Crypto Trading Analysis – Is BTC headed back to 12k? + BTC, ETH, LTC & XRP

BTC Analysis (BTCUSD)

Bitcoin has recovered, hitting highs of $9,740 on Sunday after dipping $8,350 last week and hovering around the $9,000 support area and the 200 MA over the weekend.

Where to next?

Bitcoin Analysis 2018-03-12

Buyers have shown strong control of price by closing above Saturdays high of $9,500. I expect price to continue in a bullish direction this week, hitting at least $10,000 and possibly higher to $11,000 or $12,000.

I have entered a long trade at $9,533 with a stop loss at $8,735 and a target at $11,100.

ETH Analysis (ETHUSD)

Correlation between Ethereum and Bitcoin has been high in the last few weeks, so if Bitcoin goes up, I expect Ethereum to go up too.

However, correlations don’t always hold true. So we cannot discount the possibility that Ethereum could fall. So I will be looking for a range break to enter a trade.

Ethereum Analysis 2018-03-12

If price moves below $635 and sustains those lows for several hours sellers will likely flood the market driving price down to the $570 support area and likely lower to $470.

If price moves above $750 and sustains those highs I expect to see a surge of buyers driving price up to the $800 resistance area and possibly beyond to $1,000.

LTC Analysis (LTCUSD)

Like Ethereum, Litcecoin is highly correlated with BTC, so we are seeing a lot of buying right now. I will be looking for a range break to enter a trade on Litecoin.

Litecoin Analysis 2018-03-12

If price moves below $158 and sustains those lows for several hours sellers will likely flood the market driving price down to the $126 support area.

If price moves above $194 and sustains those highs I expect to see a surge of buyers driving price up to the $230 resistance area.

XRP Analysis (XRPUSD)

Ripple is making it’s way back down to $0.6874 support area. It got close to it on Friday the 9th but quickly pulled away. While the chart looks somewhat similar to BTC, LTC and ETH, the range break setup is not as strong.

Entering short beyond Fridays low at $0.7330 would be too risk as there is strong support at $0.6874. A break above Fridays $0.8500 high would result in a similar issue with minor resistance at $0.8860.

I wont be looking for an entry on Ripple at the moment.

Updates

The crypto market is fast moving and volatile and things are likely to change quickly throughout the week, so keep an eye here for analysis updates. I will update this analysis as needed or if I enter any trades.

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