Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, LiteCoin, Cardano, NEO, EOS Price Analysis, February 22, 2018:
Altcoins Altering the World
When it comes to cryptographic technologies, the world still hasn’t made up its mind.
Paul Singer, founder of investment management firm Elliott Management called cryptos “one of the most brilliant scams in history” whereas Tim Draper, a prominent venture capital investor, has held on to his Bitcoin, and, when asked if he is going to sell them, said: “Why would I sell the future for the past”.
In the meantime, major changes to cryptocurrency wallets like Coinbase and Bitfinex are working to implement the Segregated Witness (SegWit) scalability into their systems, which will significantly reduce fees and transaction time for their users.
So, what does this mean for the cryptocurrencies that are circulating now? Let’s find out.
Today, Bitcoin after reached their second objective when it met with the resistance line of the descending channel. Traders following BTC should have sold out their positions around $11,180. What should they do now?
The BTC/USD pair has almost doubled from its recent lows, therefore some profit booking is to be expected at the current levels. However, this is not the case, as long as it trades inside the ascending channel.
If the bearings break down below the support line of the ascending channel, a fall towards the 20-day EMA at $10,000 and below would place the support line at $9,500.
Today Bitcoin falls down below from $11,210 to now at the time of writing $10,130 so the price falls (- 9.50%) until now its many factors which due to becoming a reason of bitcoin price falls in last 30 hours the price falls from $11,880 to $10,080 now at the time of writing so around (- 18%) falls. Bitcoin MarketCap falls $200B to $170B now so it’s less around until now less than 24 hours $30B.
Within the current rate of trading scales, if this cryptocurrency breaks out of $12,200 and rallies towards $13,000 it may prove possible. But still, there are chances to be gain again into the price.
The second largest Cryptocurrency by the market cap has suffered new losses today where all the major cryptocurrencies are in the red. The newly reported loss suggested in a previous analysis triggered yesterday noted Ethereum has now broken below the 20-day EMA, which is not a good sign.
On the downside, today ETH/USD pair to fall to between $889 and $805 now at the time of writing its (- 9.02%) downfalls levels. ETH MarketCap falls from $86B to $76B at the time of writing so it’s less than 24 hours $8B MarketCap loss. Which is a weak zone & not a good sign for ETH? Today Ethereum dropped below the close to the $800 mark again as all other Cryptocurrency Market also recorded losses.
However, this view will be overturned if the trades and market cap pushes the digital currency back above the 20-day EMA, towards $1,000 levels. It is currently still unclear why the Crypto market has suffered losses today, but the market volatility is high in the cryptocurrency world. However, the probability of such a recovery is low.
Our expected estimated loss of $1,327 triggered today. Bitcoin Cash has not behaved according to previous expectations. It failed to gain the momentum it needs to move towards the 50-day SMA.
BCH starts today with $1,327 and now its $ 1,212 at the time of writing so its price falls around (- 9.20%) today in less than 24 hours. As BCH MarketCap falls from $24B to $20B now so it’s lost $4B market value today so it’s not a good sign for BCH. All Cryptocurrency markets falls today.
This brief occurrence has broken below the 20-day EMA, which is an unhealthy sign. There is one final defense run at $1,350. If this effort fails them, the BCH/USD pair can return to its highly embellished state of $1,200 levels once again.
Our view will be shattered if this breaks the trendline and maybe will be moves up to in upcoming weeks $1,600.
After trading on a constricted range from last week February 15-21, Ripple fell well below of its usual range starts today $1.04 to $0.94 at the time of the writing. Yesterday, it has also fallen below the 20-day EMA; which indicates a substantial weakness. Our suggested top loss of $0.94 now has reached. But unless it climbs quickly to mount above the 20-day EMA, a fall to $0.60 is likely.
The XRP/USD pair will gain strength only if they transform and sustain substantially loss price today (- 9.78 %) as now $0.94 USD price. It is expected that the cryptocurrency Ripple (XRP) will remain at a range-bound between $0.1.2 and $1.3 within the coming week.
There are two important bearish trend lines forming with resistance at the $1.04 and $0.94 now so its price falls quickly as all major cryptocurrencies price falls today. Ripple price declined further during the past few hours against the US dollar and bitcoin. So its upsides are likely to be capped in coming hours. Therefore if the price corrects higher from the current levels then it could face sellers nears $0.95 and $1.0. On the downside it could drop the $0.90 level is a major support factor.
Stellar has shifted down and has fallen below the critical support it held of $0.39 today. Currently, it is gathering support at the channel line; unless it can create a major turnaround and break above $0.39 quickly, which might bring about a negative result.
Our predictions now are that this coin will drop at $0.30. As most top coins are showing weakness, this one should raise the growing loss on the XLM/USD pair to $0.35 on a daily closing basis (UTC).
So its price falls from $0.39 to $0.37 (-4.82%) at the time of the writing. Stellar XLM MarketCap falls from $7.25B to $6.85B so its falls as price. If the cryptocurrency again enters the channel, which most coins do tend to do, it will mean a jagged development in its overall net worth, and this will raise the chances of a descent below $0.30 levels.
The thought on Litecoin, has been for it to rise above $270 earlier this week, but Litecoin could only touch the $256.818 levels yesterday. As the coin achieved higher levels, it attracted profit booking, resulting in a major pullback from traders.
The LTC/USD pair is one of the more stronger teams organized on the market, compared to the other top coins, trading above both the 20-day EMA and the 50-day EMA. The advancing averages are also forming a chaotic crossover, which is actually a positive sign.
The price on Litecoin might find hold at the trendline, around today the $211 and its falls little bit now its price $198 (- 6.35%) mark. However, even if all of the other cryptocurrencies fail, it is clear that Litecoin’s positions will not be damaged. Therefore, it is expected to raise the deficit cost on the remaining position that it holds to $210.
It may yet gain momentum if it changes direction and carries above $240.
Our sketchy view on Cardano has played out like a prediction of a perfect storm. The cryptocurrency has been steadily falling for nearly 10 days now. This has pushed the RSI coin inventory into out-of-stock territory and also increases the chances of a drawback to the overhead levels of $0.00004070.
The failing 20-day EMA is also close to this level. And we wouldn’t be surprised to see the ADA/BTC attempt to grow among traders in the next couple of days. However, the trend remains well below market expectations, and the price is expected to fall to within the next support level of $0.0000246.
This coin has fervently tried to break out of its descending bridge pattern but has proven unsuccessful in settling down at the higher levels. Still, in spite of this, NEO reversed direction yesterday and returned to its never-ending triangle.
Today, the NEO/USD pair is trying to hold on to its critical support of trade moving averages and $120.33. If this warrant zone fails them, a fall to $100 is likely.
It is more probable for the cryptocurrency to disclose and sustain in values above $140.
EOS did not even reach above the buy levels of $11. It has dropped down from its spiraling downtrend line and the 20-day EMA, which is a difficult shift to reverse.
The EOS/USD pair has been supported at $7.91. If this volume slips among the trades, the price might fall to $7. On the upside, however, a stake above $10.50 will indicate a possible shift among its trends.