Check out the Coinlib technical analysis February 21, 2020 on the most popular coins, Bitcoin (BTC) , Ethereum (ETH) and ripple (XRP).
The Coinlib price analysis is based on the chart below for each asset and the time of the analysis. The daily analysis is prepared by the Coinlib team. Barry Norman is the lead analyst along with Daniel Reggio and Yuri Alexeev. The team uses support and resistance levels, trendlines, 20 period EMA and MACD to make their determinations.
Bitcoin (BTC) ( US dollar )
The Coinlib outlook and analysis is based on the chart below.
At this writing (0500 GMT) Bitcoin (BTC/USD) is trading at 9739.90 as price starts to recover after the previous days sell off. Today’s trading range should be between 9800 and 9521.80. The price pullback/retracement looks to be developing nicely. Price seems to be consolidating as the bulls muster the strength to make a run at 105k after being obliterated just 24 hours ago when BTC fell from 10315 to 9290.98 in just over an hour. The 9810-price level has been the consolidation level over the past 24 hours.
The 20-period moving average continues to give off bearish sentiment while the short term trendline gives good solid support. MACD is reading in the green and gave us a crossover just a couple hours ago as price bounced off resistance at 9500.
Ethereum (ETH) ( US dollar )
The Coinlib outlook and analysis is based on the chart below.
At this writing (0500 GMT) Ethereum (ETH/USD) is trading at 263.08 taking cues from the overall market. Price bounced off support at 250 and has steadily climbed touch a high of 264.22. Today’s trading range should be between 268 and 257. Looking at the charts for BTC, XRP and ETH we see the identical consolidation and slight retracement.
Crypto investors are closely monitoring the over market condition but paying close attention to longer term and the wider ranges looking for clues that ETH will be able to recover to 300.
Just like BTC traders seem to be gathering strength to make a new run. The overall sentiment remains bullish regardless of price declines.
MACD remains bullish and is supporting the price recovery. Prices have broken above the 20- period moving average.
Ripple (XRP) ( US dollar )
The Coinlib outlook and analysis is based on the chart below.
At this writing (0500 GMT) Ripple (XRP/USD) is trading at 0.27769 climbing steadily from its low at 0.26. Ripple is duplicating moves in BTC and XRP. Ripple shows a positive correction. The climbing trend that we have seen since the beginning of the year slowed to a halt as the market pulls back again. This caused an impact on trading volume and a market cap of the coin as the selling pressure intensifies.
The hourly MACD is showing a bearish divergence due to intraday pullback, and the signal line overrides the MACD line. Price has moved above the moving average indicating a bullish move.