opinion

Feb 27 2021

Bitcoin Price Prediction: Downtrend Continues as BTC/USD Crashes Below $46,000 Support

Bitcoin Price Prediction (BTC) – February 27

For a couple of days now, Bitcoin (BTC) has been trading below $52,000 and the next target support level could be $40,000.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $54,000, $56,000 $58,000

Support Levels: $39,000, $37,500, $35,500

BTC/USD crashes for the fifth time in a week trading below the $46,000 in a market-wide sell-off. The king coin remains below the 9-day and 21-day moving averages under increasing pressure from the downtrend. The coin is now losing 1.67% as the market heads toward the south while the pair is being affected by the current slowdown in the entire crypto market and has been making an attempt to recover since the past few days.

What to expect from Bitcoin (BTC)

As of now, Bitcoin is aiming to fall again as the key support of $45,000 is becoming a threat to bears. There are quite a number of technical levels clustered above the current price which means that the coin may be vulnerable to further losses at least as long as it stays below critical $45,000. BTC/USD pair may drop to $39,500, $37,500, and $35,500 supports if the $43,500 support fails to hold.

In the opposite direction, if the critical support continues to provide support for the market, definitely traders can expect the Bitcoin price to come back to a resistance level of $50,000 before the market experience a rise far above the moving averages to reach the potential resistance levels at $54,000, $56,000, and $58,000 respectively. But as it is now, the Bitcoin price is down and there is a high chance for a break than a bounce. The RSI (14) moves below 50-level, a further drop may cause the Bitcoin price to fall more.

BTC/USD Medium-term Trend: Ranging (4H Chart)

On the 4-hour chart, BTC/USD is moving inside a descending channel pattern. After falling to the $44,150 support level yesterday, the Bitcoin price later saw a quick price jump to the 9-day moving average, from where the bear resume pressure.

Now, the price is facing the $45,000 important support. Once this support breaks, the $41,000 and below may come into play while the resistance level is located at $52,000 and above. More so, the technical indicator RSI (14) moves below 40-level, which show more bearish momentum may likely play out.

Bitcoin Price Prediction: Downtrend Continues as BTC/USD Crashes Below $46,000 Support

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Feb 26 2021

Litecoin Price Prediction: LTC/USD Follows Bearish Movement; Price at Risk of Closing Below $150 Support

LTC Price Prediction – February 26

LTC/USD price is moving towards the south as the coin falls below the lower boundary of the channel.

LTC/USD Market

Key Levels:

Resistance levels: $210, $220, $230

Support levels: $130, $120, $110

LTC/USD is following a bearish movement below the 9-day and 21-day moving averages. However, LTC/USD could not avoid the bearish wave that ranged the market in the last few days. This painful downward trend exerted intense pressure on key support established below $200. More so, the declines devastated the support zone and pushed the coin to less than $180.

What to Expect from Litecoin

Looking at the daily chart, traders can see that LTC is currently hovering at $170.31. If the price level can be maintained, traders could consider a buyback with $200 support-turned-resistance before breaking above the 9-day and 21-day moving averages to touch the resistance levels at $210, $220, and $230. But as it stands now, the bears are making an attempt to visit close supports before climbing higher.

In addition, Litecoin is still following the downtrend within the channel formation, and this shows that the market is still bearish. If the price moves below the lower boundary of the channel, which corresponds to the support at $150, traders can expect the LTC market to continue its downward pressure and the price could slip to the critical supports at $130, $120, and $110 respectively as the RSI (14) moves below 45-level, confirming the downward market dynamics.

When compares with Bitcoin, LTC continues to follow the bearish trend as the support further outweighs the resistance. In case of a trend reversal, there is a need for an increasing volume and resistance to cause an upsurge in the market. Now, the coin is trading around the 3681 SAT below the moving averages. We can expect close support at the 3300 SAT and below as the RSI (14) faces the south.

However, there’s no sign of a bullish movement in the LTC market at the moment. However, if a bullish move occurs and validates a break significantly above the moving averages; we can then confirm a bull-run for the pair. More so, the closest resistance lies at 4200 SAT and above.

Litecoin Price Prediction: LTC/USD Follows Bearish Movement; Price at Risk of Closing Below $150 Support

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Feb 25 2021

Ethereum Price Prediction: ETH/USD Drops Below $1600; Holds Risk of Downside Breakout

ETH Price Prediction – February 25

The price of Ethereum is seen moving below the key supports. The price may continue to move down towards $1500 if it fails to stay above $1550.

ETH/USD Market

Key Levels:

Resistance levels: $1900, $2000, $2100

Support levels: $1300, $1200, $1100

As the market opens today, after touching the high of $1672 level, ETH/USD has been dropping with a bearish bias. The coin opened at $1625.27 and currently dropped below the $1600 level. Ethereum price did start a nasty decline a couple of days ago and broke many supports near $1300. The price could correct higher, but it is likely to face sellers below the lower boundary of the channel.

What is the Next Direction for Ethereum?

On the downside, there is a close below the $1600 level as the coin moves below the 9-day and 21-day moving averages. As a matter of fact, dropping further could open the doors for more losses and the price may tumble below the $1400 level. More so, should it spike below the $1350 support, the critical support levels of $1300, $1200, and $1100 may come into focus as the technical indicator RSI (14) nosedives below the 45-level.

