Litecoin Investor

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

The crypto markets are attempting a relief rally but are struggling to sustain the higher levels. This shows that selling is not over yet.

Capitulation occurs when traders are scared. On March 12, most asset classes witnessed a massive selloff with no place to hide. Even gold declined 3.17%, which shows that the traders sold everything in their portfolio. The coronavirus pandemic has created a state of panic because it does not have any treatment and spreads quickly. As a result, large cities and in some cases, the whole country is in a lockdown, in attempts to control it.

That led to panic selling in cryptocurrencies on March 12, which had been comparatively holding up quite well until then. The market capitalization of the crypto universe plunged from about $224 billion on March 12 to a low of about $131.5 billion on March 13. That is a fall of over 41%, which shows the extent of the carnage.

Usually, after such sharp selling, the markets tend to bottom out because the traders who had purchased at higher levels sell their positions, which are purchased by investors who have long-term conviction. Such investors, as they have purchased at lower levels, have higher holding power. 

Daily cryptocurrency market performance. Source: Coin360

Tone Vays believes that the capitulation in Bitcoin (BTC) seen today is the end of the bear market. Though he believes that Bitcoin has bottomed out, he does not rule out another decline below $5,000 levels. Vays also warned that “the road back up will be harder than people realize.”

Contrary to Vays, veteran trader Peter Brandt believes that Bitcoin can drop to sub $1,000 levels. We had warned our readers to not get overly bullish when targets of $20,000 and higher were being projected a few weeks back. Similarly, we suggest traders not get discouraged by ultra-low targets. At the same time, traders should avoid buying just because something has declined sharply. It is better to wait and buy after some reversal signs are seen. Let’s analyze the charts and spot the critical levels to watch out for. 

BTC/USD

Bitcoin (BTC) plunged close to 40% on March 12, which shows that traders just dumped their positions to salvage whatever cash they could. Usually, during such a fall, most of the speculative positions are closed. 

BTC USD daily chart. Source: Tradingview

While the short-term traders stay away, the long-term investors use these panic-driven declines to add to their position.

The BTC/USD pair dived to a low of $3,803.58 today, from where the relief rally started. Currently, the price has re-entered the symmetrical triangle, which is a positive sign as it shows strong buying at lower levels. 

However, the bulls are not able to sustain the higher levels, which suggests that the selling is not over yet. With buying at lower levels and selling on rallies, the volatility is likely to remain high for the next few days. Though too early, we feel that the pair is close to a bottom.

The pullback might reach $6,435 levels, which is likely to act as a resistance. If the next decline gets arrested at the support line of the symmetrical triangle, it will confirm a bottom. Our bullish view will be invalidated if the price turns down from the current levels or from $6,435 and drops below $3,803.58.

ETH/USD

Ether (ETH) plummeted below the critical support at $117.090 on March 12. Thereafter, the decline extended to $87.131 from where the bulls are attempting a relief rally. This is a positive sign as it shows strong demand at lower levels.

ETH USD daily chart. Source: Tradingview

If the bulls can sustain the price above $117.090 for three days, it will indicate strength. The relief rally can reach $155.612, which is likely to act as a stiff resistance. If the price turns down from this level but stays above $117.090, it will confirm a bottom.

Our bullish view will be invalidated if the ETH/USD pair turns down from the current levels or from $155.612 and dives below $87.131. 

XRP/USD

XRP broke below the support line of the channel on March 12 and extended the decline to $0.1140 today. However, strong buying at lower levels has pushed the altcoin back into the channel, which is a positive sign.

XRP USD daily chart. Source: Tradingview

However, the bulls are facing stiff resistance at $0.17468. If the XRP/USD pair dips from this level but stays above $0.1140, we expect the pair to enter a bottoming process. 

Contrary to our assumption, if the price turns down from the current levels or from $0.17468 and breaks below $0.1140, the downtrend will resume. The pair will signal strength after the price breaks and sustains above $0.17468.

BCH/USD

Bitcoin Cash (BCH) plummeted below the support line of the descending channel and the horizontal support at $169.62 on March 12. However, the positive thing is that the bears could not capitalize on the breakdown and sink prices lower.

BCH USD daily chart. Source: Tradingview

Strong buying below $169.62 levels started a relief rally that had carried the BCH/USD pair back into the channel. However, the bulls could not defend the higher levels, which shows that the bears are still selling aggressively on minor rallies.

Currently, the bulls are attempting to keep the price above $169.62. If successful, we anticipate another attempt to push the price back into the channel.

However, if the $169.62 level breaks down, the bears will try to sink the pair below $141.11. If this level cracks, the next support is likely to be $105.

BSV/USD

Bitcoin SV (BSV) dropped to a low of $82.771, which is just above the critical support at $78.506. This shows that the bulls are attempting to defend this support. The relief rally is likely to face resistance at the 200-day SMA at $160.

BSV USD daily chart. Source: Tradingview

If the BSV/USD pair turns down from the 200-day SMA and breaks below $78.506, it will be a huge negative.

On the other hand, if the bulls can propel and sustain the price above the 200-day SMA, it will signal that there are buyers at lower levels. We will wait for the price to rise above the descending channel before turning positive.

LTC/USD

Litecoin (LTC) broke below the support line of the descending channel and closed (UTC time) below it on March 12. The follow-up selling plunged the price to $23.9777 where buying emerged.

