Home News Alt Coins Crypto Weekly Analysis: Market Trading Stable After End-of-the-Week Rally, Litecoin Top Gainer

Crypto Weekly Analysis: Market Trading Stable After End-of-the-Week Rally, Litecoin Top Gainer

February 11, 2019 11:04
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The market continued to trade with a mixed signal, showing a rangebound movement all through the week. News about SEC’s possible ETF approval excited the market, which likely to has caused the recent strength in the market, but until unless it happens, the market will be a bit sceptic.

The daily volumes are hovering between the $18-$20 billion level and the market cap is currently hovering at the $120 billion level. On market cap raking front, Ethereum and Ripple continue to tussle for the second spot and Litecoin’s recent spike helped it to move to the fourth spot in the ranking list.

Currently, the market looks clueless about its next move as it is fully dependent on some type of positive signals from governments and regulatory agencies worldwide. Here is the technical analysis of the top five cryptocurrencies.

Bitcoin

The mid-week rally of about 10 per cent has helped Bitcoin to break above $3,500 level, which has been offering a bit of resistance. Now, the 50 Day EMA has been offering a strong resistance and finding it difficult to break above. I think the Bitcoin now will consolidate between the $3,500 and $3,800 level, due to the absence of any major signal.

If it breaks above the $3,800 level, then it would find resistance at the $4,000 level and then at $4,200 level. The support for the market extends down to the $3,200 level.

Ethereum

The ETH/USD pair has bounced higher from the $100 level, gaining enough momentum to break above the 50 Day EMA level and now is offering support to it. If the pair breaches the 50 Day EMA level, then most likely it will reach down towards the $100 level again. In the higher side, the $150 level continues to be extremely resistive.

The $115 level underneath is 61.8% in the Fibonacci retracement scale and should experience a bit of support around.

Ripple

In the recent rally in the market, Ripple has failed to break above its much resistive $0.3180 level and has pulled back from there. The XRP/USD pair likely continues to consolidate between the $0.2890 and $0.3180 level and if it breaches the lower limit, then possibly it could reach down towards the $0.25 level, which is its next major support level.

Litecoin

Litecoin has rallied a good 40 per cent in the last week, bouncing from the $32 level to straight up to $46 level in just three sessions. This has been an overly positive development for the LTC/USD pair which was trading sideways with a negative bias for the last session.

The pair now has pulled back, after experiencing a stiff resistance at the 200 Day EMA and is likely to consolidate between the 50 & 200 Day EMA slopes. A break below the 50 Day EMA would be negative, and the market could again witness selling towards the $30 level.

Bitcoin Cash

Bitcoin Cash failed to take advantage of the market strength and trade sideways all through the past week with $125 level offering stiff resistance. The BCH/USD is likely to continue witness selling pressure and could reach down to the $100 level in the medium term. The resistance for the pair extends up to the $130 level, which is unlikely to be broken anytime soon, due to the overall negative bias around the digital currency.

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