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Market data is provided by the HitBTC exchange.
Experts are divided on the future behavior of cryptographic markets. Mike Kayamori, CEO of Quoine, expects Bitcoin to make new highs for life by the end of next year and believes the fund is close to current levels.
On the other hand, Malacia Salcido, head of Wenatchee, based in Washington-based Salcido Enterprises, expects the situation to "get slightly worse before it gets better," says Bloomberg, anticipating that markets will end in February of next year.
Although markets are far below their all-time highs, it has not deterred investment from big players. The ability for new fund-raising initiatives shows that the interest in space is alive and that the markets have a bright future.
In a recently published report, the US global management consulting firm A.T. Kearney suggests that Bitcoin will reacquire two-thirds of the capitalization of the encrypted market by the end of next year. Currently, the Bitcoin domain is about 54 percent. This means that Bitcoin will move at the expense of altcoin. Investors should avoid buying shady cryptocurrencies and stick to those with visibility.
BTC / USD
The main trend in Bitcoin is down. In the last two days, the bulls have tried to defend the pennant's trend line, but have not been able to push the prices higher. This demonstrates a lack of purchases at higher levels and sales pressure. Moving averages are down and the RSI is close to oversold territory. A banner break will resume the downward trend and has a model target of $ 2,416.52.
We believe that the BTC / USD pair will witness strong purchases in the $ 3,500- $ 3000 zone. Contrary to our opinion, if bears sink prices below $ 3,000, the next stop will be $ 2,416.52.
If the bulls are able to maintain the pennant's trendline on a closing base (UTC) and the opposite direction, they will indicate strength. The first indication of a change in trend will be when the price is kept above the resistance line of the pennant. A 20-day EMA breakout will increase the likelihood of a pullback at break levels of $ 5.900.
There is a possibility that the price will remain locked around current levels for the next few days. If the price moves from the top of the triangle, without interruption or interruption, the pennant formation will be invalidated and the digital currency may enter a range.
We should get a clearer picture within the next 3-4 days. Meanwhile, operators can maintain their firm points on long positions, as suggested in the previous analysis.
XRP / USD
The bulls tried to keep Ripple above the immediate support of $ 0.33108 over the last two days, but they have not been able to ensure a strong rebound. This shows that bears have the upper hand.
A break of less than $ 0.33108 will result in a decline to the November 25 November lows of $ 0.31123. The support line of the descending channel is just below this level. We anticipate strong support in this area. Contrary to our opinion, if bears sink the XRP / USD pair below the channel, a new test of $ 0.24508 is likely.
If the bulls defend the bottom of the channel and bounce sharply, interrupting the 20-day EMA, the probability of a rally in the upper part of the channel will increase to $ 0.52. Traders can close their long positions if the price is kept below the channel.
ETH / USD
Ethereum has slipped to the bottom of the range. A breakup of the lows will resume the downward trend and can put it in the lower support after $ 83.
If the bulls buy the fall at $ 100, the ETH / USD pair will try to rise to $ 130.5, where they will face stiff resistance from the 20-day EMA decline.
You can expect a return to $ 167.32 if the bulls support the price above $ 130.5. Even if short-term traders may try to go long, positional traders should wait for a new purchase configuration to form before starting any long position.
XLM / USD
With both declining moving averages and RSI close to oversold levels, Stellar is in a clear downward trend.
The bears successfully defended a new breakpoint test at $ 0.184 and the XLM / USD pair returned once more. A breakdown of $ 0.13427050 will resume the downward trend. The next level to look downward is $ 0.08.
If the bulls defend the $ 0.13427050 level, the digital currency may remain tied to the range for a few days. We will be positive about it if the price exceeds $ 0.184. Until then, it is better to stay on the edge.
BCH / USD
Bitcoin Cash has a solid gold grip. The price fell from the low of January 25 intraday of $ 148.27, resuming the downward trend. The next downside support is much lower than $ 100. However, the RSI has plunged deeply into oversold territory, which suggests that a withdrawal could start well before $ 100.
After the sharp drop in the last few days, we expect the BCH / USD pair to witness a sharp retreat. Short term traders can take advantage of this opportunity to overcome this move but, first, the price must stop falling. Capturing a falling knife can be dangerous. Therefore, traders should wait until the demand exceeds the offer before entering new positions.
EOS / USD
EOS is on a one-way track. By cutting the $ 4,403 level, it has regularly made new lows since the beginning of the year. The downward trend is so strong that the bulls have not been able to support withdrawal for more than a day.
The trend will remain in place until bears keep the price below the downtrend line. The first downside target is a fall at $ 2.
However, the RSI has been in the oversold area since 19 November. This shows that the sale has been exaggerated and that a $ 2 pullback is expected. After such a sharp move, the EOS / USD pair could enter a background formation. Traders should wait for a bullish trend before entering long positions.
LTC / USD
The bulls tried to put a fund in Litecoin close to the $ 28 mark. The upward recovery stopped at the 20-day EMA, which confirms a strong downward trend.
A breakdown of $ 28 will resume the downtrend and may sink the LTC / USD pair to the next support at $ 20. If the bulls defend the value of $ 28, the digital currency may remain bound to the range for a few days.
A breakout of $ 37 will create a short-term trading opportunity on the long side, with a target of $ 47, which is likely to act as a rigid resistance. Positional operators should wait for a trend inversion to be signaled before entering long positions.
ADA / USD
Cardano's main trend is falling. In recent days it has consolidated in a small radius. If bears disappear in the interval, the main tendency will reaffirm, with support later than $ 0.025954.
The 20-day EMA is in decline and is located just above the top of the range. We anticipate this level to act as a strong resistance on any withdrawal.
However, if the bulls push the prices above the 20-day EMA, the ADA / USD pair can reach the overload resistance of $ 0.060105. Short-term traders can make this move higher, but positional traders should expect a new uptrend to start before entering.
TRX / USD
Although TRON has not left the 20-day EMA in the last few days, we like the way it has maintained its support. It remains comfortably above its last lows.
The bulls held the TRX / USD pair above the $ 0.0133 level over the last five days, while the bears defended the 20-day upward EMA.
If the bulls climb 20-day EMA, a rally to the next environmental resistance of $ 0.0183 is likely. Conversely, if bears sink virtual currency below $ 0.0133, a new November 25th low of $ 0.01089965 is likely. Traders should wait for bullish training before buying. We expect a breakout or a break by the end of this week.
XMR / USD
The bulls are trying to defend the minimum of $ 53.1 in Monero in the last two days. But they have not been able to guarantee a rebound, which shows a lack of interest in buying. Both moving averages are downhill and the RSI is close to the oversold territory, suggesting that the path of least resistance is downward.
If the XMR / USD pair closes (UTC time frame) below the $ 53 level, the decline may extend to the next support at $ 40. On the upside, the 20-day EMA will continue to act as a rigid resistance. Traders should expect the trend to change from down to up before starting any long position.
Market data is provided by the HitBTC exchange. Analysis charts are provided by TradingView.
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