Jan 30 Price Analysis: Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, NEM, Cardano
Jan 30, 2018 Posted / 2055 Views
The figures from last few years suggest that January has always remained the weakest month for Bitcoin and this year proved the same. There were many reasons that contributed to it crackdown this year- the South Korean drama, the Chinese mining ban or the very recent Japanese exchange heist.
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However many experts believe that the apart from all this, the one reason that has contributed a lot to the cryptocurrency bloodbath from its last year's hikes is The Chinese Lunar New Year. This auspicious occasion has been great for the stock traders, however, many crypto-holders used their bitcoins to convert them into fiat currencies and buy gifts for their family and friends. And, we all very well reckon that Chinese market is one of the biggest cryptocurrency space in the world.
Nonetheless, the equity markets are outperforming the crypto-markets in the first month of the year and now we will wait and watch if there is some surge in the month of February and the fortunes of the bigger cryptocurrencies take a u-turn.
Bitcoin turned down from the 20-day EMA on January 28. The experts suggested a long position on a close above $12,200, which did not trigger. Additionally, they suggest that there can be some further selling pressure by the bears and some long liquidation from the aggressive bulls who have accumulated close to the $10,000 to $12,000 levels expecting a spike up.
Panic selling can drag the Bitcoin to $8,000 and potentially even further down to $6,000 levels. It is pertinent to bear in mind that if Bitcoin breaks out of the $12,000 levels, it will invalidate a bearish pattern; and that is a bullish sign.
The analysts are holding long positions in Ethereum from $1,000 levels. On January 28, the Ethereum rallied to an intraday high of $1,265, which is close to 78.6 percent retracement levels of the recent fall from $1,424.3 to $770.
Traders can keep a stop loss of $1,000 on the remaining position because if the Ether stays above $1,160, it is likely to again attempt a breakout above $1,284.28 levels. If the $1,000 level breaks, Ethereum is likely to slide to the trendline.
On January 28, Bitcoin Cash broke out of the small overhead resistance at $1,700, but could not continue to build on the gain.
The cryptocurrency has again turned back down and has fallen below $1,700 levels. On any upwards movement, the bulls are likely to face strong resistance at the 20-day EMA, which is roughly at the same level as the down trendline. Above this, the next level of resistance is at $2,072.6853.
The BCH price will become positive in the short-term only after it sustains above $2,072.6853. Until then, all pullbacks are likely to be sold.
At present, Ripple is likely to fall to the lower levels if it breaks down of the immediate support at $1.27. The experts are suggesting Ripple remain in the large range of $0.87 to $1.74 for the next few days. We are likely to wait for a dip in support levels or the range breakout to initiate fresh long positions.
A day before on January 28, the attempt by the bulls to carry Litecoin higher faced resistance at the 20-day EMA. Now, the experts anticipate another round of selling by the bears to a breakdown below the critical support of $175. If the bears succeed in sustaining below $175, a fall to $140.001 and thereafter to $85 is likely. The experts say that their bearish view will be invalidated if the LTC/USD pair breaks out of the down trendline of the descending triangle.
There was a forecast that NEM will face resistance at the $1 levels from both the moving averages and that is what happened. If the bears fail to sink the cryptocurrency back below the down trendline, the experts anticipate a range bound trading between $0.8 on the lower end and $1.2 on the upper end. It is expected that NEM will become positive in the short-term on a breakout and close above $1.21.
Cardano is at present trading inside a tight range of 0.00005 and 0.00006. If support of this range breaks, a fall to 0.00004730 and after that to the lower end of the larger range at 0.00004070 is likely. Nonetheless, if the bulls defend the 0.00005 levels again, the range-bound trading action will continue for a few more days.
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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