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Market data are provided by the HitBTC exchange.
The crypto markets have abandoned some of their recent gains, which is expected. They rarely make the markets below without forming a basic model. The businessman Charles Shrem believes that the current downturn is due to the maturity of the Bitcoin futures on the Chicago Mercantile Exchange (CME) and some last minute sales.
One positive thing about the current bearish cryptocurrency market is that it has removed much of the hype. If the bull run continued for a few more months, many more innocent people would lose money in dubious initial supply of coins (ICO) and sh * tcoins.
With the year ending, all eyes will be on 2019. Many believe that the markets will see an increase in the next year, supported by favorable conditions. However, the next stage of the increase will require strong support from institutional players.
The noisy Facebook incursion on cryptocurrencies will be a turning point or will Amazon give a boost by accepting cryptocurrencies? There are many possibilities, but it is difficult to predict which will see the light of day and will produce the desired effect.
BTC / USD
The main trend in Bitcoin is falling while the short-term trend is undecided. It broke the 20-day EMA and the RSI came back under 50. This shows that the bears are trying to resume the downward trend.
However, the bulls are not giving up and are currently still trying to overcome the 20-day EMA. If successful, it will form the right shoulder of the reverse head and shoulder model.
The confident inverse head and shoulders are an inversion model, which will complement with a neckline break. The breakout has a target of $ 5,500.
On the other hand, if the BTC / USD pair fails to cross the neckline or the 50-day SMA and lowers again, a new test of the December 15th low of $ 3.236.09 is likely. A pause in the annual lows will resume the downward trend and will be a negative development. The action on prices in the coming days will confirm the existence of a fund.
XRP / USD
Ripple broke under the 20-day EMA on December 27, but came back abruptly from the support at $ 0.33108. We anticipate another attempt by the bulls to come out of $ 0.40.
If successful, the XRP / USD pair can reach the resistance line of the downward channel. Even if $ 0.45 will act as a resistance, we expect this to be overcome.
Contrary to our expectations, if the price falls from $ 0.40 and falls below $ 0.33108, a new test of $ 0.286 and $ 0.24508 is likely. We should see a decisive move in the next 3-4 days.
ETH / USD
Ethereum is trying to rebound from the 20-day EMA. If successful, he will try to move up to $ 167.32 again.
The 20-day EMA is flat and the RSI is also in positive territory, which increases the likelihood of a rise compared to current levels. $ 136.12 could offer less resistance, but we expect it to be outdated. A move above $ 167.32 will confirm a fund at $ 83 and the start of a new trend.
However, if our hypothesis is proved wrong and the ETH / USD pair falls below the 20-day EMA, it may slip to $ 108 and below $ 100. Below $ 100, a new test of the minimum.
BCH / USD
Bitcoin Cash broke under the 20-day EMA on December 27, but came back sharply close to $ 136.72, which is the Fibonacci retracement level of 61.8 percent of the recent $ 73 withdrawal. , 50 to $ 239. It is currently trading within a downtrend channel, which looks like a bullish signal.
On the upside, the virtual currency will have to face the resistance to the channel and above it in the 50-day SMA. If both of these levels are exceeded, we expect recovery to resume. The objective of the bullish flag model is $ 355, with a lower resistance of $ 307.10.
Conversely, if bears reverse the BCH / USD pair from current levels and break below the channel, they may slip to $ 108.92 and below those to $ 73.50. The next two days will give us a better idea of the next direction.
EOS / USD
The breakdown of the 20-day EMA and $ 2.4050 in EOS was short-lived. It rebounded sharply from $ 2,393 and passed the 20-day EMA. The bulls will try to break the 50-day SMA and $ 3.2081 again. If successful, it will indicate a change in the trend.
The 20-day EMA is flat and the RSI is close to 50, which indicates a consolidation. However, the long-term trend remains low.
The EOS / USD pair will weaken if it plummets below $ 2.1733. It will resume its downward trend in a break of less than $ 1.55. We do not see any purchase configurations now, so we remain neutral.
XLM / USD
Stellar is trading under the 20-day EMA, which is flat. Also the RSI is in negative territory. This shows that bears are trying to make a comeback.
The virtual currency will point to an inversion if it will burst and close (UTC time frame) above $ 0.13427050. Such a move can reach 50-day SMA and above $ 0.184 for it. We do not see any purchasing model at current levels; therefore, we suggest traders to stay on the sidelines.
If the price falls from the 20-day EMA and falls below $ 0.10754201, the XLM / USD pair will decrease to a low of December 15th to $ 0.09285498. A break at this level will resume the downward trend.
LTC / USD
The bulls could not keep Litecoin above the 20 days of EMA and critical support at $ 29.349 on 27 December. However, the failure proved temporary because the price rose again above the 20-day EMA. This shows the purchase on dips, which is a confident sign.
The 20-day EMA is flat and the RSI is close to 50. This indicates a short-term consolidation. A rally above $ 36,428 will complete a head and shoulders model that can result in a rally for $ 49,756. We will become positive at the end above $ 36.428.
However, if the price reverses from SMA to 50 days or $ 36,428 and falls below $ 27,701, a new minimum test is likely. The downtrend will resume if the LTC / USD falls below $ 23.10.
BSV / USD
Bitcoin SV has a range between $ 123.98 and $ 80.352. The price is currently close to the bottom of the range. A break below $ 80.352 will be a negative development and will drag the lowest price to $ 65.031. If this level crumbles, a new minimum test at $ 38.528 will be returned to the cards.
However, if the bulls are able to defend $ 80,352, the BSV / USD pair will try again to go back to $ 123.98. Although the range is wide enough for trading, we will have to wait for the rebound of the supports to be supported before recommending any exchange in it.
TRX / USD
TRON has maintained critical support for $ 0.0183 over the past three days and is currently in a strong rebound. This shows a strong purchase at the media, which is a confident sign.
The TRX / USD pair is likely to consolidate in the broad range of $ 0.0183 – $ 0.02815521 for a few more days. The digital currency is proving to outperform, so traders can buy new long positions closer to $ 0.02 with a stop loss just below the $ 0.0183 support. We like the way the 20-day EMA continued to rise after completing the bullish crossover.
Contrary to our expectations, if bears sink the price below $ 0.0183 and EMA at 20 days, it is likely to fall to $ 0.015. Any interruption of this level will result in a new minimum test.
ADA / USD
The bulls are trying to push Cardano once again over the 20-day EMA. There is a fight between bears and bulls at current levels. The 50-day SMA is in decline, which means that the long-term trend remains low. However, the 20-day flat EMA and the RSI in positive territory, and shows that the bulls have a short-term advantage.
The ADA / USD pair will confirm a trend change if the price will break out and close (UTC time frame) over the neckline of the probable reverse pattern of head and shoulders. We suggest traders to wait for the inversion to complete before starting to buy.
If the virtual currency decreases from the 50-day SMA or the trendline and breaks below $ 0.036934, it may result in a new test of the 7 December minimum.
Market data are provided by the HitBTC exchange. The graphs for the analysis are provided by TradingView.