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The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the opinions of Cointelegraph. Every investment and trading move carries risks, you should conduct your research when you make a decision.
Market data is provided by the HitBTC exchange.
Over-the-counter (OTC) trading desks usually cater to institutional or large traders. While retailers are downloading their holdings in cryptocurrencies, institutional traders take advantage of the opportunity to buy. Greater demand from big traders has encouraged the exchange of US cryptocurrencies Coinbase for the launch of an OTC bank for its selected clients. This shows that it is only a matter of time before the tide turns from down.
After an overwhelming bear market, the volume is expected to dry up due to lack of buying interest. However, the notional volume of Bitcoin traded this year has already touched the $ 2.2 trillion mark, according to Satoshi Capital Research. The growth of this year is more than 61% compared to the total volume of the previous year of $ 870 billion. The numbers will rise after the markets become bullish in 2019.
The global network of funds Calastone, which manages the trading of mutual funds for over 1,700 financial companies, will use the blockchain for the entire clearing system of the sector. Deloitte, one of the "Big Four" auditing firms, estimates that the use of the blockchain will save $ 4.3 billion in the global fund industry, excluding the US market.
Even after the fall, cryptocurrencies continue to feature in the discussions of world leaders and policy makers. Recently, the G20 countries have requested a tax on all payment services and the regulation of cross-border cryptocurrencies to prevent money laundering.
BTC / USD
Bitcoin has formed a banner, which is a model of continuation. A breakdown and close (UTC timeframe) below the pennant trendline will resume the downtrend and have a pattern target of $ 2,416.52.
Support levels that can block the fall are $ 3,620.26 and below the critical support of $ 3,000. Moving averages continue to fall and the RSI is close to the oversold zone, which shows that bears have the upper hand.
The failure of the BTC / USD pair to reach the Fibonacci retracement level of 38.2 percent of the recent fall shows the type of sale on each pullback. Considering the bearish pattern and the negative sentiment, traders can raise the limit of half the position to $ 3,800 and keep the rest at $ 3,500.
Downside display will not be valid if the bulls acquire the fault and the virtual currency reverses the direction, exceeding $ 4,500. Until then, the path of least resistance is downward.
XRP / USD
Ripple is struggling to retreat. The 20-day EMA has been deactivated and the RSI is close to the oversold levels. This shows that the bears are overwhelming the bulls in the short term.
The first level to look downward is $ 0.33108. Below this, the next support is at the January 25 intraday low of $ 0.31123. A break at this level will result in a new critical support test at $ 0.24508. Traders can look closely at the $ 0.30 level and liquidate positions if bears support the price below the downtrend channel's support line.
If the XRP / USD pair attracts buyers to one of the above support levels, it will increase to $ 0.40, which will act as a major drag, since the 20-day EMA is at this level. After this level has been exceeded, we expect the bulls to gain momentum.
ETH / USD
Ethereum has been traded within the narrow range of $ 130.50 – $ 102.20 in the last ten days. A breakdown of the interval will resume the downward trend. The first downside target is $ 83.
Conversely, if the bulls manage to defend the bottom of the range, the ETH / USD pair could extend consolidation for a few more days.
Both downtrend moving averages will act as resistance on any pullback. A breakout of the interval and the 20-day EMA may result in a rally of $ 167.32. Traders can remain on the sidelines until a trend reversal is reported.
BCH / USD
Bitcoin's liquidity approached the low of $ 204.76- $ 148.27. A breakdown of this range will resume the downward trend that has a target of less than $ 100.
Even though the RSI is in oversold territory, there is still no sign of buying by the bulls. We will become bullish on the BCH / USD pair if you stop and close (UTC time frame) above the top of the range. The trend is clearly falling and the supply is much larger than the demand.
XLM / USD
After failing to break the resistance of $ 0.184, Stellar refused, which shows a lack of purchases at higher levels.
C & # 39; is a minor support closer to current levels, below which a new counterpoint of $ 0.13427050 will be added. A breakdown of this level will resume the downward trend and may drop the price to $ 0.08.
On the upside, the XLM / USD pair will face a stiff resistance at $ 0.184. The 20-day EMA is also located above this level. Therefore, if the bulls climb these resistances, they will signal strength. Until then, operators should avoid any positive setting.
EOS / USD
EOS has made some lows since the beginning of the year on a regular basis. This shows that the bulls show no interest in buying. Every withdrawal in recent days hit a roadblock after a day of recovery.
The next downside support is $ 2.40, below which the fall can extend up to $ 2. Both moving averages are down and the RSI continues to languish in oversold territory.
A breakout of the downtrend line and the 20-day EMA will be the first sign of a change in trend. Traders should wait for the formation of a new purchase configuration before starting a long position in the EOS / USD pair.
LTC / USD
Litecoin failed to exceed 20 days in the last days, which shows that bears are not waiting for higher prices to sell. On the other hand, the purchase also dries to higher levels.
Therefore, the LTC / USD pair is likely to retest support at $ 28. A break at this level will resume the downward trend and may drag prices below $ 20.
If the bulls bounce on the supports and become extinct from the 20 day EMA, the virtual currency can reach the next environmental resistance at $ 47.246. Both moving averages are sloping and the RSI is in negative territory. This suggests that bears have an advantage.
ADA / USD
Cardano has been trading in a restricted range for the past few days. A small positive is that it has been traded in the upper half of the range, which shows a certain buying pressure.
Any breakout of the interval will suffer a slight resistance to the 20-day EMA, which is currently $ 0.048. If the bulls come out of this, the next resistance is $ 0.060105. Short term traders can expect a close above the interval and then go higher. However, as this is a high-risk trade, please keep the size of the small position.
Contrary to our expectation, if the ADA / USD pair falls below the range, it may resume its downtrend at the next target of $ 0.025954. Position traders should await the start of a new uptrend before starting any long position.
TRX / USD
After rebounding to $ 0.01089965 lows, TRON had to face a tough 20-day resistance from EMA, which is going downhill. Just above the 20 day EMA is the previous resistance supporting $ 0.183. If the price drops from one of the resistance levels, a new minimum test is likely. If the lows are violated, the fall can extend to $ 0.00844479.
However, if the bulls are able to climb above $ 0.183, it will be a positive move. He will point out that the recent break was a bear trap.
Another possibility is that the TRX / USD pair consolidates below $ 0.183 for a few days. In both cases, it is better to wait until a new purchase configuration is formed before entering.
XMR / USD
Monero is in a downtrend. Both the descending moving averages and the RSI indicate a further fall.
If bears break the recent lows of $ 53, it is likely to fall to the next lower level of $ 40. On the upside, the bulls will face a stiff resistance in the $ 66- $ 70 zone.
The XMR / USD pair has yet to form a basic model. So traders should wait until the trend reverses to establish new positions.
Market data is provided by the HitBTC exchange. Analysis charts are provided by TradingView.
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