Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), EOS, Litecoin (LTC): Weekly trading signals for March 4th
Bitcoin (BTC) took a dive today after breaking below the 20 MA and retesting the $3715 support. If we fail to hold this support then the volume well is suggesting a drop down to $3677 and hopefully a bounce of the 50 MA.
With this other dump today, we see the RSI in the overbought zone. However there also now a downward cross on the MACD indicating we are still very much bearish short term.
Ethereum (ETH) has failed to stay above the 20 MA as of the 2nd March and the rejection of the 20 MA on the 3rd see ETH fall to $129 at time of writing. We had a bounce off the 50 MA; however, we remain bearish and I see ETH trading sideways across the 50MA for the next few days and a retest of the ascending trend line at around $118.
Since our last analysis Ripple (XRP) has again tested the resistance from the descending channel around $0.34 but could not break above and has now fallen below both the 20 MA and 50 MA.
XRP/USD has had a bounce of the ascending trend line (green) and the support at $0.30. I see XRP trading sideways along the trend line and Resistant line at $0.32 with a break above hopefully around the 11th March.
EOS has broke below the 20 MA and with RSI oversold and the MACD cross showing more selling pressure we see EOS testing the support at $3.06.
Hopefully, the 50 MA can continue upwards and we see a nice bounce off this and retest the 20 MA short term. Will see EOS trading sideways within the volume well channel between $3.06 and $3.45.
Litecoin (LTC) hasn’t really changed since last week’s analysis. There’s still has the major resistance at $52.50, and support at around $44/$45. If it can break above $52.50, then we can see $56 in the short term.
LTC is still fighting to stay above the 20 MA and as long as it can hold, then we will retest the $52.50 level, if not then it’s going to trade sideways at around $45.