The recovery in crypto prices has led to an increase in over-the-counter (OTC) demand for Bitcoin and altcoins. This shows that the bulls are nervous to buy aggressively at higher levels. But if the digital currency rises above $5404.82, it might attract some buying and short covering. The target levels to watch on the upside are $5,674.84 and above it to $5,900.
The uptrending moving averages and the RSI close to the overbought zone suggests that the bulls are at an advantage. Our bullish view will be invalidated if the BTC/USD pair turns down from the current levels and plunges below $4,914.11. Such a move will signal profit booking and short initiation by the aggressive bears. The traders can trail the stop loss on the remaining long positions to $4,800. If successful, it will indicate strength and the bulls can propel the digital currency to $220.
Both the moving averages are gradually trending up and the RSI is in the positive zone.
Our bullish view will be invalidated if the bears sink the ETH/USD pair back below $167.32. Traders can continue to hold the stop loss on the remaining long positions at $150. The price is again back below $0.33108. Both the moving averages are flat and the RSI is close to 50.
In our previous analysis, we had recommended buying if the XRP/USD pair sustained $0.33108 for the next two days. But with the price falling below $0.33108 again today, our buy condition has not triggered. We swill suggest a trade when the pair decisively sustains above $0.33108.
Currently, if the bears sink the digital currency below the 50-day SMA, it will signal weakness and a drop to $0.27795 is possible.
After failing to sustain above the overhead resistance of $332.58, Bitcoin Cash (BCH) is facing some profit booking. It can now dip to the 20-day EMA, which is likely to offer support. Both the moving averages are sloping up, which shows that the bulls have the upper hand. If the rebound from the 20-day EMA fails to breakout of the overhead resistance zone of $332.58–$363.30, it will remain range bound for a few days.
A break below the 20-day EMA can sink the BCH/USD pair to $239, which is a critical support.
On the other hand, if the bulls succeed in breaking out of $363.30, the pair can rally to $451.32. The 20-day EMA is sloping up gradually and the RSI is just above the midpoint. If the price scales above $84.3439, we expect a quick move to the overhead resistance zone of $91–$100.
A breakout of the resistance zone will complete a rounding bottom pattern that has a target objective of $159 and above it $180. Traders can buy a small portion — about 30% — of their usual position size on a breakout and close (UTC time frame) above $84.3439. The rest of the position can be purchased above $100 with initial stop loss at $74.
Contrary to our expectation, if the LTC/USD pair turns around from any of the overhead resistances and plunges below $74, it can correct to the 50-day SMA and below it to $62.450.
EOS has been consolidating above the 20-day EMA for the past few days. The bulls have not allowed the price to dip below the 20-day EMA and the bears have not allowed a strong rebound from the support.
The upsloping moving averages and the RSI in positive territory suggests that the bulls have the upper hand. A breakout of $5.6602 will indicate strength and can carry the price to $6.0726 and above it to $6.8299.
On the contrary, if the EOS/USD pair turns down and dives below $5, it can decline to the $4.4930–$3.8723 support zone. We do not spot any reliable buy setups at current levels; hence, we remain neutral on the pair. This shows that the bulls are keen to buy at higher levels. With both the moving averages sloping up and the RSI in overbought territory, the path of least resistance is to the upside.
If the BNB/USD pair rises to a new lifetime high, it will be a major positive.
Our bullish view will be invalidated if the pair reverses direction from the current level and plummets below the moving averages. The 20-day EMA is flat and the RSI is close to 50.
If the XLM/USD pair breaks out and sustains above $0.120, it can move up to the downtrend line. We shall turn positive on the pair after it sustains above $0.14861760.
Conversely, if the digital currency plummets below $0.110, it can drop to the uptrend line, below which it will turn negative.
After failing to breakout of the downtrend line, Cardano (ADA) has broken down of the 20-day EMA. If the bears can sink the price below $0.075920, it can decline to the 50-day SMA.
On the other hand, if the ADA/USD pair breaks out of the downtrend line, it will again try to break out of the overhead resistance of $0.094256. A close above this level will be a positive development. The pair is showing signs of a cup and handle formation. This pattern will complete on a close (UTC time frame) above $0.094256. The bears are attempting to sink it below the 20-day EMA.
Both the moving averages are flat and the RSI is at the midpoint. The balance will tilt in favor of the bulls if the TRX/USD pair breaks out and sustains above $0.02815521. This is likely to start a new uptrend that can reach $0.03278079 and above it to $0.03575668.
However, if the pair fails to hold the 50-day SMA, a fall to $0.01830 is possible with a minor support at $0.02094452.