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Market data is provided by HitBTC.
While some predict the end of cryptocurrency, Twitter co-founder and CEO Jack Dorsey has forecast a very optimistic future for Bitcoin (BTC). During a podcast with Joe Rogan, Dorsey said he considered Bitcoin as the currency of the Internet, his point of view later. supported by the general manager of Binance, Changpeng Zhao.
In a survey by Finder.com.au, crypto experts predicted that Bitcoin will experience a turnaround in 2019 and could reach $ 7,000 by the end of the year. The most optimistic forecast among respondents was made by Digital Capital Management's chief operating officer, Ben Ritchie, who estimated that figure at $ 9,500 by the end of 2019.
Mike Novogratz, CEO of the Galaxy Digital crypto bank tweeted that crypto prices could take longer to turn around. However, he is confident that institutional players will take the plunge and carry the market higher.
We believe that cryptocurrencies are at a turning point. A break in critical support levels will prolong the bear market, while a sharp rise could indicate a likely low.
BTC / USD
A small-scale trading action continues in Bitcoin (BTC). Bulls could not push the price above the 20-day EMA these past two days, which shows a weakness.
The bears will now try to push the price to critical support at $ 3,236.09. A break of this level will resume the downtrend and negatively affect the sentiment. The next downside is $ 3,000, which is a psychological threshold. If this level also cracks, the slide could be as high as $ 2,600.
On the other hand, if the increases exceed the 20-day EMA, the BTC / USD pair will switch to the 50-day AMS. We will become optimistic if we observe an expansion of the range that should last at least two days. Such a move will indicate strong purchases and a likely change in trend.
The downtrend line has been a strong resistance since late November of last year. A break in this line is likely to attract other purchases. We could propose long positions on a break and a close (UTC time interval) above the downtrend line.
The levels to be monitored are $ 4,255, above which the movement could reach $ 4,914.11. By crossing this obstacle, cryptocurrency could still amount to $ 5,900.
XRP / USD
Ripple (XRP) continues to lose ground. It is likely to fall to critical support at $ 0.27795. A breakout of this level could drop the pair to an annual low of $ 0.24508.
Conversely, if the bulls defend support at $ 0.27795 and push the price above the 50-day SMA, the XRP / USD pair should gain momentum. We believe that a 50-day SMA breakout can propel the pair to $ 0.4, with minor resistance at $ 0.38239. Traders can initiate long positions as recommended in our Jan. 30 badysis.
ETH / USD
Ethereum (ETH) has fallen since February 3 against resistance above his head. The 20-day EMA is sloping and the RSI is below 50 levels, which shows that bears have the advantage.
A breakdown of the support at 103.2 USD will be a negative development which could lead the ETH / USD pair to the next support at 83 USD. If this support also breaks, the downward trend will resume.
The pair will gain strength if it comes out of the narrow range of 103.2 to 116.3 USD. We expect a move at $ 134.5 and above at $ 167.32. Since the risk / return ratio is high, we suggest long positions above $ 116.3 on breaks and fences (UTC time units). The stop loss for the trade can be maintained at $ 102.
EOS / USD
On February 2, EOS escaped from the 20-day EMA but failed to evolve the 50-day AMS. Currently, the bulls are again trying to get out of the 20-day EMA and climb higher.
Failure to exceed moving averages will prompt selling which can bring the EOS / USD pair to critical support of $ 2.1733. A breakdown of this support will drop to 1.7746 USD and less than 1.55 USD.
On the other hand, if the bulls come off moving averages, a rally at $ 3.05, followed by a move up the $ 3.2081 range will be possible. We will wait for the price to close (UTC period) above the 50-day SMA before proposing an exchange.
BCH / USD
Bitcoin Cash (BCH) is facing strong resistance at $ 121.3. The 20-day EMA is also located just above this level. We expect it to become a major obstacle. If the price falls from current levels, it can drop again to $ 105 and below $ 73.5. The failure of bulls to stagger the 20-day EMA shows that sellers always have the advantage.
The BCH / USD pair will show strength if it stays above the 20-day EMA. By breaking through this resistance, a $ 141 rally is likely. With the 50-day SMA close to this level, we expect another $ 141 roadblock. Once this level is scaled, the pair will likely gain momentum. We could suggest long positions if the firm price (UTC period) is above $ 141.
LTC / USD
On February 2, Litecoin (LTC) surpbaded overhead resistance by $ 33. However, the bulls could not rely on the escape and carry the price to the next resistance, at $ 36,428.
A small plus point is that the bulls have managed to stay above the $ 33 breakout since their scaling. If the price rebounds sharply by $ 33, we expect a move to $ 36,428 and above to $ 40,784. Traders can keep their stop loss at 27.5 USD.
Conversely, if the declines of the LTC / USD pair are below $ 33, then below the moving average, it will be a bearish sign. Downside support is on the small uptrend line and below in the support zone between $ 27,701 and $ 29,349. A breakdown of this area will be a negative development that can plunge the pair to an annual low of $ 23,090.
TRX / USD
From January 31 to February 4, Tron (TRX) fell several times under the 20-day EMA, but bears were unable to capitalize on the falls. Lower levels attracted buying, which brought the price back above the moving average.
Currently, bulls are trying to pull out of overhead resistance at $ 0.02815521 once again. If successful, the TRX / USD pair can reach 0.03575668 USD, with a minor resistance at 0.03128011 USD. However, we will reserve full profits closer to $ 0.04.
If the bulls can not get out and stay above the resistance above the head, the bears will again try to sink the pair below the 20-day EMA. The important levels to watch for downward are $ 0.02306493 and, below, 0.02113440. We recommend traders to keep their long positions with a stop at $ 0.023.
XLM / USD
Stellar (XLM) continues to trade near annual lows with no signs of a rebound. Both moving averages are down and the RSI is in the oversold zone, which shows a lack of support for buying even at these levels.
The target level to watch downward is 0.07864971 USD. If this support yields, the drop could reach 0.05795397 USD.
Nevertheless, if the XLM / USD pair turns away from current levels and exceeds the 20-day EMA and 50-day SMA levels, it can reach $ 0.132700000. A break in this resistance could bring the pair up to $ 0.184, which will be a major hurdle. We will wait for the price to rise above the 50-day SMA before becoming positive.
BSV / USD
Bitcoin SV has been clinging to support for $ 65,031 for seven days. A breakdown of this level may result in a drop to $ 57 and an amount of less than $ 38,528.
The failure of bulls to get a strong recovery from the level of critical support shows a lack of purchase at the highest levels. The 20-day decline in the EMA and the negative RSI show that sellers are in control of the buyers.
Conversely, if the BSV / USD pair bounces sharply and exceeds both moving averages, it can rise to $ 102.58 and above $ 123.98. We will wait for the pair to show strength before proposing an exchange.
ADA / USD
Cardano (ADA) has not been able to climb up the ascending channel in the last three days, which is a negative sign.
The bears will now try to dip the ADA / USD pair below the support at $ 0.036815. If they succeed, it can lead to a drop to $ 0.027237. The 20-day EMA is sloping and the RSI is stuck around 40 levels, which shows that sellers have the upper hand.
However, if the bulls defend the support at 0.036815 USD, the pair will try again to climb the channel and stagger the moving averages. We will wait until a trend reversal signal is signaled before becoming positive.
Market data is provided by HitBTC. Charts for badysis are provided by TradingView.
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