Market Analysis of Top 4 Cryptocurrencies

by - 05:04 PM Oct 18, 2019
market-analysis-of-top-4-cryptocurrencies

Market Analysis of Top 4 Cryptocurrencies


Bitcoin:

BTC failed to break above the crucial support zone $8050-$8150. It tested the given region and fell back down to current trading price of $7961, showing the trend is still in hands of the bears. Although, $7961 and lower could be a wick fishing trick to draw the price so low in order to entice or trick shorters in the market.
Bulls are trying to make their way towards $8000 again. The RSI (at 39.6) looks a bit bullish too. If they manage to succeed and bring the price above $8150, we could see it retesting $8300-8500 easily. And if it closes above $8500, then this will confirm a bullish breakout to $9000.
However, if the selling pressure is beyond manageable, we could see BTC going as low as $7700-7600. This would be a Long execution zone.

Ethereum:

ETH dropped from $180.9 which is also the 200 EMA on 17th October and broke below the moving averages, indicating a bearish sign. This shows renewed selling pressures from the bears as they are trying to get ETH down lower. It is currently trading at a criticial support zone of $172.6. ideally, we should hold or bounce from this level higher. Otherwise we could see bears pushing ETH down to the next stop of 168.5. If the fall continues we could see ETH go as low as 162.30.
Also, ETH is slowing forming higher lows on 1H, which indicates that the bulls have not been fully suppressed and are trying to push the price above. But this is still early to predict. The longer this happens will only show that the bulls are losing momentum, and will succumb to the selling pressure, resulting in a sell off.

XRP:

XRP made a clean and precise rocket move up to $0.30 from the retest zone of $0.28 on October 17th.
With this set up now complete we should keep our eyes out for intra-day pullbacks to resistance
turned support zone of $0.2985-0.2990 Once this target is met we could expect breaking out to the
next leg higher at around $0.31-0.32.

Litecoin:

LTC is retesting the support zone of 53.80. If it continues in this uptrend then we can see LTC going to
55.12. However, failure to break above the EMA 26 would bring LTC as low to $51.26-$50. If this
happens, then the downtrend will resume.
Conversely if the bulls manage to keep the price above $53, we could see sideways movement for a
few days. It is suggested to remain on the sidelines and not place any moves until this market paves a
clearer path.

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