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Crypto Conjecture For January 7, 2019

Bitcoin Price Analysis [BTC]

Daily Chart:

BTC price analysis for Jan 7

Bitcoin has formed lower highs and higher lows to create a symmetrical triangle pattern on its 4-hour time frame. Price recently tested support and has bounced back up to the triangle top, perhaps to attempt another break higher. The 100 SMA is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. In other words, resistance is more likely to break than to hold. If that happens, bitcoin could climb by the same height as the triangle formation, which spans $3,200 to $4,400.
However, RSI is already indicating overbought conditions or that buyers are feeling exhausted. Turning lower could signal a return in bearish pressure as sellers regain control, possibly taking bitcoin back down to the triangle bottom. A break below this could spur a drop of the same size as the triangle, although the 200 SMA close by could add support at $3,800. Stochastic is pointing up to signal that there is some bullish pressure left but the oscillator is also nearing the overbought region to indicate that buyers might feel exhausted soon.
Bitcoin was off to a positive start this year and seems to be making a strong attempt at pulling up from the earlier slide. Optimism for a big rebound in the next few years might still be driving the rallies, but it’s encouraging to see bulls being able to defend nearby support levels quite well. It could take an actual industry development more than just simply expectations to sustain a climb, but an upside break of a key technical level could encourage even more bulls to charge. In fact, analysts predict that if bitcoin is able to keep its head above the $4,000 major psychological mark for the rest of the day, it might be enough to encourage more bullish positioning in the days ahead.

Ethereum Price Analysis [ETH]

Daily Chart:

ETH price analysis for Jan 7

There were bullish moves in ETH price above the $145 support against the US Dollar. The ETH/USD pair traded above the $150 and $154 resistance levels to move into a bullish zone. It even spiked above the $160 level and traded as high as $160.12. Later, it started a downside correction and traded below the $157 support.
It also moved below the 23.6% Fib retracement level of the last wave from the $147 low to $160 high. However, there are many supports on the downside near $154 and $150. Moreover, there is a crucial bullish trend line formed with support at $148 on the hourly chart of ETH/USD. The 50% Fib retracement level of the last wave from the $147 low to $160 high is intermediate support at $154. Lastly, the 100 hourly simple moving average is also placed near the $151 level.
Therefore, there are many supports, starting at $154 and ending at $145. The price is likely to move higher if buyers gain traction above $157 and $160. The next major resistance for buyers is near $165, which is the last major swing low.

Ripple Price Analysis [XRP]

Daily Chart:

XRP price analysis for Jan 7

There was a downside correction below $0.3750 in ripple price against the US Dollar. The XRP/USD pair traded towards the $0.3460 support, which acted as a buy zone on many occasions. The price found a strong buying interest near $0.3460 and later recovered. It jumped above the $0.3500 and $0.3550 resistance levels. There was even a close above the $0.3600 level and the 100 hourly simple moving average.
Moreover, there was a break above a key bearish trend line with resistance at $0.3550 on the hourly chart of the XRP/USD pair. It traded close to the $0.3700 level and formed a high at $0.3689. Later, it started a downside correction and traded below the $0.3660 level. There was a break below the 23.6% Fib retracement level of the recent wave from the $0.3471 low to $0.3689 high.
On the downside, there are many supports near the $0.3600 and $0.3580 levels. Besides, the 50% Fib retracement level of the recent wave from the $0.3471 low to $0.3689 high is placed near the $0.3580 level. Finally, the 100 hourly SMA is near $0.3570 to act as strong support.
At this chart, ripple price remains well supported above the $0.3550 level and the 100 hourly SMA. On the upside, the price must break the $0.3680 and $0.3700 resistance levels. The next main resistance is at $0.3800 followed by $0.3820.

Litecoin Price Analysis [LTC]

Daily Chart:

LTC price analysis for Jan 7

Litecoin manages to break out of a short-term resistance and outperforms many other major peers while others still consolidate after last year’s massive crash that saw prices falling off the cliff and erasing more than 80 percent of the market value for almost all the cryptos, including Litecoin, which lost more than 90 percent from the December 2017 high.
LTC/USD up more than 4 percent on the day at $33.849 and is at the high point of the day, while volatility is shrinking for this crypto – a sign of weaker bears. On the 120-minute chart of LTC, it first took the support of an ascending trendline that has helped it throughout last month and then broke out of descending trendline resistance. For this breakout to sustain and result in more gains, prices should first be able to go past $34.15 and then $37.20. Only then can there be any meaningful sustained rally in the prices.

[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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