LTC USD daily chart. Source: Tradingview

Currently, the bulls are attempting a relief rally, which is facing resistance in the $38.8015-$35.8582 zone. If the LTC/USD pair turns down from this level, the bulls will attempt to resume the down move. A break below $23.9777 will be a huge negative.

Conversely, if the bulls can sustain the price above the resistance zone, it will indicate strength. We will wait for a new buy setup to form before proposing a trade in it.

EOS/USD

EOS broke below the channel and the support at $2.1624 on March 12. That was followed by further selling today, which dragged the price to $1.42, which is a multi-year low.  

EOS USD daily chart. Source: Tradingview

Currently, the bulls are attempting a relief rally that is facing resistance in the $2.1624-$2.4001 zone. If the price turns down from this level, the bears will try to resume the downtrend. A break below $1.42 will be a huge negative.

However, if the bulls can push the EOS/USD pair back above $2.4001, it will signal demand at lower levels. We will wait for a new buy setup to form before recommending a trade in it.

BNB/USD

Binance Coin (BNB) broke below the critical support at $12.1111 on March 12, which was followed by further selling today. The altcoin hit a low of $6.38, which was the lowest level since Feb. 2019.

BNB USD daily chart. Source: Tradingview

Currently, the BNB/USD pair is attempting a relief rally that is likely to face resistance at $12.1111. If the price turns down from this level, the bears will attempt to resume the downtrend.

Conversely, if the price climbs and sustains above $12.1111, it will be a positive sign. We will wait for the pair to form a reversal pattern before turning positive.

XTZ/USD

Tezos (XTZ) plunged below the support line of the descending channel and the 200-day SMA at $1.51 on March 12. That was followed by another round of selling today that dragged the price to $1.0096.

XTZ USD daily chart. Source: Tradingview

However, the strong buying at the lows has propelled the XTZ/USD pair back above the 200-day SMA, which is a positive sign.

Currently, the bears are attempting to defend the channel line. If the price turns down from the current levels but finds support at the 200-day SMA, it will signal that a bottom has been made at $1.0096 and might offer a buying opportunity

However, if the bears once again sink the price below the 200-day SMA, a retest of $1.0096 will be on the cards. A break below this level will resume the downtrend.

LEO/USD

UNUS SED LEO (LEO) has risen to the top ten list in terms of capitalization. Hence, it has been included in our analysis today. Compared to the other major cryptocurrencies, LEO has been a huge outperformer as it has not succumbed to selling. 

LEO USD daily chart. Source: Tradingview

While most cryptocurrencies are well below their 20-day EMA, the LEO/USD pair is close to the 20-day EMA. It is currently trading inside a range of $0.90 to $1.025. 

The pair has formed an inverse head and shoulders pattern, which will complete on a breakout and close (UTC time) above $1.04. On the other hand, if the pair slips below $0.90, it can drop to $0.85 and below it to $0.80. We will wait for the price to close above $1.04 before turning 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

The crypto markets are currently facing a strong wave of selling leading traders to focus on whether cryptocurrencies will form panic bottoms soon.

Governments and citizens across the world are in a state of panic as cases of coronavirus continue to rise. This has rocked global equity markets for the past few days and volatility has spiked to levels not seen since the last financial crisis. This shows that fear has gripped the traders and they are likely to sell everything at hand. Even gold sold off today.

Compared to other assets that have been around for centuries, cryptocurrencies are a new asset class that has not witnessed any major crisis. Hence, the traders are unsure about their performance. Therefore, we do not see a surge in Bitcoin (BTC) buying and given the current $2,000 drop, it will be interesting to see what price levels entice buyers. 

Daily cryptocurrency market performance. Source: Coin360

The central banks across the world are likely to cut rates aggressively to tackle the slowdown due to coronavirus. The US Fed has already done an emergency rate cut of 50 basis points and is expected to cut more. The Bank of England also slashed rates by 50 bps on Mar. 11. Soon, the other central banks are also likely to resort to rate cuts or will announce stimulus measures to counter the slowdown. 

A lack of growth coupled with unmanageable debt is a recipe for disaster, as warned by the World Bank recently. Under such situations, cryptocurrencies could offer a ray of hope. However, as the current sentiment is of panic, crypto prices might remain volatile before bottoming out. Let’s analyze the charts to spot the critical levels to watch out for.

BTC/USD

The bulls defended the support line of the descending channel for the past three days but they could not carry the price above $8,000. That showed that the bulls were in no hurry to buy. This attracted selling, which intensified after Bitcoin (BTC) broke below the descending channel.

BTC USD daily chart. Source: Tradingview

Though we were expecting $6,435 to offer a strong support, that did not happen. The momentum was too strong and it dragged the BTC/USD pair to $5,640. The intensity of the decline shows that the traders are offloading their positions in a state of panic.

If the price does not recover and close (UTC time) above $6,435, the decline can extend to the support line of the long-term symmetrical triangle, which is close to $4,800 levels. We anticipate the bulls to defend this level aggressively.

With today’s fall, the RSI has dropped deep into the oversold territory, which shows that the selling has been overdone in the short-term. However, when fear grips the traders, support levels are rarely respected but bottoms are also usually formed after such panic selling.

Therefore, long-term investors should look at the current decline as a buying opportunity. We expect the pair to form a bottom within the next few days.   

