Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, EOS: Price Analysis, Feb. 16
Latest buying and selling assessment on hottest cryptocurrencies.
The views and opinions expressed listed below are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Every funding and buying and selling transfer entails danger, it is best to conduct your personal analysis when making a call.
The market knowledge is supplied by the HitBTC change.
After a large sell-off earlier this 12 months, the cryptocurrencies are attempting to drag again. Among the highest cash, Litecoin has garnered all the eye with favorable information and an upcoming fork on Feb. 18.
At the identical time, Western Union, one of many oldest cash switch corporations, has confirmed it’s testing Ripple’s Blockchain-based settlement system.
George Soros, who had earlier referred to cryptocurrencies as a “typical bubble” has invested in Overstock, via his funding fund. Overstock is without doubt one of the most pro-cryptocurrencies companies, and its inventory value has appreciated immensely because the cryptocurrencies skyrocketed.
This exhibits that the mainstream companies are slowly recognizing the worth of blockchain know-how.
However, just a few old-timers are nonetheless skeptical of cryptocurrencies and the most recent to voice his opinion is Berkshire Hathaway vice chairman Charlie Munger, who known as Bitcoin “completely asinine.”
Nevertheless, as merchants, if an asset class presents us a possibility, we take it. Let’s see if we discover some fascinating performs right this moment.
Our suggestion of an extended place in Bitcoin triggered on Feb. 15. Traders, who comply with us, would have entered their positions between $9,500 and $9,700. We had anticipated that after the cryptocurrency broke out of the overhead resistance, it could rally in the direction of the 50-day SMA. But the value motion above $9,500 has not been encouraging.
We choose breakouts that rapidly achieve momentum as soon as they clear a resistance space. In this case, the BTC/USD pair is going through promoting strain on the resistance line, as proven within the chart.
If the cryptocurrency holds the $9,500 ranges and breaks out of the resistance line, it’s more likely to proceed buying and selling contained in the ascending channel and attain the 50-day SMA, the place merchants can guide earnings on 50 % of their positions and maintain the remainder with a trailing cease loss for a goal of about $12,500.
Bitcoin is prone to a bear assault so long as it trades contained in the descending channel. Therefore, we wish to scale back our danger. We suggest elevating the cease loss on 50 % positions to $eight,600 and protecting the remainder on the beforehand talked about stage of $7,800.
Ethereum triggered our purchase ranges on Feb.14. But, it additionally has failed to increase its pullback. It entered a small vary day yesterday, Feb. 15, and is following it up with one other quick vary day right this moment, Feb.16.
While the ETH/USD pair has not given up any floor, it has struggled to maneuver up. Our first goal goal was a transfer to the 50-day SMA, at present near the $1,000 mark adopted by a rally to $1,050 ranges.
The cease loss stays at $775, as a result of we don’t discover any increased logical cease loss stage.
Bitcoin Cash has damaged out of the resistance zone and has triggered our purchase ranges of $1,400 right this moment. We now count on a rally to the 50-day SMA at $1,818, adopted by a transfer to $2,000.
Breaking out of the long-term downtrend line and the 20-day EMA is a bullish signal. But if the opposite cryptocurrencies flip down, the BCH/USD pair may additionally discover it troublesome to rally.
Therefore, we retain the cease loss at $1,100, beneath which a fall to $854 is probably going.
Ripple rose above our prompt purchase stage on Feb. 14. Despite our opinion, it has once more entered into a decent vary since Feb.15.
As the XRP/USD pair continues to commerce above the 20-day EMA, we count on it to realize momentum and rapidly rally to $1.5 ranges, the place merchants can guide earnings on 50 % positions. The remaining stops will be trailed for the next goal goal of $1.74.
Our bullish view can be invalidated if the cryptocurrency falls beneath the cease lack of $zero.86.
Stellar broke out of the descending channel and triggered our purchase stage at $zero.45. As the markets have rejected the break beneath $zero.41, we count on a transfer to the overhead resistance stage of $zero.63.
As lengthy because the XLM/USD pair sustains above the 20-day EMA and the $zero.41 ranges, a rally in the direction of $zero.63 is probably going.
Hence, we suggest holding the place with the prompt cease lack of $zero.30 on a each day closing foundation (as per UTC).
Yesterday, Feb. 15, Litecoin continued its up transfer, breaking out of the small overhead resistance at $214.483. Our readers are lengthy from the $180 ranges. We had forecast a rally to $242, and yesterday, the cryptocurrency reached $239.705 ranges, very near our goal goal.
We consider that so long as the LTC/USD pair stays above $214.483 ranges, it’s on the right track to succeed in $242. Once above this, a transfer to $270 and, after that, to $307 is probably going.
So, merchants ought to guide 50 % earnings at $240 and hold a trailing cease loss on the remaining place.
For now, we propose elevating the cease loss to interrupt even. Let’s not lose any cash on the commerce.
Cardano has accomplished a breakdown from the bearish descending triangle sample. It has one ultimate assist at zero.00003700, beneath which, a fall to zero.0000246 is probably going.
The ADA/BTC pair stays unfavorable so long as it trades beneath the overhead resistance of zero.00004070.
We ought to flip optimistic on the cryptocurrency if it breaks out of the downtrend line of the descending triangle.
Our lengthy place on NEO at $121, prompt within the earlier evaluation was triggered on Feb. 14.
Yesterday, Feb. 15, efforts by the bears to push the NEO/USD pair again beneath the assist of $120.33 failed. This exhibits that the bulls are offering assist at decrease ranges.
Our goal goal is a transfer to the downtrend line of the descending triangle. We suggest elevating the cease loss from $100 to $107. We don’t wish to grasp on to the commerce if it falls beneath $120.33 ranges.
EOS is at present going through resistance from the 20-day EMA. Above this, it’s once more more likely to face resistance from the downtrend line. Just above the downtrend line lies the 50-day SMA.
As there’s a confluence of resistance within the $9.eight to $10.7 zone, we aren’t suggesting any commerce. We should purchase as soon as the EOS/USD pair breaks out of this resistance zone.
The market knowledge is supplied by the HitBTC change; the charts for the evaluation are supplied by TradingView.