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Market data is provided by the HitBTC exchange.
Nikolay Storonsky, CEO and co-founder of Revolut Ltd., a digital banking provider with a user base of two million, told the 2018 Web Summit in Lisbon that large institutions show little interest in digital resources.
Every new technology takes time to reach and become relevant to everyone. Even the Internet took some time to grow up to its current scale. ConsenSys founder, Joseph Lubin, said that Blockchain could "take a little longer" on the Internet to achieve mass adoption.
Tim Draper, venture investor, in a recent round table, reiterated his previous call that Bitcoin will reach the price of $ 250,000 per currency by 2022. He believes that with the mass adoption of Bitcoin, people probably they will go from fiat currencies that are bound by a specific geography to cryptocurrencies, which in turn have universal acceptance.
The recently concluded mid-term elections have seen a number of pro-blockchain politicians being elected in office, which is a positive sign. Although the market movement is slow now, the future seems encouraging for the nascent asset class.
BTC / USD
The dive below $ 6,400 was bought on November 11, which shows the purchase at lower levels. However, Bitcoin is facing resistance in the head from both moving averages, which indicates that the purchase dries up to higher levels.
Positional traders should avoid trading when the range is tight and reduces. A well-defined wide range offers the opportunity to buy low and sell highs, however, the BTC / USD pair does not allow this opportunity.
If the bulls push the price above $ 6,831.99, the digital currency will likely invite you to cover briefly, pushing the price further to $ 7,400 and over $ 8,400.
On the other hand, if the bears break below the critical support of $ 5,900, it could lead to panic sales, dragging the pair to the lower levels of $ 5,000 – $ 5,450. Therefore, traders can keep the stop loss on their long positions at $ 5,900.
ETH / USD
Ethereum shows no sign of tendency. Investors are not trying to sell at current levels, and new money does not want to go in until there is a trend. So the price, moving averages and RSI are all flat.
The first sign of a trend will be when the ETH / USD pair escapes the restricted range of $ 188.35 – $ 249.93. An upside break will indicate that the bulls have the upper hand and that a new uptrend is likely. An interruption of the range will indicate that the panic has gripped the owners and are unloading their belongings.
We recommend that traders wait for a break of $ 249.93 before starting any long position. Aggressive positions can also be taken if the support at $ 188.35 sees strong purchases from the bulls. Until then, we suggest traders to stay on the sidelines.
XRP / USD
Ripple is finding support just above the moving averages, which is a positive sign. Moving averages continue to rise, with RSI in positive territory. This confirms that the bulls have the upper hand in the short term.
If the bulls are able to break through at $ 0.565, a first goal of $ 0.625 is likely to rally in which traders can book partial profits. If this level is exceeded, the rally can extend to $ 0.7644.
Our bullish hypothesis will be invalidated if the XRP / USD pair goes around and breaks below moving averages. In this case, it is likely to fall to $ 0.42646, followed by a decline to $ 0.37185. Therefore, traders can postpone their stop loss to $ 0.45.
BCH / USD
Bitcoin cash withdrew from environmental resistance at $ 660.0753. We expect strong support between the 20-day EMA and $ 500, which is the Fibonacci retracement level at 61.8% of the recent rally.
The rebound from the current level could repeat the $ 660.0753 test again. A breakout will begin a new upward trend, while a failure will keep the virtual currency in a wide range of $ 408.0182- $ 660.0753.
Contrary to our opinion, if the BCH / USD pair breaks $ 500, the move to the top will lose strength. The next downside support level is $ 460, and if this level breaks down, a full retracement of the recent rally to $ 410.2768 is likely. Therefore, traders who have left partial positions can maintain a stop loss of around $ 480, which is just below the 50-day SMA.
EOS / USD
EOS has been trading close to the mid-point over the last three days. Both moving averages have flattened out and are close to one another. The RSI is also close to 50 levels, which shows the balance between supply and demand.
We will not be able to find new trades until the EOS / USD pair remains between $ 5 and $ 6. If it exits this narrow range, the probability of a rally will increase to $ 6.8299. A cancellation will be confirmed when the price will be higher than $ 6.8299 for three days.
On the other hand, a break below $ 5 may result in a fall to the next support at $ 4.49, below which a new $ 3,887 test will be performed on the cards. Therefore, traders who hold long positions can maintain a stop loss of $ 4.9 on their existing positions.
XLM / USD
Stellar is promising as it has formed an upward channel. It triggered our purchase suggested in the analysis of November 7th.
It is currently facing resistance on the channel resistance line, yet it remains positive because both moving averages are sloping. As a result, any pullback is likely to support the trendline, and below the 20-day EMA.
If the XLM / USD pair breaks above the channel, it is likely to increase momentum, exceed immediate resistance at $ 0.304 and rejoice towards its goal of $ 0.36. For now, we suggest keeping the stops at $ 0.2. We will look for a couple of days and then we will raise the stops higher.
LTC / USD
Litecoin continues to slip after falling from the downtrend line of the descending triangle. It could retest the critical support zone for $ 47,246- $ 49,466. This area has taken place on four previous occasions; therefore, we expect this support to remain valid once again. Nevertheless, traders with long partial positions on our recommendations can close them at $ 50.
If the bulls manage to maintain the critical support zone and show signs of rebound, we may suggest that we go for a long time. Our bullish view will be void if the bears sink the LTC / USD pair below $ 47.246. In this case, the downward trend will resume and may push prices to the next levels of support at $ 40 and $ 32.
ADA / USD
Over the past three days, Cardano has been trading close to moving averages that have flattened out. RSI is also just above 50 levels. All of these show a balance between buyers and sellers.
A new trend will start with a break of $ 0.094256, or a break of support at $ 0.060105. Between these two levels, the random and volatile price action is likely to continue.
The first sign of strength will be if the ADA / USD pair will exceed $ 0.082207. However, we suggest traders to wait for the start of a new uptrend before starting any long position.
XMR / USD
Attempting to retreat close to $ 102.6 is facing 20-day EMA resistance. If the bulls can not scale the moving average, Monero is likely to fall to the bottom of the restricted range at $ 100.453.
The XMR / USD pair maintained support at $ 100.453 on a closing basis on three previous occasions. Therefore, we expect this once again to offer strong support. However, contrary to our expectations, if bears break below the range, a critical reduction of $ 81 is likely.
On the upside, bulls gain strength if the price is kept above $ 112.44. We'll be positive over $ 128.65. Currently, virtual currency does not show any reliable model that can be traded.
TRX / USD
The range in TRON has been reduced. It is currently trading between $ 0.02134798 and $ 0.02517782. RSI also moved between levels 40 and 60.
If the bulls defend $ 0.02134798, the TRX / USD pair will again attempt to move to the top of the range at $ 0.02517782.
However, if bears break below the bottom of the narrow range, a fall to critical support at $ 0.0183 is likely. A break below this support will resume the downward trend.
We will become positive on the digital currency on a breakout and close (UTC time frame) above $ 0.03. Until then, we suggest traders to stay on the sidelines.
Market data is provided by the HitBTC exchange. Analysis charts are provided by TradingView.