February 15 2018 Price Analysis: USD / Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), NEM (XEM), IOTA (MIOTA), Dash (DASH), Monero (XMR). With sustained rallies in most of the cryptocurrencies, investors are trying to figure out whether they should still be putting money into these cryptocurrencies or not. Most of these cryptocurrencies are near to the long-term resistances after sustained rallies. This is the reason why investors are more careful than ever when it comes to investing in some of these cryptocurrencies.
We would not only look into the popular cryptocurrencies like Bitcoin but we would look into the altcoins as well to find out what the charts say.
USD / Bitcoin (BTC):
The 100 SMA is still below the longer-term 200 SMA to show that the path of least resistance is to the downside or that the selloff is more likely to continue than to reverse.
Price has moved past the 100 SMA dynamic inflection point, though, and is closing in on the 200 SMA dynamic resistance around $10,000. A break past this level could take it to the channel resistance at $12,000, which is also an area of interest.
Stochastic is already indicating overbought conditions to show that buyers are starting to feel exhausted. RSI has a bit more room to climb, so bitcoin price could still make it up to the top of the channel before profit-taking hits.
Ethereum markets rallied against the US dollar during trading on Wednesday, breaking above the $850 level and looking to threaten the $900 level. On a break above that area, I anticipate that the market will go looking towards $1000. Volume is still a little bit late, so a pullback is probable, but that pullbacks could be thought of as value that traders are willing to pick out. I ultimately believe that the market will try to go to the $1000 level, but we need to pick up the volume and the impulsivity to make that happen. Remember, Ethereum markets are very thin so it isn’t like trading stock markets, volume matters as there just aren’t as many participants.
Previously, a powerful sign was acquired for purchase of Ripple cryptocurrency, because of the crossing of sign traces at zero.99 degree. Cancellation of the variant of progress of quotations Ripple shall be a breakdown of the decrease boundary of the Cloud of Ichimoku Kinko Hyo with the closing of quotations beneath the world of zero.85, which can point out a change within the bullish development in favor of the bearish development. Expect to speed up the expansion of quotations of the cryptocurrency is with the breakdown of the resistance space and the closing above the extent of 1.07.
Bitcoin Cash (BCH):
There was a decent upside move initiated in bitcoin cash price from the $1,190 low against the US Dollar. The price started moving higher and broke the $1,250 and $1,280 resistance levels. More importantly, it also broke the $1,300 resistance and settled above the 100 hourly simple moving average. BCH price even traded above the $1,350 level, but it struggled to move above the $1,365 level. The stated $1,365 level acted as a resistance earlier as well and it currently preventing gains.
At the moment, the price is correcting lower towards $1,300. It has moved below the 23.6% Fib retracement level of the leg from the $1,189 low to $1,365 high. Moreover, there is a short-term connecting bullish trend line forming with support at $1,280 on the hourly chart of BCH/USD. The trend line support is also around the 38.2% Fib retracement level of the leg from the $1,189 low to $1,365 high. Most importantly, the broken resistance at $1,280 may now act as a support.
On the upside, the price has to move above the $1,365 and $1,370 level to gain momentum. Above $1,370, the price could easily move above $1,400.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is currently placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is moving lower, but it is currently well above the 50 level.
Major Support Level – $1,280
Major Resistance Level – $1,365
This is what we have been waiting and after periods of excruciating accumulation, LTC prices are now above $170.
As such, our previous analysis dictates that we start looking for long entries in lower time frames and that is what I recommend today.
According to the recent price analysis and forecast, there has been a decline in XEM. However, the price has seen in the last 24 hours and is expected to rise to the $1.6025 mark. Currently, it is trading at $1.4975 and this is a representation of about 5.7% increase.
Therefore, trading is encouraged but might be a little risky in the future.
We have these series of IOTA’s higher highs in the daily chart and while it looks likely that prices might even close above our main resistance line-the middle BB and $2 today or in consequent sessions, the only assurance for buyers and scalpers in that case is if bulls maintain prices above $2.
The good thing is that IOTA buy momentum is increasing and that is obviously supportive especially for buyers looking for quick profits.
Anyhow, from our previous analysis, conservatives should wait for clear breach and close above the upper limit of this super resistance zone between $1.43 and $3.
Earlier, a powerful sign was acquired for purchase of the Dash cryptocurrency, because of the crossing of the sign strains on the degree of 580. Canceling the variant of Dash development would be the breakdown of the decrease boundary of the Cloud of Ichimoku Kinko Hyo with the closing of quotes beneath the extent of 485, which can point out a change within the bullish pattern in favor of a bearish pattern. Expect to speed up the expansion of quotations DSH/USD is with a breakdown degree 660.
However, we should always not exclude the formation of the bearish mannequin of «Wolfe Wave». In this case, with the breakdown of space 585, it’s value ready for the continuation of the fall with a goal beneath the extent of 450. The cancellation of the mannequin will break by way of the extent of 700.
Monero XMR/USD is trading at 259. The cryptocurrency is traded above the upper boundary of the Ichimoku Kinko Hyo Cloud, indicating a bullish trend in Monero. The test area of Ichimoku Kinko Hyo signal lines near level 240 is expected, from which we should expect a rebound and an attempt to continue the growth of the cryptocurrency with a target at 325. An additional signal in favor of growth will be breakdown of the resistance level.
Earlier, a strong signal was received for buy of Monero cryptocurrency, due to the crossing of signal lines at level 225. Cancellation of the variant of growth of quotations Monero will be a breakdown of the lower boundary of the Cloud Ichimoku Kinko Hyo with the closing of quotations below area 195, which will indicate the change of the bullish trend in favor of the bearish trend. Expect the acceleration of the growth of quotations XMR/USD stands with the breakdown of the resistance area and the closing above the level of 265.