Bitcoin, Ethereum, Ripple, Litecoin, EOS, Bitcoin Cash, Stellar, Binance Coin, Tron, Cardano: Price Analysis, March 20
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Market data is provided by the HitBTC exchange.
Binance Launchpad completed the sale of $4 million in Celer Network (CELR) tokens within 17 minutes and 35 seconds. This is the third such successful launch by the company. This shows that the market appetite is increasing for new coins that strong use cases.
Avnet, Inc, distributors of electronic components and technology solutions providers and Swiss online retailer Digitec Galaxus will accept cryptocurrencies. We expect many other players to go down the crypto path in the future. This will help bring crypto to the masses and realize the potential of crypto as a medium of exchange.
Blockchain and cryptocurrencies are path-breaking technologies. However, it is difficult to change the attitude of the people accustomed to using outdated systems and platforms. To give the nascent space a favorable push among the lawmakers, the number of lobbyists working on blockchain technology issues in Washington D.C. tripled in 2018.
Though fundamentals have been improving, the price of cryptocurrencies has been slow to respond. Nevertheless, a few major digital currencies have risen sharply from the yearly lows. Are they good for more, or will the rally stall? Let’s find out.
BTC/USD
Bitcoin (BTC) has been trading in a tight range between $3,950 and $4,035 for the past three days. Usually, a tight consolidation is followed by a range expansion. We expect the bulls to propel the price towards the overhead resistance of $4,255. This level will also act as a stiff resistance. But if the digital currency breaks out and sustains above $4,255, it will complete a double bottom pattern that has a target objective of $5,273.91.
Both the moving averages are sloping up and the RSI is in positive territory. This shows that the bulls have the upper hand.
Contrary to our expectation, if the BTC/USD pair turns down from the current levels and breaks below the uptrend line, it can dip to the 50-day SMA. If this support also breaks, a fall to $,3575 is probable.
The trend will turn negative on a breakdown to new yearly lows. Such a move will dent the sentiment and can prolong the existing bear market. Therefore, traders can keep the stop loss on the long positions below $3,236.09.
ETH/USD
Ethereum (ETH) is holding the 20-day EMA for the past two days. But it has failed to breakout and rally above $144.78. We anticipate a strong decisive move within the next few days.
If the bulls scale $144.78, a quick rally to $167.32 is likely because there is no resistance in between these two levels. On a close (UTC time frame) above $167.32, the ascending triangle pattern that has a target objective of $251.64 will complete.
Conversely, if the bears sink the ETH/USD pair below the 50-day SMA, a fall to $116.3 is probable. Traders can protect the remaining long positions with stops at $125.
XRP/USD
Ripple (XRP) continues to consolidate in a tight range. This shows a balance between buyers and sellers. The flat moving averages and the RSI close to 50 suggests that the range bound action might continue for a few more days.
The next trending move will start either on a breakout of the overhead resistance of $0.33108 or a breakdown from the uptrend line of the ascending triangle.
On the upside, the target levels to watch out for are the resistance line of the descending channel and above it $0.40. Above this level, the XRP/USD pair is likely to pick up momentum. On the downside, $0.27795 is an important support, below which the slide can deepen to $0.24508. Therefore, traders can retain the stops on the long positions below $0.27795.
LTC/USD
Litecoin (LTC) is trying to bounce off the support at $56.910. If the bulls can push it above $62.45, it will indicate strength. The next level to watch on the upside is $65.561 and above it $69.2790.
Both the moving averages are sloping up, which shows that the bulls have the upper hand. Still, we continue to watch the negative divergence on the RSI closely.
If the LTC/USD pair reverses direction and plummets below the 20-day EMA, it can drop to the 50-day SMA. Therefore, we suggest traders keep the stop loss on the remaining long positions at $52.
EOS/USD
The bulls again bought the dip below the 20-day EMA, which indicates demand at lower levels. However, EOS is facing resistance close to $3.8723. The price is largely stuck between these two levels. We expect the digital currency to break out of the overhead resistance or break down of the 20-day EMA within the next few days.
On a breakdown below the 20-day EMA, the EOS/USD pair can slide to the 50-day SMA and below it to $3.1534. We anticipate a strong support around these levels, hence, we propose a stop loss of $3.10 on the remaining long positions.
Conversely, if the bulls push the price above $3.8723, a rally to $4.4930 is probable. The up-sloping moving averages and the RSI in the positive territory suggest that the path of least resistance is to the upside.
BCH/USD
Bitcoin Cash (BCH) has been trading close to the overhead resistance of $163.89 for the past three days. This shows that the bulls are in no hurry to book profits. The moving averages have started to slope up gradually and the RSI is close to the overbought zone. This shows that the bulls are in command.
A breakout and close above the BCH/USD pair will carry the price to $175 and above it to $220. Eventually, we expect the pair to reach the stiff overhead resistance of $239. Therefore, traders can keep the stop loss on their long positions at $116.
Contrary to our assumption, if the digital currency turns down from the current levels, it can correct to the 20-day EMA and below it to the 50-day SMA.
XLM/USD
Stellar (XLM) rallied to the resistance line on March 18 but could not break out of it. Profit booking has again pushed the digital currency back into the range. However, the 20-day EMA is sloping up and the RSI is close to the overbought zone. This suggests that the bulls are at an advantage.
If the XLM/USD pair breaks out of the resistance line, it can rally to $0.13250273 and above it to $0.14861760. We expect the 20-day EMA to act as a support on any dip.
Our bullish assumption will be negated if the pair plunges below the 20-day EMA and slides to the 50-day SMA. For now, traders can retain the stops on the long positions at $0.08. We shall soon trail it higher to $0.10.
BNB/USD
Binance Coin (BNB) has dipped below $15.9100517 and is retesting the support at $15. The small uptrend line also lies at this level and the 20-day EMA is just below it. We expect this support zone between $15 and the 20-day EMA to hold.
Both the moving averages are trending up and the RSI is close to the overbought zone. This suggests that the bulls are in command.
If the BNB/USD pair rebounds from the support zone, it will again attempt to break out of the overhead resistance and move towards its target objective of $18. On the other hand, a breakdown of the 20-day EMA can sink the price to the 50-day SMA. Traders can, therefore, keep the stop loss on the remaining long positions at $14.
TRX/USD
Tron (TRX) has been trading close to the 20-day EMA for the past six days. The small trading ranges suggest a balance between buyers and sellers. However, this is unlikely to continue for long. We should see an increase in volatility within the next few days.
A breakout of the 20-day EMA can carry the TRX/USD pair to the critical overhead resistance of $0.02815521. If the bulls break out and sustain above the range, the pair is likely to start a new uptrend.
On the other hand, if the digital currency turns down from the current levels, it can drop to $0.02094452 and if this level also breaks, the slide can stretch to $0.01830.
ADA/USD
Cardano (ADA) has again risen above the overhead resistance of $0.051468. This is the second time the bulls have scaled the resistance within four days. Now, if the price moves above $0.05650, it is likely to start a new uptrend.
The first target on the upside is $0.066121, above which the move can extend to $0.080. Therefore, traders can initiate long positions above $0.05650 and keep a stop loss at $0.044. We shall soon trail it to $0.048.
Our bullish view will be invalidated if the ADA/USD pair falls back into the $0.036815 to $0.051468 range. Such a move will extend the consolidation for a few more weeks.
Мarket data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.