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Author Topic: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum  (Read 63368 times)

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Offline FXOpenTopic starter

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Re: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum
« Reply #120 on: March 05, 2019, 03:21:07 PM »

BTC/USD


From last week’s analysis, when the price of Bitcoin was $3925, we have seen stagnation as the price was hovering sideways around those level until yesterday, when another decrease of 3.12% was made from $3906 to $3784.







Looking at the hourly chart, we can see that yesterday’s decrease was a breakout from the horizontal range in which the price moved sideways, consolidating after the initial drop of over 10%. The price fell to the most significant support level which is the baseline support since the start of the bear market and has found support there as it retested the level twice before going in an upward trajectory again.


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Re: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum
« Reply #121 on: March 12, 2019, 01:44:51 PM »
BTC/USD

Last Tuesday when the price of #Bitcoin was $3783 at its lowest point we have seen an increase of 4.88% as the price was coming up to $3954 until 6th of March. From there the price action continued moving to the upside but in smaller moves, which made an ascending channel that lead the price to the horizontal resistance level at $3994.4. It was first crossed from the upside but this quick fakeout lead to a steep downfall back to the 0.618 Fibonacci level at the $3936 support.



After the price found support there it started increasing again in a five-wave manner and managed to go once again above the $3994.4 resistance line slightly higher than before as it came to $4043 at its highest spike. But since it entered the sellers’ territory another downtrend started in a three-wave manner as the price came down to the first horizontal support from the previous sideways channel at around $3901 at its lowest point today.

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Re: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum
« Reply #122 on: March 14, 2019, 03:52:54 PM »
LTC/USD

From last Thursday when the price of Litecoin was $58.8 at its highest point we have seen an increase at first as the price continued moving higher slightly past the horizontal support zone which now serves as resistance. The price came up to around $60 but since it entered the seller’s territory it got pushed back below the upper resistance line at $57.558 and came down to $53.814 at its lowest point on Tuesday.



From there the price started increasing again and came up to the upper resistance line again were it got rejected on a lower high and since the 5-wave impulse has ended we are most likely seeing the start of a move to the downside. This movement would be either a correction or the start of the trend continuation as the Intermediate Y wave ended from a WXY correction. If the correction gets prolonged by two more waves then this move to the downside would be the second wave X after which another move to the upside would be expected as the final wave Z should develop but if this is the start of the trend continuation then we are to see further lower lows for the price of Litecoin.

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Re: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum
« Reply #123 on: March 19, 2019, 03:14:31 PM »
BTC/USD

From last Tuesday when the price of #Bitcoin was $3903 at its lowest we have seen an increase of 5.68% as the price came up to around $4130 at its highest point on Saturday. Since the high, the price has been retracing back and came down to $4041 at its lowest point so far and is currently sitting at $4080.



Looking at the hourly chart we can see that the price of Bitcoin came to its first significant resistance point around the intersection between the 0.786 Fibonacci level and the falling wedge resistance line as projected. This upswing was expected as the Y wave from the second Minute correction to the upside. The most upper resistance point is at around $4300 which is the horizontal support zone, now serving as resistance so another increase to those levels could be a possibility if the price is set to retest further resistance.

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