ETH/USD

After failing to rise above $209.95 on Mar. 9 and 10, Ether (ETH) has resumed its down move. Today’s fall has broken several support levels. Selling picked up momentum after breaking below the 200-day SMA and the support at $155.612.

ETH USD daily chart. Source: Tradingview

The ETH/USD pair plunged to a low of $122.498, which is just above the critical support at $117.090. Currently, the bulls are attempting a bounce off this support level, which is a positive sign as it shows some buying at these levels.

However, as the trend is clearly down, we expect the bears to mount a strong defense at $155.612. If the price turns down from this level, the pair might consolidate for a few days. We will watch the price action at $117.090 and suggest long positions if the pair forms a reversal pattern. 

XRP/USD

The bounce off $0.20 levels on Mar. 10 did not find buyers at higher levels, which attracted selling. XRP has been trading inside a descending channel and is in a strong downtrend. Though we had expected $0.17468 to offer a strong support, that did not happen.

XRP USD daily chart. Source: Tradingview

The XRP/USD pair plummeted below the critical support at $0.17468 and fell to a low of $0.14567, which is close to the support line of the descending channel.

Currently, the bulls are attempting to defend the support line of the channel. If the price can bounce and close (UTC time) above $0.17468, it will signal buying at lower levels. We will wait for the pair to breakout of the descending channel before turning positive.

BCH/USD

The failure of the bulls to push Bitcoin Cash (BCH) back above the 200-day SMA has attracted aggressive selling. The altcoin broke below the support line of the descending channel and dipped to a low of $165.25.

BCH USD daily chart. Source: Tradingview

We anticipate the bulls to defend the support at $169.62. If the price can re-enter the channel, it will signal buying at lower levels.

Our view will be invalidated if the bears sink and sustain the BCH/USD pair below $169.62. Such a move will be a huge negative as it will open the doors for a fall to $150 and below it $105. We will wait for a reversal pattern to form before recommending a trade in it.

BSV/USD

Bitcoin SV (BSV) had been gradually falling inside the descending channel and today’s price action hammered the price below the 200-day SMA at $160 all the way down to $108. If the bearish price action sustains, the altcoin could decline to $78.506.

BSV USD daily chart. Source: Tradingview

The bulls are currently attempting to defend the support line of the descending channel. If successful, we anticipate the bulls to make an attempt to propel the BSV/USD pair above the 200-day SMA.

A break above the 200-day SMA will be a positive sign as it will indicate aggressive buying at lower levels. However, if the pair turns down from the 200-day SMA, a few days of range-bound action is possible. We do not find any reliable buy setup at the current levels, hence, we suggest traders remain on the sidelines.

LTC/USD

After holding the $50 support for two days, Litecoin (LTC) resumed its down move on Mar. 11. The downturn picked up momentum today and broke below the critical support at $38.8015 and below it $35.8582.

LTC USD daily chart. Source: Tradingview

The LTC/USD pair broke below the channel and dropped to a low of $29.8560. If the pair fails to re-enter the channel within the next couple of days, the decline can extend to $23.09. 

However, the RSI has dropped deep into oversold territory, which suggests a rebound might be around the corner. If the price bounces off the current levels and re-enters the channel, the bulls will try to push the price to $40 and above it to $50. We will wait for a new buy setup to form before proposing a trade in it.

EOS/USD

After hovering around the $3 mark for the past three days, the bears took charge today and plummeted EOS to a low of $1.8258. The failure of the bulls to defend the support line of the descending channel and the support at $2.1624 is a huge negative.

EOS USD daily chart. Source: Tradingview

If the EOS/USD pair fails to reclaim the 2.4001 level, we anticipate another round of selling by the bears. Below $1.8258, the decline can extend to $1.50.

Conversely, if the bulls can carry the pair above $2.4001, it will indicate buying at lower levels. The RSI has dived deep into the oversold territory, which also suggests a relief rally might be around the corner. We will wait for a reversal pattern to form before recommending a trade in it.

BNB/USD

Though the bulls held the $16 support for the past three days on a closing (UTC time) basis, they could not achieve a strong rebound off it. This attracted selling, which has resumed the down move in Binance Coin (BNB).

BNB USD daily chart. Source: Tradingview

The BNB/USD pair dived to a low of $9.8888 today, which is a huge negative. However, the bulls are currently attempting to push the price back above $12.1111. If successful, it will signal strong buying at lower levels.

On the other hand, if the bulls fail to sustain the price above $12.1111, we expect the bears to try and resume the down move once again. A break below $9.8888 can extend the fall to the $8.4-$9 support zone. As the trend is in favor of the bears, we will wait for a reversal pattern to form before turning positive.

XTZ/USD

The bulls aggressively defended the $2.5263-$2.2845136 zone for the past three days but they could not push prices higher. Tezos (XTZ) is currently witnessing a fresh bout of selling that has plunged it to the 200-day SMA at $1.51.

XTZ USD daily chart. Source: Tradingview

The bulls are currently attempting to defend the 200-day SMA. If the buyers can push the XTZ/USD pair back into the channel, it will be a positive sign.

Conversely, if the pair turns down from the channel, the bears will make another attempt to sink the price below the 200-day SMA. If successful, a drop to $1.25510 is possible. 

LINK/USD

Chainlink (LINK) had a flash crash today and it plunged to a low of $0.0001. However, the price has quickly recovered and is trading close to the 200-day SMA at $2.56. The altcoin completed a double top pattern when it broke below $3.3113. The target objective of this bearish setup was $1.7555.

