Category: Litecoin

Most cryptocurrencies have bounced off their immediate support levels, a positive as this shows demand at lower levels.

BitMEX Research recently pointed out that the correlation between the S&P 500 and Bitcoin (BTC) has reached a new high, eclipsing the previous high recorded in March 2018. This shows that with all the money being printed to support the economy, a tiny bit might be finding its way into the crypto space, which is a huge positive.

Over the long-term, only a fraction of the total stimulus packages announced around the world are enough to boost the crypto market capitalization.

While many are bullish in the long-term, several investors want to catch the bottom. Earlier in the year veteran trader Tone Vays forecast that Bitcoin could bottom out closer to $2,800, but now he believes that the bottom might have been formed around $3,700. Vays does not expect Bitcoin to dip below the recent lows.

Daily cryptocurrency market performance. Source: Coin360

As traders, our focus is the price action. However, during these difficult times, it is heartening to see that various agencies and nations are taking the help of blockchain technology to fight the coronavirus pandemic. Along with helping with the technology part, we are very happy to note that the global crypto community has come together and is also doing its bit to help during this time of crisis.

The current crypto recovery is being led by Bitcoin as its dominance rate closes in on 66%. This raises the question of whether cryptocurrencies sustain the current relief rally and start a sustained uptrend? Let’s analyze the charts.

BTC/USD

The failure of the bulls to propel Bitcoin (BTC) above the overhead resistance of $7,000 attracted selling. That dragged the price below the immediate support of $6,435 but the bears could not break the next support of $5,660.47. This is a positive sign as it shows demand at lower levels.

BTC USD daily chart. Source: Tradingview

Currently, the bulls are again attempting to carry the price above $6,435 and the 20-day EMA at $6,520. If successful, a retest of $7,000 is possible. Above this level, a move to the 50-day SMA at $7,985 and above it to $9,000 is likely.

Contrary to our assumption, if the BTC/USD pair turns down from the 20-day EMA and slides below the support at $5,660.47, a drop to the long-term support line at $5,000 is possible. For now, the traders can protect their long positions with stops at $5,600.

ETH/USD

Ether (ETH) continues to trade between the $117.090-$155.612 range. The 20-day EMA is sloping down and the RSI is in the negative zone, which suggests that the bears have the upper hand.

ETH USD daily chart. Source: Tradingview

A break below the range can sink the ETH/USD pair to $100 and below it to $84.250. However, if the pair bounces off the support of the range, a few more days of consolidation is likely.

The pair will pick up momentum on a break above $155.612. Above this level, a move to the 50-day SMA at $198 is possible. Therefore, we retain the buy recommendation given in an earlier analysis.

XRP/USD

The failure of the bulls to sustain XRP above $0.17468 attracted selling. The bears attempted to resume the down move on March 29 but the bulls provided support close to $0.16 levels.

XRP USD daily chart. Source: Tradingview

If the bulls can propel the price above $0.17468 once again and sustain the level, the XRP/USD pair is likely to pick up momentum. The first target to watch on the upside is $0.22 and above it $0.25.

Contrary to our assumption, if the price turns down from $0.17468 once again, the bears will try to sink it to $0.1275. Hence, the stop loss on the long positions can be retained at $0.143 for now. We shall suggest trailing the stop to $0.16 after the pair rises above $0.19.

BCH/USD

Bitcoin Cash (BCH) turned down from the 20-day EMA on March 27 but the buyers stepped in just above the immediate support at $197.43. This is a positive sign as it shows demand on dips.

BCH USD daily chart. Source: Tradingview

The bulls will now try to drive the price above the 20-day EMA at $227 and the horizontal resistance at $247.95. If successful, the BCH/USD pair is likely to pick up momentum and rally to the 50-day SMA at $304 and above it to $350.

Hence, the traders can buy above $250 and keep a stop loss below $197. Our view will be invalidated if the pair plummets below $197.43. In such a case, a drop to $166 is likely.

BSV/USD

Bitcoin SV (BSV) turned down from the 20-day EMA on March 27. However, the bulls held the strong support at $146.96, which shows buying on dips. The 20-day EMA is flat and the RSI is just below the midpoint, which suggests a range formation for the next few days.

BSV USD daily chart. Source: Tradingview

We now anticipate the bulls to carry the BSV/USD pair to the overhead resistance at $185.87. If the price turns down from this level, the pair will extend its stay inside the range for a few more days.

A break above $185.87 will indicate strength. Above this level, a move to the 50-day SMA at $223 and above it to $260 is possible.

On the other hand, if the bears sink the price below $146.96, a drop to $120 is likely. Therefore, the stop loss on the long positions can be kept at $146.

LTC/USD

Litecoin (LTC) turned down from the 20-day EMA at $42.14 on March 27. The 20-day EMA is sloping down and the RSI is in the negative zone, which suggests that the advantage is with the bears. A drop below $35.8582 can drag the price to $30.

LTC USD daily chart. Source: Tradingview

Currently, the LTC/USD pair is attempting to rebound off the support at $35.8582. If the bulls can carry the price above the 20-day EMA at $41.12 and the horizontal resistance of $43.67, the pair is likely to pick up momentum.

The first target to watch on the upside is the 50-day SMA at $55.63. If this level is crossed, the up move can reach $63.8769. The traders can initiate long positions as suggested by us in an earlier analysis.

EOS/USD

EOS has been trading inside a tight range of $2.0632-$2.4001 since March 21. This shows that both the bulls and the bears are playing it safe and are not taking any large bets. The 20-day EMA continues to slope down and the RSI is in the negative zone, which suggests that bears have the upper hand.

EOS USD daily chart. Source: Tradingview

However, the bears have not been able to sink the EOS/USD pair below $2.0632, which shows a lack of sellers at lower levels.

If the bulls can propel the pair above the overhead resistance at $2.4001, a rally to the 50-day SMA at $3.32 and above it to $3.86 is possible. As the risk to reward ratio is attractive, we have retained the buy suggested in our earlier analysis.

BNB/USD

Binance Coin (BNB) turned down from the 20-day EMA at $13.27 on March 27. Though the bears were able to sink the price below the immediate support at $12.1111, they could not break below the next support at $10.8428.

BNB USD daily chart. Source: Tradingview

This shows that the buyers are keen to enter at lower levels. Currently, the bulls are again attempting to push the BNB/USD pair above $12.1111. If successful, the bulls will make one more attempt to climb above the 20-day EMA at $12.91. If successful, a move to the downtrend line at $15 is possible.

On the other hand, if the pair reverses direction from the 20-day EMA once again, the possibility of a break below $10.8428 increases. Below this level, a drop to $8.4422 is likely. Currently, we do not find any reliable buy setups, hence, we remain neutral on the pair.

XTZ/USD

Tezos (XTZ) broke below the trendline of the ascending triangle, which invalidates the pattern. A breakdown of a bullish pattern is a bearish sign. Currently, the altcoin is attempting a bounce off the immediate support at $1.4453.

XTZ USD daily chart. Source: Tradingview

If the XTZ/USD pair can re-enter the triangle, it will be a bullish sign as it will indicate buying at lower levels. The pair is likely to pick up momentum on a break above the 20-day EMA at $1.77 and the overhead resistance at $1.955.

Therefore, we retain the buy recommendation given in an earlier analysis. The pair will turn negative if the price turns down from the trendline and plummets below $1.4453.

LEO/USD

After consolidating between the $1-$1.04 range for the past few days, UNUS SED LEO (LEO) has broken out of $1.04. This is a positive sign. With both moving averages sloping up and the RSI in positive territory, the advantage is with the bulls.

LEO USD daily chart. Source: Tradingview

If the LEO/USD pair closes (UTC time) above $1.04, it will complete a bullish inverted head and shoulders pattern. This setup has a target objective of $1.27488 and above it $1.36. Therefore, the traders can buy as recommended by us in an earlier analysis.

