TriumphFX – Cryptocurrency Update – January, February & March 2022

Previous analysis… https://analysis.tfxi.sc/2021/10/20/triumphfx-cryptocurrency-update-october-november-december-2021/

Bitcoin (BTCUSD) – Daily & Weekly Charts

As suggested in our last Bitcoin chart analysis, BTCUSD has been bullish and has formed a swing higher.

The weekly time-frame is showing a clear uptrend – price action has formed a series of higher swing highs and higher swing lows. Price is currently in a retrace move. The weekly moving averages are bullish and widening, suggesting that the uptrend could continue.

The daily time-frame is also up-trending but is starting to look bearish. The current retrace move has swung below the trend support area and the moving averages, suggesting that upside momentum is weakening – the uptrend could becoming to an end. The moving averages confirm this – they are tightening and are becoming bearish.

Opportunities to go long may exist around the weekly moving averages and around any of the horizontal levels at 40650, 31750, 29750 and 19125. A bullish move could find resistance – and even reverse – around the daily moving averages and around the horizontal resistance levels at 59950, 65550 and 67400.

Ethereum (ETHUSD) – Daily Chart

ETHUSD has been bullish and has swung higher, as suggested in our last crypto analysis.

Price is clearly up-trending – price action has formed a series of higher swing highs and higher swing lows. Ethereum is currently in a retrace move and is finding support around the trend support area. The daily moving averages are bullish and steady, suggesting that the uptrend may continue. They are starting to move sideways though, signalling potential market indecision.

Buying opportunities could exist around the longer-term moving average, around the trend support area and around the horizontal levels at 2750, 2385, 1775 and 1415. A bullish move may be rejected or reverse around the shorter-term moving average and around the horizontal resistance levels at 4180 and 4810.

Litecoin (LTCUSD) – Daily & Weekly Charts

As suggested in our last cryptocurrency chart analysis, Litecoin has been moving sideways.

On the weekly chart, LTCUSD is choppy and moving sideways. The moving averages are bullish though, suggesting potential upside.

Price is also looking indecisive on the daily chart.

Trading opportunities may exist any of the moving averages and around any of the identified horizontal levels at 24, 80, 105, 120, 140, 230, 235, 280, 315, 320 and 390.

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