LINK USD daily chart. Source: Tradingview

Though we had expected the bulls to defend the $3.3113-$3 support zone aggressively, that did not happen. This shows a lack of demand at these levels.

However, if the LINK/USD pair can bounce off the 200-day EMA and climb above $3, it will be a huge positive. On the downside, the support is at $1.50.

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 have turned down sharply over the weekend and are threatening to wipe out all the gains made in 2020.

Crude oil prices plunged about 30% on Monday to the lowest levels seen since Feb. 2016. This triggered a sell-off in global equity markets, which were already reeling under the pressure of a likely global slowdown due to the coronavirus outbreak. At its lowest level, the crude oil traders were nursing losses of about 55% year-to-date. Similarly, the US markets have plummeted about 15% year-to-date.

Although Bitcoin (BTC) has dropped about 26% from its highs, it is still up about 7% year-to-date. This shows that it is outperforming both equity and oil markets. While it is difficult to pinpoint a specific reason for the fall in Bitcoin, chances are that equity and commodity traders were facing margin calls and they had to liquidate their crypto holdings to fulfill their margin requirements. 

Daily cryptocurrency market performance. Source: Coin360

As prices start to fall, the traders who have been sitting on the sidelines delay their purchases waiting for a bottom to form. This results in a further fall due to a lack of demand. Along with other possible reasons, this could also be one of the reasons for the sharp fall in the crypto markets. 

Let’s study the charts of the major cryptocurrencies to spot the critical levels where buyers might step in. 

BTC/USD

On Mar. 6 and 7, Bitcoin (BTC) could not close (UTC time) above the 20-day EMA and failure to climb above the 20-day EMA attracted selling by the bears.

BTC USD daily chart. Source: Tradingview

The downside momentum picked up after the bears plunged the BTC/USD pair below the 200-day SMA at $8,670 and the next support at $8,400. This shows liquidation by the traders who had purchased the recent dip.

Currently, the bulls are attempting to defend the support at $7,856.76 and the support line of the descending channel. A bounce off the support can carry the price to $8,400, which will now act as a stiff resistance.

If the price turns down from $8,400, the bears will make another attempt to sink the pair to the next support zone of $7,000-$6,435. The 20-day EMA is sloping down and the RSI is near the oversold territory, which suggests that bears have the advantage.

The first sign of strength will be a break above the 200-day SMA and the resistance line of the descending channel. If the price sustains above the channel, we might suggest long positions once again. Until then, we suggest traders remain on the sidelines.

ETH/USD

Ether (ETH) closed (UTC time) above the overhead resistance of $235.70 on Mar. 6, which triggered our buy recommendation given in an earlier analysis. However, this turned out to be a bull trap because the price quickly turned around from $251.781 on Mar. 7.

ETH USD daily chart. Source: Tradingview

The ETH/USD pair plunged on Mar. 8, which broke the support at $209.95 and triggered our suggested stop loss at $208. Currently, the bulls are attempting to defend the support at $197.75. A bounce off this level can carry the price to $209.95 and above it to the 20-day EMA at $229. 

However, if the bulls fail to defend the support at $197.75, a drop to the 200-day SMA at $179 is likely. The downsloping 20-day EMA and the RSI in the negative zone suggest that bears have the upper hand. We will wait for a new buy setup to form before proposing a trade in it once again.

XRP/USD

XRP turned down from close to the 20-day EMA on Mar. 7. The sharp selling on Mar. 8 has dragged the price below the critical support at $0.22250. The 20-day EMA is sloping down and the RSI is close to the oversold zone, which suggests that bears are in command. 

XRP USD daily chart. Source: Tradingview

Currently, the bulls are attempting to defend the psychological support at $0.20. If successful, a relief rally to $0.22250 is likely. We expect the bears to defend this level aggressively.

If the price turns down from $0.22250, the bears will attempt to resume the downtrend and drag the price to $0.17468. Our bearish view will be invalidated if the XRP/USD pair breaks and sustains above the 20-day EMA.

BCH/USD

Bitcoin Cash (BCH) turned down from the 20-day EMA on Mar. 7. This shows selling by the bears at overhead resistance levels. The altcoin broke below the support at $306.78 and the 200-day SMA at $282 on Mar. 8, which is a huge negative.

BCH USD daily chart. Source: Tradingview

Currently, the bulls are attempting to defend the support at $270.15. If successful, the BCH/USD pair might pullback to $306.78 and above it to $360.

However, if the price slips and sustains below $270.15, it will be a huge negative. The next level to watch on the downside would be the psychological support at $200. We will wait for the pair to sustain a bounce off $270.15 before turning positive.

BSV/USD

Repeated failures of the bulls to push Bitcoin SV (BSV) above the 20-day EMA attracted selling. The altcoin turned around on Mar. 7 and broke below the most recent low of $204.310 on Mar. 8. This is a huge negative.

BSV USD daily chart. Source: Tradingview

If the bears can sustain the price below the psychological support at $200, the BSV/USD pair might drop to the 200-day SMA at $159 and below it to $120.

The pair is currently trading inside a descending channel. The first sign of strength will be a break above the 20-day EMA at $246, which is just above the channel. However, as the pair has been a huge underperformer for the past few days, we will wait for a new buy setup to form before turning positive on it.

