TECHNICAL ANALYSIS OF MAJOR CRYPTOCURRENCIES: BTCUSD, ETHUSD, LTCUSD, XRPUSD & DOGE.

TECHNICAL ANALYSIS OF MAJOR CRYPTOCURRENCIES: BTCUSD, ETHUSD, LTCUSD, XRPUSD & DOGE.

BTCUSD

Bitcoin continues to tilt downward as the price keeps getting rejected from $40,000. Price was trading in a range on the daily timeframe before it tried to break below $30,000. Price is now trading in a mini-range, between $35,000 and $30,000. Bitcoin price failed to break above $35,000 ever since it created a new low of $28,600.

Failure of the $30,000 support to hold price will see price trade below $30,000. As predicted by Goldman Sachs, Bitcoin might fall to $25,000 before finally getting to $20,000.

A break above $35,000 will see price challenge the $40,000 resistance once again.

ETHUSD

Ethereum is also in a range but slightly tilted, as price created lower highs and lower low sequences within the overall daily range.

Price broke below the support area at $2,300 as indicated by the blue horizontal line on the chart. It created a new low of $1,717, according to data from TradingView. Price rallied back to the support area at $2,300, which can now be used as resistance.

Price is currently reacting from the support turned resistance and around the 200 MA (Blue Curve). The 200 MA also acts as a resistance area and the price might react from there.

A break above the 200 MA will see price rally to the next resistance at $2,600.

Failure to break above the 200 MA will see the price go back to the recent low at $1,717 or lower.

LTCUSD

While Bitcoin and Ethereum were seeing a short rally, Litecoin went into a channel, creating a higher low and slightly higher high sequence in the overall downtrend. $155 is still an important resistance area and the price is still far from it.

Price is currently trading at $141 and a break below $132 will see go to the recent low at $114 or even lower.

A break above $150 will see the price go back to the $155 resistance area.

XRPUSD

Ripple and Litecoin pulled back the same way by forming a channel after the new-low was created.

Failure to break above $0.7 will see price return to the recent low at $0.54. And a break above $0.7 will see the price rally back to $0.8.

DOGE

Doge, the meme coin, is still crashing despite all efforts to pump it by the TESLA CEO, Elon Musk. Musk tweeted about Doge last Thursday, but price failed to rally as it used to.

Baby Doge, doo, doo, doo, doo, doo,

Baby Doge, doo, doo, doo, doo, doo,

Baby Doge, doo, doo, doo, doo, doo,

Baby Doge Elon Musk via Twitter

The price of Doge is currently trading at $0.24 as buyers getting fade out for the sellers to continue their run.

Conclusion

Cryptocurrencies are still in a bear market as the price continues to make new lows with a short or little rally.