Our bullish view will be invalidated if the price fails to sustain above $1.04 and turns down sharply. If the support at $1 breaks, the next level to watch out for is $0.95.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Original Article
Author: btcethereumadmin

Data suggests major altcoins are finding it hard to maintain a strong presence on Twitter amid the market downturn.

Major altcoins have seen their Twitter presence greatly reduced in the wake of the recent cryptocurrency market crash. According to data from Bitinfocharts, major altcoins such as Ethereum, Litecoin, and XRP now find their Twitter mentions nearing two and even three-year lows.

Meanwhile, Bitcoin’s Twitter presence doubled in the first three months of 2020, though its tweet count remains a long way off of its 2017 all-time high.

XRP tweets hit 21 month low

Earlier this week, on March 21st, tweets bearing the hashtag #XRP numbered 2,542. That’s a 60% drop since January 2020 alone, when XRP tweets ranged between 6,000 and 7,000.

The last time XRP’s daily tweet count fell as low as 2,500 was in July 2018, almost 21 months ago.

XRP’s all-time high Twitter surge didn’t come during the 2017-2018 bull run, unlike most other coins. Instead, the peak of XRP Twitter engagement to date remains September 21st, 2018, when XRP was tweeted out 20,000 times according to Bitinfocharts.

As readers may recall, that date coincides with the first whispers regarding the then-rumoured launch of Ripple Labs’ xRapid – an XRP-based payment solution for financial institutions. Boosted by the much anticipated product launch, the price of XRP almost tripled in the week leading up to September 21st.

Litecoin reverts to 2 year tweet low

When daily Litecoin tweets fell as low as 344 earlier this month, it was the lowest Twitter engagement witnessed on behalf of Litecoin since March 2017.

That was the month in which Litecoin began its ascension leading up to its 2018 bull run. Between March and May of 2017 alone, the price of LTC increased ten times over, from $3 to $30.

From there, both the coin’s price and Twitter engagement continued climbing up and up. Remarkably, Litecoin’s return to the Twitter doldrums coincides with its fall back to the aforementioned $30 range.

Currently, Litecoin tweets currently number just 1.3% of their previous all-time high of 31,000.

Ethereum tweets down 95% from peak

Following a similar trend, Ethereum’s Twitter presence is at one of its lowest ebbs in over three years. Currently numbering around 2,500, Ethereum’s tweet-count has only sunk this low once in the past three years – that being New Year’s Day of 2020.

Barring that dip, the last time ETH’s Twitter engagement fell so low was February of 2017. That was also the month in which ETH began a 60-day, 5x increase which carried the coin price from $10 to $50.

From December 2017’s peak of 51,000 tweets in one 24-hour period, Ethereum’s Tweet-count has fallen over 95%.

Bitcoin sees twitter resurgence in 2020

Bitcoin’s Twitter engagement on March 26th amounted to 24,722 tweets. That’s a substantial drop from December 2017’s peak of 155,000, but unlike most altcoins, Bitcoin has shown a resurgent Twitter trend in 2020.

After recording as little as 12,000 tweets back in January of this year, Bitcoin tweets have since more than doubled.

Searching for reasons why, one might assume that Bitcoin’s lesser drop in value compared to most altcoins has something to do with it. After all, social media engagement surrounding cryptocurrencies tends to follow price.

However, another cause could be the uncertainty surrounding the coronavirus, which reignited discussion surrounding Bitcoin’s value as a safe-haven asset.

Original Article
Author: btcethereumadmin

Most cryptocurrencies have turned down from their overhead resistance levels suggesting a minor correction or period of consolidation will occur in the next few days.

The coronavirus pandemic and the economic crisis that it has brought along is the first of its kind in this generation. For weeks now, global equities markets have been swinging wildly due to the uncertainty. However, compared to the traditional markets, Bitcoin has been holding up quite well and its volatility has been gradually reducing in the past few days.

Pantera Capital Founder and CEO Dan Morehead believes that the current crisis “is like no other” and it can “have a larger global economic impact than any downturn in recent memory.” However, Morehead believes that after the initial days of correlation with the general markets, cryptocurrencies will start to trade independently. He expects the institutional investors to gradually enter the space and make big allocations to crypto that can carry Bitcoin to a new high “in the next twelve months.”

Daily cryptocurrency market performance. Source: Coin360

Bitbank market analyst Yuya Hasegawa recently revealed in an official blog post that Bitcoin’s volume and account registrations on its crypto exchange platform spiked following Bitcoin’s crash on March 12. This showed that retail investors wanted to buy the dip, a phenomenon not seen in November and December of 2018, the final stages of the crushing bear market.

Several major cryptocurrencies are attempting to form a bottom. If successful, we expect the buyers waiting on the sidelines to jump in, which is likely to pull the crypto markets higher. Let’s analyze the charts of the major cryptocurrencies and spot the critical levels that could suggest the start of a new uptrend.

BTC/USD

Bitcoin (BTC) has stayed above the breakout level of $6,435 for the past three days but the bulls have not been able to scale $7,000. This shows a lack of buyers at higher levels.

BTC USD daily chart. Source: Tradingview

We now expect the bears to attempt to sink the BTC/USD pair below the breakout level of $6,435. If successful, a drop to $5,660.65 is possible. If this level also cracks, the decline can extend to $5,000.

On the other hand, if the pair bounces off the support at $6,435 and breaks above $7,000, it will resume the up move that can reach the 200-day SMA at $8,306 and above it $10,000. Therefore, traders can retain the stop loss on the long position at $5,600.

ETH/USD

Ether (ETH) continues to trade near the midpoint of the $117.090-$155.612 range. This tight range trading is unlikely to continue for long. We expect the biggest altcoin to either move up to the resistance of the range or dip to the support at $117.090.

ETH USD daily chart. Source: Tradingview

If the bulls can carry the ETH/USD pair above the overhead resistance at $155.612, we anticipate the start of a new uptrend. Therefore, traders can initiate long positions as proposed in an earlier analysis.

Contrary to our assumption, if the pair dips to $117.090, it will indicate that bears are back in the game. A break below $117.090 can drag the price to the next support at $100.

XRP/USD

XRP broke above the descending channel and closed (UTC time) above the horizontal resistance of $0.17468 on March 26. This triggered our buy suggested in an earlier analysis.

XRP USD daily chart. Source: Tradingview

If the bulls can sustain the XRP/USD pair above $0.17468, we anticipate a move to $0.21608 and above it to the 200-day SMA at $0.24.

Our bullish view will be invalidated if the pair reverses direction from the current levels and slides below the immediate support of $0.15708. Below this level, the pair can re-enter the channel and dip to $0.145. For now, the stops can be maintained at $0.143.

BCH/USD

Bitcoin Cash (BCH) has broken out of the descending channel but is yet to scale and sustain above the 20-day EMA at $233. This shows that the bears are defending the 20-day EMA. If the altcoin turns down from the current levels, it can drop to $197.43. A break below this level will be a huge negative as it can drag the price to $166.

BCH USD daily chart. Source: Tradingview

On the other hand, if the BCH/USD pair can climb above the 20-day EMA, a move to the 200-day SMA at $273 and above it to $350 is likely. Therefore, we retain the buy recommendation given in the previous analysis.

BSV/USD

Bitcoin SV (BSV) has been trading close to the 20-day EMA for the past few days. The 20-day EMA has flattened out and the RSI is just below the midpoint, which points to a possible range-bound action.

BSV USD daily chart. Source: Tradingview

If the BSV/USD pair turns down from the current levels, it can drop to $146.96, which is an important support. If this support holds, the pair might consolidate between $146.96 and $185.87 for a few days. A break below $146.96 can drag the price to $120.

Conversely, the pair is likely to pick up momentum on a break above $185.87. Above this level, the up move can reach $250. Therefore, the traders can hold their long positions with a stop loss of $146.

