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The market data is provided by the HitBTC exchange.
In a recent interview with Cointelegraph, Sterling Witzke, a partner at Winklevoss Capital, said that institutional investors are investigating the cryptocurrency industry, but are not yet ready to take the big plunge.
According to her, the unfavorable regulatory environment in the United States and the lack of adequate security measures are two of the main factors that must be resolved if the institutions want to make a decisive entry.
Companies are testing several approaches to open Bitcoin and other cryptocurrencies to the general audience.
One of these attempts is that of the Bitcoin Coinme ATM company, which has partnered with the Coinstar currency converter. The objective of both companies is to facilitate the purchase of Bitcoin through Coinstar kiosks that will be installed in grocery stores in several countries.
As if the number of existing cryptocurrencies was not enough, researchers from seven of the major US universities have joined together to launch a "decentralized payment network on a global scale". This shows that some of the best minds in the industry are positive about the outlook for cryptocurrencies in the future.
BTC / USD
The volatility of Bitcoin (BTC) has sharply decreased in the last three days. We anticipate a resolution of this narrow range in the coming days. Both moving averages are flat or slightly inclined downwards. The RSI is in the negative zone. This shows that the path of least resistance is that of the disadvantage.
A fall of USD 3,473.47 can push the BTC / USD pair towards the year-to-date low of USD 3,236.09. On the other hand, if the bulls push the price above the moving averages, a rise to USD 4,000 is possible. We anticipate strong resistance in the area from USD 4,000 to USD 4,255.
If the bulls scale this area, the leading cryptocurrency could start a new uptrend. We will wait for a reliable purchase configuration to be formed before recommending any operation on it. Until then, it is better to remain on the sidelines.
Do not stop reading: On the tenth birthday of Bitcoin, the crypto-markets in general experience corrections
XRP / USD
The failure of Ripple (XRP) to break with the moving averages will attract sellers. A breakdown of USD 0.31121 can lead to a decrease to USD 0.27795.
The trend is downward, as the XRP / USD pair continues to operate within the downstream channel. Both moving averages have fallen slightly and the RSI is in the negative zone, suggesting that the pair is on the rise.
You may be interested: Ripple: only XRP private keys that used software before August 2015 are vulnerable
The first sign of a possible reversal of the trend will be a break and a close above the bearish trend line. Such movement can see the price move to USD 0.4, and above it to the channel resistance line. We could not find a reliable operational configuration at current levels, so we are not suggesting new long positions.
ETH / USD
Although the bulls have successfully defended the 50-day SMA over the past four days, they have not been able to push Ethereum (ETH) above the 20-day EMA.
The declining 20-day EMA and the negative area RSI suggest that the bears have the advantage in the short term. A breakdown of USD 116.3 will increase the probability of a fall to USD 100, and further to USD 83.
However, if the bulls raise the price, a break above USD 140 can take the ETH / USD pair towards the next overhead resistance of USD 167.32. We will wait for a change in trend to be confirmed before proposing a change in trend.
BCH / USD
The volatility of Bitcoin Cash (BCH) has been drastically reduced in the last three days, which shows a lack of interest in both the purchase and the sale.
If buyers return in large quantities and push the BCH / USD pair above the moving averages, it is likely that there will be a rise to USD 177.3.
However, if the bears sink the digital currency below USD 121.3, a decline to USD 100 will be possible, and below that to USD 73.5.
EOS / USD
Although EOS continues to operate within the range of USD 2,3093 - 3,2081, bulls are struggling to push the price above the 20-day EMA.
A drop in the range and USD 2.1733 may push the EOS / USD pair towards USD 1,7746, and below this level to the recent low of USD 1.55.
Conversely, if the bulls push the price above the 20-day EMA, the cryptocurrency could reach the top of the range. With both flat moving averages and the RSI marginally in the negative zone, consolidation is likely to occur.
XLM / USD
The intraday range has narrowed further in Stellar (XLM). The bulls and the bears are in a state of equilibrium.
A break below USD0.010235190 will increase the probability of a new test of USD0.09285498, below which the downward trend will resume.
Keep reading: Grayscale adds Stellar as the latest investment fund of Cryptocurrencies
If the bulls push the pair XLM / USD above the EMA of 20 days and the SMA of 50 days, a movement to USD 0.1327050 will be possible. A break of this level will be the first indication that the trend is about to reverse. Currently, we have not been able to find any bullish pattern, so we are not suggesting an operation.
LTC / USD
Litecoin (LTC) has been trading between the moving averages for the last four days. It is unlikely that such a narrow range will be maintained for a long time.
After this period of low volatility, we expect the range to expand in the coming days. However, it is difficult to predict in which direction the break will occur because the moving averages are flat and the RSI is also just below 50 levels.
If the LTC / USD pair climbs above the 20-day EMA, it could try to rise to USD 36,428, and even more to USD 40,784. However, if the bears sink the virtual currency below the support zone of USD 27,701 to USD 29,349, it is likely to drop to USD 23,090. Therefore, long positions should be protected with a stop loss of USD 27.5.
TRX / USD
During the last two days, Tron (TRX) has been operating within the intraday highs and lows formed on January 15 of this year.
A break and a close above the resistance area of USD 0.02733572- 0.02815521 overload could start a new uptrend that could bring the TRX / USD pair to USD 0.04.
On the other hand, if the price breaks down from the 20-day EMA, it could be corrected to USD 0.0211344, and below this to USD 0.0183. We suggest traders who buy closer to USD 0.0183, or in a close above USD 0.02815521 (UTC time). We could not find any reliable trade within the range.
BSV / USD
It is not happening much in Bitcoin SV (BSV), as it remains within a very narrow range of USD 74,022 to USD 88,722.
A breakdown of this narrow range will lead to a new test of USD 65,031. If this level is broken, long positions will be liquidated that can sink the BSV / USD pair even further up to USD 57, and below these USD USD 38,528.
The first sign of recovery will be when the bulls push the price above the moving averages and keep it there. Until then, we suggest that operators stay on the sidelines.
ADA / USD
Although Cardano (ADA) has closed above the 20-day EMA, it has not yet taken a decisive step up. Currently, bulls are struggling to stay above the moving average.
Both moving averages are flat, and the RSI is close to 50 levels, which points to consolidation in the short term.
The levels to be taken into account in the lower part are USD 0.4 and USD 0.036815, while an important threshold in the upper part is USD 0.051468. If this level is crossed, the ADA / USD pair can move to the resistance line of the ascending channel.
However, we could not find any bullish configuration at current levels, so we remain neutral on the currency.
The market data is provided by the HitBTC bag. The graphs for the analysis are provided by TradingView..