ADSactly Crypto Roundup - BTCUSD ETHUSD LTCUSD - technical Analysis

Hello, my fellow cryptophiles! ADSactly Crypto Roundup is back and today we are going to cover 3 of the major name brands. BTCUSD, ETHUSD & LTCUSD. The following are swing trade setups. Targets provided are critical areas where we can confirm price progression or regression, and are safer opportunities to take long or short positions. Patience pays better than gambling. The following are what I would consider mid-ground trades, we wait for direction, taking a position here for trading is higher risk.

Swing trading are positions one takes and holds over the course of a few days - not an investment, not a day trade.

Bitcoin

Daily Chart

On the daily time frame, we see that Bitcoin has set a double top and is forming a bearish reversal candlestick. We look to the stochastic RSI and see that it has not reached the bottom of its cycle and a retest of the pivot support is very likely at the current rate of decline.

4 Hour Chart

On the 4-hour time frame we see that the stochastic RSI is still in an uptrend, however, the RSI has dropped off with the double top that just formed yesterday. Not the bearish moving average crosses on this time frame, shorter-term simple moving averages are falling below longer. The exponential moving averages while rising should begin to curl and normalize. To remain bullish BTC needs to hold any test of these and form a higher high above the double top, $4361

You may also observe a possible H&S taking shape with the Head just forming.

Bullish Above: $4380

Bearish Below: $4190 .... very bearish below $4019

Ethereum

I chose to keep the charting simple this time as it is clearly observed that Major ALT Coins are following a similar formation to BITCOIN.

Daily Chart

ETHUSD has formed an Ascending wedge on the daily time frame and has been unable to reclaim the resistance trendline. Not the Stochastic RSI which has not fully cycled and the reversal Candlestick currently forming as the price lost daily pivot support. In order for the daily time frame to remain bullish. ETHUSD must reclaim the pivot on volume.

4 Hour Chart

The descent of the 170dma (green line) on the 4-hour time frame is cause for concern for bulls as a death cross appears imminent. In this time frame, ETHUSD has also formed a lower high. The Stochastic RSI is also falling from the uptrend.

If Eth fails to hold trend line support, the bulls last line of defense will be the 4-hour pivot approximately $278

Bullish Above: $321

Bearish Below: $278

LiteCoin

Daily Chart

On the daily time frame, LTC previously broke out of a wedge formation that was formed from a long-term trend line that guided the rally from single digits to double. This is what is known as back testing, or price verification. If you notice the price bounced off of the wedge trend line and is still working on reclaiming the historical trend line.

While this is important price action, the daily formation is still similar to that of BTC and ETH. This is a very interesting correlation, pattern, that we are observing.

The Stochastic RSI and MACD both look ready for some bullish divergence but can only be driven by volume to negate the observed pattern that tracks bitcoin. The goal for bulls is to reclaim that trend line resistance.

4 Hour Chart

Notice the curling 170dma(green line) as the price is unable to progress this moving average will normalize its curve and gravitate towards the price. It will be a very difficult resistance to break through if the price manages to take the resistance trendline back. It could even set up a bull trap, so caution is warranted on any break above that TL.

On this time frame, we are also observing the falling Stochastic RSI and RSI, a lower high and we will be watching for a lower low.

Bullish Above: 4 hour 170dma, $60

Bearish Below: $49

There may be a delay between the time this article was written and the time it is posted.

Authored by: @satchmo