Jan 22 Price Analysis: Bitcoin, Ethereum, Bitcoin Cash, Ripple, IOTA, Litecoin, NEM, Cardano
Jan 22, 2018 Posted / 10903 Views
The first month of January has not yielded great profits and the market is mostly running in a consolidation period. Nonetheless, the bulls are working hard to push the forces forward and rise above the late dips, however, the last some days of FUD on the ban on cryptocurrency exchanges on the social media channels have hampered the growth far too much.
By far and large one strategy has worked so far, “buy the dips” and this has helped the market recover a big deal. However, if we compare it with the gains in 2017, the results are not that impressive again. This leads us to some serious thought processing as it seems obvious that traders are not trusting much this time and are not confident that there will be such great rally again as it was last year.
The analysts though are waiting for the range bound action and hoping for a rally, which is far more impressive than last year. In this article, we will divulge on how the leading cryptocurrencies will perform in the coming weeks.
It’s been a week now that Bitcoin has been trying to find some support prices and bulls are pursuing that at $11, 500 for some time now. However, Bitcoin had not been able to recover much and gain a higher rally owing to the bearish pressure. The analysts had said back earlier that how so ever the bulls may try to pull back Bitcoin, it will not be able to sustain much and break down to maybe $8000 levels. The bearish pressure leads it to skip at $9,300.
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The bearish crossover is heightening a pessimistic arrangement. Let's see if the bearish arrangement gets invalidated and if the price can climb back again to $15,000 levels. Nimble-footed traders can play the rise, but others should wait for more clarity to develop.
As analysts suggested that Ethereum could not sustain at the support levels for a long time and the bears plunged the currency to the $ 965.33 levels in no time. The trend line was even broken as the currency skipped the support levels and fell below to $780. Nonetheless, the bulls bought the ether dips largely, resulting in a pullover and this carried the cryptocurrency towards the 50 percent Fibonacci retracement levels of the recent fall from $1424 to $770.
However, since last few days, the currency has been struggling to cross above $1097. If the price breaks out of the $1100 levels, the analysts anticipate moving to $1174.36 and $1284.28 levels. The experts further suggest that investors should not trade at the stop loss of $930 it is not a good risk ratio.
As the currency was holding at $1773 at present time, the experts expected to find support at these levels for some amount of time, however, the bearish pressure was too strong and the currency fell to $1364 and has not been able to recover a lot as there had been a series of fluctuations. Even the current increase will essentially face some resistance at $2, 072 levels. The analysts say that their bearish predictions might get annulled if the bulls happen to push it to $2,072 levels. But till now there is a confirmation that the bearish push will be hard to break and as the currency broke to$1,364 will dip back to $1,194.
The analysts had already declared about the bears are strong push and the downtrend that will continue to the fall of on 61.8 percent on the Fibonacci retracement levels of the rally. However, the currency has been out of the downtrend and now it is expected that it will gain now. The current standing price if however, $1.40 after gaining back from the latest falls from the low of $0.97. Nonetheless, if the cryptocurrency fails to break above the 20-day EMA, the bears will again attempt to restart the downtrend. Support lies at $0.87. We expect a few days of range-bound trading.
At present, the currency is facing a great dilemma as the critical support of $3.032 is in a tussle of Bulls and Bears. The bears have broken below the support and at present, the currency is trading at $2.87. Nonetheless, the bulls are preparing for a strong pullback. However, along with the range, the analysts have found a bearish descending triangle pattern with a breakdown, which is likely to result in a decline to a low of $1.10. On the flip side, if the bulls hold the support, the virtual currency is expected to persist again, however, the analysts don’t suggest trading as they are not sure themselves.
The experts had predicted a likely dip to $100 if Litecoin broke below $175.19. Nonetheless, the currency rose from a low of $140.00 on Jan. 17. For two days in a row, Jan. 16 and Jan. 17, the bears broke down below $175.19 but were unsuccessful in holding prices down. If the bulls breakout of $205- a move to $225 is likely, where both the moving averages converge. This level is likely to act as a resistance. However, the currency at present is standing at $193 and it will no doubt move ahead.
NEM fell close to the 78.6 percent retracement levels on Jan. 16 and Jan. 17. After that, the bulls have started a pullback, which will probably face a strong resistance at the downward trend line. If the price uptrends, it will possibly result in an increase to $1.45. Nonetheless, the subsequent fall towards the recent lows of $0.55134 will validate whether the downtrend will continue or is their advancement. Until then, the investors are suggested that they should remain on the sidelines on the Ripple contributions.
The analysts are hoping long positions in Cardano and at present, the currency is holding the critical trend line support at $0.61. Therefore, if you are one of those traders who did not sell off in the rally, the analysts recommend that they should close at the current price soon. The analysts suggest that they don’t want to hold up a long position when the entire sentiment is heavily bearish and a breakout of the downtrend line will be the only indication that the fall is over
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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