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Market data is provided by the HitBTC exchange.
Some of the major investors continue to support cryptocurrency and blockchain technology. Hong Kong billionaire Li Ka-shing invested in the last round of financing of the crypto trading platform Intercontinental Exchange (ICE) Bakkt through its venture capital company Horizon Ventures.
Likewise, the Wall Street investor, Bill Miller, who had previously invested in Bitcoin, expects the major cryptocurrency to have a value greater than or equal to zero.
According to Miller, he likes to keep cryptocurrencies in his portfolio because their performance is decoupled from traditional asset classes. Although he is an active investor, he considers himself a "Bitcoin observer", but not a "believer".
On the other hand, the Winklevoss brothers are great believers in cryptocurrencies. They expect Bitcoin's market capitalization to go through that of gold in the future. For this reason, they continue to support the idea of a fund traded in Bitcoin (ETF).
The recent 51% Ethereum Classic (ETC) attack has many doubts that it may happen to Bitcoin (BTC) in the future. Opinions are divided, but these challenges must be foreseen in a new class of activity. This will only encourage participants to find solutions to avoid such attacks in the future.
BTC / USD
Bitcoin has been trading near the neckline in the last two days. The bulls were not able to complete the reverse model of head and shoulders, but they did not even give much ground. This is a positive sign.
Both moving averages are flattening, suggesting a change in the trend. If the BTC / USD pair rises above $ 4,255, it will signal the formation of a short-term fund. So, we recommended a purchase in one of our previous analyzes. The model's target on a reverse head and shoulder model break is $ 5,500.
If the bears sink the digital currency under the right shoulder, the sentiment will become bearish and may result in a new test of the minimum of $ 3,236.09. If this support breaks down, the downward trend will resume.
ETH / USD
The bears defended the $ 167.32 mark over the last seven days. If Ethereum breaks the uptrend line and the 20-day EMA, it can plunge into the 50-day SMA for $ 120.
On the other hand, if the bulls burst by $ 167.32, the ETH / USD pair can reach the next level of $ 225 and above $ 249.93. Thus, traders can buy a close above $ 167.32 and maintain a stop loss of $ 130.
The 20-day EMA is on the rise and the 50-day SMA is flat, which shows that the downward trend is over. Therefore, traders should try to buy on dips, as long as the price remains above the 50-day SMA. A break in this moving average can lead to a decline to $ 100 and below $ 83.
XRP / USD
Ripple has been trading in a narrow range in the last days. Both moving averages are flat and the RSI is close to the neutral zone, which suggests a balance between supply and demand.
The balance will shift to the bulls when the XRP / USD pair rises above $ 0.4. Although the objective of the model is $ 0.52205, the resistance line of the downward channel can act as a roadblock.
The digital currency will become negative if it breaks below the support at $ 0.32615. Traders can start long positions on a close (UTC time frame) above $ 0.4 with a stop loss at $ 0.32.
BCH / USD
After a strong run from the lows, Bitcoin Cash has consolidated into a narrow range in recent days. Both moving averages have flattened, which shows a balance between buyers and sellers.
A break out of range may resume recovery and push the BCH / USD pair to the next target of $ 307.01, with a resistance below $ 239.
Therefore, we suggest traders to wait for a breakout and close (UTC time frame) above $ 181 to insert long positions. The stop loss can be kept at $ 138. A break below $ 141 will be a negative development that can result in a fall to $ 100 and below $ 73.5.
EOS / USD
EOS has been stuck in a gap in the last days. Both moving averages are flat and the RSI is just above neutral territory. This suggests that consolidation could take a few days.
The longer the consolidation, the stronger the breakout or breakdown will be from it. Therefore, we recommend long positions on a breakout and close (UTC frame) above $ 3.2081. The upward targets are $ 3.8723, $ 4.1069 and $ 4.493.
If, however, the EOS / USD pair plunges under the interval, it may fall to a minimum of $ 1.55. Therefore, the stop loss on the proposed long positions can be kept at $ 2.29.
LTC / USD
Litecoin has remained above the neckline in the last three days but has not been able to move higher. This demonstrates a lack of purchases at higher levels.
However, if bears fail to break under the neckline and the 20-day EMA within the next couple of days, buyers will likely come into action. The targets to look forward are $ 47,246 and $ 56,910. The stop loss can be kept at $ 27.5, which can be followed higher as the price goes up.
We are bullish because the LTC / USD pair has formed an inversion model and the moving averages have completed a bullish crossover. All of these indicate a probable fund at $ 23.1.
Our point of view will be denied if the cryptocurrency slips below the moving averages and the value of $ 27,701. The downward trend will continue to fall below $ 23.1.
XLM / USD
Stellar did not show significant recovery in the recent withdrawal. Continue to resist $ 0.13427050. The pair is currently exchanged within a symmetrical triangle.
The triangle resistance line, the 50-day SMA and the horizontal resistance at $ 0.13427050 are all close to each other. Therefore, once the XLM / USD pair rises above this resistance group, it can go up to $ 0.184, which could represent a rigid resistance.
On the other hand, a break below the triangle may result in a new minimum test. A break below $ 0.09285498 may resume the downward trend. We could propose a trade after the interruption of resistance supports for one day. Until then, we suggest traders to stay on the sidelines.
TRX / USD
Tron continued his strong run and reached critical resistance of $ 0.02815521. This is a big obstacle because the bulls could not scale it in the last five months. Therefore, traders who have long gone lower on the basis of our suggestion can reserve 50% of the profits at current levels if they have not already done so. Stops on the remaining position can be towed higher.
If the virtual currency bursts and closes (UTC time frame) above $ 0.02815521, a new uptrend is likely. After the breakout, the next level to look upward is $ 0.03801042. Therefore, we are not advising to close the whole position.
If the TRX / USD pair falls below current levels, it is likely to remain tied to the interval for a few more days.
BSV / USD
The Bitcoin SV range has shrunk in the last days. A period of low volatility is usually followed by an increase in volatility.
If the bulls leave the immediate resistance of $ 102.58, a rally is possible for $ 123.98. After downsizing this obstacle, the BSV / USD pair can reach the target of $ 167,608.
Conversely, if bears sink the price below $ 80.352, the cryptocurrency may fall to $ 65.031 and below $ 38.528. Because of uncertainty and lack of clear direction, we are not proposing any trade in it.
ADA / USD
Cardano has completed a new neckline test in the last two days and is trying to resume the uptrend. The 20-day EMA is gradually increasing and the 50-day SMA has flattened out. This shows that the sale has eased and that a trend change is likely.
The critical level to look upward is $ 0.060105. If this resistance is exceeded, the ADA / USD pair can reach the target of $ 0.066.
Our bullish display will be invalidated if the currency breaks in both moving averages, as well as the $ 0.036 sign. Therefore, traders who bought on our recommendation can maintain an initial stop loss at $ 0.036, and then re-raise if the bulls have difficulty resizing $ 0.060105.
Market data is provided by the HitBTC exchange. Analysis charts are provided by TradingView.