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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. 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.
The new year began with a cautious note. The venture capital investor Fred Wilson expects the cryptographic markets to show some "signs of life" this year, but he does not expect it to act as a safe haven. The Wall Street Journal (WSJ) expects new investors to enter the asset class after the launch of Bakkt.
Bakkt, created by the New York Stock Exchange (NYSE) operator, completed a $ 182.5 million loan round from its partners. The launch date should be announced in the first quarter of 2019. The performance of the major cryptocurrency will probably be volatile during the launch of futures trading on Bakkt.
The bear market in 2018 did not spare cryptocurrency. About 1,000 altcoins vanished last year due to various reasons. Although the media predicts the death of Bitcoin about 90 times during the year, the main cryptocurrency has managed to survive and is trying to sign another recovery. Bitcoin developer Jimmy Song expects Bitcoin to continue to outperform because of its decentralized nature.
We consult the charts and see which digital currencies are moving at the beginning of the year.
BTC / USD
Bitcoin has been stuck in a narrow range between $ 3,912.91 and $ 3,598.99 since December 26th. A breakout of this range will result in another attempt to exit $ 4,255. If successful, it will complete a reverse head and shoulders model, which has a model target of $ 5,500. Above this level, it can go up to $ 5,900. Short-term traders can buy at closing (UTC time period) above $ 4,255, with the stop loss at $ 3,550.
The 50-day downward SMA indicates that the long-term trend is falling. The 20-day EMA is flat and the RSI is close to 50, which suggests that the short-term trend is flat. The BTC / USD pair will weaken if it slips below $ 3.598.99 and the downtrend will resume below $ 3236.09.
ETH / USD
Ethereum is trying to get out of $ 167.32. If successful, it can go up to $ 225. Moving averages have completed a bullish crossover and the RSI is in positive territory, which is a bullish signal.
If the bears defend $ 167.32, the ETH / USD pair may fall to $ 136.12 and lower than the moving averages. We anticipate strong support in this area.
However, if this area breaks down, the virtual currency can go down to $ 100 and below the low one to $ 83. Traders can wait for a dip in support levels to buy.
XRP / USD
Ripple has been trading near the 50-day SMA in the last seven days. If the bulls come out of this resistance, they can go up to $ 0.40. A breakout of this level will complete a reverse head and shoulder pattern that has a model target of $ 0.52205 with a minor obstacle on the downtrend line.
Therefore, short-term traders can buy on a close (UTC time frame) above $ 0.40 with a stop loss just under $ 0.32.
Contrary to our expectations, if the XRP / USD is lowered by one of the head resistors, it will find support at $ 0.33108 and below at $ 0.28600. The downward trend will resume below $ 0.24508.
BCH / USD
Bitcoin Cash has arrived near the top of the descending channel. The 50-day SMA is located just above the canal. Therefore, we expect strong resistance at this level.
If the bulls come out of the head resistors, they will resume the recovery that can bring the BCH / USD pair to $ 307.01 and $ 355. Therefore, short-term traders can wait for a close (UTC time period) over the SMA of 50 days to buy.
Contrary to our hypothesis, if the digital currency is reversed from SMA to 50 days, it may fall to $ 100. If this level breaks too, it may fall to $ 73.50.
EOS / USD
Although the bulls kept the EOS on the 20-day EMA, they were not able to push it higher. The environmental resistance is 50 days SMA and $ 3,2081. Above both of these levels, the move can extend to $ 3,887.
On the downside, if bears sink the EOS / USD pair under the 20-day EMA, it may fall to $ 2.1733 and below this level, a new test of $ 1.55 is likely. The 50-day SMA suggests that the long-term trend is still declining. In the short term, the 20-day flat EMA and the RSI near the mid-point indicate a short-term consolidation.
XLM / USD
Stellar has held on to the 20-day EMA in the last seven days. On the downside, the bulls defended $ 0.11024826. A break of this support will result in a new minimum test at $ 0.09285498.
If the XLM / USD pair bursts of $ 0.13427050, it can go up to $ 0.184, with a 50-day lower SMA resistance. The digital currency was an underperformer; therefore, we remain neutral. We will become positive if we find a model of trend inversion.
LTC / USD
Litecoin has been trading above $ 29,349 in the last five days. The price is about to exit the 50-day SMA which may result in an attempt to exit $ 36,428.
A breakout will complete a confident reverse head and shoulders model that has a goal of $ 49,756. Therefore, we recommend long positions on a breakout and close (UTC frame) above $ 36.428.
On the other hand, if the bulls can not get out of the neckline of the reverse head and shoulders model, the bears will attempt to immerse the LTC / USD pair below $ 28.067 which may result in a new minimum test.
BSV / USD
Bitcoin SV continues to operate within the $ 80,352 – $ 123.98 range. It has been inside this range since November 26th.
The next move will start with a breakout or a break in the interval. A breakout will extend the recovery to $ 167,608, while a breakdown of the range may result in a new minimum test at $ 38,528. However, if the BSV / USD pair does not leave the interval, it will extend its consolidation. The longer the range, the stronger the breakup will be. Therefore, traders can buy on a breakout and close above $ 123.98.
TRX / USD
TRON again held support at the $ 0.0183 level on January 1st. The 20-day EMA continues to rise, which is a bullish signal.
A breakout of the downtrend line increases the probability of a switch to $ 0.0246 and above $ 0.02815521. Traders who are long can keep stopping at $ 0.018.
On the other hand, if bears sink the TRX / USD pair below $ 0.018, they can switch to SMA at 50 days and below $ 0.013.
ADA / USD
Cardano was traded between the 20-day EMA and the reverse-head neckline of the reverse model.
We expect the bulls will try to unlock the neckline in the coming days. Due to the close consolidation near the neckline, we expect the ADA / USD pair to reduce immediate resistance by $ 0.060105 and rise towards the $ 0.066 target. Traders can start long positions after a close over the neckline.
However, if the digital currency fails to unlock the neckline and collapses under the 20-day EMA, it may fall to $ 0.036815 and below this level, it may drop to $ 0.027237.
Market data is provided by the HitBTC exchange. Analysis charts are provided by TradingView.
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