Cryptocurrencies price prediction: Bitcoin, Litecoin & EOS - American Wrap - 16 October


Bitcoin technical analysis: BTC/USD bears looking to break out from flag structure

After the market broke lower from the channel pattern and pushed through the 3.000 psychological support zone.

Now the 2.898 level has been used as a great support zone on the hourly chart. That is not to say it won't be broken later on but it is just holding for now.

Looking at the volume profile indicator on the right-hand side of the chart the price is just currently below the mean value area which is the peak of the bell curve in the current distribution.

Litecoin technical analysis: LTC/USD psychological $50 is under threat

Litecoin price is trading in the red in the session by some 4.75%. 

LTC/USD bears are breaking out to the downside from a bearish flag structure. 

Given the above-noted breakout via the daily, the psychological $50 mark is likely in the sights of the bears. 

EOS/USD technical analysis: The price has respected a good technical support level

After the market broke lower from the channel pattern and pushed through the 3.000 psychological support zone.

Now the 2.898 level has been used as a great support zone on the hourly chart. That is not to say it won't be broken later on but it is just holding for now.

Looking at the volume profile indicator on the right-hand side of the chart the price is just currently below the mean value area which is the peak of the bell curve in the current distribution.

The relative strength index (RSI) indicator is also showing a sign of some lost momentum in the sell-off as the indicator made a higher low and the price made a higher low. 

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