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Bitcoin, Ripple & Litecoin - American Wrap: March 10, 2020

BTC/USD breaks above the $8,000 level

Benzinga · 03/10/2020 22:01

BTC/USD breaks above the $8,000 level

BTC/USD managed to bounce up from the $7,935.15 to re-enter the $8,000 zone and the downward channel formation. The asset is currently trading for $8,028, while the RSI indicator crept up from 32.47 to 34.88. This followed three exceedingly bearish days where BTC/USD crashed from $9,158.55 to $7,935.15. The MACD indicates increasing bearish momentum, while the Elliott Oscillator has three consecutive red sessions, which is a testament to how overwhelmingly bearish the market has been before this Tuesday. 

Ripple Price Analysis: XRP/USD could get stuck at 0.2258

Its been quite some fall from grace for Ripple. On February 15th XRP/USD was trading as high as 0.3463.

Since the price has made lower highs and lower lows and the pair is still in a technical downtrend.

The psychological 0.20 support was enough to stem the losses for now. 

Litecoin Price Analysis: LTC/USD finds support but struggles to push past 50.00

Litecoin has been struggling for a while now. Since hitting 84.00 the price has fallen to levels we are at on Tuesday. Looking ahead to what has been happening more recently you can see the pair found support at the 76.4% Fibonacci level. Now, if the market rallies there could be resistance at the old support of 57.07. Elsewhere, the levels further down could still be tested again and just below the 44.00 level the blue line looks like a target. If that breaks then it is on to the lows of 35.88. The whole pattern looks like a massive head and shoulders but if this is the case then the target could be much lower, so I doubt that is the case.

Image Sourced from Pixabay