Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), EOS, Litecoin (LTC): Weekly trading signals for February 25th
With Bitcoin (BTC) trading close to the Psychological barrier of $4000 past few days, it seems we were destined to break above and test the next level at $4255. However it looks like institutional money had other ideas, crashing the price of Bitcoin on 24th Feb to just short of $3700.
We now have a cross upwards on the 20 MA, but the recent dump shows the RSI heading down towards the neutral/ overbought zone. The 50 MA remains fairly stable shows the market is uncertain in the short term.
BTC/USD is deliberately being surpassed with the fake sell wall of over $20 million at time of writing. It looks like we will be in an accumulation phrase for the next few days until this wall is removed and we make another run to retest the £4255 resistance.
Ethereum (ETH) has been consolidating for the past few days, having been affected by the recent BTC dump it finds support at the $137 level. The level should hold as it has been tested several times in recent months.
Short term as there isn’t much selling pressure we can expect to see the bulls make another run for the $160 level, with a hope to break through and go on a run up to $182.
Ripple (XRP) has again tested the resistance from the descending channel around $0.34 but could not break above.
XRP/USD has found new support since setting a higher low and double bottom at $0.30. with the 20 MA looking to cross above the 50 MA in the next few days we see this as a buying opportunity with a look to take profits at the $0.38 to $0.45 level.
Whilst EOS broke above previous resistant of $4.00, it took a nose dive when BTC dumped and finding support at $3.62.
The 20 MA is trending up and the correction in the RSI, shows there still advantage for the bulls short term. If the bulls can regain momentum then we see $4.50, however if the market continues down then the bears will take EOS to around the 50 MA and $2.75.
Litecoin (LTC) hit major resistance at $52.50, and regained buyer support at around $44/$45. If it can break above $52.50 then we can see $56 in the short term.
With a negative divergence forming on the RSI, a break below the support will see LTC retest $40.