01:00 AM – February 13 2018 Price Analysis: USD / Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Cardano (ADA), Litecoin (LTC), NEM (XEM), IOTA (MIOTA), Dash (DASH), Monero (XMR)
Most of the cryptocurrencies are continuing their uptrend. The bottom seems to be in its place. The bearish phase in most cryptocurrencies has lasted for over 50 days. This is another reason why they should be looked at in a positive manner.
Also, if you’re looking for a longer term investments in cryptocurrency, now might be a good time as well. You can easily diversify your portfolio across various cryptocurrencies as most of them are fallen by 15% to 50%. Thereafter, it would become easier for you to not only diversify your portfolio but earn good returns.
USD / Bitcoin (BTC):
Bitcoin seems prime for a strong rally as an inverse head and shoulders chart pattern can be seen on its 1-hour time frame. Price is already testing the neckline of the chart pattern and an upside break could send it higher by $2,000 or the same height as the chart formation.
The 100 SMA has crossed above the longer-term 200 SMA to signal that the path of least resistance is to the upside. This suggests that a reversal from the earlier selloff is underway. Price has also moved above the 100 SMA so it could now hold as dynamic support.
Stochastic is still heading lower, though, so bitcoin could pull back before heading north. However, the oscillator is nearing oversold levels to show exhaustion among bears and a potential return in buying pressure. source: fxdailyreport
RSI has more room to fall so bitcoin might follow suit and retest the support around $8,000 before gaining more upside traction. A move below the 200 SMA, however, could mean that sellers are still in control.
Ethereum (ETH):
Ethereum markets tried to rally initially during the trading session on Monday but ran into a bit of trouble at the $900 level. By doing so, it looks as if we are rolling over a bit, and this makes sense as we have seen so much in the way of significant bearish pressure. Volume is very light, so that doesn’t help either.
We are trying to touch the 20 SMA on the Bollinger band indicator, which of course should offer a bit of resistance as well. I think there is support at the $800 level, and then eventually the $700 level after that. source: fxempire
If we break down below $700, it’s likely that we continue to go even lower. If we could surge to the upside a break above the $1000 level, that would be very bullish for the market.
Ripple (XRP):
Cryptocurrency Ripple (XRP/USD) is trading at 1.0215. Quotes of the cryptocurrency are traded above the moving average with a period of 55, which indicates the existence of a bullish trend for Ripple. At the moment, the quotes of the cryptocurrency are moving near the middle border of the Bollinger Bands indicator bars. A test of the level of 0.9320 is expected, from which one should expect an attempt to continue growth and further development of the upward trend with the target near the level of 1.3020. source: elevenews
The conservative buying area for Ripple is located near the lower border of the Bollinger Bands indicator bars at 0.7820. The abolition of the continuation of Ripple’s growth will be the breakdown of the lower bound of the Bollinger Bands indicator bands, as well as the moving average with a period of 55 and the closing of the pair quotations below the 0.7020 area, which indicates a change in the trend in favor of the bearish for XRP/USD. In the event of breakdown of the upper boundary of the bands of the indicator Bollinger Bands, one should expect an acceleration of growth.
Bitcoin Cash (BCH):
Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 1252.60. Quotes of the cryptocurrency are traded above the moving average with a period of 55, which indicates the existence of a bullish trend for Bitcoin Cash. At the moment, the quotes of the cryptocurrency are moving near the middle border of the indicator Bollinger Bands. A test of level 1190.20 is expected, from which one should expect an attempt to continue growth and further development of an upward trend with a target near the level of 1580.50.
The conservative buying area for Bitcoin Cash is located near the lower border of the Bollinger Bands indicator bars at 1180.20. Abolishing the option of continuing Bitcoin Cash growth is the breakdown of the lower border area of the Bollinger Bands indicator bands, as well as the moving average with a period of 55 and the closing of the pair quotes below the 980.50 area, which indicates a trend change in favor of the bearish for BCH/USD. In the event of breakdown of the upper boundary of the bands of the indicator Bollinger Bands, one should expect an acceleration of growth.
