Technical Views on Cryptocurrencies18 February 2019

Exhibit 1: Daily Chart of Bitcoin with 50- & 100-DMA

Bitcoin (CMP: $3797)

Some interesting set-ups pop out in Cryptos. Firstly, a symmetrical triangle break-out is evident in Exhibit 1. This upside break-out is a credible movement in terms of price & time. Secondly, we observe some significant resistances to confluence in the regions of $3980–4100 levels in terms of December top and some important moving averages. As prices of BTC are now approaching this level, the short term outlook will improve if & when this resistances are taken out in near future.

Exhibit 2: Daily Chart of LTC along with Ichimoku Cloud

Litecoin (CMP: $43.58)

In Exhibit2, Litecoin shows a brighter picture and puts up the infancy of an uptrend. Prices have closed above Ichimoku cloud after a very long time and it is also supported by Chiku. Slope of Tenkan & Kijun have turned upwards & more importantly, prices are trending above both of them. Litecoin is consequently likely to keep the longer term momentum in tact as long as it stays above $40 regions.

Exhibit 3: Daily Chart of Ripple along with RSI (14)

Ripple (CMP: $0.31)

We notice a positive divergence in daily chart of Ripple which shows multiple bottoms at $0.287 regions while RSI(14) showing higher bottoms (as shown with upward trendline in Exhibit 3). There is a possibility that sellers are finally refusing to liquidate at such lower levels and prices have been declining because of inertia, rather than delivery based selling. However, this view will be confirmed only if Ripple manages to go past $0.32 levels sometimes in near future.