February 6, 2020

Crypto Market Prices: Altcoins & BTC Analysis

Digital assets continue to test nearby resistance levels. The pressure from the buyers does not decrease, and there are high chances to see the continued development of the upward momentum to the next levels.

Unfortunately, the market has not gone into a downward correction, thereby canceling the formation of reversal models on the charts of many cryptocurrencies. In turn, the emergence of such models could give customers more profitable and conservative options for entering long positions.

Bitcoin (BTC/USD)

The leading crypto asset is configured to update a local maximum near the level of $ 13800. But if you propose that the current structure is a “Bull Flag” model, then the level of $ 17,000 may enter the target of the rise. Of course, such a growth of the main asset is likely to provoke a surge in the rest of the cryptocurrency market.

If the price bounces from current levels, then it is worth considering the option of forming an inverted “Head and Shoulders” model. In this embodiment, the target of completing the downward correction will be the area of $ 7625. 

Already from this level, we can expect a sharp price increase. The cancellation of the option with the development of an upward trend will fall below the level of $ 6875.

XRP (XRP/USD)

XRP/USD quotation on the daily chart rested against the upper border of the downward channel, where the resistance area is located. There are risks of a downward correction with the test of the upper boundary of the Ichimoku Kinko Hyo indicator cloud. In favor of this option is a test of the trend line on the RSI indicator.

Also, do not exclude the possibility of forming an inverted “Head and Shoulders” model. In this case, after the decline and test of the area of ​​$ 0.24, a strong growth towards the target at the level of $ 0.42 is expected. The cancellation of the positive option for the bulls will be a fall below the level of $ 0.18, after which we should expect the resumption of the bearish trend and the continuation of the fall.

A strong signal in favor of this option is the location of quotes above the Indicator Cloud, which indicates the presence of bullish momentum, as well as a likely rebound from the support line on the RSI indicator. As you can see, the indicator values previously repelled from this line, and the price moved up.

Litecoin (LTC/USD)

Litecoin quotations on the daily chart were able to gain a foothold above the resistance level. The next resistance area is located at $ 79. As you can see, the bears failed to provoke the development of correction and the formation of a reversal inverted model of “Head and Shoulders.”

However, this does not exclude the high likelihood of quotes growing over the width of the price structure, where the target may be an area of ​​$ 100. A good signal in favor of this movement is the rebound from the broken trend line on the RSI indicator. 

The cancellation of the option with growth will be a breakdown of the lower border of the Bollinger Bands indicator with consolidation below $ 64, which will indicate a resumption of the downward trend.

Ethereum (ETH/USD)

Ethereum buyers were able to break through the $ 180 area, but so far, the quotes have not risen above the $ 200 level. As you can see, this level also acts as a serious area of ​​resistance, the breakdown of which will open the way to the level of $ 260.

Earlier, quotes successfully pushed off the upper boundary of the Ichimoku Kinko Hyo Cloud, indicating an uptrend. At the moment, the potential for continuing the rise remains, but do not exclude the test of the upper boundary of the downward channel.

A test of the overbought area on the RSI indicator is also in favor of a likely correction. The cancellation of a favorable option for buyers of an asset will be a strong fall and a breakdown of the $ 155 area, in which case it is worth considering the resumption of a downward trend with a continued decline in the value of the digital asset.

Disclaimer

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.

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