Technical Market Review: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC)
Bitcoin BTC/USD, 4-Hour Chart Analysis
The Commodity Futures Trading Commission of the United States (CTFC) has begun to scrutinize the activities of one of the leading crypto exchanges Bitfinex and Tether sending representatives of both organizations to the court.
Bitcoin (BTC) continues to trade in a dominant declining short-term trend, although the long-term picture is getting oversold and a durable bottom might be close now. With that in mind, even as we expect a test or a dip below the crash low near $9000, long-term investors could still add to their positions near the main support levels, while short term traders should remain cautious here.
Regarding to this price of BTC fell below $10000. Looking at the chart, nothing special happened, because BTC is in a downtrend, it is likely to reach $8000-$8500. At the moment BTC chart does not show us reversal of a downtrend. We should not be in a hurry with the purchase of the BTC to avoid losing or debiting an account.
Ethereum ETH/USD, 4-Hour Chart Analysis
Ethereum (ETH) also breached the rising short-term trendline, although the coin is still above the Primary support level found at $1000 after a period of relative strength. At the moment, ETH looks stronger than BTC, after a slight correction, ETH broke through resistance level $1165 and reached the level of $1237, this is a new high for the last 11 days. ETH, continuing to remain in an uptrend, it allows us to hold a position and not feed on the news and panic of the crowd. If ETH does not go below $1000 then in the next 2 weeks we will be able to see the new High at a price of $1300.
Litecoin LTC/USD, Daily Chart Analysis
At the moment, Litecoin (LTC) does not look promising for the purchase as it is in a downtrend and so far there is no hint of a reversal of the downward trend. The first resistance zone is $135.80 if the price is below this price, then the following support levels are $110 to $95. In this price range there will be an opportunity to buy Litecoin if the price shows a reversal pattern.