BITCOIN (BTC/USD), RIPPLE (XRP/USD), LITECOIN (LTC/USD), TECHNICAL ANALYSIS – KEY POINTS:
- Bitcoin is quickly approaching 2018 peaks, but momentum is waning
- Litecoin rises on the best day in about 8 months towards resistance
- Ripple confirmed a nudge over the key resistance, momentum still holds
Bitcoin surged more than 4.6% on Monday, further extending the remarkable surge that has nudged the cryptocurrency to set a new peak in 2020. One of the most significant fundamental forces driving the cryptocurrency upward was to bolster money supplies across the globe thanks to the Federal Reserve.
Considering the latest price action, will Ripple, Litecoin and BTC/USD extends its momentum? Keep in mind that cryptocurrencies can be highly volatile and traders should consider this in developing the unique trading styles.
BITCOIN TECHNICAL ANALYSIS
Bitcoin is quickly approaching the 2018 peak after the BTC/USD breached the 16595 Fibonacci (78.6% extension). However, the confirmation seems to lack. A more uptrend push might open room to extending the gains. Nevertheless, a negative Relative Strength Index divergence is present. It shows that the upside momentum is waning and can often precede the turn lower. The key support only sits under 15145 Fibonacci (61.8% extension).
But, the bullish “Golden Cross” created back in October and is still on the cards. this happens when the near term 20-day SMA (Simple Moving Average) cross over the mid-term 50-day one. It is for this reason that it’s important to keep a watchful eye on the lines incase a turn lower as they might act as support. Else, bitcoin might be setting course for revisiting the all-time peak set back in the year 2017 before the crypto bubble burst as The U.S. To Approve 737 MAX Return As Boeing Face Strong Headwinds.
LITECOIN TECHNICAL ANALYSIS
Litecoin rose 18.37% on Monday in the largest single-day rise in the past 8 months. This has nudged LTC/USD over 68.83 Fibonacci (61.8% extension). The prices stopped at 76.22 Fibonacci (78.6% extension). This price take out might open doors to testing the new 2020 highs that will make for the resistance zone ranging from 80.75 to 84.50.
The bullish ‘Golden Cross’ created back in October highlights this. Taking out these peaks will over time expose 92.06 Fibonacci (114.6% minor extension). Nevertheless, the negative relative strength index divergence shows that the upside momentum is waning. Falling back below the 61.8% extension exposes the new 64.38 inflection zone and the 50-day and 20-day Simple Moving Averages (SMAs).
RIPPLE TECHNICAL ANALYSIS
Ripple seems to have extended higher, nudging over the inflection zone between 0.2601 and 0.2677. the prices seem to approach 0.3017 Fibonacci (38.2% extension) as the LTC/USD aims for the august peaks. The LTC/USD will make for the resistance zone ranging from 0.3154 to 0.3291.