Cryptocurrency Market Outlook; Ethereum, Ripple, Bitcoin Cash, Litecoin

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Cryptocurrency Market Outlook Mar. 1: Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, NEO, Cardano, Monero

BTCManager’s Weekly Cryptocurrency Outlook highlights the price action and technical indicators on a long-term basis to identify the best opportunities in the largest cryptocurrencies, such as bitcoin, ether, and others.

BTC-USD (Bitstamp)

The monthly chart below shows that February’s price action managed to sustain above the base line (red), indicating momentum remains bullish over the long-term. Immediate resistance is provided by the conversion line at $10,748.00 and we look for a monthly close above this level for a stronger outlook.

February’s candlestick is displayed below and we see that the market formed a variant of the Dragonfly Doji, a reversal signal. Given that the close of the candle was higher than the base line, the likelihood that BTC-USD will continue its upward movement is high. Another buy signal is given if the market breaches the high of February’s candlestick at $11,780.00, which should open up a key resistance at $13,880.00.

The Market Facilitation Index for February’s price action displays a squat (pink), which is known as the biggest money making move. Therefore, the index is telling us that there is a high probability that buying at or around February’s close near $10,314.90 will be a highly profitable trade over the long run. The chart shows the previous squat was observed in September 2020, when bitcoin closed at $4,326.09, and then went onto reach it’s all-time high near $20,000 in the following months.

The weekly chart below shows that since closing below the base line in early February, the market has not managed to display a weekly close back above the Ichimoku indicator. For the current week, the resistance provided by the base line lies at $11,319, and the bullish outlook is emboldened if we observe a weekly close above $11,319.

The Awesome Oscillator shows no sign of the bullish saucer yet, so we could wait before going into a long position on BTC-USD. After eight consecutive weeks of red bars, we should see the oscillator change color in the upcoming weeks, and prepare a long-term buy.

A downtrend is still visible from the Renko charts on the weekly timeframe, as shown below. A break above $11,012.40 is needed to begin the formation of a green Renko candlestick (reversal signal) and a weekly close higher than $13,765.50 will confirm the Renko reversal signal and see a green candlestick painted on the chart.

The daily Renko is displayed below and shows that since February 17, no new Renko candle has formed yet. Since the sequence is green, the market is in an uptrend on this timeframe. We only look to sell once a new red Renko forms, which implies a daily close below $8,956.71. The most recent green Renko candle’s close is higher than the conversion line, suggesting momentum is beginning to turn bullish and that we should see an attempt at the base line (red).

The base line provides an indication of short-term equilibrium, and we anticipate the current uptrend to achieve this target ($12,959.66). We also see that the Awesome Oscillator has turned green in mid-February, suggesting bears are becoming weak.

Finally, the 4-hour Renko chart shows that for a downward trend to take hold, we require a 4-hour session close below $10,019.13. Moreover, we see resistance lies at $11,537.18, the high from February 20. A breakout of the Feb. 20 high would open up the extension level at $13,768.70.

ETH-USD (Kraken)

Ethereum’s ether closed in the middle third of February’s price range, suggesting indecision, but like bitcoin, closed above the short-term equilibrium as indicated by the conversion and base lines (blue and red respectively).

At the time of writing, the market is flirting with the long-term resistance at $864.83 (conversion line), and a close above this level for March’s trading session will open up the $1000 handle once again.

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Similarly to bitcoin, February’s Market Facilitation Index for ETH-USD is a squat. Along with the other indicators, the squat suggests a buy near $850.00 could be very profitable over the next couple of months or so. Resistance is seen at $1105.30 and should provide an initial target for buyers.

For the weekly timeframe, the outlook again is similar to bitcoin’s; the base line (red) has held as resistance so far and the Awesome Oscillator shows no sign of momentum switching just yet. Ether’s key level to break this week is at $898.08, so a close higher than this level for the week will be considered bullish. On the other hand, a failure to close higher than $898.08 means we may see more sideways action or even an attempt at recent lows around $780.00.

The weekly Renko charts show a key balance point at $848.68; if the market moves below this level, a new red Renko will begin to form, and could point a continuation of bearish dominance. On the other hand, a break above $1060.85 will mark the beginnings of a green Renko candle. A weekly close higher than $1273.02 will be required for the green Renko to be painted on the chart.

The daily Renko chart below shows that February 14, the downward trend was reversed with the first green Renko candle. Therefore, we could look to buy ETH-USD near the close of this candle, that is, $895.29 (or on a breakout of this level).