LTC/USD

The bears are aggressively defending the 20-day EMA. The sharp selling on Mar. 8 has plunged Litecoin (LTC) below the 200-day SMA, which is a huge negative. Currently, the bulls are attempting to defend the critical support at $50. 

LTC USD daily chart. Source: Tradingview

If this support cracks, the LTC/USD pair can plunge to $40 and below it to $35.8582. The 20-day EMA is sloping down and the RSI is close to the oversold zone, which suggests that bears have the upper hand.

However, if the bulls can defend the support at $50, the pair might again move up to $66.1486 and remain range-bound between these two levels. We will wait for a new buy setup to form before recommending a trade in it.

EOS/USD

EOS turned down sharply from the 20-day EMA on Mar. 7 and plunged below the 200-day SMA on Mar. 8. The failure of the bulls to defend the 200-day SMA at $3.35 is a huge negative as it shows a lack of buyers even at that level.

EOS USD daily chart. Source: Tradingview

Currently, the bulls are attempting to defend the psychological support at $3 but the failure to achieve a strong rebound could attract further selling. If the EOS/USD pair slides below $3, a drop to $2.4001 is possible. The downsloping 20-day EMA and the RSI close to the oversold zone show that bears have the upper hand.

Alternatively, if the pair rebounds off $3, the bulls will attempt to push the price back above the 200-day SMA. If successful, a relief rally to the 20-day EMA and above it to $4 is possible. We will wait for a new buy setup to form before proposing a trade in it.

BNB/USD

The bulls could not propel Binance Coin (BNB) above the overhead resistance at $21.80. That attracted selling, which plunged the altcoin below the 20-day EMA at $20 and the 200-day SMA at $18.50.

BNB USD daily chart. Source: Tradingview

There is a minor support at $16, below which the decline can extend to the next support at $14. The downsloping 20-day EMA and the RSI close to the oversold zone indicate that bears are in command. 

However, if the BNB pair bounces off the current support at $16, it can move up to the 200-day SMA and above it to the 20-day EMA. We do not find any buy setup at the current levels, hence, we suggest traders remain on the sidelines.

XTZ/USD

Though Tezos (XTZ) sustained above $3.011 for three days, the bulls could not build up on the breakout. This shows a lack of buyers at higher levels. The altcoin reversed direction on Mar. 7 and has plummeted below the support at $2.5263. 

XTZ USD daily chart. Source: Tradingview

This triggered the stop loss suggested in our previous analysis. Currently, the bulls are attempting to defend the support at $2.28451360, which is the 61.8% Fibonacci retracement level of the most recent rally. Below this level, the decline can extend to the support line of the descending channel at $2.

Our bearish view will be invalidated if the bulls can push the XTZ/USD pair above the channel. Such a move will increase the possibility of a resumption of the uptrend.

LINK/USD

Chainlink (LINK) broke below the 20-day EMA and the trendline support. However, the bulls stepped in to defend the trendline, which is a bullish sign. If the altcoin bounces off the trendline, the bulls will again attempt to carry the price to the recent highs at $4.9762.

LINK USD daily chart. Source: Tradingview

Conversely, if the bears sink and sustain the LINK/USD pair below the trendline, a drop to $3.3113 is possible. A breakdown below this support will complete a double top pattern, which will be a huge negative.

The 20-day EMA is flattening out and the RSI is just below the midpoint, which suggests a range-bound action for a few days. We will wait for a defined range to form before recommending 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

Several cryptocurrencies have broken out of their first resistance levels, which suggests that the bulls might be back in the game.

Roughly 42% of the total Bitcoin supply has not moved in the past two years. This shows that the investors are holding on to their Bitcoin as they expect the price to rally further. Lesser quantity of Bitcoin in circulation increases scarcity and with the upcoming halving, the supply is only going to decrease further, which could boost prices.

The creator of the stock-to-flow Bitcoin price model PlanB believes that “Bitcoin will probably go over $100k before Dec 2021.” While PlanB is banking on halving to boost prices, Max Keiser of The Keiser Report, expects the financial markets to tumble due to the coronavirus epidemic. This might result in a global financial crisis, which can carry Bitcoin to “$100,000 and beyond.” 

Daily cryptocurrency market performance. Source: Coin360

While the crypto investors are excited about the future prospects of Bitcoin, the next BOE Governor has cautioned investors against buying it. He said: “If you want to buy Bitcoin, be prepared to lose all your money… [Bitcoin] has no intrinsic value.”

Previously, one of the main complaints of the central banks and the regulators was that Bitcoin was mainly used by darknet markets. However, according to Chainanalysis, in 2019, only 1.1% of the total $1 trillion worth of cryptocurrency transactions went into illicit activities. This shows that the asset class is in healthier hands.

BTC/USD

Bitcoin (BTC) has broken out of the tight $8,400-$9,000 range but is facing minor resistance at the 20-day EMA at $9,135. If the bulls can propel the price above the 20-day EMA, a move to $10,000 and above it to $10,500 is possible.

BTC USD daily chart. Source: Tradingview

The 20-day EMA is flattening out and the RSI has risen close to the midpoint, which suggests that the selling pressure is reducing. Therefore, we retain the buy recommendation given in the previous analysis.

Contrary to our assumption, if the BTC/USD pair turns down from the current levels and drops below $8,400, it will be a huge negative. The next major support is at $7,856.76. We anticipate the bulls to defend this support aggressively.

