[](/u/Aaron-Hill/)
Major Crypto Analysis
[COINBASE:LTCUSD](/symbols/LTCUSD/)Litecoin
BTC/USD:
As evident from the daily timeframe of BTC/USD, the major cryptocurrency remains higher, trending north since bottoming in November 2022.Support from $27,132 was welcomed in late April, a move aided by the 50-day simple moving average of $28,563.Further buying also saw the Relative Strength Index (RSI) reclaim 50.00+ territory.As such, chart studies suggest additional outperformance, targeting fresh year-to-date highs and resistance from $31,404.
ETH/USD:
ETH/USD is echoing a similar vibe to BTC/USD.The trend on the daily timeframe is north, and price movement recently recoiled from support at $1,845.
This was bolstered by additional confluence: dynamic support from the 50-day simple moving average at $1,875 and the RSI regaining position north of the 50.00 centreline.Overall, the unit finished the week well, unbolting the door for fresh year-to-date peaks and a run to resistance at $2,164.
XRP/USD:
As seen from the daily timeframe of XRP/USD, price shook hands with AB=CD support in late April and has been rudderless since, consequently ranging between $0.4475 and $0.4806.
AB=CD support is denoted by a 100% projection at $0.4443.
The chart illustrates that the structure is complemented by a Fibonacci cluster around $0.4429 and RSI support at 39.82 (note, however, that the RSI remains below 50.00 ).Technical expectations call for at least a test of the 38.2% Fibonacci retracement overhead at $0.4919 and maybe even the 61.8% Fibonacci retracement at $0.5276 (derived from legs A-D).The aforementioned Fibonacci ratios are commonly targeted following the completion of an AB=CD pattern.
Failure to maintain support at current prices could lead to a test of familiar support at $0.4228, a level boasting historical significance since June 2022.
LTC/USD:
You may recall that I highlighted the completion of a daily harmonic Gartley pattern on LTC/USD in recent analysis.The pattern’s Potential Reversal Zone (PRZ) was between $98.37 and $96.90.While price did exceed this area, it failed to trade beyond the pattern’s X-point: the high of $105.69 (16 February); traditional rules of engagement would have traders/investors position stops beyond the X-point.
Like the AB=CD structure in XRP/USD, traders often target 38.2% and 61.8% Fibonacci retracements (taken from legs A-D); you will note that price tested the 38.2% Fibonacci level in April at $85.83, with many Gartley traders possibly reducing risk to breakeven at this point and taking partial profits.Many will also likely look for further downside, targeting the 61.8% Fibonacci level at $78.10 as a final take-profit objective.
The RSI remains under its 50.00 centreline: negative momentum.
As evident from the daily timeframe of BTC/USD, the major cryptocurrency remains higher, trending north since bottoming in November 2022.
Support from $27,132 was welcomed in late April, a move aided by the 50-day simple moving average of $28,563.Further buying also saw the Relative Strength Index (RSI) reclaim 50.00+ territory.As such, chart studies suggest additional outperformance, targeting fresh year-to-date highs and resistance from $31,404.
ETH/USD:
ETH/USD is echoing a similar vibe to BTC/USD.The trend on the daily timeframe is north, and price movement recently recoiled from support at $1,845.
This was bolstered by additional confluence: dynamic support from the 50-day simple moving average at $1,875 and the RSI regaining position north of the 50.00 centreline.Overall, the unit finished the week well, unbolting the door for fresh year-to-date peaks and a run to resistance at $2,164.
XRP/USD:
As seen from the daily timeframe of XRP/USD, price shook hands with AB=CD support in late April and has been rudderless since, consequently ranging between $0.4475 and $0.4806.
AB=CD support is denoted by a 100% projection at $0.4443.The chart illustrates that the structure is complemented by a Fibonacci cluster around $0.4429 and RSI support at 39.82 (note, however, that the RSI remains below 50.00 ).Technical expectations call for at least a test of the 38.2% Fibonacci retracement overhead at $0.4919 and maybe even the 61.8% Fibonacci retracement at $0.5276 (derived from legs A-D).The aforementioned Fibonacci ratios are commonly targeted following the completion of an AB=CD pattern.
Failure to maintain support at current prices could lead to a test of familiar support at $0.4228, a level boasting historical significance since June 2022.
LTC/USD:
You may recall that I highlighted the completion of a daily harmonic Gartley pattern on LTC/USD in recent analysis.
The pattern’s Potential Reversal Zone (PRZ) was between $98.37 and $96.90.While price did exceed this area, it failed to trade beyond the pattern’s X-point: the high of $105.69 (16 February); traditional rules of engagement would have traders/investors position stops beyond the X-point.
Like the AB=CD structure in XRP/USD, traders often target 38.2% and 61.8% Fibonacci retracements (taken from legs A-D); you will note that price tested the 38.2% Fibonacci level in April at $85.83, with many Gartley traders possibly reducing risk to breakeven at this point and taking partial profits.Many will also likely look for further downside, targeting the 61.8% Fibonacci level at $78.10 as a final take-profit objective.
The RSI remains under its 50.00 centreline: negative momentum.
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