Bitcoin Trend Analysis: BTC/USD double top sees price falling lower to next demand zone
Bitcoin price is heavily weighted to the downside in early trading on Wednesday, down around 6.5%. As clearly seen on the 4-hour time frame, a double top formation has proven to have an influence on price direction, since its touch of around $11,600 on Monday. BTC/USD has stubbornly been moving within the $2000 range for the past three weeks now. Given momentum is well within the bears control, eyes are now firmly locked in to the next area of strong support and demand, $9500 region. This move would make sense technically, given the double top seen. Should the selling pressure continue, and the price BTC/USD falls through the touted support, Bitcoin could be subject to a free fall, back to the below supporting trend line, where the price was caught during the lows in February at around $6000.
Litecoin Trend Analysis: LTC/USD price dictated by descending trend line running from December 2017
Litecoin price action is sticking to the downward trend, that has been seen throughout this week so far, moving in lock-step with the rest of the crypto market. Litecoin is seen nursing losses of over 6% in the early part of Wednesday. The price is being dictated by a descending trend line, this has been running from December 2017, where the highs then were $367. On each occasion the price has respected the resistance line and knocked back down. Given current pressure on LTC/USD lower, support is evident at the 50 DMA, tracking at $187. Any breach here, could see the underlying supporting trend line come back into play, which has been running from September 2017. On the flipside, should the bulls return to Litecoin and the descending trend line be taken out to the upside, then next target would be $250 and then $300.
Ethereum Trend Analysis: ETH/USD price is flirting with key area of support, next move imminent
Ethereum price gave up the psychological $800 level and closed below that, which as can be seen the bears within the market are very much in control currently. The second largest crypto by market cap is currently managing losses of over 6% in the early part of Wednesday’s trading. The trend lower has been a continuation of what was started on Monday, where the price ran into some firm resistance at a descending trend line. This currently tracks now around $850, with the line being respected since the 18th February, where highs were initially printed at $980. As the price is within a key demand zone, within the $700 region, should this fail to hold, it could open potential flood gates. Any firm breach could see the February lows retested, at $566.