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Crypto Conjecture For January 8, 2019

Bitcoin Price Analysis [BTC]

Daily Chart:
BTC price must break above $5,000 in order for a strong bullish case to be made for the long-term.

BTC price analysis for Jan 8

Yesterday, we saw a nice upward move above $4,000 in bitcoin price against the US Dollar. The BTC/USD pair gained bullish momentum and traded towards the $4,100 level. A new weekly high was formed at $4,084 and later the price started a downside correction. It moved below the $4,000 and $3,980 support levels.
Moreover, there was a break below the 23.6% Fib retracement level of the recent upside from the $3,759 low to $4,084 high. The price traded close to the $3,900 level and tested the $3,920 support. There was no complete test of the 50% Fib retracement level of the recent upside from the $3,759 low to $4,084 high. At the outset, the price is consolidating above the $3,950 level. On the downside, the main support is near $3,950. There is also a major bullish trend line formed with support at $3,940 on the hourly chart of the BTC/USD pair. Below the trend line, the next key support is near the $3,920 level. On the upside, there is a connecting bearish trend line with resistance at $4,000 on the same chart. Therefore, the price could make the next move either above $4,000 or below $3,920 in the near term.
Looking at the chart, the bitcoin price seems to be preparing for the next move either above $4,000 or below $3,920. Above $4,000, BTC could test the $4,080 and $4,100 resistance levels.

Ethereum Price Analysis [ETH]

Daily Chart:

ETH price analysis for Jan 8

ETH price failed to clear the $159-160 resistance zone against the US Dollar.
The ETH/USD pair started a downside correction and traded below the $155 and $150 support levels. There was even a close below the $155 support and the 100 hourly simple moving average. The price also declined below the 76.4% Fib retracement level of the recent leg from the $147 low to $160 high. More importantly, yesterday’s highlighted key bullish trend line was breached with support at $150 on the hourly chart of ETH/USD. The pair tested the $147 swing low and it is currently trading below the 100 hourly SMA.
On the downside, the next support is near the $144 level. It is the 1.236 Fib extension level of the recent leg from the $147 low to $160 high. If there are more losses, the price may trade towards the $139-140 support zone. Besides, the 1.618 Fib extension level of the recent leg is also near the $139 level. On the upside, the broken support near the $150-152 zone and the 100 hourly SMA could act as a resistance.
Looking at this chart, ETH price may correct a few points higher, but it likely to face sellers near $152. If there is a bearish continuation, the price may perhaps continue to move down towards the $144 or $139 supports. Overall, selling near the $152 level may be considered in the short term for a test of $144 or $139.

Ripple Price Analysis [XRP]

Daily Chart:

XRP price analysis for Jan 8

After forming a high near the $0.3760 level, ripple price started a downside correction against the US Dollar.
The XRP/USD pair traded below the $0.3700 and $0.3650 supports levels. The decline was such that the price traded below the $0.3620 support as well. Sellers later pushed the price below the 50% Fib retracement level of the last leg from the $0.3470 low to $0.3761 high. However, the price is now trading near the important $0.3580 support. The 100 hourly simple moving average is also positioned near the $0.3580 level. Besides, the 61.8% Fib retracement level of the last leg from the $0.3470 low to $0.3761 high is at $0.3581.
Therefore, the $0.3580 support holds a lot of significance for buyers in the near term. If there is a break below $0.3580, the price may drop towards the $0.3530 support. There is also a major bullish trend line with support at $0.3530 on the hourly chart of the XRP/USD pair. The trend line support at $0.3530 is close to the 76.4% Fib retracement level of the last leg. On the upside, initial resistance is near $0.3620 and a bearish trend line on the same chart.
Looking at this chart, ripple price is clearly trading near major support at $0.3580. As long as it is trading above the $0.3580 and $0.3530 supports, there are chances of recovery.

Litecoin Price Analysis [LTC]

Daily Chart:

LTC price analysis for Jan 8

Litecoin completed an inverse head and shoulders pattern on Jan. 6. This has triggered our buy setup proposed in the previous analysis. The pair now has a pattern target of $49.756. If the bulls sustain above $47.246, the price can move up to $56.910.
The moving averages have completed a bullish crossover and the RSI is also in the positive territory. This is a bullish sign. Our positive view will be invalidated if the LTC/USD pair plunges below $27.701.
Litecoin price settles above the previously breached resistance line, to keep the bullish trend active for today, supported by the EMA50 that carries trading inside the bullish channel that appears on the chart, reminding you that our next main target is located at 42.20, while holding above 35.40 and 32.00 levels represents the key condition to continue the expected rise.
The expected trading range for today is between 35.40 support and 42.20 resistance.

[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.

  1. Nice article. From last two- three month the value of cryptocurrencies is constantly laying down.
    will there be a revolution in cryptocurrencies market based on value? What will be the prediction?
    can you post an article on future prediction of cryptocurrencies and its value ?

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