The year 2019 seems not exciting the crypto trader as the market continues to be lacklustre and is failing to come out of the bearish grip. In the last week, the market was stable and didn’t show any major moves on either side. The current total market cap is at $118 billion level and Bitcoin dominance is at 52.6 per cent.
The crypto ecosystem is still facing a lot of issues including exchange security breach which is keeping the traders on their toes. There have been some high profile security breach of exchanges in 2018, and in 2019, it all started with the hack of New-Zealand based exchange Cryptopia. There are many challenges which this market has to correct before we can expect some turnaround rally.
Here is the technical analysis of the top five cryptocurrencies by market value.
Bitcoin continues to face stiff resistance at the long major downtrend line which is starting from the top of the formation, and every time the market tests that line, it faces a significant pullback. Over the last week, the BTC traded range bound between $3,800 and $3,500 and was completely sideways.
Going forward, the Bitcoin is likely to trade lower and break below the $3,500 level as it will try to move along that major downtrend line. Unless until there is any major fundamentals change in terms of regulatory aspects, the market will fail to gain momentum and would not be any major upside movements.
The 50 Day EMA continues to offer maximum resistance to the ETH/USD pair and is continuously facing strong selling pressure from the above. The market has turned around from the $150 level and since then has failed to move higher. I think the overall momentum of the market will be negative as the 20 Day EMA is now turning lower after it failed to cross above the 50 Day EMA. A break from here could send the market towards the $83 level.
Ripple was mostly in a sideways momentum over the last week, trading between the $0.3370 and $0.32 range with lower range offering strong support to the XRP/USD pair. The breach below this level could lead to the XRP prices reaching towards its next supportive $0.2890 level. In the short term, there are no signs of the market turning higher from here as all the technicals are suggesting further downside move.
Bitcoin Cash moved a little whole last week as it traded in the $120 range. The BCH/USD pair is trying to form a base around and if it breaks, then next support is at $100 level zone. The $130 and $140 level above is massively resistive and is unlikely to be broken any time soon.
EOS continuing to trade range over the last few weeks and has further narrowed its range in the earlier week. The $2.30 level underneath is providing a bit of support to the EOS/USD pair and if it breaks, then it could reach down to the $1.80 level. Earlier the 20 Day EMA was offering support but now it has turned extremely resistive which is a bit negative for the market.
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