Moreover, ETH/USD could either recover above $1600 or extend its decline. On the upside, the next major resistance is near the $1700 level. However, the price must climb above the $1900, $2100, and $2100 resistance levels to move back into a positive zone. If not, there is a risk of more downsides below the channel.

When compares with Bitcoin, the Ethereum pair is experiencing some difficulties, especially in the past few days. The Ethereum (ETH) recently breaks under the 9-day and 21-day moving averages and may continue to fall towards the subsequent support of 3000 SAT. The critical support level could be found at $3900 and $3800 respectively.

However, the technical indicator RSI (14) remains at the downside as the signal line moves toward the oversold region. More so, if it drops beneath this barrier, then the market would have to be considered as bearish and the support levels to watch are 2700 SAT and below. Meanwhile, to resume higher, the price of Ethereum must rise much higher and break above the 3700 SAT level and above.

Ethereum Price Prediction: ETH/USD Drops Below $1600; Holds Risk of Downside Breakout

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Feb 24 2021

Ripple Price Prediction: Bears Show Face as XRP/USD Loses $0.5 Support

XRP Price Prediction – February 24

XRP/USD dropped a bit from $0.51 to $0.44 and this was after the coin touched the daily high of $0.51 Resistance level.

XRP/USD Market

Key Levels:

Resistance levels: $0.65, $0.70, $0.75

Support levels: $0.30, $0.25, $0.20

Having slides beneath the $0.50, XRP/USD may continue to show weakness in price and fall at support until the market can find a stable level to reinforce the bullish run. For now, a new low is yet to be ascertained as the bears remain dominant and active over the past days. Meanwhile, traders may need to wait for the bears to exhaust momentum before entering the market.

What is the Next Direction for Ripple?

According to the daily chart, if the market resumes sell-off now, the Ripple (XRP) may cross below the lower boundary of the channel and could find immediate support at $0.40 and $0.35 while the critical supports lie at $0.30, $0.25, and $0.20. However, XRP/USD pair has continued to erode bearishly on the daily time frame as the 9-day MA is trying to cross below the 21-day MA.

In other words, a bullish rally could confirm if the market can climb significantly back above the 9-day and 21-day moving averages. Meanwhile, the technical indicator RSI (14) continues to produce a bearish move below the 50-level. Therefore, if the Ripple (XRP) manages to surge above $0.50, the market price may likely reach the resistance levels at $0.65, $0.70, and $0.65.

When compares with Bitcoin, the pair is consolidating within the channel and now moving below the 9-day and 21-day moving averages. Meanwhile, the buyers are making effort to push the coin to the north so that the bullish continuation may take it to the resistance levels of 1500 SAT and above respectively.

On the other hand, as the coin continues to drop towards the lower boundary of the channel, it may likely reach the nearest support level of 500 SAT and below. Moreover, the technical indicator RSI (14) moves around 45-level, suggesting more sideways movement.

Ripple Price Prediction: Bears Show Face as XRP/USD Loses $0.5 Support

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Feb 20 2021

Bitcoin (BTC) Price Prediction: BTC/USD Rallies to $56,000 High After a Pullback Above $51,000 Support

Bitcoin (BTC) Price Prediction – February 20, 2021
BTC/USD is trading at $56,980 at the time of writing. Analysts have predicted that once the $50,000 psychological price level is breached, BTC price will rally to $60,000. The $50,000 resistance was broken on February 17. Three days later, the price has rallied above $56,000.

Resistance Levels: $58,000, $59,000, $60,000
Support Levels: $40,000, $39,000, $38,000

Following the breaking of the $50,000 resistance, Bitcoin has risen above $56,000 high. The upside momentum appears to be faster on the upside when compared to the previous price movement. The major resistance is the $52,500 high. BTC price corrected for two days before breaking above it. The price made a pullback to $51,000 support before resuming upward. The bullish momentum broke the $52,500 as price rallied above $56,000 high. The BTC price is currently facing resistance at $57,500. The RSI and the daily stochastic have indicated that BTC price has reached the overbought region of the market. It is doubtful if the upside momentum will continue or subside.

Bitcoin (BTC) Indicator Reading
Bitcoin is above the 80% range of the daily stochastic. It indicates that Bitcoin has been in the overbought condition since February 4. The stochastic bands are sloping horizontally above the 80% range.The moving averages are sloping northward indicating the uptrend. The crypto’s prices are well above the SMAs which indicates that Bitcoin is rising. Bitcoin is at level 88 of the Relative Strength Index period 14. It indicates that Bitcoin is in an uptrend zone and may not continue upside momentum.

On a weekly chart, a retraced candle body on January 18, tested the 61.8% Fibonacci retracement level. The retracement implies that BTC price will rise to level 1.618 Fibonacci extension or the high of $58,048.40. The market is currently facing some resistance at a $57,000 high. If this level is crossed, the BTC price will hit $60,000.

Bitcoin (BTC) Price Prediction: BTC/USD Rallies to $56,000 High After a Pullback Above $51,000 Support

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