Cryptocurrency Outlook: Bitcoin, Ether, Ripple And Litecoin

The Cryptocurrency carnage continued this week prices approaching or breaking to fresh yearly lows. While the broader technical picture keeps the focus lower, the declines are now approaching key near-term inflection levels in price. Here are the levels to know in Bitcoin, Ethereum, Ripple and Litecoin heading into the close of March trade.

BITCOIN DAILY PRICE CHART (LOG)

Notes: Earlier this month we highlighted that Bitcoin prices had reversed, “sharply off the 2018 low-day close at 7737 (low registered at 7682) – It’s make-or-break here for the cryptocurrency near-term.” Indeed price rallied into near-term resistance at 9222 before turning lower again with the decline now attempting to break the monthly lows.

If Bitcoin prices close at these levels, the risk remains for a larger decline towards support targets at the 2018 close low at 6874, the 61.8% extension at 6492 and the yearly low / 76.4% retracement at 5921-6039. Interim resistance now stands back at 7737 with broader bearish invalidation back at 9222-9360 where the 200-day moving average converges on slope resistance.

Bottom Line: Bitcoin prices remain at risk for further losses near-term while below 7737 and heading into the April open we’ll be looking for a reaction at structural support for a possible recovery. All things held constant, Bitcoin looks like its heading lower- look for the weekly close for guidance here.

ETHER DAILY PRICE CHART (LOG)

Notes: In my previous Cryptocurrency Technical Outlook I noted that Ethereum prices where, “testing a critical near-term support confluence at 556 where the 2018 lows converges on a slope line extending off the June highs. Note that daily RSI is also testing 30 and a break below these levels would risk accelerated losses towards the November high at 499 and more a significant support confluence at 405/24.” Ether prices are testing this final support target now with a newly identified pitchfork keeping the immediate focus lower while below today’s high.