LTC/USD

Litecoin (LTC) has broken out of the descending channel but the bulls have not been able to scale the price above the 20-day EMA at $42.28. This indicates that the bears are defending the 20-day EMA aggressively.

LTC USD daily chart. Source: Tradingview

If the LTC/USD pair turns down from the current levels and breaks below the $35.8582 support, a drop to $30 is likely.

On the other hand, if the bulls can drive the pair above the 20-day EMA, a new uptrend is likely. Above the 20-day EMA, the up move can reach the 200-day SMA at $55 and above it $63.8769. Therefore, we retain the buy recommendation given in the previous analysis.

EOS/USD

EOS has been trading close to the overhead resistance at $2.4001 for the past three days. This is a positive sign as it shows that the bulls are not closing their positions in a hurry.

EOS USD daily chart. Source: Tradingview

If the bulls can propel the EOS/USD pair above $2.4001 and the 20-day EMA at $2.49, it could start a new uptrend. Therefore, traders can initiate long positions as recommended in our earlier analysis.

Our bullish view will be invalidated if the pair reverses direction from the current levels and plummets below $2.0632.

BNB/USD

Binance Coin (BNB) has reached the 20-day EMA at $13.33, which is acting as a stiff resistance. If this level is crossed, the up move can reach the downtrend line where we anticipate the bears to mount a stiff resistance.

BNB USD daily chart. Source: Tradingview

The flattening 20-day EMA and the RSI just below the midpoint suggest that the selling pressure is reducing.

Nevertheless, if the BNB/USD pair turns down from the 20-day EMA, the bears will try to sink it below the horizontal support at $12.1111. Below this level, the next support to watch out for is $10.8427.

We do not find any reliable setup with an attractive risk to reward ratio, hence, we remain neutral on the pair.

XTZ/USD

Tezos (XTZ) continues to trade inside the bullish ascending triangle pattern. This setup will complete on a breakout and close (UTC time) above $1.955. The pattern target of a breakout of the triangle is $2.9004 and above it $3.30.

Therefore, traders can initiate long positions as suggested in our earlier analysis.

XTZ USD daily chart. Source: Tradingview

However, if the bulls fail to propel the XTZ/USD pair above $1.955, the bears will attempt to break it below the trendline of the triangle. If the price breaks and sustains below the trendline, it will invalidate the bullish setup.

On a break below the trendline, the decline can extend to $1.4453 and if that level also fails to hold, the next level to watch out for is $1.3351.

LEO/USD

The bulls are struggling to push UNUS SED LEO (LEO) above the overhead resistance of $1.04. This shows that the bears are defending this resistance level. However, the positive thing is that the bulls have maintained the price between $1-$1.03 for the past few days.

Usually, such a consolidation near the resistance increases the likelihood of a breakout from it.

LEO USD daily chart. Source: Tradingview

A breakout of $1.04 will complete a bullish reversal pattern. Hence, the traders can buy on a breakout and close (UTC time) above the resistance as suggested in our earlier analysis.

Contrary to our assumption, if the bears sink the LEO/USD pair below the 20-day EMA at $0.998, a drop to the 50-day SMA at $0.956 is possible.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Original Article
Author: btcethereumadmin

Many cryptocurrencies are showing signs of buying but traders are cautious as they are yet to break above their critical resistance levels.

The White House and Senate leaders finally agreed to a massive stimulus of $2 trillion to support the economy and Americans who are suffering due to the COVID-19 pandemic. While the equity markets are celebrating with a rally, Binance CEO Changpeng Zhao has projected a bullish figure of $100,000 for each Bitcoin. Zhao believes that with most Bitcoin in the hand of long term holders, even if a small portion of the new stimulus flows into Bitcoin, a market capitalization of $2 trillion is achievable.

Trader Tone Vays sounded increasingly bullish on Bitcoin. He said that if Bitcoin breaks above $6,800, the possibility of it dropping to new lows below $3,800 reduces to 15%. “Going above $6,800 would maybe give me 85% confidence we’re not going to go below this,” Vays said.

 Daily cryptocurrency market performance. Source: Coin360

While several nations are announcing stimulus measures to counter the slowdown due to the coronavirus pandemic, China’s central bank is working towards issuing its central bank digital currency (CBDC). A report by Global Times suggested that China has completed the development of the basic functions of the CBDC and is now drafting laws related to its use. Digital Renaissance Foundation managing director Cao Yan believes that a digital yuan will give the Chinese central bank a great tool to enact a zero or negative interest rate policy.

While several crypto enthusiasts are bullish on the future of cryptocurrencies, CEO and chief global strategist of Euro Pacific Capital Inc. Peter Schiff remains overwhelmingly critical of Bitcoin. Schiff recently tweeted: “Only fools are choosing Bitcoin.” 

BTC/USD

Bitcoin (BTC) broke and closed (UTC time) above the 20-day EMA on March 24, which triggered our buy suggested in the previous analysis. However, the bulls are struggling to sustain the price above the 20-day EMA, which is a bearish sign. 

BTC USD daily chart. Source: Tradingview

Currently, the bears are defending the $7,000 level while the bulls are attempting to keep the BTC/USD pair above the breakout level of $6,435. The 20-day EMA is flattening out and the RSI is just below the midpoint, which suggests a balance between buyers and sellers.

If the bulls can push the price above $7,000, a move to the 200-day SMA at $8,343 is possible. 

Conversely, if the price dips below $6,435 once again, a drop to $5,660.65 is possible. If this support also gives way, the next level to watch out for is $5,000. Therefore, the traders can keep a stop loss of $5,600 on the long positions.

ETH/USD

Ether (ETH) is trading close to the midpoint of the $117.090-$155.612 range. On the upside, the 20-day EMA is at $152.1, which is close to the resistance of the range. Hence, we expect the bears to defend this level aggressively.

ETH USD daily chart. Source: Tradingview

If the ETH/USD pair turns down from $155.612, a few more days of range-bound action is likely. However, if the bulls can break above $155.612, the pair is likely to start a new uptrend. Therefore, we retain the buy proposed in the previous analysis.

Our view will be invalidated if the pair turns down from the current levels or from the overhead resistance and plummets below $117.090. Below this level, a drop to $100 is likely.

XRP/USD

XRP is facing selling close to the resistance line of the descending channel. Above this level, we anticipate the bears to again mount a stiff resistance at $0.17468. The 20-day EMA is also just above this level at $0.175.

XRP USD daily chart. Source: Tradingview

If the XRP/USD pair turns down from the current levels or from the overhead resistance at the 20-day EMA, a drop to $0.144 is possible.

Conversely, if the bulls can push the price above the 20-day EMA, the pair is likely to attract buyers. Therefore, we retain the buy recommendation given in the previous analysis.

BCH/USD

Bitcoin Cash (BCH) has reached the resistance line of the descending channel where it is facing selling pressure. The 20-day EMA is also close to the resistance line, hence, the bears are likely to defend this level aggressively.

BCH USD daily chart. Source: Tradingview

If the price turns down from the current levels and breaks below $197.43, the BCH/USD pair can drop to $166.

However, if the bull can push the price above the channel and the 20-day EMA, it will signal a likely change in trend. Above the channel, a move to the 200-day SMA at $274 and above it to $350 is possible. 

Therefore, the traders can buy on a breakout and close (UTC time) above the channel and the 20-day EMA and keep an initial stop loss of $196.

BSV/USD

Bitcoin SV (BSV) broke above the descending channel on March 23 and scaled above the 20-day EMA on the next day. This triggered our buy suggested in the previous analysis. However, the bulls are struggling to sustain the price above the 20-day EMA, which is a negative sign.