ETH/USD

The bulls are attempting to drive Ether (ETH) above the overhead resistance at $235.70. If successful, a move to $277.091, followed by a rally to $288.599 is possible. Therefore, we retain the buy suggested in the previous analysis.

ETH USD daily chart. Source: Tradingview

Contrary to our assumption, if the ETH/USD pair turns down from the current levels or fails to sustain above $235.70, a few days of range-bound action is likely. The flattish 20-day EMA and the RSI close to 50 levels also point to a balance between the buyers and sellers.

The trend will turn in favor of the bears on a break below $209.95. If this level cracks, the next support is at $197.75.

XRP/USD

XRP price has broken above the descending triangle but the bulls will face a stiff hurdle at the moving averages at $0.25. Above this level, the next resistance will be the neckline of the head and shoulders pattern at $0.26362.

XRP USD daily chart. Source: Tradingview

If the XRP/USD pair turns down from the overhead resistance levels, it might remain range-bound for a few days.

Conversely, if the bulls can push XRP price above $0.26362, a rally to $0.28550 and above it to $0.31503 is possible. As the pair has been an underperformer, we will wait for the price to sustain above $0.26362 before turning positive.

BCH/USD

Bitcoin Cash (BCH) has broken out of the descending channel. This shows that the failure to sink the price below $306.78 is attracting buyers. However, the bulls might hit a roadblock at the 20-day EMA, which is just below the horizontal resistance at $360.

BCH USD daily chart. Source: Tradingview

If the BCH/USD pair turns down from $360, a few days of range-bound action is likely. The pair will turn negative on a break below $306.78.

Nevertheless, if the bulls can push the price above $360, a rally to $400 and above it to $428.57 is possible. Therefore, the traders can buy on a close (UTC time) above $360 and keep the stop loss at $306. The stops can be trailed higher if the price moves northwards.

BSV/USD

Though Bitcoin SV (BSV) broke below the $236 support on March 4, the bears could not capitalize on the move. This shows some buying at lower levels. Currently, the bulls are attempting to push the price above the 20-day EMA.

BSV USD daily chart. Source: Tradingview

If successful, the BSV/USD pair can move up to $337.80 with a minor resistance at $301.43. We expect the bears to defend $337.80 aggressively. If the price turns down from this level, the pair might remain range-bound for a few days.

However, if the pair turns down from the 20-day EMA and plummets below $236 once again, it will signal the presence of sellers at higher levels. A breakdown of $200 support will be a huge negative.

LTC/USD

Litecoin (LTC) held the 200-day SMA support on March 4, which has attracted some buying. The bulls will now try to carry the price above the overhead resistance at $66.1486 but we anticipate the bears to mount a stiff resistance at that level.

LTC USD daily chart. Source: Tradingview

If the LTC/USD pair turns down from $66.1486, it might remain range-bound for a few days. On the downside, any break below $56.243 will be a huge negative.

However, if the bulls can propel the pair above $66.1486, a rally to $80.2741 is likely. The traders can buy on a close (UTC time) above $66.1486 with an initial stop loss of $56.

EOS/USD

EOS has broken out of the downtrend line, which suggests that buyers are trying to make a comeback. However, it is not going to be an easy ride because the bears will defend the overhead resistance at $4 aggressively.

EOS USD daily chart. Source: Tradingview

If the EOS/USD pair turns down from $4, it might dip to the 200-day SMA at $3.3 and consolidate between the two levels for a few days. A break below the 200-day SMA will be a huge negative.

Conversely, if the bulls can push the price above $4, a move to $4.4124 and above it to $4.8719 is possible. The bulls can initiate long positions on a close (UTC time) above $4 and keep the stops at $3.3.

BNB/USD

Binance Coin (BNB) has broken out of the descending channel and also the 20-day EMA, which is a positive sign. However, we expect the bears to mount a stiff resistance at $21.80 and above it at $23.5213.

BNB USD daily chart. Source: Tradingview

If the BNB/USD pair turns down from either overhead resistance levels, it might consolidate for a few days.

A break above $23.5213 can carry the price to $27.1905 and above it to $32. On the other hand, a break down of the recent lows at $17.7051 will be a huge negative. We will wait for a new buy setup to form before proposing a trade in it.

XTZ/USD

Tezos (XTZ) broke out and closed (UTC time) above the overhead resistance at $3.011 on March 4, which triggered our buy recommendation given in an earlier analysis. The bears attempted to sink the price back below $3.011 on March 5 but the bulls defended the breakout levels.

XTZ USD daily chart. Source: Tradingview

If the bulls can push the price above $3.3367, a move to $3.585 and above it to $3.9499 is possible. The 20-day EMA has started to turn up and the RSI has risen into the positive territory, which suggests that bulls are in command.

The traders can keep the stop loss on the long positions at $2.70. Our bullish view will be invalidated if the bears sink and sustain the XTZ/USD pair below the critical support at $3.011.

LINK/USD

The bulls are facing stiff resistance at the psychological level of $5. However, the positive thing is that the buyers are not closing their positions in a hurry. If Chainlink (LINK) consolidates near the lifetime highs, it will increase the possibility of a breakout to new highs.

LINK USD daily chart. Source: Tradingview

If the bulls can thrust the price above $5, the next target to watch out for is $5.6934 and above it $7.3101. The upsloping 20-day EMA and the RSI in the positive territory suggest that bulls have the upper hand.

