Featured, Research and Analysis

Crypto Conjecture For January 23, 2019

Bitcoin Price Analysis [BTC] :

Daily Chart:

Technical Indicators:

There is a rejection of lower lows and backing this resurgence is increasing demand for BTC as aforementioned. The double bar bull reversal pattern in the 4HR chart is at the back of high trading volumes—5k versus 2k. Because of this, risk-off traders can buy at spot rates, but it is ideal if there is confirmation as a spike in market participation drive prices above $3,800.

At spot rates, BTC prices are stable and positively hovering above the lower limit of our support zone at $3,500. From candlestick arrangement, this is bullish, and if anything, developments, especially in the 4HR chart, is exceptionally optimistic meaning aggressive traders can initiate positions at spot rates.

Behind this optimism is a bullish pin bar—clearer in the 4HR chart—bouncing off Jan 20 lows at the back of above average volumes—5k versus 2k. Increasing demand in lower time frames means there is a similar pattern in the daily chart, lifting investor confidence.

All the same, we shall interpret this as positive, but before we recommend risk-averse traders to buy, BTC prices first need to rally above $3,800 or Jan 14 highs. Only then will traders execute with first targets at $4,500 with liquidation level at around $3,500-700.

Ethereum Price Analysis [ETH]:

Daily Chart:

Recently, there was a downside extension below the $114 support area in ETH price against the US Dollar. The ETH/USD pair dipped below the $112 level and tested the $110-111 support area. However, buyers protected the $110-111 support area and later the price bounced back sharply. It traded above the $112, $114 and $116 resistance levels. There was also a break above the 50% Fib retracement level of the recent decline from the $124 high to $111 swing low.

More importantly, this week’s followed key bearish trend line was breached with resistance at $118 on the hourly chart of ETH/USD. The pair spiked above the $118 level and it is currently consolidating gains. Besides, the 100 hourly simple moving average is acting as resistance near the $119-120 zone. The 61.8% Fib retracement level of the recent decline from the $124 high to $111 swing low is also near $119. Therefore, a proper break above the $119, $120 and $122 resistance levels could push the price further higher.
The next important resistance is at $125, where sellers may emerge.

Looking at the chart, ETH price clearly bounced back nicely from the $110-111 support area. However, it must surpass the $119, $120 and $122 resistance levels to remain in a positive zone. If not, the price is likely to trim recent gains and trade back towards the $114 support level.

Ripple Price Analysis [XRP]:

Daily Chart:

The pair is currently placed nicely above $0.3160, but it must break the $0.3220 resistance for more gains.
Recently, there was a sharp downside reaction below the $0.3100 support level in ripple price against the US Dollar. The XRP/USD pair declined below the $0.3080 support and tested the $0.3050 area. A new weekly low was formed at $0.3047 and later the price bounced back nicely. It climbed above the $0.3080, $0.3100 and $0.3130 resistance levels to move into a positive zone. There was even a break above the 76.4% Fib retracement level of the last drop from the $0.3217 high to $0.3047 low. Moreover, there was a break above a major bearish trend line with resistance at $0.3160 on the hourly chart of the XRP/USD pair. The pair retested the $0.3217 swing high and the 100 hourly simple moving average.

However, there was no break above the $0.3220 resistance and the price is currently consolidating below the 100 hourly SMA. It seems like there could be a short term correction towards the $0.3160 or $0.3140 support levels. Later, the price may bounce back and attempt to surpass the $0.3220 barrier. The next stop for buyers could be near the $0.3320 level. It represents the 1.618 Fib extension level of the last drop from the $0.3217 high to $0.3047 low.

Looking at the chart, the ripple price is slowly moving into a positive zone above $0.3180. However, a clear break above the $0.3220 barrier is must for more gains in the near term.

Litecoin Price Analysis:

Daily Chart:

Litecoin rose by 2.11% on Tuesday, following on from a 0.69% gain on Monday, to end the day at $31.48. Negative sentiment across the cryptomarket weighed through the morning, leading Litecoin to a late morning intraday low $29.41, Litecoin falling through the first major support level at $30.34 and second major support level at $29.87 before finding support from the broader market.

Rallying through the late morning and early afternoon, Litecoin broke through the first major resistance level at $31.33 and second major resistance level at $31.85 to hit a late afternoon intraday high $32.01 before easing back to $31 levels.
At the time of writing, Litecoin was up 0.29% to $31.57, with a range bound start to the day seeing Litecoin rise to a morning high $31.90 before pulling back to a morning low $31.43, the major support and resistance levels left untested early on.

For the day ahead, a hold onto $31 levels through the morning would support a move back through the morning high to bring $32 levels and the day’s first major resistance level at $32.52 into play before any pullback, $33 levels and the second major resistance level at $33.57 unlikely to be in play barring a major crypt rally later in the day.

Failure to hold onto $31 levels could see Litecoin slide back to call on support at the first major support level at $29.92 before any recovery, sub-$29 support levels unlikely to be tested barring a broad-based sell-off later in the day.

[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. ]
coinmag

OWLT Market Media Desk publishes press releases from individuals and companies related to the cryptocurrency-related market.

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