BSV USD daily chart. Source: Tradingview

If the BSV/USD pair breaks below the 200-day SMA at $160.68, a drop to $146.96 is possible. If this level also fails to hold, the pair will re-enter the channel, which will indicate that the current breakout of the channel was a bear trap. Therefore, the traders can keep an initial stop loss of $146 on the long positions. 

However, if the pair rebounds off the 200-day SMA and breaks above $186, a move to $250 and above it to $326.8 is likely.

LTC/USD

Litecoin (LTC) continues to trade inside the descending channel. The bears are currently defending the resistance line of the channel. If the altcoin turns down and drops below $35.8582, a drop to $30 is possible. 

LTC USD daily chart. Source: Tradingview

Conversely, if the LTC/USD pair bounces off the $38.8015-$35.8582 range, the bulls will attempt to carry it above the 20-day EMA.

If successful, we expect the pair to start an up move that can reach the 200-day SMA at $55 and above it $63.8769. Therefore, traders can buy on a breakout and close (UTC time) above the 20-day EMA and keep a stop loss of $34.

EOS/USD

EOS continues to trade inside the $2.1624-$2.4001 range. However, we anticipate the altcoin to break out of this tight range and start a directional move soon. If the bulls can push the price above the range and the 20-day EMA at $2.52, an uptrend is possible. Therefore, we retain the buy suggested in the previous analysis.

EOS USD daily chart. Source: Tradingview

Contrary to our assumption, if the bulls fail to scale the EOS/USD pair above the overhead resistance, a few more days of consolidation is likely.

The trend will turn in favor of the bears if the price breaks below the range. A drop below $2.0632 can sink the pair to $1.7213.

BNB/USD

Binance Coin (BNB) has been trading close to $12.1111 for the past few days. The failure of the bulls to push the price above the 20-day EMA shows a lack of urgency to buy at higher levels.

BNB USD daily chart. Source: Tradingview

The 20-day EMA is sloping down and the RSI remains in the negative territory, which suggests that bears have the upper hand.

If the BNB/USD pair turns down from the current levels and slips below $10.8427, it can drop to $8.4422. We do not find any reliable buy setups on the pair, hence, we remain neutral on it.

XTZ/USD

Tezos (XTZ) has been trading inside an ascending triangle pattern near the recent lows. This is a bullish reversal pattern, which will complete if the price closes (UTC time) above the overhead resistance at $1.955.

XTZ USD daily chart. Source: Tradingview

A breakout of the ascending triangle setup has a target objective of $2.9004. However, if the momentum is strong, the up move can extend to $3.30. Therefore, we retain the buy suggested in our previous analysis.

Contrary to our assumption, if the XTZ/USD pair turns down from the current levels or from the overhead resistance and breaks below the trendline of the triangle, it will invalidate the pattern. 

LEO/USD

UNUS SED LEO (LEO) has been consolidating near the resistance of the $0.9081-$1.04 range for the past three days. This is a positive sign and it increases the possibility of a breakout of the range.

LEO USD daily chart. Source: Tradingview

The 20-day EMA is sloping up and the RSI is in the positive territory, which suggests that bulls have the upper hand.

A break above $1.04 will complete a bullish inverse head and shoulders pattern. Hence, we retain the buy proposed in our previous analysis.

Our bullish view will be invalidated if the LEO/USD pair turns down from the current levels. If that happens, the pair will extend its stay inside the range.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Original Article
Author: btcethereumadmin

Bitcoin price remains range bound and several major cryptocurrencies are attempting to break above the overhead resistance levels.

Traditional markets continue to post almost daily losses while Bitcoin price has been relatively range bound for the past week. At the risk of sounding repetitive, traders have to continue to focus on the events that are driving the various asset classes. The Coronavirus cases in Europe are not showing signs of flattening out and the number of cases in the US are surging at a rapid pace. This raises the uncertainty on how long and how much damage will this pandemic do before it is contained. As a result, the equity markets continue to be hammered down.

Due to strong measures like lockdowns, the economy will go through a slowdown. In order to support the economy, the United States Federal Reserve, central banks and governments continue to announce measures meant to boost investor sentiment. However, Morgan Creek Digital co-founder Anthony Pompliano said that this “is not sustainable long-term for a currency.”

Daily cryptocurrency market performance. Source: Coin360

Galaxy Digital founder Mike Novogratz expects Bitcoin to remain volatile over the next few months but he believes that it “will be and needs to be BTC’s year.” Binance US CEO Catherine Coley also noted that quarantine measures in Asia had driven trading volumes higher.

Coley said that the same could happen in the US if lockdowns are enforced. Coley explained that as the markets have matured over the past year, institutional investors could be looking to take advantage of the current low prices to make an entry into this space.

In today’s analysis, we have suggested several trades on the major cryptocurrencies. The traders can do their due diligence and stick to the ones which interest them. As the situation remains uncertain, volatile movements cannot be ruled out. Therefore, keep the position size only 40% of usual.

Let’s study the charts of the major cryptocurrencies to determine the ones that look strong?

BTC/USD

Bitcoin (BTC) turned down from the 20-day EMA at $6,835 on March 20. However, since then, the price has been consolidating close to the overhead resistance at $6,435. This is a positive sign as it shows that the bulls are not closing their positions in a hurry.

BTC USD daily chart. Source: Tradingview

Consolidation near the critical resistance increases the possibility of a breakout of it. Therefore, we anticipate the bulls to push the price above the 20-day EMA. If the BTC/USD pair can close (UTC time) above the 20-day EMA, it is likely to rally to the 50-day SMA at $8,435.70.

Therefore, we suggest traders buy on a close (UTC time) above the 20-day EMA and keep a stop loss at $5,600.

Contrary to our assumption, if the price again turns down from the 20-day EMA, a drop to $5,660 is possible. Below this level, a drop to $5,000 is likely.

ETH/USD

Ether (ETH) is currently trading between $117.090 and $155.612. A bounce off the support at $117.090 can carry the price to the resistance at $155.612. The 20-day EMA is also located close to this level, hence, we expect the bears to defend this level once again.

ETH USD daily chart. Source: Tradingview

If the price again turns down from $155.612, the ETH/USD pair will extend its stay inside the range. Nonetheless, if the bulls can push the price above $155.612, we anticipate a move to the 50-day SMA at $208.90.

Therefore, traders can buy on a close (UTC time) above $155.612 and keep the stop loss at $117. If this level cracks, a drop to $100 is possible.

XRP/USD

XRP turned down from $0.17595 on March 20. However, the bulls are attempting to keep the price above $0.1450. If successful, we expect the bulls to make another attempt to break above $0.17468.

XRP USD daily chart. Source: Tradingview

On a close (UTC time) above $0.17468, the XRP/USD pair can rally to $0.23532 and above it to $0.250. Therefore, the traders can buy on a close (UTC time) above $0.17468 and keep a stop loss at $0.140.

Contrary to our assumption, if the price turns down from $0.17468 once again, a drop to $0.145 is possible. A break below this level will tilt the advantage in favor of the bears.

BCH/USD

Bitcoin Cash (BCH) has been struggling to break above the 20-day EMA at $236. However, the positive thing is that the bulls have not given up much ground. We expect the bulls to make another attempt to break above the 20-day EMA and the resistance line of the descending channel.

BCH USD daily chart. Source: Tradingview

If successful, we expect a change in trend. Above the channel, a move to the 50-day SMA at $332 and above it to $400 is possible. Therefore, the bulls can purchase the breakout and close (UTC time) above the channel with a close stop loss at $196.

Contrary to our assumption, if the bulls fail to sustain the price above the channel, the BCH/USD pair might again dip down to $190 and below it to $166.

BSV/USD

Bitcoin SV (BSV) has been struggling to break above the 20-day EMA for the past three days. However, the positive thing is that the bulls have not given up much ground. This increases the possibility of a break above the 20-day EMA at $171.5.

