Technical Analysis on BTC/USD and LTC/BTC Cryptocurrency Pairs

FXOpen

BTC/USD analysis

  • BTC/USD broke support zone
  • Next sell target – 8000.00

BTC/USD continues to decline after the earlier breakout of the support zone lying at the intersection of the following support levels: 38.2% Fibonacci retracement of the previous medium-term upward impulse (1) from February and the support level 9430.00 (which stopped the short-term A-wave of the active medium-term ABC correction (2) from middle of February. The breakout of this support zone strengthened the already strong bearish pressure on this instrument – which is indicated by the accelerating downward movement on the daily Momentum indicator.

btcusd-primary-analysis-mar-09-1541-pm-1-day

BTC/USD is expected to continue the downward movement toward the next sell target at the round support level 8000.00 (which is the target price for the completion of the active impulse wave C).

LTC/BTC analysis

  • LTC/BTC reversed from support area
  • Next buy target – 0.2000

LTC/BTC recently reversed up from the support area lying at the intersection of the major support level 0.018 (former strong resistance from January, acting as support after it was broken by the previous minor impulse wave (i), as can be seen below), lower daily Bollinger Bands and the ascending support trendline from December. This support zone was further strengthened by the Fibonacci cluster made out of the 38.2% Fibonacci correction of the previous upward impulse from December and the 61.8% Fibonacci retracement of the earlier upward price impulse from February.

ltcbtc-primary-analysis-mar-09-1614-pm-1-day

LTC/BTC is likely to rise further toward the next buy target at the next resistance level 0.2000 (former multi-month resistance level from December which stopped the earlier minor correction (a) in February).

Open a Crypto account with FXOpen broker.

By: Dima Chernovolov

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Cryptocurrencies

BTC/USD Price Exceeds $60,000 Per Coin Bitcoin Price Risks Not Staying above $50k Ethereum Price Falls after Exceeding $3,000 Ethereum Price Exceeds $2,800 Bitcoin Price Exceeds Psychological Level of $50k

Latest articles

Forex Analysis

USD/JPY Technical Analysis: Yen Strengthens after Comments from Japanese Officials

This week has raised alarm bells for USD/JPY market participants who are trading the bullish momentum that has been going on since early 2024 (shown in the blue curved lines on the USD/JPY chart): → Vice Finance Minister Masato

Forex Analysis

The American Currency Resumes Its Growth

The American currency, despite a rather multidirectional fundamental data, resumes growth at the end of February. In the main currency pairs, one can observe both rebounds from key levels and continuation of the main trends. Thus, the USD/CAD pair

Cryptocurrencies

BTC/USD Price Exceeds $60,000 Per Coin

Several factors contributed to this: → Effect associated with the approval of Bitcoin ETF. The media writes that investments in these financial instruments amount to about 9k bitcoins per day, and miners produce only 900 bitcoins per day. The total investment

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.