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Market data is provided by the HitBTC exchange.
The Bitcoin White Paper was published ten years ago today. From a dark start in 2008, Bitcoin has become a global phenomenon. Thousands of cryptocurrencies have been born since then, but Bitcoin has managed to maintain its relevance. Currently, its market dominance is around 54 percent.
In the last ten years, Bitcoin has witnessed wild oscillations. Starting at 2,300.03 Bitcoin for $ 1 in October 2009, its price has risen to a maximum of $ 19,531.9 per single currency at the end of 2017. Such a huge appreciation is unprecedented at any time. 39; other activity class.
With such impressive growth, Bitcoin has attracted many supporters and critics. Many traditional investors and economists remain skeptical of Bitcoin, while many millennials and technology enthusiasts see a bright future for the next decade. Analysts have set very aggressive targets for Bitcoin in the coming years.
Although the next decade will continue to attract new investors to Bitcoin, a parabolic increase similar to that of the first decade, is unlikely. The increase will be more measured and gradual with sporadic spasms in between.
BTC / USD
Bitcoin seems weak. There are no signs of a pullback yet. The RSI is immersed in the negative territory and the 20-day EMA is shrinking, which shows that bears have an advantage in the short term. A decline to $ 6,200 and thereafter a new support zone test $ 5,900- $ 6,075.04 seems likely.
The failure of the bulls in capitalizing the exit from the descending triangle is a negative sign. If bears sink the BTC / USD pair below $ 5,900, a quick decline to $ 5,450, and over $ 5,000 is possible.
Cyclically, the digital currency closes the year strongly. In the last three years, November and December have been intense months. Therefore, we expect a similar move this year. If the bulls manage to break through at $ 6,831.99, a $ 7,400 rally is likely. Traders who hold long positions can keep their stops at $ 5,900.
ETH / USD
Ethereum has been trading below $ 200 in the last three days. A new sign test of $ 188.35 is likely, which took place on the two previous occasions.
The 20-day EMA is declining and the RSI is in negative territory, suggesting that the short-term trend is falling. A break of $ 188.35 may push the price to the next lower level of $ 167.32, which should act as a strong support. A break at this level will be negative, sinking the pair to the next support at $ 136.
The trend of the ETH / USD pair will change if the bulls burst by $ 249.93. It is likely that such a move attracts buyers, who can push the price to the next resistance at $ 322.57.
XRP / USD
Ripple has been trading in a narrow range since October 16th. The RSI is also near the midpoint. This shows the balance between supply and demand.
The XRP / USD pair will break out or stop within this narrow band within the next few days. Traders can buy a breakout and close (UTC time frame) above $ 0.48, with the stop loss at $ 0.42. A rally at $ 0.55, followed by a pass at $ 0.62 is possible.
On the other hand, if bears break down the narrow range, a fall in the next support zone is likely to be $ 0.37185 – $ 0.38838.
BCH / USD
Bitcoin Cash broke the symmetrical triangle on October 29th. An attempt to go back to the triangle failed on October 30th. If the price falls below the September 11th low at $ 408.012, we expect a fall to the next support at $ 300. Therefore, traders who are long can keep their stops at $ 400.
The 20-day decreasing EMA and the RSI in the negative zone show that the sellers are in charge. Downside display will be invalidated if the BCH / USD pair rebounds from current levels and stops $ 500. Until then, rallies will be sold.
EOS / USD
The bulls are trying to keep EOS over $ 5. However, they have not been able to get a rebound, which shows a lack of purchases at higher levels.
If the EOS / USD pair is reduced by $ 5, it may move to the next support at $ 4.49 and below $ 3.8723. Therefore, traders can keep stops on their long positions at $ 4.9.
If the bulls push the price above moving averages, a $ 6.1 rally is likely, followed by a shift to the top of the range at $ 6.8299. The trend will reverse if the price is kept above the top of the range.
XLM / USD
The bulls might try to support Stellar on the trendline, below which a decline in support after $ 0.2 is likely.
If the rebound from the current level resizes above the moving averages and the downward line of the descending triangle, it will signal a change in trend. The XLM / USD pair can be purchased with a breakout of more than $ 0.27, which may result in a rally of $ 0.36, with a resistance of less than $ 0.304.
LTC / USD
Although Litecoin dropped below the $ 49,466 support, the bulls are trying to defend the September 12 day low of $ 47.166. If this level breaks down, you can fall to $ 40.
If the LTC / USD pair rebounds from current levels, it will face resistance to moving averages, which tend toward the bottom and the downward line of the downward triangle.
A break of $ 60 will indicate the probability of a trend change that will be confirmed at the end over $ 69,279. We will wait for a new purchase configuration to be formulated before suggesting a trade on the pair.
ADA / USD
Cardano continued his journey south after the symmetrical triangle was broken. It can go down to $ 0.060105, which will act as a strong support. If bears sink the price below $ 0.060105, the downward trend will resume.
The bulls are trying to maintain immediate support for $ 0.068989. If the virtual currency rebounds from current levels and is interrupted by moving averages, a rally towards the top of the range is likely.
The ADA / USD pair will report a reversal if it remains above the range. Traders should wait for purchases to resume before starting any long position.
XMR / USD
The bulls are trying to defend the support at $ 100,453, while the bears are blocking the withdrawal at the 20-day EMA. Monero will correct $ 90 if it falls below $ 100.453 and will move up to $ 112.5 if he exits the 20-day EMA. A break of $ 112.5 could bring the cryptocurrency to $ 128.65.
Below $ 100.453, the XMR / USD pair can adjust the fund range by $ 81- $ 150. If the price rebounds strongly from $ 81, we could suggest a long position on the pair. However, if bears break this support, it is likely to fall to $ 61.
TRX / USD
TRON continues to scroll down, to the next support zone of $ 0.0183- $ 0.0225. Moving averages are still flat, which suggests that the action related to the interval will probably continue.
A break and close (UTC timeframe) of less than $ 0.0183 will resume the downtrend which may extend to support subsequent to $ 0.01595383.
The TRX / USD pair will show trend reversal signs if it resizes $ 0.03. The breakout can bring the price to the next environmental resistance at $ 0.0415.
Market data is provided by the HitBTC exchange. Analysis charts are provided by TradingView.