BSV USD daily chart. Source: Tradingview

If the BSV/USD pair breaks out and closes (UTC time) above the 20-day EMA, it can move up to the 50-day SMA at $242. Above this level, the up move can extend to $326.8.

Therefore, we suggest traders buy on a close (UTC time) above the 20-day EMA with a close stop loss at $146. A break below this level will be a huge negative as it can drag the price to $120 and below that to $100.

LTC/USD

Litecoin (LTC) turned down just below the 20-day EMA on March 20. However, the bulls purchased the dip to $34.6001 levels, which is a positive sign. The bulls will now once again attempt to push the price above the descending channel.

LTC USD daily chart. Source: Tradingview

If successful, the LTC/USD pair can run-up to the 50-day SMA, which is likely to act as a resistance. If this resistance is crossed, the next level to watch is $80. Therefore, we retain the buy proposed in the previous analysis.

Contrary to our assumption, if the price turns down from the resistance line of the descending channel and plummets below $33, the advantage will turn in favor of the bears. Therefore, the stops can be placed at $33.

EOS/USD

EOS has roughly been trading between $2.1624-$2.4001 for the past three days. Though the bulls have not been able to break above this zone, we like that they have not given up much ground.

EOS USD daily chart. Source: Tradingview

If the bulls can scale above the zone and the 20-day EMA, it will be a huge positive and will open the doors for a rally to the 50-day SMA at $3.6. Therefore, the bulls can purchase on a close (UTC time) above the 20-day EMA with a stop loss of $1.85.

Our bullish view will be invalidated if the EOS/USD pair turns down from the 20-day EMA and plummets back below $1.85.

BNB/USD

The bulls are trying to keep Binance Coin (BNB) above the critical $12.1111 level. If successful, a retest of the 20-day EMA at $13.59 is possible. On breaking above the 20-day EMA, the up move can reach the downtrend line which is close to $17.

BNB USD daily chart. Source: Tradingview

However, as the risk to reward ratio is not attractive, we are not suggesting a trade in the BNB/USD pair.

Our bullish view will be invalidated if the price turns down from the 20-day EMA. In such a case, a drop to $10 is possible.

XTZ/USD

Tezos (XTZ) has formed an ascending triangle, which is a bullish setup. The price turned down from close to $1.955 on March 20 and found support at the trendline of the triangle. This suggests buying on dips.

XTZ USD daily chart. Source: Tradingview

If the bulls can carry the XTZ/USD pair above $1.955, it will complete the bullish setup. This pattern has a target objective of $2.9004. Therefore, the traders can buy on a close (UTC time) above $1.955 and keep a stop loss at $1.40.

Contrary to our assumption, if the pair turns down from $1.955 once again, it will extend its stay inside the triangle. The advantage will tilt in favor of the bears if the price breaks below the trendline.

LEO/USD

UNUS SED LEO (LEO) has gradually been moving up for the past few days, which is a positive sign. This shows that the bulls are keen to enter even at higher levels. Both the moving averages are sloping up and the RSI is in the positive territory, which shows that bulls have the upper hand.

LEO USD daily chart. Source: Tradingview

If the bulls can push the price above $1.04, it will complete an inverse head and shoulders pattern. This setup has a target objective of $1.27488 and above it $1.36. The traders can buy on a close (UTC time) above $1.04 and keep a stop loss of $0.90.

Contrary to our assumption, if the LEO/USD pair turns down from $1.04, it might remain range-bound for a few more days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Original Article
Author: btcethereumadmin

Current price action from top cryptocurrencies suggests that the path of least resistance is to the upside, indicating the market could be in the early stages of a new uptrend.

Even after the announcements of massive stimulus by the U.S. Federal Reserve, the ECB, and several other central banks, the equity markets are still struggling to launch a sharp recovery from the recent lows. This shows that traders are not confident that the equity markets have bottomed out and possibly investors are slowly losing hope that the central banks can rescue them from any crisis.

Meanwhile, the cryptocurrency market is showing a sharp rally from the recent lows. The total crypto market capitalization has risen from the recent low of about $118 billion on March 13 to about $191 billion on March 20, which is a rally of about 62%. This shows that the crypto traders are using the dips during panic selling to accumulate for the long-term. 

Daily cryptocurrency market performance. Source: Coin360

The sharp increase in the balance sheets of the central banks is likely to result in high inflation down the road. BitMEX Research believes that “in this changed economic regime, where the economy and financial markets are set loose,” Bitcoin has a great opportunity to prove its worth.

Fundstrat Global Advisors technical researcher Rob Sluymer wrote in a recent note that “Bitcoin will likely need months of consolidation to repair the technical damage now in place.” 

Nonetheless, we do not expect the recovery to be a long drawn one, especially with the Bitcoin halving due in about two months. Let’s analyze the charts of the major cryptocurrencies to determine the levels, which will signal a change in trend.

BTC/USD

Bitcoin (BTC) has seen strong buying from close to the $5,000 levels, which is a huge positive. This shows that the market participants believe that the largest cryptocurrency has put a bottom at $3,803.58.

BTC USD daily chart. Source: Tradingview

Currently, the bears are defending the resistance at the 20-day EMA. If the BTC/USD pair turns down from the current levels, we expect the bulls to step in closer to the support line of the ascending channel. 

If the pair bounces off the support line of the channel and rises above the 20-day EMA, a move to the 200-day EMA at $8,448 and above it to $10,500 is possible.

Contrary to our assumption, if the pair turns down from the 20-day EMA and plummets below the support line of the channel, it can result in a fall to $5,000. We expect strong buying to emerge at these levels.

Though we are positive, we suggest traders wait for the rally to prove itself before jumping in to buy. We will watch the price action for a couple of days more and then suggest a trade in it.

ETH/USD

The momentum in Ether (ETH) picked up after it broke above the downtrend line. This is a positive sign. The bulls are currently facing resistance at $155.612. If the biggest altcoin turns down from this level, a drop to $117.909 is possible.

ETH USD daily chart. Source: Tradingview

If the bulls purchase the next dip to $117.090, it will indicate buying on dips. This might also signal that the bottom is in place and a new uptrend is likely. This will offer a buying opportunity in the ETH/USD pair.

Conversely, a drop below $117.090 will indicate that the sellers continue to be active at higher levels and a drop to $100 will be on the cards.

XRP/USD

XRP has recovered to the overhead resistance of $0.17468. The bears are likely to mount a stiff resistance between $0.17468 and the 20-day EMA at $0.187. However, if the momentum can carry the price above the channel, a change in trend is likely.

XRP USD daily chart. Source: Tradingview

On a close (UTC time) above the channel, the XRP/USD pair can rally to the 200-day SMA at $0.24460. 

However, if the pair turns down from the current levels, a drop to the uptrend line is likely. If this support holds, it will signal demand at lower levels and might offer a buying opportunity. Conversely, if the bears sink the pair below the uptrend line, it will be a huge negative and can result in a retest of the recent lows at $0.114.

BCH/USD

Bitcoin Cash (BCH) has recovered sharply from the lows and is currently attempting to rise above the 20-day EMA, which has been acting as a stiff resistance since Feb. 18. A breakout above the 20-day EMA and the descending channel will be a huge positive and will signal a possible change in trend.

BCH USD daily chart. Source: Tradingview

Above the descending channel, the bulls can carry the price to $360. Though the 200-day SMA at $276 and the horizontal level of $306.78 might offer resistance, we expect these to be crossed.

On the other hand, if the BCH/USD pair turns down from the current levels, it can dip to $200 and below it to $169.62. We will watch the price action above the channel and then suggest long positions.

BSV/USD

Bitcoin SV (BSV) is attempting to break out of the descending channel. If successful, it will signal a probable change in trend. Above the channel, the next level to watch out for is $236 where we anticipate the bears to step in once again.

BSV USD daily chart. Source: Tradingview

If the BSV/USD pair turns down from $236, it might remain range-bound for a few more days before making its next move. However, if the bulls can drive the pair above $236, a rally to $337.80 will be on the cards.

