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The views and opinions here are those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The market data is provided by the HitBTC exchange.
After the two years of price-centric action in the cryptocurrency industry, 2019 might shift the focus towards the fundamentals. Until the community puts an emphasis on the foundational aspects of crypto, we believe that a sustained recovery is unlikely.
The Winklevoss twins believe that stablecoins and tokenized securities will give a boost to the crypto space. Remaining positive on Bitcoin (BTC), they continue to hold the view that it is a better investment than gold.
While the Winklevoss can be seen as crypto prices going up
Vontobel bank, Switzerland's third largest financial custody provider, has launched a digital custody product for institutional players. Large players like Vontobel do not get into space without studying it extensively. That is only a matter of time until you start trickling into the market.
However, not all banks share Vontobel's point of view. The Bank for International Settlements (BIS) has cautioned investors that they could lose money on Bitcoin.
Amidst these contradictory opinions, what do the charts suggest? Let's find out.
BTC / USD
After beating up to $ 3,598 on Jan. 11 and 12, Bitcoin (BTC) broke the support line on Jan 13. There is no support between the current level and $ 3,236.09. Hence, we anticipate a gradual slide to the lows if the bulls fail to sustain above $ 3.598. A break down of Dec. 15 low will resume the downtrend.
Below $ 3,236.09, the next support is the psychological level of $ 3,000. The failure of the bears to defend the low. A new low will be a serious sentiment breaker.
On the other hand, if the BTC / USD pair reverses direction from either the current levels or $ 3,236.09 and breaks out of the downtrend line and $ 4,255, it will be an indication of strength. We would like to see the formation of a higher and higher low, which would confirm a trend change.
Currently, we remain neutral on the pair. According to the action of the next couple of days, we shall suggest a course of action. Until then, the traders can stay on the sidelines.
XRP / USD
The bulls have been unable to push Ripple (XRP) above $ 0.33108 in the past three days. Currently, the bulls are attempting to scale the level again. If this latest recovery attempt fails, we expect the cryptocurrency to drop to $ 0.27795.
Both moving are flattening out, and the RSI is in the negative zone. This increases the possibility of a range between $ 0.27795 and $ 0.4.
The XRP / USD is not signaling a trend reversal yet, so we are very happy to stay on the sidelines for a few more days.
ETH / USD
Ethereum (ETH) is attempting to bounce off the critical support at $ 116.3. If the rebound fails to scale the 20-day EMA, the bears will once again attempt to break down $ 116.3. If this support gives way, a retest of the lows at $ 83 is probable.
The 20-day EMA has started to turn down, which shows that bears the advantage in the short term. However, the 50-day SMA is flat, which points to a possible consolidation in the medium term.
If the bulls sustain above the 20-day EMA, the ETH / USD pair could be consolidated between $ 116.3 and $ 167.32 for a few days. We will wait for a breakout above $ 167.32 before turning positive on the coin.
BCH / USD
Bitcoin Cash (BCH) has been trading below the range for the past three days. The bulls have been pushed into the range, which indicates a lack of buyers at the current levels.
The next support on the downside is $ 100 and below that at $ 73.5. Both moving gradually are sloping down, and the RSI is in the negative zone. This shows that the sellers will pounce on any pullback to $ 147.
Pair of sustains above the moving averages. Currently, we can not find any buy setups, so we remain neutral on it.
EOS / USD
Jan. 13. The bulls are currently trying to push the price back into the $ 2.3093- $ 3.2081 range. If successful, the consolidation might continue for a few more days.
Both moving have turned down, and the RSI is also in the negative area. This means that the bears are in command.
If the EOS / USD pair drops below $ 2.1733, a fall to $ 1.7746, and further to $ 1.55, will be likely. Conversely, if the cryptocurrency from the current levels and scales above the moving averages, it might extend its stay in the range. We will turn positive on a breakout and close (UTC time frame) above $ 3.2081.
XML / USD
After the breakdown of the symmetrical triangle, Stellar (XLM) is attempting to stay above $ 0.1. If this support breaks, a retest of $ 0.09285498 is likely.
The moving hand is trending down, and the RSI is in the negative zone.
Our bearish view will be negated if the XLM / USD pair reverses direction and rises above $ 0.13427050. The traders can wait for a reversal pattern to form before initiating any long positions.
LTC / USD
The bulls could not defend the moving averages, which points to a lack of demand. Litecoin (LTC) is currently attempting to bounce off the critical support of $ 29.349.
The strength of the bounce will be as the LTC / USD pair will move up or tumble below the support. If the bears break below $ 27,701, a fall to the low of $ 23,090 will be possible. Hence, traders who hold long positions should keep a stop loss at $ 27.5.
It will indicate demand at lower levels. In such a case, at rally to $ 40,784, followed by a move to $ 47,346 is probable.
TRX / USD
Tron broke below the 20-day EMA on Jan. 13. Though the price is rapidly reclaimed, the bulls are facing selling at higher levels.
The 20-day EMA is flattening out, while the 50-day SMA is sloping up. This point to consolidation in the medium term. SMA, which is close to $ 0.0183, is supported on the downside at the 50-day SMA.
The TRX / USD pair could stay inside the range $ 0.0183- $ 0.02815521 for a few days, before breaking out of it. Our neutral-to-bullish view will be invalidated if the price plunges below $ 0.0183. Nevertheless, we could not find any reliable buy at the current levels, or we are not proposing a trade yet.
BSV / USD
Although the bears broke below the support on Jan. 10, they could not push the price to the next support of $ 65.031.
For the past three days, the bulls have been attempting to stay above $ 80.352, but they are facing close to the moving averages.
If the BSV / USD pair breaks below $ 74.022, the next stop is $ 65.031. If this also supports crumbles, a retest of $ 38.528 will be probable.
If the bulls scale the moving averages, the likelihood of a rally to $ 102.58, and beyond that to $ 123.98, increases. Currently, we can not find any buy setups, so we are not suggesting any trades.
ADA / USD
Cardano (ADA) did not move according to our expectations.
The ADA / USD is currently trading inside an ascending channel. The price has been turned down from the resistance line. To the bottom of the channel.
The bulls are attempting to bounce off the 50-day SMA. If the price sustains above the 20-day EMA, a rally to $ 0.051468 is probable. However, if the price goes down from the 20-day EMA and breaks below the 50-day SMA, it can decline to the strong support of $ 0.036815. A break of this support can result in a fall to $ 0.027237.
Both sides are flat, and the RSI is close to the neutral territory, which points to a probable consolidation in the near term. Positions for each new position in the pair.
The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.
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