Jan. 17 Price Analysis: Bitcoin, Ethereum, Bitcoin Cash, Ripple, IOTA, Litecoin, NEM, and Cardano
Jan 17, 2018 Posted / 9861 Views
The world of cryptocurrency had witnessed a great amount of drama in last few months of the year 2017. It was talked that it is one of the best years for the digital assets. However, the first month of the year 2018 have not continued on the same lines for the cryptocurrencies and the degrowth was visible in the last few days of Dec. 2017.
There are multiple flips and flops with multiple governments experimenting with numerous banning criterion for the crypto-assets. First was China with a ban on cryptocurrency exchanges last year, this year came South Korea which issued diverse positions for the crypto-exchanges. This led to a proliferation of the rumours that the Korean nation will soon completely ban the digital currencies and it’s trading.
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The impact of these communications was huge and it led to sharp fall in the prices of the cryptocurrency. Nonetheless, the reverse statement came soon and South Korea clarified that there was going to be no ban in the near future. Though if you will see the media for the latest updates on the Korean stance, you will happen to stumble on reports that they have not yet given up on the plans of complete shut down of the crypt-exchanges.
Next in the line was Ripple that partnered up with Moneygram for monetary transfers. And then Moneygram clarified that it is just an experiment and not an official tie up. This means that no investor should impulsively buy any news and wait for validation atleast for some time.
In this week’s price analysis we will see what is happening right now in the crypto-world and analyze the price drops in the major cryptocurrencies and if there are any investment opportunities right now.
It’s been a week now that Bitcoin has been trying to find some support prices and bulls did pursue that at $12,600 for some time. However, Bitcoin could not stand it more and dropped again owing to the bearish pressure. The bearish lines have seized the market and did not permit the pullback to cross above the 20-day EMA. At present, the leading digital currency has witnessed a steep decline and standing at $10,897.
The analysts that how so ever the bulls try to pull back Bitcoin, it will not be able to sustain much and break down to maybe $8000 levels. The 20-day EMA and the 50-day SMA have completed a bearish crossover, which is a very pessimistic arrangement we are witnessing now. Let's see if the bearish arrangement gets invalidated and if the price can climb back again to $15,000 levels.
The analysts had been suggesting this over and over again that Ethereumw ill not sustain at the $1,424 levels for pretty much long time and this is what exactly happened. The bears were strong and plunged the currency to the $ 965.33 levels in no time. The bulls did try to give some support at $1250 levels and for some time at $1023, however, the bears broke it down and as a result, the drop is just above 61.8 percent on the Fibonacci retracement levels according to the current price rally.
The analysts also suggest a negative divergence on the RSI and conclude it as bearish development again. Only if the bulls are able to give support at $940, we can find a pullback to $1k levels.
Bitcoin Cash was one of those cryptocurrencies, which had build, a good faith amongst the investors and had been viewed to get back at odds. However, the currency too after trading at the range of $2072 to $2950 for some days broke down from its support price. The bears are trying to pull it of $1,194 levels, however, bulls have found support for it at $1,685. The analysts say that their bearish view will be invalidated if the bulls succeed in pushing prices back into the range, above $2072.68.
Ripple after getting to the $3.84 price in the first week of January plunged back to the low. However, it did find some support at $2 levels for some time and on Jan. 6 dropped to $1.40. The analysts had already declared that bears are strong and the currency will drop further low. Which is what exactly happened and at present the currency is trading at $1.10 and is expected to fall below $1 levels. The correction has broken below the 61.8 percent Fibonacci retracement levels, which suggests extreme weakness. The cryptocurrency is at present buying and selling inside a downward channel. The downtrend will end when the bulls breakout and maintain higher than the channel.
At present, the currency is facing a great dilemma as the critical support of $3.03 is in a tussle of Bulls and Bears. The bears have broken below the support and at present, the currency is trading at $2.49. Nonetheless, the bulls are preparing for a strong pullback. However, along with the range, the analysts have found a bearish descending triangle pattern with a breakdown, which is likely to result in a decline to a low of $1.10. On the flip side, if the bulls hold the support, the virtual currency is expected to persist its range-bound trading.
The bulls are trying for a pullback and if they are successful than the currency will soon trade at $230 levels. However at present, the currency is holding up at $180.26 and it broke down below the symmetrical triangle pattern and also the 50-day SMA, which is a negative development. If the bears further it down break below $170 today itself, a drop to $100 is likely.The analysts recommend not trading in the Litecoin and waiting for the market rise.
The analysts were proposing for a long position in NEM since last week, however, the pullback on Jan. 13 did not reach the target level and the stop-loss was triggered. The bears at that moment are breaking an uptrend and bulls are challenging to hold the 50-day SMA, which is near to the 61.8 percent Fibonacci retracement of the rally. If successful, the investors may see a pullback towards the trend line; else a fall to $0.59 is possible.
The analysts are hoping long positions in Cardano and at present, the currency is holding the critical trend line support at $0.56. Therefore, if you are one of those traders who did not sell off in the rally on Jan. 13, the analysts recommend that they should close at the current price soon. The analysts suggest that they don’t want to hold up a long position when the entire sentiment is heavily bearish and a breakout of the downtrend line will be the only indication that the fall is over
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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