Our positive view will be invalidated if the bulls fail to propel the price above the channel. In such a case, the pair will extend its stay inside the channel.

LTC/USD

Litecoin (LTC) has broken above the $35.8582-$38.8015overhead resistance zone. This is a positive sign as it signals buying at lower levels. However, we expect the bears to aggressively defend the 20-day EMA.

LTC USD daily chart. Source: Tradingview

If the bulls hold the next dip above the uptrend line, it will signal strength. The traders can wait for the bounce off the uptrend line to close (UTC time) above the descending channel to enter long positions. We will suggest a stop loss after the buy recommendation gets triggered.

Conversely, if the bulls fail to push the price above the descending channel, the LTC/USD pair might again dip to the uptrend line. Below this level, a drop to the support line of the descending channel is possible.

EOS/USD

The bulls are attempting to push EOS above the overhead resistance zone of $2.1624-$2.4001. If successful, a move to the 20-day EMA is likely. The three previous attempts to rally faced stiff resistance at the 20-day EMA, hence, we expect the bears to aggressively defend this level once again.

EOS USD daily chart. Source: Tradingview

If the EOS/USD pair turns down from the 20-day EMA but finds support at the uptrend line, it will signal buying on dips. This will present a buying opportunity.

However, if the bears sink the price below the uptrend line, it will signal an advantage to the bears and a drop to $1.7213 is possible. The next dip will give us a likely confirmation of whether the bottom is in place or not.

BNB/USD

The bulls propelled Binance Coin (BNB) above the overhead resistance at $12.1111. This has turned the sentiment positive in the short-term. However, the bears will attempt to stall the relief rally at the 20-day EMA. 

BNB USD daily chart. Source: Tradingview

If successful, the BNB/USD pair might dip back to the uptrend line. A bounce off this line will be a positive sign and will signal a change in sentiment from sell on rallies to buy on dips. That might present a buying opportunity. 

The first target on the upside is the downtrend line, closer to $17. Conversely, if the bulls fail to defend the uptrend line, a drop to $8.4422 is possible. 

XTZ/USD

Tezos (XTZ) rallied and closed (UTC time) above the 200-day SMA on March 19, which shows that bulls are back in the game. We anticipate the bears to mount a stiff resistance at the 20-day EMA at $2.06, which is just above the horizontal resistance at $1.955.

XTZ USD daily chart. Source: Tradingview

We also spot early signs of an ascending triangle pattern developing. If this pattern completes, it will have a minimum target objective of $2.9004. Above this level, the rally can extend to $3.3367 and above it to $3.50.

Conversely, if the XTZ/USD pair turns down from the overhead resistance and dips below the trendline of the triangle, a retest of $1.1349 and below it $1.0096 is possible.

LEO/USD

UNUS SED LEO (LEO) has been a slow mover in the past few days. It neither fell dramatically along with the other major cryptocurrencies in the past few days nor is it showing signs of strong buying at the current levels. 

LEO USD daily chart. Source: Tradingview

The LEO/USD pair remains stuck inside a $0.9081-$1.04 range since early-Feb. of this year. A breakout and close (UTC time) above $1.04 will complete a bullish inverse head and shoulders setup that can result in a move to $1.27488 and above it $1.36.

However, if the bulls fail to propel the pair above $1.04 and sustain it, a few more days of range-bound action is possible. A break below $0.9081 will shift the balance in favor of the bears.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Original Article
Author: btcethereumadmin

Cryptocurrencies are like beer in more ways than meet the eye.

Whether crypto markets are up or down, people will still buy beer.

The American beer industry has seen a 600% increase in the number of breweries between 2008 and 2016, according to data from The Atlantic. And the crypto industry really boomed from nothing in 2008 with the release of pseudonymous author Satoshi Nakamoto’s Bitcoin white paper. By 2017, thousands of new digital assets built on top of that work had found their way onto exchanges. Nowadays cryptocurrency lives somewhere in the public consciousness between a Bloomberg headline and a subculture.

Cryptocurrency remains less than 100% accessible to the general public, but plenty of adults of legal age understand beer references. In that spirit, please enjoy this playful explainer of which crypto is like which beer.

Bitcoin (BTC) is Budweiser

A standard American-style lager, Budweiser is an immensely well-known beer available in establishments east to west and beyond. It doesn’t have all the bells and whistles of contemporary India Pale Ales or bespoke sour beers, but it can still come through as a simple, reliable drink that many folks enjoy. 

Bitcoin gets the job done similarly in the crypto world. As the first cryptocurrency available to the public, it’s not the fanciest, latest thing. But users know what they’re getting when they use it — reliability and brand persistence. 

Just as Bitcoin’s implications (with regard to forking) lead the charge of a thousand cryptocurrencies, Budweiser’s parent company, Anheuser-Busch, is responsible for several other beers and brands. 

Litecoin (LTC) is Bud Light

Positioned as a less filling, lower calorie alternative, Bud Light does not claim to be the real Budweiser, but rather takes its place as the popular alternative. Bud Light is obviously built on Budweiser’s impact, but has the potential to serve a different purpose, depending on the customer.

Litcoin’s creator, Charlie Lee, describes LTC in relation to its usability and mass appeal. At one point in time, some headlines called Litecoin the figurative silver to Bitcoin’s gold.

It’s worth noting that Litcoin confirms transactions more quickly than Bitcoin.

Ethereum (ETH) is Blue Moon Belgian White

A mainstream, entry-level craft beer, Blue Moon Belgian White has an arguably different, more robust flavor panel than a Budweiser. Watch me stretch this to how Ethereum built on what Bitcoin started. 

Blue Moon has a number of different flavors that go beyond its basic Belgian White designation, including Honey Wheat, Harvest Pumpkin Ale, White IPA and more. Ethereum was similarly the foundation for a multitude of initial coin offerings built on its blockchain. 

Additionally, many beer aficionados do not really classify Blue Moon a top-tier craft beer, much in the same way many parties criticize Ethereum for its scalability and performance issues. 

Ripple’s XRP is Goose Island 312 Urban Wheat Ale 

A popular choice, Goose Island 312 exudes the flavor and hoppiness of a fairly solid craft beer, although some enthusiasts might not call 312 a craft beer at all. Goose Island is owned by large-scale brewing giant, Anheuser-Busch, arguably disqualifying it as craft beer — some say that designation is partially characterized by a brewery’s small operating size.

In the same way, many argue about XRP’s connection (and alleged centralized ties) to the large tech company Ripple. The XRP asset is fast, but many crypto enthusiasts knock its status as a true cryptocurrency, historically based on Ripple’s reported hefty coin stash. But XRP still gets the job done quite nicely as a method of digital value transfer, and has shown traders and market participants significant price action over the years. 

(Yes, Blue Moon is also owned by that large conglomerate called MillerCoors, but acknowledging that would collapse the analogy!)

Chainlink (LINK) is 3 Floyds Brewing Zombie Dust American Pale Ale

The hype around Zombie Dust is real. 

“Zombie Dust has maintained a level of hype that’s almost unheard of for a daily drinker,” according to a 2018 ChicagoMag article. “One Chicago store even hung a sign: ‘It has been __ hours since we’ve been asked for Zombie Dust.’”

The hype is real because the product is real. Zombie Dust beer boasts a “world-class” score on BeerAdvocate.com for its unique flavor and aroma. 

Chainlink also touts similar hype and a posse. Its loyal fan base is affectionately known as the “Link Marines” on Twitter. The asset is generally well-received in the crypto space, and its project aims to solve the notorious “oracle problem” — a core issue in linking digital assets to real-world assets. 

Whether we’re talking beer or crypto, it often helps to step back and see the lighter side of the industries in which people reside.