Nonetheless, if the bears sink the LINK/USD pair below $4.50, a drop to the 20-day EMA at $4.16 is possible. We will wait for a buy setup to form before proposing 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

David Burkett, a developer working on Litecoin and Grin, has predicted that Litecoin will launch its MimbleWimble testnet before the end of summer.

On March 1, David Burkett, a developer working on cryptocurrencies Grin (GRIN) and Litecoin (LTC), estimated that privacy protocol Mimblewimble will see a Litecoin testnet release before the end of summer.

In an update to the Mimblewimble (MW) progress thread on Litecointalk.io, Burkett hesitantly predicts that MW will be launched on testnet before September.

“I’ve so far been very hesitant to give exact dates on when things should be finished, because writing blockchain software is difficult, time-consuming, and unpredictable at times. I didn’t want artificial deadlines to force us to rush through parts of the code and introduce defects or security vulnerabilities. Having said that, I think it’s finally time to commit to the first major event.”

David anticipates that the testnet launch will include all transaction validation and block rules, basic peer-to-peer messaging functionality, syncing, transaction pool, and “the ability to mine blocks.”

Burkett emphasizes that the version will not include a usable graphical interface wallet, and expects that transactions will need to be created manually. 

Burket publishes Litecoin Improvement Proposal

The developer has also posted a Litecoin Improvement Proposal to Github, which proposes one-sided MW transactions and includes fixes for bugs discovered since his previous proposal. Despite the progress, David states that there is still “a lot more to do.”

“I’ve made some modifications to the original kernel design to support the ability to soft-fork in new features in the future. I’ve also started to build out the merkle mountain ranges (MMRs), which are a data structure we use to commit to kernels & outputs. Once the MMR logic is finished, I should be able to get back to the block validation logic.”

Litecoin partners with Burkett in 2019

During September 2019, The Litecoin Project announced that it had commissioned David Burkett of Grin++ to implement MW support for the Litecoin network. The protocol change was intended to bolster Litecoin’s privacy, with MW slated to facilitate confidential transactions.

MW was revealed to the world in August 2016 when an individual acting under the moniker Tom Elvis Jedusor posted the original MimbleWimble white to paper to a Bitcoin research channel. The presumed author has not posted since.

The protocol is intended to enhance blockchain privacy, scalability, and fungibility. Through a process called CoinJoin, multiple MW transactions are combined into one transaction. As such, MW blocks consist of a list of all input, output, and signature data — obscuring the transaction data for any third-party observers.

While originally envisaged as an upgrade or sidechain to Bitcoin, MW was first implemented in Grin++, which was launched during January 2019.

Original Article
Author: btcethereumadmin

Several cryptocurrencies are stuck in a range but if bulls can break above the range several buying opportunities will be open for traders.

Grayscale Investments managing director Michael Sonnenschein said that “Bitcoin itself has solidified its role as a store of value or as a digital gold.” In his conversations with institutional investors, Sonnenschein explained that he has seen a big change in the way they view Bitcoin. According to him, now, several institutional investors are looking to add cryptocurrency to their portfolio, which was not the case just 12 to 18 months ago.

In a report, KPMG has said that institutional players are concerned about the lack of proper custody for cryptocurrencies. Co-lead of KPMG’s crypto asset services Sal Ternullo said : 

“Institutional investors especially will not risk owning crypto assets if their value cannot be safeguarded in the same way their cash, stocks and bonds are.” In order to fill this gap, several traditional and crypto players have started offering custody services, which is a lucrative business to be in. 

Daily cryptocurrency market performance. Source: Coin360

Popular analyst Willy Woo believes that Bitcoin has started its bull run, which can reach at least $100,000. However, gold bug Peter Schiff has a completely different view on Bitcoin. Schiff said: “If Bitcoin won’t go up, why own it? The answer to that question is ‘sell.’  Look out below!”

It should be noted that Bitcoin’s failure to rise in value due to a certain short-term event should not be the criteria to sell. During the last financial crisis, both gold and the equity markets fell sharply between mid-March to mid-October 2008. However, after the panic settled, the gold markets embarked on a strong bull run. Let’s study the charts to find out which cryptocurrencies are likely to move up or down.

BTC/USD

Bitcoin (BTC) price has been stuck between $8,400 and $9,000 for the past few days. This shows uncertainty among traders as they are not taking a decisive directional bet. Even though the bulls are buying close to $8,400, the buying dries up at higher levels. Similarly, bears are mounting a stiff resistance at $9,000 but are not following it up with aggressive selling below $8,400.

BTC USD daily chart. Source: Tradingview

As a result, the BTC/USD pair has been hovering close to the 200-day SMA for the past few days. The downsloping 20-day EMA and the RSI in the negative zone suggest that the bears have the upper hand.

If the bears can sink the price below $8,400, a drop to the next support at $7,856.76 is possible. Such a move will be a huge negative as it will carry the price further below the 200-day SMA. 

However, if the bulls can push the price above the 20-day EMA at $9,153, it will indicate strength. If the price sustains above the 20-day EMA, the pair can move up to $10,000 and above it to $10,500. 

The short-term traders can buy on a breakout and close above the 20-day EMA with a stop loss at $8,400. This is a risky trade, hence, we suggest traders use only about 40% of the usual position size.

ETH/USD

Ether (ETH) once again turned down from the overhead resistance at $235.70 on Mar. 3. The 20-day EMA at $234.7 is just below the horizontal resistance. Therefore, we expect the bears to defend this resistance aggressively.

