Jack Dorsey who is the co-founder and CEO at Twitter recently present a very bullish projection for Bitcoin (BTC) future. During a podcast, Dorsey mentions that he view Bitcoin as the native currency of the Internet. Moreover, the CEO at Binance, Changpeng Zhao later supported and seems quite convincing on his point of view.
Moreover, one popular online crypto portal shared a poll, where crypto experts predicted about Bitcoin to experience a reversal of fortune particularly in this year, 2019. They believe BTC to rally worth $7,000 by the closure of the year.
The COO at Digital Capital Management, Ben Ritchie made the most bullish forecast considering respondents. Who place the number for BTC to go worth $9,500 by the closure of 2019.
Moreover, Mike Novogratz, the CEO at Galaxy Digital crypto bank also posted a tweet on the crypto prices. That might take much time to turn around. Though, he has always been confident about institutional players to take their plunge and carry ahead this market higher.
Realizing having tweeted about crypto in a while. It’s a grind. Don’t think we head north for at least a few more months. Always take longer for institutions to move. Very confident they will. Tons of activity under the hood. Stay the course.
— Michael Novogratz (@novogratz) February 1, 2019
Bitcoin (BTC) is continually showing small range trading action. However, the bull fails to hit price above a 20-day EMA as seen within recent two days, also the graph shows weakness.
Talking about bears, it is the only thing to attempt pushing its price to the critical support around $3,236.09. a level break is said to resume the downtrend which might negatively influence the sentiment.
The following downside support is around $3,000 at a psychological threshold. In any case, if this level cracks, then the slide might extend up to $2,600. On the other hand, if the market sees bulls scaling more than 20-day EMA, then the Bitcoin BTC/USD pair is said to rise around 50-day SMA.
We all are just waiting to turn bullish; this can happen if a range is expanded to the upside sustaining around some couple of days. Then such fluctuation can indicate in high buying and will result in a probable trend change.
This line of downtrend has been seen as a stiff resistance from late November 2018. Moreover, the upside levels to look for lies around $4,255, which can further stretch to $4,914.11.
Currently, Bitcoin is trading at $59,847,029,556 as its market cap value, $3,415.57 as its recent price, and -1.28% as per its 24-hour change according to the CoinMarketCap.
Considering the second largest coin Ripple is seen continuing to lose its ground. However, it drops to the critical support around $0.27795. Also, its level break might sink the pair up to the all yearly low of worth $0.24508.
In the case of bulls defending its support it will hit around $0.27795. And it might twist the price more than 50-day SMA, then can this pair XRP/USD will likely boost up its momentum.
Many of the investors believe this might break out relatively of 50-day. And SMA to propel this pair worth around $0.4, showing slight resistance of $0.38239. On the other side, the traders can start their long positions which many recommends according to the analysis seen on January 30.
Currently, Ripple is trading at $12,037,246,966 as its market cap value, $0.292385 as its recent price, and -2.06% as per its 24-hour change according to the CoinMarketCap.
Next comes the ninth largest coin, Stellar (XLM) which has been trading near the yearly lows without revealing any further signs of a sharp bounce. It’s both MA aka moving averages are trending low and the RSI is seen in oversold zone, however, this also lacks buying support.
The target level which is set to look for as its downside is around $0.07864971, in case, if there’s support giveaway, it might drop to $0.05795397.
Nevertheless, if the pair XLM/USD shows any changes from the current levels or rises more than 20-day EMA & 50-day SMA, this coin might hit around $0.13427050.
Moreover, a resistance break out might take this pair to over $0.184. Just the time is when the price will scale more than 50-day SMA prior to its turning positive.
Currently, Stellar is trading at $1,445,231,120 as of its market cap value, $0.075396 as its recent price, and -3.53% as per its 24-hour change according to the CoinMarketCap.
Now comes the turn of the third largest trading crypto- Ethereum. However, Ethereum (ETH) is seen dropping from close to its overhead resistance i.e. on February 3. Moreover, its 20-day EMA has also been seen dropping along with its RSI to the slope below 50 levels. This shows that the bears are enjoying this advantage.
According to the analysis, a breakdown of its support around $103.2 can be found negative development taking the pair ETH/USD to its following support of around $83. In case, if this support is seen crashing, the downtrend can again resume.
Meanwhile, this trading pair can take over the momentum if it breaks out of its current restricting range between $103.2 and $116.3. Ethereum hopes to move around $134.5, or more above $167.32.
Talking about a deep analysis, the risk-reward ratio seems too high. So, long positions on such breakout are nearby more than $116.3. As a suggestion, the trading stop loss can be maintained at around $102.
Currently, Ethereum is trading at $10,842,228,121 as its market cap value, $103.52 as its recent price, and -3.58% as per its 24-hour change according to the CoinMarketCap.
Considering the eight ranking cryptos, Tron (TRX) declines below 20-day EMA after little session right from January 31 to February 4, however, the bears are not able to capitalize on the falls. Since, the lower levels have gained buying, which dragged its value back more than the MA aka moving average.
Lately, the bulls are trying to break through its overhead resistance around $0.02815521. If this proves to be successful, then this pair TRX/USD can hit up to $0.03575668, showing slight resistance around $0.03128011.
It is suggested to book entire profits near around $0.04. In case, if the bull loses to break out. And however sustains more than overhead resistance, then the bears can again try to sink this pair below 20-day EMA.
The essential levels to look for the downside are around $0.02306493, appears to be below $0.02113440. However, analysis recommends traders to hold their long positions at $0.023.
Currently, Tron is trading at$1,705,571,741 as of its market cap value, $0.025582 as its recent price, and -4.39% as per its 24-hour change according to the CoinMarketCap.
Bitcoin Cash SV (BSV/USD)
Counting the most controversy crypto Bitcoin SV, this clings to the support around $65.031 in recent week. However, a breakdown level might result in a drop of around $57, lacking below $38.528.
The bull fails to gain a strong bounce from its critical support level lacking the buying at higher levels. Its dropping 20-day EMA and the RSI seems to be in a negative zone. Since it shows that the sellers are still overpowering the market buyers.
Interestingly, if this pair BSV/USD experience sharp bounces or might rises more than both MA aka moving averages. Then it seems rallying around $102.58 or above $123.98. An analysis suggests waiting until this pair shows some strength prior to proposing their trade.
Currently, Bitcoin Cash SV is trading at $1,048,010,437. As of its market cap value, $59.53 as its recent price, -4.79% as per its 24-hour change according to the CoinMarketCap.
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