Original Article
Author: btcethereumadmin

As equities markets continue to fall, major cryptocurrencies are likely to remain range-bound for the next few days.

The unprecedented volatility in the equity markets continues as the traders are trying to assess the economic damage and the remedial measures that have been taken to support the economy.

A growing number of developed nations have announced huge stimulus packages to soften the impact of the pandemic. However, billionaire investor Tim Draper believes that Bitcoin (BTC) will lead the recovery from the ongoing financial crisis by transforming the ways in which industries function.

Tone Vays expects Bitcoin to bottom out closer to $2,800. If the level is hit before the upcoming May halving, Vays is fine with it, however, he believes it would be “scary” if the drop happens after the halving. Veteran trader Peter Brandt has an even lower target for Bitcoin as he expects it to plunge to $1,000 if the “pie in the sky” chart setup fails to save it.

Daily cryptocurrency market performance. Source: Coin360

According to Unchained Capital, the recent fall has not been able to deter the confidence of the long-term HODLers. The supply of Bitcoin stored for more than 5 years has only increased from 20.37% to 21.65% in the past year. This shows that the long-term investors are buying on dips and panics and are holding onto their positions. Data suggests that it is the speculators who have held Bitcoin for 6 months or less have dumped their holdings.

As long as the spread of the virus is not controlled, traders will continue to panic and dump their positions periodically. However, like every crisis, even this will pass and the world will move on. Hence, we suggest traders look beyond the crisis and utilize the sharp drops in crypto prices to accumulate for the long-term. Let’s study the charts and see if we also see Bitcoin falling to $2,000 levels or lower?

BTC/USD

Bitcoin (BTC) has been holding above the support line of the symmetrical triangle for the past few days. On March 16, the bulls purchased the dip below the support line of the triangle, which is a positive sign. This shows demand at lower levels.

BTC USD daily chart. Source: Tradingview

Currently, the BTC/USD pair is largely stuck between $4,400-$6,000. After the sharp fall on March 12, we anticipate the pair to spend a few more days inside the range.

A breakout of the range will be the first indication that bulls have overpowered the bears. It will also suggest accumulation by the stronger hands at lower levels. We might suggest long positions after the price breaks out and closes (UTC time) above the $6,000-$6,435 resistance.

Our bullish view will be invalidated if the bears sink the pair below $4,400-$3,803.58 range. Such a move will be a huge negative. However, we give it a low probability of occurring.

ETH/USD

The bears are attempting to keep Ether (ETH) below the support at $117.090. Though the bulls purchased the dip to $100.926 on March 16, they could not push the price back above $117.090. This shows selling by the bears on minor rallies.

ETH USD daily chart. Source: Tradingview

If the bulls fail to push the ETH/USD pair above $117.090, we anticipate a drop to the next support at $84.25. This is a critical level to watch out for because if it cracks, the decline can extend to $50.

Conversely, if the bulls can carry the pair above the downtrend line, a move to $139.386 is possible. We will wait for a new buy setup to form before proposing a trade in it.

XRP/USD

XRP continues to trade inside the descending channel. While the bulls purchased the dip to $0.1275 on March 16, they have not been able to push the price back above $0.15 levels. This shows selling by the bears on minor rallies.

XRP USD daily chart. Source: Tradingview

A break below the small uptrend line can result in a fall to $0.1275 and below that to $0.1140. If this level also gives way, the downtrend can reach $0.10 and below that $0.075.

Conversely, if the bulls can keep the XRP/USD pair above the uptrend line, a move to $0.17468 is possible. A breakout of this will be the first sign that bulls are making a comeback. Until then, we remain neutral on the pair.

BCH/USD

The bulls purchased the dip to $150.67 on March 16, which shows demand at lower levels. However, the failure to push Bitcoin Cash (BCH) above $200 shows a lack of buyers at higher levels. This might keep the altcoin range-bound between $150-$200 for a few days.

BCH USD daily chart. Source: Tradingview

A break below $150 will be a negative sign and will result in a retest of the recent low of $141.11. If this level cracks, the drop can extend to $105.

Conversely, if the bulls can carry the BCH/USD pair above $200, it will indicate strength. Above $200, a move to the 20-day EMA and above it to the downtrend line of the channel is likely. A break above the channel will suggest a change in trend. We might recommend a long position if the pair sustains above $200.

BSV/USD

Bitcoin SV (BSV) has been trading close to the $120 mark for the past few days. The bulls purchased the dip to $100 on March 16, which shows demand at lower levels. However, buying dries up at higher levels.

BSV USD daily chart. Source: Tradingview

If the bulls fail to propel the BSV/USD pair above $131.46 within the next few days, we anticipate another attempt by the bears to drag the price to $78.506. A break below this level can sink the pair to $66.666.

On the other hand, if the bulls can scale and sustain the pair above $131.46, a rally to the 200-day SMA at $159.50 is possible. We will wait for the price to break out of the channel before suggesting a trade in it.

LTC/USD

The failure of the bulls to carry Litecoin (LTC) above the overhead resistance at $35.8582-$38.8015 suggests a lack of demand at higher levels. However, the positive thing is that the buyers are accumulating on dips to $30 and $24.

LTC USD daily chart. Source: Tradingview

A break below the $30-$23.9777 support zone will be a huge negative as it can extend the decline to the next support at $20.

Conversely, if the buyers can drive the LTC/USD pair above the overhead resistance zone, a move to the 20-day EMA at $47 is possible. A break above the descending channel will indicate a possible change in trend.

EOS/USD

The range in EOS has been shrinking for the past few days. This suggests that the bulls and the bears are unsure about the next likely move, hence, they are not placing large bets. This period of low volatility will be followed by an increase in volatility.

EOS USD daily chart. Source: Tradingview

If the bears sink the EOS/USD pair below the March 16 low of $1.7213, a drop to the recent low at $1.42 is possible. A breakdown of this support will be a huge negative. The next support on the downside is $1.

Conversely, if the bulls can scale the pair above the $2.1624-$2.4001 resistance zone, it will indicate strength. We will wait for the price to sustain above the 20-day EMA before turning positive.

BNB/USD

The bulls purchased the dip on March 16 but are struggling to keep Binance Coin (BNB) above $10. This shows a lack of buyers at higher levels. If the bulls fail to sustain the altcoin above $10, we expect another attempt by the bears to resume the downtrend.

BNB USD daily chart. Source: Tradingview

If the BNB/USD pair slides below $8.4422, a retest of the recent lows at $6.38 is possible. A breakdown of this support will be a huge negative.

Nonetheless, if the bulls can drive the pair above $12.1111, a move to the 20-day EMA at $14.70 is possible. We will wait for the pair to form a reversal pattern before suggesting a trade in it.

XTZ/USD

Though Tezos (XTZ) recovered from the low of $1.1349 on March 16, the bulls have not been able to carry the price back above 200-day SMA at 1.52. This shows that the bears are defending the resistance at the 200-day SMA.

XTZ USD daily chart. Source: Tradingview

The failure of the bulls to propel the XTZ/USD pair above the 200-day SMA could attract another round of selling. A break below the recent low of $1.0096 can drag the pair to the next support at $0.85.

However, if the bulls can scale the price above the 200-day SMA, it will indicate buying at lower levels. If the price sustains above the 200-day SMA, a move to $1.955 is possible. We will wait for a new buy setup to form before proposing a trade in it.

LEO/USD

UNUS SED LEO (LEO) bounced off the support of the $0.9081-$1.040 range on March 17. The price has risen above the moving averages and the bulls will now try to carry the altcoin to the resistance of the range at $1.04.

LEO USD daily chart. Source: Tradingview

A breakout of $1.04 will be a positive sign as it will complete an inverse head and shoulders pattern, which has a target objective of $1.27488. Above this level, the rally can extend to $1.36.

