February 14 2018 Price Analysis: USD / Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Cardano (ADA), Litecoin (LTC), IOTA (MIOTA), Dash (DASH), Monero (XMR) Most of the cryptocurrencies seem to be in an uptrend. A lot of the cryptocurrencies are bouncing back from the bottoms. The investors are confused as to whether this is the right buying point or whether they should wait further.
We would today share with you the detailed Price analysis of different cryptocurrencies. We would also go into the technical indicator details of these cryptocurrencies to help you get a better idea as to whether you should invest in these cryptocurrencies right now or wait.
We would also look into the resistances and supports various cryptocurrencies to help you make the right entry and exit.
USD / Bitcoin (BTC):
The 100 SMA is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. This means that support is more likely to hold than to break. It could also indicate that the top of the triangle could be broken.
In addition, the 100 SMA is currently holding as dynamic support and keeping losses in check as it lines up with the triangle bottom. A break past the $8,000 level could be enough to signal a bullish break and further gains.
Stochastic is pointing up to signal that buyers are in control of bitcoin price action while RSI also seems to be turning north. However, hitting overbought levels could draw sellers back in and lead to a move back to the triangle support.
As of this writing, the digital currency is being traded near $853. A hurdle can be noted near $900, a key psychological level ahead of $1065, a key trendline resistance on the daily chart and then $1379, the high of the last major upside move. A break and daily closing above the $1400 level shall trigger renewed buying interest, validating a rally towards the $1440 resistance zone.
On the downside, a support may be noted around $567, an immediate horizontal support ahead of $500, the psychological level as well as another key horizontal support area and then $400, another major psychological number. The technical bias shall remain bullish as long as the $567 support area is intact.
The conservative buying area for Ripple is located near the lower border of the Bollinger Bands indicator bars at 0.9010. Canceling the option of continuing Ripple growth will be the breakdown of the lower border area of the Bollinger Bands indicator bars, as well as the moving average with a period of 55 and the closing of the pair quotes below the 0.8020 area, indicating a change in the bearish trend 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 1236.28. 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 test the average border of the bands of the Bollinger Bands indicator. A test of the level of 1190.40 is expected, from which one should expect an attempt to continue growth and further development of the upward trend with a target near the level of 1560.50.
The conservative buying area for Bitcoin Cash is located near the lower border of the Bollinger Bands indicator bars at 1180.50. The abolition of the option of continuing Bitcoin Cash growth will be the pro-boom of the lower border 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 area of 970.50, indicating a change in the bearish trend 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.
There were many tests recently of the $0.3000 support in ADA price against the US Dollar. However, sellers were not able to move the price below the $0.3000 support. It seems like a decent support base is forming around the $0.3000 and $0.3100 levels. As long as the price is above the $0.3000 level, it could rise in the near term. At present, the price is attempting to settle above the 23.6% Fib retracement level of the last drop from the $0.4380 high to $0.3100 swing low.
Moreover, the ADA/USD pair is currently moving above a major bearish trend line with resistance at $0.3630 on the hourly chart. If the pair succeeds in settling above $0.3700, there could be further upsides toward $0.4000. An intermediate resistance is around the 50% Fib retracement level of the last drop from the $0.4380 high to $0.3100 swing low. Above the mentioned $0.4000, the price could even test the last swing high of $0.4380, which is a crucial resistance level.
The overall price action is positive above the $0.3000 support. Below $0.3000, the price could move into the bearish zone. On the upside, the price may struggle to gain substantial momentum above the $0.4000 level.
Of course there is a direct relationship between yesterday’s close above the middle BB and the way stochastics are turning from the oversold territory if we check the secondary chart.
This is pretty good from a buyers perspective and all that remains is a surge past $170 as per our LTC trade plan.
If that happens today, buyers can begin picking out buy signals in lower time frames from tomorrow.
Yesterday’s prices were oscillating within February 12 high lows and even if I don’t recommend positional entries in this pair, scalpers can have a shot or two in the short term.
First, for that to happen, bulls should be active and if possible push prices past the third layer of support-the middle BB, at $2.
If that happens today, then buyers can be in a pole position to tune entries in lower time frames and take long signals only because anyway, stochastics in the daily chart is lifting from the oversold territory and could possibly buoy buyers today and in the coming sessions.
DASH traders sold the currency during the trading session on Tuesday, dancing around the $600 level. This market has a significant lack of volume as well, and until that gets fixed, I find it impossible to get excited about buying DASH. I think that the market will probably grind sideways with a slightly negative bias, as we try to pick up momentum and more importantly, volume. Until then, this is a market that is probably best left alone, as I see consolidation between the $600 level and the $400 level as being likely.
Monero markets sold off during the trading session on Tuesday as well, losing over 5%. The market seems ready to consolidate around the $225 level, but with almost no volume, I suspect that we will probably see a pull back to the $200 level before it said and done. With this in mind, until we get an overall bullish move in the crypto currency markets, I have a hard time believing the Monero is going to fare well.