Cryptocurrencies Remain Under Pressure
Alexandros Yfantis | Feb 01, 2018 07:20AM ET
BTC/USD – Bitcoin
Price remains in a bearish trend capped by the downward sloping red TL. Price bounced towards previous lows (Wave A low) but got rejected. Price also broke below the short-term blue upward sloping trend line confirming the bearish trend it is in. As long as price is below 11200 trend is bearish.
XRP/USD Ripple
Trend remains bearish here as well as long as price is below the downward sloping black trend line. The horizontal red lines once support now are resistance levels. New lows ahead as long as price is below 1.23$ and most importantly below 1.40$.
ETH/USD Ethereum
In our previous analysis I talked about the triangle breakout and that a new higher high would be wave B and should be faded. Price bounced exactly towards the area I had noted as wave B and has turned downwards. I remain bearish ETH/USD as long as price is below recent highs.
LTC/USD Litecoin
I was bullish LTC/USD last time I wrote an analysis on cryptocurrencies but it never broke the resistance level I wanted in order to confirm my bullish view. Trend here remains bearish as long as price is below the downward sloping black trend line. Possible target area is at 130$.
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