish (sell signal) for the pair and breaking below $0.27 price level would be strongly bearish(sell) signal for the pair in mid-term.
  • It has broken down below Ichimoku cloud and 200H-SMAs which is bearish for the pair.
  • Also, it has broken down the uptrend line formed since last month and couldn't break above it.

#4 EOS: EOS/USD (Bitfinex)

There is not much to update on EOS price action since the last article as EOS/USD pair has been moving in a range between $3.55-$3.59 last week but has been among the top cryptocurrency list.

Let's look at the Daily chart time frame of the pair:

Bullish Case

  • Safer zone to enter the pair will be around preliminary support level ie. $3.14 or breaking up of the preliminary resistance($4.2-$4.5) and buying on successful retest.
  • The riskier position would be around $3.54+ level in the coming days with the first target being around preliminary resistance zone i.e. $4.2-$4.5
  • Stoch-RSI and MACD indicators are showing upcoming upside potential.
  • Also, it has been trading above the Ichimoku cloud and 200D-SMA.

Bearish Case

Early signs of the bear will be confirmed if the pair doesn't hold the $2.8 price level and breaking the last line of the defense around $2.1-$2.3 price level would be strongly bearish(sell signal) for mid-term and buyers can look for cheaper prices to get into the asset.

#5 Litecoin: LTC/USD (Coinbase)

Litecoin pair against USD has been looking bullish overall for mid-term and might see a healthy correction downside for late buyers to enter into the asset.

Let's look at the Daily (D) time frame of the pair:

Bullish Case

LTC/USD has tested/touched the preliminary resistance twice but couldn't break above it with diminishing buy volume. Also, there is a possibility of correction downside for short-term.

  • Risky position to enter the asset would be around $56-$54 for a mid-term target around $74
  • Safer entry would be around potential S/R flip zone $49-$50 with the first target around the preliminary resistance area $62-$64.
  • LT/USD has been trading above the Ichimoku cloud as well as 200D-SMA, which is strongly bullish (buy signal) for the mid-term time frame.
  • STOCH-RSI has been moving towards oversold zone, as well as MACD, has been curving upside.

Bearish Case

Breaking down below preliminary support area around $41-$39 price level would be early signs of bearish sentiments(sell signal) and breaking down below the major support areas around $30 would be strongly bearish for the pair in mid-term.

Conclusion

Overall we saw an analysis of the top 5 best cryptocurrencies 2019 with a focus on the upcoming price action for coming weeks/months.

Note: The above references are for information and educational purposes only. It is not intended to be a piece of investment advice.

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