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The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the opinions of Cointelegraph.com. Every investment and trading move carries risks, you should conduct your research when you make a decision.
Market data is provided by the HitBTC exchange.
Will 2019 be a year of recovery for cryptocurrencies? One of the important events to watch out for is the launch of the Bakkt encryption platform of International Exchange (ICE). While the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME) currently offer Bitcoin futures trades, both of their products are settled in cash.
Many believe that the futures physically delivered in real bitcoins, as Bakkt plans to do, will encourage the institutional involvement that has so far been largely elusive.
Another important point of attention are the regulations. The Gemini cryptocurrency exchange, led by the Winklevoss twins, required more clearly defined regulations for the industry and launched an advertising campaign to promote this idea. However, some of the toughest supporters of cryptography do not agree with Gemini's idea.
As for the most widespread adoption of blockchain technology, McKinsey & Company's business strategy and finance consulting firm believes it has yet to prove itself a turning point.
We anticipate that the industry will make enough progress this year, so as to attract the necessary institutional funds to move on to the next phase of the bull phase.
BTC / USD
The limited range in Bitcoin was resolved on the upside on 6 January. Currently, the bulls are attempting to extend the pullback to $ 4,255. A breakout of this level will complete a reverse head and shoulders model with a target of $ 5,500. Therefore, we have maintained the purchase recommendation provided in the previous analysis.
If the price does not exceed $ 4,255, the BTC / USD pair will attract short sellers. Any interruption of immediate support of $ 3,550 may bring the price back to its minimum. The downward trend will resume if the cryptocurrency makes a new annual minimum.
The 20-day EMA is flat and the RSI is close to the mid-point. This indicates a possible short-term consolidation. The 50-day SMA, however, continues to point downwards, suggesting that the long-term trend is still declining.
ETH / USD
Ethereum has been trading near $ 167.32 in the last five days. Although the bulls have not managed to get out of the resistance, one good thing is that the price has not given much ground.
The 20-day EMA is in decline and the RSI has supported over 50 levels in the last days. This confirms that the bulls have the upper hand in the short term. The 50-day SMA is flat, which confirms that the long-term trend is also changing.
A breakout of more than $ 167.32 may result in a transfer to $ 225, followed by a rally to $ 249.93. Our bullish view will be denied if the ETH / USD pair plunges below moving averages.
XRP / USD
Ripple is exchanged in a descending channel. Both moving averages are flattening and the RSI is close to level 50. This suggests a short-term consolidation.
The XRP / USD pair has formed an inverse head and shoulder model that will end with a breakout and close above $ 0.4. One such move has a model goal of $ 0.52205.
Therefore, we propose to traders to buy on a close (UTC time frame) above $ 0.4 with the stop loss at $ 0.33. On the upper side, the upper limit of the downward channel could offer resistance; therefore, traders should raise their break even if the pair fights at this level. Become negative below $ 0.33.
BCH / USD
Although Bitcoin Cash came out of the downtrend channel, it was not able to move higher. Over the past three days, the range has shrunk and both moving averages have flattened out. RSI is also near neutral territory. This suggests a balance between buyers and sellers.
It is probable that this narrow interval will be resolved on both sides in the coming days. An upside break will bring the digital currency to $ 239 and over $ 307.01. On the other hand, a downward expansion of the range may bring it to $ 141 and below $ 100. We could not find any clear purchase configuration on the BCH / USD pair, so we're not suggesting a trade in it.
EOS / USD
The $ 3 level has acted as rigid resistance in recent days. A break between $ 3- $ 3.2081 will bring EOS to the next environmental resistance at $ 3.8723.
Moving averages are about to complete a bullish crossover, which suggests that the short-term trend will turn into bulls' favor.
Conversely, if the EOS / USD pair breaks below both the moving averages and the $ 2.1733 mark, it can repeat the minimum $ 1.55 test.
XLM / USD
Stellar's short-term trend has become limited, while the long-term trend continues to decline. A breakout of $ 0.13427050 will be a positive signal that can push the price to the next overhead resistance of $ 0.184.
However, if the bears can not get out of the rigid resistance above the head, the coin may stay locked in a tight range until it slips below $ 0.11024826. Below this level, the XLM / USD pair can retest the $ 0.09285498 minimum. We still can not find reliable purchase configurations; therefore, we are not recommending an exchange in the couple.
LTC / USD
Litecoin completed a reverse head and shoulders pattern on 6 January. This triggered our purchase approach proposed in the previous analysis. The pair now has a model goal of $ 49.756. If the bulls claim above $ 47,246, the price can go up to $ 56,910.
Moving averages completed a bullish crossover and even RSI is in positive territory. This is a bullish sign. Our positive view will be invalidated if the LTC / USD falls to less than $ 27,701.
BSV / USD
Bitcoin SV is not experiencing any interest from buyers. Continue to languish in the narrow range of $ 80.352- $ 102.58. This shows that the bulls are not eager to buy above the range and that the bears are not willing to sell below it.
A break out of this range may bring the BSV / USD pair to the top of the wider range of $ 80.352 – $ 123.98. With a close above $ 123.98, the rally can extend to $ 167.608.
If, however, bears sink the pair below $ 80.352, they can slip further to $ 65.031 and below $ 38.528. It is difficult to predict in which direction the break will occur; therefore, it is better to stay on the sidelines until the breakout does not exceed $ 102.58.
TRX / USD
TRON achieved our first goal of $ 0.0246 on 6 January. The next upside target is $ 0.02815521. We expect this level to act as strong resistance, so traders can close 50% of their long negotiations at this level.
We are not proposing to close the full positions, because a break of $ 0.02815521 will start a new uptrend. EMAs up by 20 days and RSI near the overbought level show that demand exceeds short-term supply.
The 50-day SMA is flattening, which shows that the long-term trend in the TRX / USD pair is changing from bottom to top. Our bullish view will be invalidated if the bears defend $ 0.02815521 and plunge the digital currency below $ 0.0183.
ADA / USD
Cardano completed a head and shoulders reversal on 6 January, when he broke and closed above the trend line. Traders who have long followed our recommendation given in the previous analysis can keep their stop loss at $ 0.036.
The model objective of the disruptive reverse head and shoulders model's break is $ 0.066. However, if the ADA / USD pair struggles to exit $ 0.060105, traders can book partial profits at this level and raise the rest on the rest to balance.
The 20-day upward EMA and bullish crossover suggest bulls have the upper hand in the short term.
Market data is provided by the HitBTC exchange. Analysis charts are provided by TradingView.
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