ETH USD daily chart. Source: Tradingview

On the downside, the bulls have been providing support close to $209.95. However, we expect a breakout or breakdown of this tight range soon.

If the ETH/USD pair breaks below $209.95, it can dip to $197.75, which is likely to act as a strong support. On the other hand, if the price breaks out of $235.70, a move to $288.599 is possible. Therefore, traders can buy on a close (UTC time) above $235.70 with a stop below $208.

XRP/USD

The bulls have not been able to achieve a strong bounce off the support at $0.22250. This shows that buyers are in no rush to initiate long positions even at these levels. XRP has formed a small descending triangle pattern, which will complete on a break below $0.22250.

XRP USD daily chart. Source: Tradingview

If the bears can sustain the price below $0.22250, a drop to $0.20 and below it to $0.17468 is possible. The 20-day EMA is sloping down and the RSI is in the negative territory, which suggests that bears are in command.

Our bearish view will be invalidated if the XRP/USD pair rises above the moving averages and the overhead resistance at $0.26362.   

BCH/USD

The bulls have failed to push Bitcoin Cash (BCH) above the descending channel. This shows a lack of buyers at higher levels. The bears will now attempt to sink the altcoin below $306.78. 

BCH USD daily chart. Source: Tradingview

If successful, a drop to $270.15 is possible. The 20-day EMA is sloping down and the RSI is in the negative zone, which suggests that bears have the upper hand.

Conversely, if the BCH/USD pair again bounces off the support at $306.78, the bulls will make another attempt to carry the price above $360. If successful, a rally to $400 and above it to $500 is possible. There is a minor resistance at $430 but we expect it to be crossed. We will turn positive on a close (UTC time) above $360.

BSV/USD

Bitcoin SV (BSV) has once again turned down from the 20-day EMA, which shows that bears are aggressively defending it. If the price sustains below $236, a retest of the recent lows at $204.310 is likely. 

BSV USD daily chart. Source: Tradingview

A break below $200 will be a huge negative and it can drag the BSV/USD pair to $173.660 and below it to the 200-day SMA at $157.15.

Conversely, if the pair bounces off the current levels or from $204.310 the bulls will make another attempt to propel the price above the 20-day EMA. If successful, a move to $301.43 and above it to $337.80 is possible. We will turn positive on a close (UTC time) above the 20-day EMA.  

LTC/USD

Though Litecoin (LTC) has been trading above the 200-day SMA for the past two days, the bulls have not been able to push it to $66.1486. This suggests that buying dries up at higher levels.

LTC USD daily chart. Source: Tradingview

If the LTC/USD pair again dips back below the 200-day SMA, it can retest the recent lows at $56.2430. If this level holds, the pair might remain range-bound for a few days but if the level cracks, a drop to $50 is likely.

Alternatively, if the bulls can push the price above the overhead resistance at $66.1486, the pair can move up to $80.2731. We will wait for a new buy setup to form before recommending a trade in it.

EOS/USD

EOS has broken out of the downtrend line but it has not picked up momentum. This shows a lack of buyers at higher levels. The price might trade between the 200-day SMA at $3.36 and $4 for a few days.

EOS USD daily chart. Source: Tradingview

The 20-day EMA is sloping down and the RSI is in negative territory, which suggests that bears have the upper hand. A break below the 200-day SMA will be a huge negative, which can drag the price to $3 and below it to $2.4001. 

Conversely, if the EOS/USD pair can rise above the overhead resistance at $4, a move to $4.8719 is possible. We do not find a reliable buy setup at the current levels, hence, we suggest traders remain on the sidelines.

BNB/USD

Binance Coin (BNB) is facing selling at the resistance line of the descending channel. However, the positive thing is that the bulls have not given up much ground, which increases the possibility of a breakout from the channel. 

BNB USD daily chart. Source: Tradingview

If the bulls can drive the price above the 20-day EMA at $20.64, a move to the $21.80-$23.5213 resistance zone is likely. Above this zone, the uptrend can reach $27.1905.

Conversely, if the BNB/USD pair fails to scale above the 20-day EMA, the bears will attempt to sink it back below the recent low of $17.7051. If successful, it will be a huge negative and can drag the price to $16.4288.

XTZ/USD

Tezos (XTZ) has been consolidating between $3.011 and $2.5263 for the past few days. A breakout of this range will be a bullish sign as it will increase the possibility of a move to $3.50 and above it $3.9499

XTZ USD daily chart. Source: Tradingview

Therefore, we retain the buy recommendation given in the previous analysis. If the momentum can push the XTZ/USD pair to new highs, the rally can extend to $5.3735.

Conversely, if the bulls fail to sustain the pair above $3.011, the bears will try to sink it below $2.5263. If successful, a drop to $1.83178720 is likely.

LINK/USD

Chainlink (LINK) has resumed its uptrend and has made a new high. The 20-day EMA is sloping up and the RSI is in the positive territory, which suggests that bulls are firmly in command. 

LINK USD daily chart. Source: Tradingview

If the bulls can sustain the price close to the highs, it will signal a strong demand even at higher levels. The first target on the upside is $5.6934 and above it $7.3101. 

However, if the LINK/USD pair fails to sustain the highs, the bears will attempt to sink it back to the 20-day EMA and below it to the trendline.

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