Featured, Research and Analysis

Crypto Conjecture For January 24, 2019

Bitcoin Price Analysis [BTC]

Daily Chart:

Candlestick Arrangements:

BTC price analysis for Jan 24

The current trajectory is upwards. After yesterday’s bull pin bar and a spike in participation levels, traders expect prices to surge. Nonetheless, today’s price action could trend in limited ranges after yesterday’s bounce off $3,500. All these are projections based on hard figures.
Moreover, from the chart, the rejection of lower lows from off a critical Fibonacci level means there is underlying demand. Therefore, prices could snap back to trend and rally towards $4,500.
At the moment though, traders should exercise patience and note that even in the midst of this optimism, BTC is trending in a broader bear market and this short-term uptrend prints within a bear breakout pattern where ideal resistance or retest lies at $5,800–$6,000 level.
Technical Indicators:
Transaction volumes are tight and even with yesterday’s improvement—18k versus 13k, the path ahead is tough for bulls. To repeat our stand, and lift off above $3,800 should be via high transaction volumes preferably above those behind Jan 10 losses at 35k.
Such high-volume break and close above would shift momentum from bearish to bullish as price action aligns with Dec 17 gains.
Fundamentals:
There is a changing wave across the US. First, it was Texas, then Wyoming and now The Pennsylvania Department of Banking and Securities (“DoBS”) is responding to inquiries on whether the Money Transmitter Act (MTA) and more specifically, if the Money Transmission Business Licensing Law, applies for entities keen on delving into the crypto exchange business. While answering “multiple inquiries,” the DoBS started by defining what money is while remaining categorical that under the MTA, Bitcoin is not money.
They further expounded that businesses must comply with MTA requirements whenever fiat currency is involved. Virtual exchanges, they note, are unique because they are facilitators and are don’t in any way handle fiat currency—classified as money under the MTA. This is so because exchanges only permit buying and selling of assets.
As a result, they are not money transmitters and need not apply for Money Transmitter Business license to operate.

Ethereum Price Analysis [ETH]

Daily Chart:
The pair is currently at risk of more losses as long as it is trading below the $118 and $120 hurdles.

ETH price analysis for Jan 24

Yesterday, we saw a nice upward move above $114 and $115 resistances in ETH price against the US Dollar. The ETH/USD pair even spiked above the $118 resistance and the 100 hourly simple moving average.
However, it failed to break the $120 resistance area. There was also no close above the 61.8% Fib retracement level of the last downside move from the $125 high to $111 swing low. The price started a fresh decline and traded below the $118 level and the 100 hourly SMA.
Moreover, there was a break below the 50% Fib retracement level of the recent wave from the $111 low to $120 swing high. At the outset, there is a short term declining channel formed with resistance near $118 on the hourly chart of ETH/USD. The channel support is at $114, where buyers are likely to emerge.

Above $114, the 61.8% Fib retracement level of the recent wave from the $111 low to $120 swing high is decent support. Below $114, the price could dip towards the $112 and $111 levels.

Looking at the chart, ETH price is facing a major resistance near the channel, $118, and the 100 hourly simple moving average. A successful break and close above $120 are needed for more gains towards $124 and $127. If buyers fail, the price may continue to move down towards $112.

Ripple Price Analysis [XRP]

Daily Chart:
Ripple price is slowly retreating from recent highs against the US Dollar and Bitcoin. XRP/USD is likely forming a dip and rip scenario with supports near the $0.3120 and $0.3110 levels.

XRP price analysis for Jan 24

Yesterday, we saw a sharp bullish reaction from the $0.3050 support area in ripple price against the US Dollar. The XRP/USD pair gained pace above $0.3120 and $0.3160 to move into a positive zone. It even spiked above the $0.3200 level and the 100 hourly simple moving average. However, the price struggled to hold gains above $0.3220 and later declined. The price also failed near the 61.8% Fib retracement level of the last decline from the $0.3345 high to $0.3047 low.
It dipped below the $0.3200 and $0.3180 levels to start a downside correction. During the recent decline, the price moved below the $0.3150 level and the 100 hourly SMA. Besides, there was a break below the 50% Fib retracement level of the last wave from the $0.3047 low to $0.3231 high.
At the outset, there is a declining channel in place with support at $0.3130 on the hourly chart of the XRP/USD pair. The current price action suggests that the price could dip below the $0.3130 and $0.3120 levels. Having said that, the price is likely to find bids near the $0.3100 for a fresh upward move.
Looking at the chart, ripple price is likely forming a replica of the recent declining channel with resistance at $0.3175. Therefore, there are high chances of a downside spike below $0.3120 before the price climbs higher once again.

Litecoin Price Analysis [LTC]

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

LTC price analysis for Jan 24

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

Yesterday, January 22, the price of Litecoin was in a bullish trend zone. The bulls defended the $30 price level as the bears failed to break it. From the bearish trend zone, the bulls broke the 12-day EMA and 26-day EMA to reach the bullish trend zone. Today, the bulls have reached the $32 price level and are expected to reach the $34 price level.
If the bulls break the $34 price level, the LTC price will be out of the price range of $31 and $34 price levels. Also, the stochastic is in the overbought region but above the 80 % range which indicates that the crypto is in a strong bullish momentum and a buy signal.

LTC/USD Short-term Trend: Bullish
Daily Chart:

LTC bullish for short-term on Jan 24

On the 1-hour chart, the price of Litecoin was in a bullish trend zone. The 12-day EMA and the 26-day EMA are trending upward indicating that price is likely to rise. Traders are to initiate long trades as the $30 price level is holding at the support level. Meanwhile, the stochastic is out of the overbought region but below the 60 % range which indicates that the crypto is in a bearish momentum and a sell 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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