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Crypto Conjecture For January 16, 2019

Bitcoin Price Analysis [BTC]

Daily Chart: 
The BTC price may soon make the next move either above $3,650 or below $3,540 in the near term.

After trading above the $3,700 level, bitcoin price faced renewed selling pressure against the US Dollar. More importantly, Ethereum’s bearish reaction sparked a downward move below $3,650 in the BTC/USD pair. It declined below the $3,620 support and the 100 hourly simple moving average. Besides, there was a break below the 23.6% Fib retracement level of the last wave from the $3,376 low to $3,716 high. The price even traded below the $3,600 support, but the $3,560 pivot acted as solid support.
Additionally, the 50% Fib retracement level of the last wave from the $3,376 low to $3,716 high also acted as a support. At the outset, the price is currently holding the $3,560 support, with range moves. It seems like there is a short term contracting triangle formed with resistance at $3,625 on the hourly chart of the BTC/USD pair. Should there be an upside break above the $3,650 resistance, the price may climb towards the $3,700 and $3,750 levels. On the other hand, a downside break below $3,560 and $3,540 might trigger bearish moves. The next key supports are near $3,500 and $3,455.

Looking at this chart, the bitcoin price is clearly consolidating and preparing for the next move either above $3,650 or below $3,540. The current price action is positive, but a convincing break above $3,650 is must for a decent upward move. If not, it could drop to $3,500 or $3,455.

Ethereum Price Analysis [ETH]

Daily Chart: 
The pair still remains supported on the downside above the $113 and $114 levels.

Yesterday, we saw a solid upside break above $121 and $124 in ETH price against the US Dollar. The ETH/USD pair even broke the $128 resistance and later spiked above the $130 level. However, the upside move was capped by the $131-132 zone. It also represents the 50% Fib retracement level of the key drop from the $151 high to $113 low.

More importantly, the drop was due to the delay announcement of the Constantinople hard fork. The market reacted to the downside and the price dropped below $124. Sellers gained traction and pushed the price below the 61.8% Fib retracement level of the recent wave from the $116 swing low to $132 swing high. And there was a break below a connecting bullish trend line with support at $120 on the hourly chart of ETH/USD.
The pair settled below the $124 level and the 100 hourly simple moving average. The currBitcoinent price action is bearish below the $121 pivot level and the 76.4% Fib retracement level of the recent wave. On the downside, there are a few important supports near $114 and $113.

Looking at this chart, ETH price may correct a few points, but it is likely to revisit the $113 support area before a fresh bullish wave. On the upside, a break above the $121 and $124 levels are needed for a decent upward move.

Ripple Price Analysis [XRP]

Daily Chart: 
Ripple price is showing a few bearish signs against the US Dollar and Bitcoin. XRP/USD must stay above $0.3170 to bounce back above $0.3260 and $0.3300 in the near term.

Yesterday, we saw a decent upside recovery above the $0.3250 resistance in ripple price against the US Dollar. The XRP/USD pair even traded above the $0.3300 resistance area. A new weekly high was formed at $0.3384 and later the price corrected lower. It declined below the $0.3300 support and the 100 hourly simple moving average. Sellers also pushed the price below the 50% Fib retracement level of the recent wave from the $0.3109 low to $0.3384 high.
During the decline, there was a break below a key bullish trend line with support at $0.3250 on the hourly chart of the XRP/USD pair. The pair is now trading well below $0.3260 and the 61.8% Fib retracement level of the recent wave from the $0.3109 low to $0.3384 high. It tested the $0.3200 support and corrected a few points recently. However, there is a strong resistance formed near $0.3250, $0.3260, and the 100 hourly SMA. Moreover, the broken trend line may also stop gains near $0.3270. Finally, there is a short term connecting bearish trend line with resistance at $0.3265 on the same chart.

Looking at this chart, ripple price seems to be trading near a key turning point above $0.3200. It could either break the $0.3260 and $0.3270 resistance levels or decline below $0.3200. On the upside, a break above $0.3270 may push the price towards $0.3350 and $0.3380.

Litecoin Price Analysis [LTC]

Daily Chart: 
LTC/USD Medium-term Trend: Bearish

Resistance Levels: $66, $68, $70
Support Levels: $30, $28, $26

Yesterday, January 15, the price of Litecoin was in a bearish trend zone. The price of Litecoin had been below the 12-day EMA and the 26-day EMA for some time as the crypto’s price fluctuates above the $30 price level. Since the crypto’s price is below the 12-day EMA and the 26-day EMA, the price of Litecoin may fall.

Today, the crypto’s price is falling and probably to break the $30 price level. If the $30 price level is broken, the crypto will find support at the $28 price level. Meanwhile, the stochastic is out of the overbought region but above the 20% range which indicates that the price of Litecoin is in a bullish momentum and a buy signal. The MACD line and the signal line are below the zero line which indicates a sell signal.

LTC/USD Short-term Trend: Bearish

On the 1-hour chart, the price of Litecoin was in a bearish trend zone. On January 15, the crypto’s price fell to its low at $31 and commenced a bullish movement to the 12-day EMA and the 26-day EMA.

The bullish movement was short-lived as the crypto was resisted at the $31 price level. Meanwhile, the stochastic is out of the oversold region but below the 80 % range which indicates that the crypto is in bullish momentum and a buy signal.

[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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