Technical Analysis May 13: Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Ripple

This article will look into the current price of Bitcoin, Ethereum, Litecoin, Ripple and Bitcoin Cash using technical analysis tools.

On the 1-day, Bitcoin is currently sitting inside the cloud, below the Tenkan and Kijun Sen. These lines are sloping towards each other, indicating high momentum and a possible TK cross.

Ethereum is still above the cloud, which shows that its upward trend might not be over.

Looking at the 1D LTC/USD chart, we see that Litecoin also saw a pretty serious drop from $180 down to $130. It found support before the local support level that we highlighted last week and has bounced to its current price of $145. Adding Ichimoku Clouds to the chart, we start to see the bigger picture.

Litecoin is still inside the cloud and is headed towards the Tenkan-Sen and Kijun-Sen, which seem to be twisting bearish.

Bitcoin Cash bounced off the Tenkan-Sen and is floating between the Tenkan-Sen and Kijun-Sen. BCH recently experienced a cloud break and saw upside.

Senkou Span A is always drawn in relation to Senkou Span B - together, they form the cloud.

Senkou Span B - forms the cloud along with Senkou Span A. Traditionally when Senkou Span B is located below Senkou Span A, it is a symbol of bullish price movement.

Most traders do not make a move until price closes above or below the cloud - although, when the Senkou Spans cross one another, many traders use the indicator to predict the reversal of a current price trend.

Kumo Twist - The Ichimoku Cloud is a Japanese trading strategy, and 'Kumo' means cloud in Japanese.