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Market data is provided by the HitBTC exchange.
Bitcoin (BTC) has proven to be in great demand among the citizens of smaller countries like Venezuela, whose economic conditions have negatively affected their legal currencies.
Now, cryptocurrencies will have to face another test with the imminent Brexit agreement. If the United Kingdom is forced to leave the European Union without an agreement, experts believe that the pound will be hit hard and could lose up to a quarter of its value.
With such uncertainty, market participants will turn to cryptocurrencies as an alternative source of investment or will they remain loyal to classic investment vehicles? We believe that digital currencies will make their presence felt because they are probably at the end of their bear market year. According to the managing director of Binance Changpeng Zhao, their new trading platform based in Jersey has seen a great demand.
CNBC contributor Brian Kelly expects cryptocurrencies to go well in 2019. Geopolitical tensions around the world can increase demand for digital currencies as investors seek to hedge their positions. However, Kelly does not provide an approval for Bitcoin ETF this year.
BNB / USD
Binance was the best interpreter of the main coins. The news of the launch of Binance Jersey, a fiat-to-crypto exchange for U.K, and of European customers, has been acclaimed by investors. The company intends to capitalize on uncertainty regarding Brexit and wants to offer people an opportunity to diversify into cryptocurrencies. Binance also completed its 6th quarter of the BNB token, approximately $ 9.4 million. So, will it continue its outperformance? Let's find out.
The BNB / USD pair is attempting to unlock the resistance line of the downtrend channel. In the last four weeks, the bulls have defended the first support for $ 5.46666. Therefore, we expect another attempt to unlock the channel within the next two weeks.
A breakout of the channel will begin a new uptrend that can bring the virtual currency to $ 15, with a resistance lower than $ 12. Traders can buy on a close (UTC timeframe) above the channel and maintain a stop loss of less than $ 5.
Contrary to our opinion, if the bulls fail to break through the channel, the bears will attempt to sink the digital currency below $ 5.
ADA / USD
Cardano developer and CEO of IOHK Charles Hoskinson is excited about the upcoming Project Shelly update. The Cardano "Deadalus" wallet can also prove to be an important event, as it is proposed to be the most secure encrypted portfolio with a series of integrated protections. While some are confident about the perspectives of cryptocurrency, critics believe that developments are moving too slowly.
After a prolonged downtrend, the ADA / USD pair traded in the $ 0.062424 – $ 0.027237 range over the past nine weeks. There was a similar attempt to override previously (marked as an 'ellipse on the chart) that caused a breakdown. That consolidation had lasted even nine weeks before collapsing.
If the breakdown of the bears of the current interval, the downward trend will resume. However, if the bulls climb the overload resistance of $ 0.062424, we can expect the start of a new uptrend that can reach $ 0.094256 and above it to $ 0.2.
Since the upside potential is high, traders can wait for a close (UTC time frame) above the interval to start a long position.
IOTA / USD
In the new year, IOTA has announced a couple of collaborations that can help it achieve success. Although he has not escaped, he has managed to close in the green over the past seven days. Can you go from here and create yourself in the top 10? Let's see.
The IOTA / USD pair is currently trading within a range. After failing the breakout of $ 0.4037 for four weeks, the bears pushed prices back in the previous week. However, lower levels attract purchases as the bulls attempt to stage a recovery from levels close to $ 0.272.
If the virtual currency rises from the current levels, the bulls will try again to exit $ 0.4037. If successful, a rally is likely to be $ 0.6, followed by a move to the next overhead resistance of $ 0.8152.
However, if the bears fail to force a reversal at current levels, a decline is likely to be $ 0.2051. If this support breaks, a new critical support test of $ 0.1427 will appear on the cards. The downward trend will resume if this level gives way.
NEO / USD
NEO co-founder Erik Zhang confesses that he does not look at the daily price of virtual currency. He is more interested in his development. According to him, Ethereum could overcome Bitcoin in the future, and Ethereum itself will have to face the competition of cryptocurrencies like NEO. Can NEO claim its position in the top 10 cryptocurrencies? Let's find out.
The NEO / USD pair has been trading within a narrow range for the past eight weeks. The attempt by the bulls to scale up has failed in the previous week. However, the bears failed to bring prices back to the bottom of the range: this shows the demand for digital currency close to the $ 7 level.
We expect the bulls to try again out of the range. If successful, a $ 16 rally is likely, followed by a pass to $ 20.
Contrary to our expectations, if bears plunge the virtual currency below the interval, the downward trend will resume. Since the previous consolidations have been resolved in a negative sense, we suggest that traders wait for a close (UTC time frame) of more than $ 10 before starting any long position.
TRX / USD
Tron has slowly but surely cemented his place among the top 10 cryptocurrencies. The markets have encouraged the BTT token launch plans, which will run on the Tron and BitTorrent networks. Its founder, Justin Sun, wants people to think of "Tron" whenever they think of a cryptocurrency.
The company also announced a link to the ABCC cryptocurrency exchange to list tokens based on Tron's TRC10 technical standard. However, many developers took part in the Tron Accelerator contest, as the announcement of the winners was delayed and the cash prize was cut off at the last moment. What's in store for this cryptocurrency? Let's find out.
The TRX / USD pair is between $ 0.0183 and $ 0.02815521. The break of this interval in the previous week could not sustain and the price returned to the segment. Last week, the bulls tried again to extrapolate the range, but found sales in the range resistance line at $ 0.02815521.
If the bulls are able to push the price over the interval, a new uptrend is likely. The first upside goal is $ 0.04. Traders can buy on a close above the interval and keep a stop loss just under $ 0.021.
If, however, the bears defend the top of the range, it is likely that some weeks of actions related to the interval will continue. The virtual currency will become negative if the price drops critical support to $ 0.0183.
Market data is provided by the HitBTC exchange. Analysis charts are provided by TradingView.