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The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and every commercial move carries risks, you have to do your own research when you make a decision.
Market data are provided by the HitBTC exchange.
Marcus Hughes, lead UK counsel for Coinbase, a leading US supplier of encryption and encryption trading systems, expects great progress for Bitcoin (BTC) over the next two years.
Hughes is hopeful that the European Union is proposing a more defined regulatory framework for crypto in 2019. After the introduction of the regulation, Hughes expects large investment banks to finally arrive on the market.
Alistair Milne, a UK-based investor and entrepreneur, is confident that Bitcoin will break out of its life cycle and stay above its peak. He based his opinion on the anticipated increase in the level of adoption of the main cryptocurrency. Milne is certain that Bitcoin will survive for another 100 years.
Similar to the way prices tend to outperform during a bull market, they generally outperform. Changpeng Zhao, the CEO of Binance, believes that many developments have taken place in the cryptographic space, implying that cryptocurrencies are currently undervalued.
So, should traders start buying? Let's find out.
BTC / USD
Bitcoin (BTC) is trading below moving averages since January 10th. Buyers tried to raise the price upwards, which allowed them to sell at moving averages. This is a bearish sign.
The cryptocurrency has not been able to make a high higher and a lower low, a signal that we have monitored. A set of higher ups and downs would indicate a likely change in trend.
If the bears force the price below $ 3,236.09, it will be a new low that will confirm the continuation of the downward trend.
The first sign of a likely change in trend will be when the BTC / USD pair breaks away from the downtrend and remains above it. The recovery will pick up again if the rises exceed $ 4,255. Until then, each increase in resistance levels will be sold.
We could suggest buying positions closer to $ 3,236.09 if the price suddenly rises from the support, as this would indicate strong demand at lower levels. Another likely exchange may be caught on a breakaway above $ 4,255. Until then, we suggest traders to stay in the waiting.
XRP / USD
Ripple (XRP) has traded in a tight range since Jan. 11. It is unlikely that this will continue for a long time. We anticipate either an escape or a breakdown of this range in the coming days.
Falling moving averages and negative RSI suggest that sellers are advantaged. If the bears force a spread below the range, the XRP / USD pair may fall to $ 0.27795.
On the other hand, if bulls push the price above moving averages and the downtrend line, the digital currency can fluctuate up to $ 0.4. We suggest traders to wait for an uptrend before embarking on buying.
ETH / USD
Ethereum (ETH) fell under the immediate support of $ 116.3 on Jan. 20, but bears were unable to support lower levels. The bulls pulled out of the socks and closed (UTC frame) above the support line.
If the ETH / USD can not find buyers at higher levels and changes direction, it may drop to 107.51 USD. If this badistance also rose, a fall to 83 USD would be possible. The 20-day EMA downward, as well as the negative territory RSI confirm that sellers have the upper hand in the short term.
The digital currency will show strength if it exceeds $ 134.5 million. It can then reach $ 167.32, which may act as a fierce resistance.
BCH / USD
Bitcoin Cash (BCH) has traded in a narrow range of $ 120 to $ 137.26 over the past 10 days. This shows that buyers and sellers have stopped trading actively.
If the bears lower the price below $ 120, the BCH / USD pair can plunge further to $ 100, and below that, it is likely that the lows around $ 73.5 will be tested again. Falling moving averages and RSI below 40 suggest sellers have the upper hand.
Our bearish vision will be invalidated if the cryptocurrency exceeds the moving averages and the bar of $ 137.26. We will wait for a reliable purchase configuration before proposing an exchange.
EOS / USD
EOS is currently in the range of $ 2.3093 to $ 3.2081. The bears try to degrade while the bulls try to defend it.
On January 13th and 14th, the EOS / USD pair bounced back on the range support, but the bulls could not take it beyond the 20-day EMA. This is a bearish sign. Any interruption in the immediate support of the range, and the $ 2,1733 bar, can cause a drop to $ 1,7746 and even $ 1.55.
Our bearish vision will be invalidated if the cryptocurrency rebounds on the support of the range and exceeds $ 2.5840. If this happens, a rally to the resistance of the range at $ 3.2081 will be possible. We could suggest long positions above $ 2.6.
XLM / USD
The bulls attempted to carry Stellar (XLM) higher on Jan. 19, but failed to pbad the 20-day EMA. Currently, the bears are trying to break down the immediate support at $ 0.10235190.
If they succeed, a drop to the annual threshold of $ 0.09285498 will be likely. If this level breaks down, the XLM / USD will resume its downtrend. Both moving averages are down and the RSI is in the negative zone, suggesting that bears have the upper hand.
The first sign of a likely change in trend will be when bulls will succeed in pushing the price above the downtrend line of the symmetric triangle. A confirmation of strength will be made when the pair will maintain above $ 0.13427050. We will wait for a reversal of the trend before recommending a long position.
LTC / USD
The bears do not allow the Litecoin (LTC) to hold above the 20-day EMA, while the bulls do not allow the price to fall below $ 29,349.
If the LTC / USD falls below 29,349 USD, it could still slide to 27,701 USD, below which a fall of the annual low of 23,090 USD would be likely. The downward trend will pick up if the price plummets to new yearly lows.
Conversely, if rises push the price above the EMA at 20 days, the virtual currency could rise to $ 36,428 and beyond to $ 40,784. The flat moving average and the near 50-level RSI suggest a balance between buyers and sellers.
The next move will occur when this balance tilts in favor of one or the other of the parties. For the moment, traders with long positions can maintain a stop loss at $ 27.5.
TRX / USD
Tron (TRX) has been corrected according to the 20-day EMA, which could serve as support. However, if the bears break below this support, a fall to $ 0.02113440, followed by a fall to the SMA at 50 days will be likely.
The TRX / USD pair is linked to the range of values since August 8, 2018. Attempts to burst or break this range have been unsuccessful and the price has always returned to the range.
There are two possible business opportunities. Traders can either buy close to $ 0.0183 and expect the price to reach $ 0.02815521, or buy at the close (UTC time interval) above $ 0.02815521.
Rising moving averages suggest that bulls have the upper hand. We will become negative on cryptocurrency if the price crumbles and stays below $ 0.0183.
BSV / USD
Bitcoin SV (BSV) is gradually giving up the ground, which shows a lack of support for buying at current levels. If the price stays below 74.022 USD, a fall of the next support at 65.031 USD will be likely.
The 20-day EMA is gradually sloping and the RSI is in negative territory. This shows that bears have a short-term advantage. If the BSV / USD falls below US $ 65,031, long transactions will be liquidated. The downside supports are at $ 57, and lower at $ 38,528.
Our bearish vision will be canceled if the digital currency exceeds both moving averages. We will wait until the trend becomes positive before recommending transactions.
ADA / USD
Cardano (ADA) is currently trading in an upstream channel. Usually, the price oscillates between the support and the resistance line of the channel. He reached the resistance line of the cbad on January 10, from where he fell, and now risks falling on the cbad support line.
Having broken below the 20-day EMA, the ADA / USD pair could find support at the 50-day SMA. In case of breakage of this support, the buyers could intervene on the support line of the channel.
Our expectation of a fall on the channel support line will be invalidated if the cryptocurrency reverses the current levels and comes out of the 20-day EMA.
We did not find any reliable purchase configurations at current levels. Flat moving averages and close middle RSI suggest short-term consolidation. Because of these factors, we remain neutral on the pair.
Market data are provided by the HitBTC exchange. Charts for badysis are provided by TradingView.
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