Technical analysis on cryptocurrencies
In this article, we going to analyse few of the majors - Ripple (XRP/USD) , Bitcoin (BTC/USD) and Ethereum (ETH/USD).
Let’s start with Ripple.
Ripple hit a historical valuation close to $3.2 and since the, the price has been correcting its last movement.
On the daily time frame chart we can see that the price is stuck in a downside channel.
This channel looks interesting to entry long as soon as the price breaks the channel above.
Therefore, we can expect a further and stronger appreciation on Ripple’s value soon.
Bitcoin last year (December 2017) almost hit values close to $20k and like Ripple, since that then it has started to correct its last movement.
At this moment, the price is stuck between $16k and $12k.
However, we can see that the Fibonacci levels are respected in a very coherent way.
Besides that, we also can see that the price is forming a downside trend line which can be a good entry point as soon as the price breaks that trend line.
Ethereum unlike the other two cryptocurrencies which we have analysed, this crypto has been appreciating consistently for several weeks - as we can see on the time frame chart.
On 4-hour time frame chart, we can see that the price is forming an upside trend line which the price is respecting pretty well.
In this scenario, we can expect a further appreciation by the ethereum/US dollar if it remains above the trend line.
In conclusion, in a general perspective, most of the well-known cryptocurrencies have been correcting, but they are giving indications of a possible beginning of a new and further bullish movement soon.