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Crypto Conjecture For February 18, 2019

Bitcoin Price Analysis [BTC]

Daily Chart:
The pair is placed nicely in a positive zone and it could continue to move higher towards $3,650 and $3,800.

BTC price analysis for Feb 18

Recently, bitcoin price spiked sharply from the $3,350 support area against the US Dollar. The BTC/USD pair rallied and broke the $3,500 and $3,600 resistance levels. There was also a break above $3,700 level and the 100 simple moving average (4-hours). Buyers pushed the price towards the $3,750 level and a new monthly high was formed near the $3,745 level. Finally, the price started a downside correction and traded below the $3,700 level. There was even a break below the $3,650 level, but the price remained well above the 100 simple moving average (4-hours). During the decline, the price broke the 23.6% Fib retracement level of the last wave from the $3,343 low to $3,744 high. The price traded below the $3,600 level, but buyers appeared near the $3,540-3,530 support area. Moreover, the 50% Fib retracement level of the last wave from the $3,343 low to $3,744 high also acted as a support. A new support base was formed near $3,340 before the price moved higher. Recently, there was a break above a key bullish flag with resistance near $3,570 on the 4-hour chart of the BTC/USD pair. The pair is now placed nicely above the $3,550 level, with a bullish angle. On the upside, initial resistance is near the $3,600 level, above which there are chances of more gains. The main resistance is near the $3,750 level, followed by $3,800. If buyers remain in action, the price could even test the $4,000 barrier.

Looking at the chart, the BTC price is showing positive signs above the $3,550 level. Should bitcoin fail to gain pace above the $3,600 level, there could be a bearish reaction. Initial support is at $3,540, below which the price could test the $3,500 support area.

Ethereum Price Analysis [ETH]

Daily Chart:
The pair is likely to accelerate higher once it breaks the $124 and $125 resistance levels in the near term.

ETH price analysis for Feb 18

This past week, there was a solid upward move above the $120 resistance in ETH price against the US Dollar. The ETH/USD pair traded towards the $125 area, where sellers emerged. Later, the price started a major consolidation pattern below the $125 zone. During the consolidation, there were a few attempts to clear the $125 resistance, but buyers failed. Besides, there were bearish waves as well towards the $120 level. The last swing low was formed at $115 and the last swing high was near $124. The price is currently trading near the $122 level and well above the 100 simple moving average (4-hours).
The 23.6% Fib retracement level of the last wave from the $115 low to $124 high is near the $122 level to act as a support. It seems like there is a contracting triangle in place with resistance at $124 on the 4-hours chart of ETH/USD. If there is an upside break above the triangle resistance and $125, there are chances of a solid upside continuation. The next resistance above $125 is near the $128 and $130 levels. The main resistance is at $134, where sellers are likely to appear.

The above chart indicates that ETH price is likely preparing for the next key break either above $124 or below $119 in the near term. Even if there is a downside break, the price remains supported above $115.

Ripple Price Analysis [XRP]

Daily Chart:
The pair must gain momentum above $0.3000 and the 100 simple moving average (4-hours) for more gains. On the downside, a break below the $0.2940 support could trigger bearish moves in the near term.

XRP price analysis for Feb 18

After forming support near the $0.2850 level, ripple price made a nice upward move against the US Dollar. The XRP/USD pair rallied and broke the $0.3000 and $0.3150 resistance levels. The price traded close to the $0.3200 level, where sellers emerged. A high was formed at $0.3198 before the price started a downside correction. There was a sharp decline below the $0.3100 and $0.3000 support levels. Sellers pushed the price below the 50% Fib retracement level of the last wave from the $0.2853 low to $0.3198 high. Besides, there was a close below the $0.3000 level and the 100 simple moving average (4-hours).
Similarly, there were bearish moves in Bitcoin, Ethereum, EOS, Litecoin and other altcoins. Later, ripple found support near the $0.2940 and $0.2950 levels. It traded close to the 76.4% Fib retracement level of the last wave from the $0.2853 low to $0.3198 high. Finally, the price started trading in a range between the $0.2940 and $0.3050 levels. On the upside, there is a crucial bearish trend line formed with resistance at $0.3000 on the 4-hour chart of the XRP/USD pair. Therefore, a break above the trend line and $0.3040 could open the doors for more gains. The next key resistance is near the $0.3110 level, above which the price may test $0.3200.
Looking at the chart, the XRP price seems to be trading in a range above $0.2940 and preparing the next move. If there is a downside break below $0.2940, the price could test the $0.2850 support area. The next key support is near $0.2770 and the 1.236 Fib extension level of the last wave from the $0.2853 low to $0.3198 high. The overall price action is slightly bearish, but the $0.2940 support might continue to hold losses.

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 18

Last week the price of Litecoin was in a sideways trend. The crypto’s price was ranging above the $40 price level in the last one week. The LTC price fluctuated above the 12-day EMA and 26-day EMA. Today, the LTC price is above the EMAs which indicates that price is likely to rise. On the upside, the crypto’s price may rise, if the bulls break the $48 resistance level.

On the downside, if the bears break below the $40 price level, the crypto will resume its downward trend. The LTC price is trading at $43.86 as at the time of writing. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the crypto’s price is above the EMAs which indicate that price is in the bullish trend zone.

XRP price analysis for Feb 18

On the 1-hour chart, the price of Litecoin is in the bullish trend zone. The LTC price was fluctuating above and below the 12-day EMA and the 26-day EMA. Neither the bulls nor the bear has upper hand as the price was range bound above the $40 price level.

Today, the crypto’s price is above the EMAs which indicates that price is likely to rise. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish 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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