However, if the bulls fail to propel the LEO/USD pair above $1.04, a few days of range-bound action is likely. We will wait for a break above $1.04 before suggesting a trade in it.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Original Article
Author: btcethereumadmin

The crypto markets are showing some buying at lower levels, which is a positive sign as it shows that investors are accumulating on dips.

The US Federal Reserve is at it again. For the second time this month, the Fed has done an emergency rate cut. On March 3, a 50 basis point cut was implemented and that was followed with a 100 bps cut on March 15. If that was not enough, the Fed also announced a $700 billion quantitative easing program. Surprisingly, in response to this, equities markets reacted by dropping over 11%.  

This shows that the markets are signaling to the Fed that rate cuts are not the solution for every problem at hand. After a few months when the coronavirus pandemic is brought under control, all this excess liquidity being pumped into the system will become a huge headache. 

Daily cryptocurrency market performance. Source: Coin360

The initial reaction to this news was positive for cryptocurrencies as the total market capitalization surged from about $147.8 billion to $165.8 billion within minutes. However, the enthusiasm could not sustain and cryptocurrencies again succumbed to selling pressure and the market cap dropped to a low of $127.2 billion. 

However, buyers again emerged at lower levels, which is a positive sign as it shows that investors are accumulating on dips. At press time, the market cap had risen to $142.5 billion.

These are unprecedented times where news events will continue to dictate price action and volatility is likely to remain high. Let’s analyze the charts to spot the levels which will signal a possible trend reversal.

BTC/USD

The relief rally in Bitcoin (BTC) stalled just below $6,000 on March 13 and 15. This shows that bears continue to aggressively sell on any minor rallies. Currently, the bears are again attempting to resume the down move.

BTC USD daily chart. Source: Tradingview

If the bears can sustain the price below $4,400, a retest of the recent lows at $3,803.58 is possible. The downsloping 20-day EMA and the RSI in the oversold zone suggest that bears are in command.

However, if the bulls again buy the dips below $5,000, the BTC/USD pair might attempt a bounce back to $6,000. A few days of range-bound action between these two levels cannot be ruled out.

We continue to look for buying opportunities but will wait for a reliable buy setup to form before recommending a trade in it.

ETH/USD

Though Ether (ETH) stayed above $117.090 for three days, the bulls could not build on the strength and push the price to $155.612. This shows a lack of buyers at higher levels. Currently, the bears have resumed their selling and the biggest altcoin has dipped below $117.090 once again.

ETH USD daily chart. Source: Tradingview

The bears will try to sink the ETH/USD pair below the strong support at $84.25. If successful, the downtrend will resume and the next major support is at $50.

However, if the buyers step in and buy the current dip, it will show demand at lower levels. If the pair bounces off $100 or the support at $84.25, the bulls will once again attempt a relief rally. The levels to watch on the upside are $139.386 and above it $155.612. We will wait for a trend reversal to be signaled before turning positive.

XRP/USD

The bulls could not propel XRP above the overhead resistance at $0.17468 in the past three days. This shows that the bears continue to aggressively defend the resistance levels. The failure to move up has attracted sellers.

XRP USD daily chart. Source: Tradingview

Currently, the bears are attempting to resume the down move but the bulls are trying to keep the XRP/USD pair inside the descending channel.

If the bears succeed in breaking below the channel, a retest of the recent lows at $0.1140 is possible. If this support cracks, the downtrend can exceed to $0.10 and below that $0.075.

Conversely, if the pair stays inside the channel, a move to $0.17468 is likely. If the price turns down from this level once again, a few days of range-bound action is possible. However, if the bulls can push the price above $0.17468, a rally to the 20-day EMA at $0.20 is likely. We will wait for the pair to sustain above the descending channel before turning positive.

BCH/USD

Bitcoin Cash (BCH) has been trading around the $169.62 mark for the past three days. Though the price had surged on March 13, the bulls could not sustain the rally. This shows a lack of sustained buying at higher levels.

BCH USD daily chart. Source: Tradingview

Today, though the bears attempted to sink the BCH/USD pair below the recent low of $141.11, the bulls stepped in and purchased at lower levels.

This is a positive sign as the pair has again risen to about $169.62 levels. If the bulls can sustain the price above $200, a rally to the 20-day EMA at $264 is possible. On the other hand, if the bears can sink the pair below $141.11, a drop to the next support at $105 is possible.

BSV/USD

The rebound off the lows at $82.771 could only reach a high of $131.460 on March 15. Currently, the bears are attempting to resume the down move. If Bitcoin SV (BSV) breaks below the $82.771-$78.506 support, the downtrend will resume.

BSV USD daily chart. Source: Tradingview

Below $78.506, the next level to watch is $66.666 and if that also fails to provide support, the decline can extend to $50.

Conversely, if the BSV/USD pair bounces off $82.771, a few days of range-bound action is possible. We will wait for the price to break above the 200-day SMA and the descending channel before turning positive.

LTC/USD

The pullback in Litecoin (LTC) from the lows at $23.9777 stalled at the overhead resistance zone of $35.8582-$38.8015. This shows that the bears continue to aggressively defend the resistance levels.

LTC USD daily chart. Source: Tradingview

Currently, the bears are again attempting to resume the downtrend. If the LTC/USD pair dips below $23.9777, a drop to $20 is possible.

Conversely, if the pair reverses direction from the current levels or $23.9777, a few days of range-bound action is likely. A break above $38.8015 will be the first sign that buyers are back in the game. 

EOS/USD

EOS could not rise above the $2.1624-$2.4001 resistance zone, which shows that bears are unwilling to let go of their advantage. If the bears can sink the altcoin below the recent low at $1.42, the next stop is likely to be the psychological support at $1.

EOS USD daily chart. Source: Tradingview

However, if the EOS/USD pair bounces off the support at $1.42, a few days of consolidation is possible. 

The first sign of strength will be if the pair can sustain above $2.4001. As the price had turned down from the 20-day EMA on three previous occasions, we will wait for the pair to climb and sustain above it before recommending a trade. 

BNB/USD

Binance Coin (BNB) has been trading below the overhead resistance of $12.1111 for the past three days, which shows a lack of buyers at higher levels. The bears would make one more attempt to resume the downtrend by breaking below the recent low of $6.38.

BNB USD daily chart. Source: Tradingview

If successful, the decline can extend to the next psychological round figure of $5. We anticipate the bulls to aggressively defend the zone between $4 to $5.

Conversely, if the BNB/USD pair can reverse direction from the current levels or from the lows at $6.38, a few days of range-bound action is likely. The pair will show signs of strength on a break above $12.1111 and is likely to pick up momentum after the price sustains above the 20-day EMA. Until then, we remain neutral on the pair.

XTZ/USD

The bears did not allow Tezos (XTZ) to re-enter the descending channel. This is a negative sign as it shows that the buyers are still not confident that a low is in place. The failure to rise inside the channel has attracted fresh bout of selling.

XTZ USD daily chart. Source: Tradingview

If the bears can sink the price below the recent low of $1.0096, it will be a huge negative. Below this level, the drop can extend to $0.85.

Conversely, if the bulls defend the support at $1.0096, we might see another attempt to push the XTZ/USD pair back into the channel. A break above $2 will be the first sign that buyers are back in action. We will wait for a new buy setup to form before suggesting a trade in it.

LEO/USD

UNUS SED LEO (LEO) continues to be an outperformer as it has still not seen panic selling engulf it. The altcoin has gradually slided to the support at $0.9081. We expect the bulls to defend this support aggressively.

LEO USD daily chart. Source: Tradingview

If successful, the LEO/USD pair will remain range-bound between $0.9081-$1.04 for a few more days.

Contrary to our assumption, if the bears sink the pair below $0.9081, a drop to the next support at $0.85 is likely. If this support also cracks, a retest of $0.80512 is possible. On the upside, a break above $1.04 will be a huge positive. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Original Article
Author: btcethereumadmin