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Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) Analysis: Panic Selling Hits Cryptos

Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) Analysis: Panic Selling Hits Cryptos

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Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) Analysis: Panic Selling Hits Cryptos

by TheCryptoDirt.com
May 20, 2021
in Litecoin
0

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Bitcoin (BTC/USD), Ethereum (ETH/USD),Litecoin (LTC/USD), Technical Evaluation – Speaking Factors

  • Marketwide volatility hit cryptocurrencies on worst day since early 2020
  • Bitcoin could possibly be susceptible after costs took out the important thing 200-day SMA
  • Ethereum eyeing 100-day SMA, Litecoin took out medium-term trendline

Bitcoin Technical Outlook

Bitcoin suffered its worst each day drop in over 14 months on Wednesday. Weak spot wasn’t simply remoted to BTC, however felt all through digital currencies in a single amplified transfer. This was a pronounced marketwide response that wiped out about US$1 trillion from the full crypto market cap. So the place does this depart Bitcoin, Ethereum and Litecoin from a technical perspective? What may merchants count on within the occasion of deeper losses?

BTC/USD accomplished the draw back goal implied from a bearish Rising Wedge chart sample. That is one thing that I warned about in late April. Nevertheless, costs swiftly bounced off the important thing 28732 – 30407 assist zone because the cryptocurrency struggled to substantiate a drop by means of the 30k deal with. Dip consumers stepped in, trimming an honest chunk of losses.

Nonetheless, all eyes are actually on the 200-day Easy Transferring Common (SMA). It appears that evidently Bitcoin has taken it out. A subsequent draw back shut after may paint a still-vulnerable street forward for the cryptocurrency. Such an final result would possible place the main target again on January lows. Within the occasion of a flip increased, a push above the 43016 – 44850 inflection zone may open the door to extra features.

BTC/USD – Each day Chart

Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) Analysis: Panic Selling Hits Cryptos

Chart Created in TradingView

Ethereum Technical Outlook

Ethereum additionally suffered its worst each day efficiency in over 14 months. The drop by means of the 38.2% stage and midpoint of the Fibonacci retracement at 2974 and 2540 respectively took out the 50-day SMA. ETH/USD briefly dropped underneath the 100-day SMA, however dip consumers restored some upward momentum. A push again above the 50-day line may open the door to reversing the near-term downtrend. In any other case, the 2038 – 1942 inflection zone may come into focus as key assist. Dropping by means of it exposes lows from February and March, in addition to the 200-day SMA.

ETH/USD – Each day Chart

Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) Analysis: Panic Selling Hits Cryptos

Chart Created in TradingView

Litecoin Technical Outlook

Litecoin could also be in danger to extending losses after LTC/USD closed underneath rising assist from late 2020. The cryptocurrency additionally took out the 223 – 207 assist zone, failing to beat the 153 – 167 vary thereafter as costs left behind a big shadow. That’s the place the 200-day SMA got here in to keep up the dominant focus to the upside. A push increased from right here may place the give attention to rising assist, which may act as new resistance. In any other case, extending losses exposes the January low at 112.

LTC/USD – Each day Chart

Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) Analysis: Panic Selling Hits Cryptos

Chart Created in TradingView

— Written by Daniel Dubrovsky, Strategist for DailyFX.com

To contact Daniel, use the feedback part beneath or @ddubrovskyFX on Twitter



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