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Crypto Conjecture For February 14, 2019

Bitcoin Price Analysis [BTC]

Daily Chart:

BTC price analysis for Feb 14

After trading as low as $3,538, bitcoin price moved higher against the US Dollar. The BTC/USD pair broke the $3,560 and $3,575 resistance levels. There was even a spiked above the $3,600 resistance and the 100 hourly simple moving average. However, the price struggled to hold gains above the $3,600 and $3,610 levels. It was rejected near the 61.8% Fib retracement level of the downside move from the $3,660 high to $3,538 low. The price declined below $3,580, but there was a fresh upward move above the $3,600 level.

A new intraday high was formed at $3,632 and the price dipped below $3,585. Sellers pushed the price below the 61.8% Fib retracement level of the last wave from the $3,538 low to $3,632 high. However, the decline was protected by the key $3,560 support area. Besides, the 76.4% Fib retracement level of the last wave from the $3,538 low to $3,632 high acted as a support. At the outset, the price is moving higher towards the $3,600 resistance. More importantly, this week’s followed bearish trend line is intact with resistance at $3,590 on the hourly chart of the BTC/USD pair. Therefore, a successful break above the trend line and $3,600 is a must for buyers to gain traction. The next targets for buyers could be $3,630 and $3,680 in the near term.

Looking at the chart, Bitcoin price is confined in a tiny range below the $3,600 resistance. On the downside, the main support is at $3,560, below which there is a risk of a drop towards the $3,530 support area. Should sellers regain strength, there are chances of an extended correction towards the $3,480 level. Intermediate support is at $3,515 and $3,516.

Ethereum Price Analysis [ETH]

Daily Chart:

ETH price analysis for Feb 14

In the past few sessions, there were mostly range moves below the $125 resistance in ETH price against the US Dollar. The ETH/USD pair dipped towards the $118 and $120 supports on a couple of occasions. However, buyers were able to defend losses, resulting in a bullish reaction.
Recently, there was a nice upward move and the price spiked above the $125 resistance, but buyers failed to hold gains. A high was formed at $125.41 and later the price corrected lower. It dipped below the $124 and $122 levels. Besides, there was a break below the 50% Fib retracement level of the recent wave from the $117 low to $125 swing low. The decline found support near the key $120 level.

More importantly, yesterday’s highlighted key bullish trend line is intact with support at $120 on the hourly chart of ETH/USD. The pair also tested the 61.8% Fib retracement level of the recent wave from the $117 low to $125 swing low. At the outset, the price is trading nicely above the $120 support and the 100 hourly simple moving average. It seems like the price may continue to trade in a range above $120 before the next move. If there is a downside break below $120, $119, and the 100 hourly SMA, there could be more declines. The next stop for buyers could be the $115 area. It coincides with the 1.236 Fib extension level of the recent wave from the $117 low to $125 swing low.

Looking at the chart, ETH price is clearly trading nicely above the $120 support. Having said that, buyers need the $125 resistance to gain strength. A clear break and follow through above $125 and $126 could set the pace for more upsides. The next key targets could be $128 and $130 in the near term.

Ripple Price Analysis [XRP]

Daily Chart:

XRP price analysis for Feb 14

In the past couple of days, there were bearish moves in ripple price below the $0.3120 pivot against the US Dollar. The XRP/USD pair made two attempts to surpass the $0.3100 and $0.3120 resistance levels, but it failed. On the other hand, bitcoin and Ethereum remained in the bullish zone above $3,550 and $120 respectively. Recently, there was an upward move above the $0.3050 level and the 100 hourly simple moving average. However, sellers protected gains to near $0.3100 and a high was formed at $0.3094. Later, there was a sharp bearish reaction and the price declined below the $0.3040 support. There was even a close below $0.3040 and the 100 hourly simple moving average.

The price also traded below the 61.8% Fib retracement level of the last leg from the $0.2940 low to $0.3094 high. Somehow, buyers were able to protect the $0.3000 support area. The 76.4% Fib retracement level of the last leg from the $0.2940 low to $0.3094 high also acted as a support. At the outset, the price is trading just above the $0.3000 support, with a bearish angle. More importantly, there is a new connecting bullish trend line formed with support at $0.3000 on the hourly chart of the XRP/USD pair. If there is a downside break below the trend line and $0.2980, there could be more losses. The next support is positioned near the $0.2910 level.

Looking at the chart, Ripple price is clearly struggling to stay above the $0.3000 support area. Should sellers gain momentum, there is a risk of more losses towards $0.2915 and $0.2905. On the upside, the main hurdles for buyers are near $0.3040, $0.3050, $0.3090 and $0.3100. A close above $0.3100, followed by a follow-through above $0.3120 is needed for a bullish acceleration.

Litecoin Price Analysis [LTC]

Daily Chart:

LTC/USD Medium-term Trend: Ranging
Resistance Levels: $66, $68, $70
Support Levels: $40, $38, $36

LTC price analysis for Feb 14

Yesterday, February 13, the price of Litecoin had continued its sideways trend. It has been ranging above the 12-day EMA in the past five days but the bears had broken below the EMAs. The crypto’s price fell to the low of $41.70 and immediately commenced a bullish movement. The bulls were attempting to break above the EMAs. If they do, the crypto’s price will be in the bullish trend zone. The crypto may rise but will face resistance at the $48 price level. If the crypto’s price remains in the bearish trend zone, it may resume its downward trend.

Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the crypto’s price is below the EMAs which indicate that price is in the bearish trend zone.

LTC/USD Short-term Trend: Bearish

LTC bearish market trend for Feb 14

On the 1-hour chart, the price of Litecoin is in the bearish trend zone. On February 13, the bears broke the 12-day EMA and the 26-day EMA to reach the bearish trend zone. The price fell to a low of $41.71 and commenced a bullish movement. The bulls were resisted at the 26-day EMA and price fell back into the bearish trend zone. It is likely the crypto’s price will further depreciate if the price remains in the bearish trend zone.

Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that price is in the bearish trend zone.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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OWLT Market Media Desk publishes press releases from individuals and companies related to the cryptocurrency-related market.

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