Cardano (ADA):
If you are looking for virtual currencies with good return, ADA can be a profitable investment option. Cardano price equal to 0.371 USD at 2018-02-13. If you buy Cardano for 100 dollars today, you will get a total of 269.400 ADA. Based on our forecasts, a long-term increase is expected, the price prognosis for 2023-02-11 is 9.893 US Dollars. With a 5-year investment, the revenue is expected to be around +2565.25%. Your current $100 investment may be up to $2665.25 in 2022.
Litecoin (LTC):
From the charts, it’s clear that LTC prices are still moving below our first layer of resistance-the middle BB and that is despite the positive momentum as the stochastics shows. source: newsbtc.com
Picking out tips from our previous analysis of this pair, all that we need is a bullish spike above $170 or repulsion of higher prices as bears push prices back below $100.
This $70 range is what is important for us in the short to medium term.
NEM (XEM):
EM price equal to 0.527 USD at 2018-02-13. If you buy NEM for 100 dollars today, you will get a total of 189.876 XEM. Based on our forecasts, a long-term increase is expected, the price prognosis for 2023-02-09 is 1.560 US Dollars. With a 5-year investment, the revenue is expected to be around +196.16%. Your current $100 investment may be up to $296.16 in 2022.
IOTA (MIOTA):
If we check IOTA price action using the top-down approach then we realize that last week’s bears weren’t as rapid as they were on week ending February 3.
As such, bear confirmation is clear but those long lower wicks are buyers pushing prices in lower time frames and that translates to yesterday’s bulls. Now, here’s a thing with IOTA.
Yes, the general mood is slowly improving and leaning towards buyers but there’s a lot of resistance before say prices trend above $3 in the daily chart.
First we must see buyers surging past the middle BB-our immediate resistance, then $2 and then lastly $3.
From there we can begin looking for buying opportunities with any pullback to any of these levels acting as perfect buying levels.
Dash (DASH):
Like IOTA, we are seeing the same development in DASHUSD and the importance of the middle BB cannot be understated.
As we have said on many occasions, as long as prices remain below the middle BB, we shall continue trading in the direction of the bearish break out as directed by week ending February 3 candlestick.
That long bearish engulfing candlestick is definitive and its highs shall be our important resistance. We say important because for prices to test $850, it must first close above the middle BB and the first Fibonacci extension line at $660.
It might look like a tall order but considering the rate of depreciation over the past few weeks, all we need is injection of bull pressure and if prices are nudged over $660, buyers can start picking long opportunities in lower time frames.
Same as the weekly chart, the liquidating effect of the middle BB is apparent. As you can see, not even the double bar bullish reversal pattern from February 5 and 6 forming right at the 78.6% Fibonacci retracement line at $520 could inject enough momentum for a close above it.
Fact is, on February 10, a doji candlestick was formed and that was confirmed on February 11. There is nothing that I can recommend in this accumulation besides patience even if momentum is pointing up from deep the oversold territory.
In my opinion, buy triggers should be above $750 or the 61.8% Fibonacci retracement line with any correction being buying opportunities.
It is important that buyers are trending above the main resistance trend line in our entry chart and while we expected higher highs, prices are finding a ceiling at $620.
This level is a strong resistance previous support and as long as prices find a selling effect, then there is a likelihood that a retracement back to the break out trend line at $420 is on the cards.
If not, then any break above $660 means we start buying with every correction back to $620.
Monero (XMR):
Monero markets also rally during the day, gaining over 6% as I record this video. However, we are starting to get back some of the gains, and we are most decidedly in a negative attitude. I believe that if we break down below the lows of the Sunday candle, the market probably drops back to the $160 handle. I also recognize the $280 level above as being resistive, so it’s not until we break above that level that I think the market will have shown enough confidence to continue going higher. After the bloodbath last week, Monero is going to continue to struggle until the other coins rally.
Adam Webb is editor in Smartereum, blockchain and currency news, where he produces updates on Blockchain, Ethereum and other alternative cryptocurrencies.
