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Market data is provided by the HitBTC exchange.
In a recent interview with Cointelegraph, Sterling Witzke, partner of Winklevoss Capital, said that institutional investors are examining the cryptocurrency sector, but they are not yet ready to make the big leap.
According to her, the unfavorable regulatory environment in the United States and the lack of adequate security measures are two important factors that need to be resolved if institutions need to make a decisive entry.
Companies are trying various approaches to open Bitcoin and other cryptocurrencies to the main public.
One such attempt is the Bitcoin ATM company, Coinme, which has partnered with Coinstar, a cash converter. The two companies aim to facilitate the purchase of Bitcoin through the Coinstar kiosks that will be sold in grocery stores in various countries.
As if the number of existing cryptocurrencies was not enough, the researchers of the seven best universities in the United States have joined together to launch a "globally scalable decentralized payments network". This shows that some of the best minds in the industry are positive about the prospects for cryptocurrencies in the future.
BTC / USD
The volatility of Bitcoin (BTC) has decreased dramatically over the past three days. We anticipate a resolution of this narrow range within the next few days. Both moving averages are flat or slightly downhill. The RSI is in the negative zone. This shows that the path of least resistance is downward.
A breakdown of $ 3,473.47 may push the BTC / USD pair towards the year-end low of $ 3,236.09. Conversely, if the bulls push the price above moving averages, a $ 4,000 rally is possible. We expect strong resistance in the $ 4,000- $ 4,255 zone.
If the bulls climb this area, the main cryptocurrency could start a new uptrend. We will wait for a reliable purchase configuration to be formulated before recommending any transactions in it. Until then, it is better to stay on the edge.
XRP / USD
The failure of Ripple (XRP) to break the moving averages will attract sellers. A break of $ 0.31121 can lead to a decline to $ 0.27795.
The trend is declining as the XRP / USD pair continues to be traded within the downtrend channel. Both moving averages have dropped marginally and the RSI is in the negative zone, suggesting that bears have the upper hand.
The first sign of a probable trend reversal will be a breakout and will close above the downtrend line. Such a move can see price movement at $ 0.4, and above it at the channel's resistance line. We could not find a reliable business configuration at current levels, so we are not suggesting new long positions.
ETH / USD
Although the bulls have successfully defended the 50-day SMA in the last four days, they have not been able to push Ethereum (ETH) over the 20-day EMA.
The 20-day downhill EMA and the RSI in the negative zone indicate that bears have the short-term advantage. A breakdown of $ 116.3 will increase the likelihood of a fall to $ 100 and over $ 83.
However, if the bulls push the higher price, a breakout above $ 140 can bring the ETH / USD pair to the next environmental resistance of $ 167.32. We will wait for a confirmed trend change before proposing a trade in it.
BCH / USD
The volatility of Bitcoin Cash (BCH) has drastically reduced over the past three days, which demonstrates a lack of interest in buying and selling.
If buyers return in large numbers and push the BCH / USD pair above moving averages, a rally is likely to be $ 177.3.
However, if bears sink the digital currency below $ 121.3, a decline to $ 100 and below $ 73.5 will be possible.
EOS / USD
Although EOS continues to operate in the range of $ 2.3093 to $ 3.2081, the bulls are struggling to push the price over the 20-day EMA.
A breakdown of the range and $ 2.1733 may push the EOS / USD pair towards $ 1.7746, and below the recent low of $ 1.55.
Conversely, if the bulls push the price over EMA to 20 days, the cryptocurrency could reach the top of the segment. With both the moving averages and the RSI marginally in the negative zone, consolidation is likely.
XLM / USD
The intraday range has further strengthened in Stellar (XLM). The bulls and the bears are in a state of balance.
A break below $ 0.010235190 will increase the probability of a new test of $ 0.09285498, below which the downward trend will resume.
If the bulls push the XLM / USD pair over the 20-day EMA and the 50-day SMA, you can switch to $ 0.13427050. A break of this level will be the first indication that the trend is going to reverse. At the moment, we could not find any bullish model, so we are not suggesting a trade.
LTC / USD
Litecoin (LTC) has been traded between the moving averages of the last four days. It is unlikely that such a narrow interval will last long.
After this period of low volatility, we expect the interval to expand in the coming days. However, it is difficult to predict in which direction the interruption will occur because the moving averages are flat and the RSI is also just below the 50 levels.
If the LTC / USD pair sizes above 20-day EMA, it may try to move to $ 36.428 and over $ 40.784. However, if bears sink virtual currency under the support zone of $ 27.701- $ 29.349, it will likely fall to $ 23.090. Therefore, long positions should be protected with a stop loss of $ 27.5.
TRX / USD
In the last two days, Tron (TRX) has been trading within the maximum intraday and low formed on January 15th of this year.
A breakout and closing above the environmental resistance zone of $ 0.02733572- $ 0.02815521 could start a new uptrend that could bring the TRX / USD pair to $ 0.04.
On the other hand, if the price breaks from the 20-day EMA, it could be adjusted to $ 0.0211344 and below $ 0.0183. We suggest that traders buy closer to $ 0.0183 or close above $ 0.02815521 (UTC time frame). We could not find reliable trade within the range.
BSV / USD
Not much happens in Bitcoin SV (BSV) because it stays stuck in a very narrow range of $ 74.022- $ 88.722.
A break in this narrow range will lead to a new test of $ 65.031. A break of this level will result in the liquidation of long positions that may further plunge the BSV / USD pair to $ 57, and below that to $ 38.528.
The first sign of recovery will be when the bulls push the price above the moving averages and support it there. Until then, we suggest traders to stay on the sidelines.
ADA / USD
Although Cardano (ADA) has closed over the 20-day EMA, he has yet to make a decisive move higher. Currently, the bulls are struggling to support above the moving average.
Both moving averages are flat and the RSI approaches 50 levels, which indicates a short-term consolidation.
The levels to look downward are $ 0.4 and $ 0.036815, while an important upward threshold is $ 0.051468. If this level is exceeded, the ADA / USD pair can rise up to the resistance line of the rising channel.
However, we could not find any bullish assets at current levels, so we remain neutral on the currency.
Market data is provided by the HitBTC exchange. Analysis charts are provided by TradingView.