XRP-BTC (Poloniex)

February resulted in further losses for XRP-BTC, which is nearing an important support level at 0.00008350. However, the Market Facilitation Index indicates a fake, meaning brokers in the trading pits are manipulating the price and movements are not based on fresh, incoming volume. When we see a fake, we should abstain from entering any new positions, and if you already have a position, just ignore the trading session until a go, squat or fade occurs.

From using the bullish candle from December 2020, we can obtain two important support levels where XRP-BTC will possibly start to reverse. Firstly, the 50 percent level of the candlestick lies at 0.00008350 and has, so far, held as support, with the wicks of the previous month’s candles just touching this level.

However, if the support at 0.00008350 is broken, it will open up the base level of December 2020’s candlestick; 0.00002375. Coupled with the fact that the conversion line has moved below the base line on March’s open, momentum is starting to turn bearish on the monthly timeframe, suggesting that we will see a dive toward 0.00002375.

BCH-BTC (Bitfinex)

The monthly chart for bitcoin cash shows two breakout levels. The market is currently sitting just above support at 0.11600, while resistance lies at 0.17140. A break below 0.11600 will lead to further losses and see the market head toward the December low at 0.06800.

Notice for December, the Market Facilitation Index was a fade (brown), suggesting exhaustion of buyers during this month. The following months have both displayed a fake (blue) suggesting there are no entries to be made for the month of March and we should wait for the Market Facilitation Index to change to either a go (green) or a squat (pink) in April.

The weekly price action is displayed below and shows support levels at 0.08610 and 0.06800. Notice that the lagging line (purple) has moved below the previous price action, giving us a bearish signal. The conversion line (blue) has also moved lower this week, suggesting the market will also head in the same direction. The conversion line provides resistance at 0.1593, and a weekly close lower than this level will give further bearish confirmation.

LTC-BTC (Bittrex)

Litecoin surged to its highest level since July 2020 in February’s trading session, reaching a peak of 0.0251160. Unlike bitcoin, the Awesome Oscillator for LTC-BTC is green and shows bullish momentum is in control.

February’s close also managed to push high than the resistance indicated by the lagging line (purple) at 0.0164, which gives a bullish signal for March. However, the fractal at 0.02200 was tested and rejected. We require a monthly close above 0.02200 for a move toward the extension level at 0.033742. Nevertheless, with the lagging line unrestricted and the Awesome Oscillator in the green, we should see LTC-BTC attempt the extension level and at least test 0.03000 in the next 30 days or so ahead of us.

For March, the conversion line (blue) provides support at 0.0152 and remains above the base line (red), suggesting bullish momentum is in play.

The weekly chart below shows how 0.029 is an extension level and the market should be attracted to this level. The market should find support around the horizontal conversion line, which could provide a good entry for a long position at 0.0192. However, if there is a weekly close below 0.0192, this will give our first bearish signal and see a tendency to move toward 0.0152.

The daily Renko chart shows that the outlook for litecoin is bullish. Firstly, we see that the Ichimoku cloud is starting to change color, from red to green. Secondly, we see that the next implied resistance lies at 0.02789377. Thirdly, the conversion line is moving higher and fourthly, we see a breakout of the Renko as one green Renko above the previous high at 0.01968 has been painted. Finally, the Awesome Oscillator has remained green since February 14.

NEO-BTC (Bittrex)

The monthly chart below for NEO-BTC is shown below. With many consecutive months of fakes and a large increase over December, we are inclined to think that NEO will settle down a bit more for March. Key supports lie at 0.00974224 and 0.00542486. Another important support is provided by the conversion line at 0.00840.

A failure to move above 0.0150 by the beginning of April means that a fractal resistance will form and increase the likelihood of further moves to the downside.

ADA-BTC (Bittrex)

The monthly chart for Cardano (ADA) gives little information, but it does tell us that there is a high chance that the downward move may be coming to an end. Notice, for February, the Market Facilitation Index is a fade (brown), suggesting that the preceding move is starting to lose steam.

The weekly chart also shows that the market for ADA is very close to a critical support zone. The current price sits just above the open of the bullish candlestick from the last week of December 2020. If we get a weekly close below the open of this candle, i.e., below 0.00002766, the outlook will be bearish for ADA-BTC. On the other hand, if 0.00002766 holds this week, there is a good chance we will see a reversal.

As the daily chart below illustrates, Cardano is closing on an important support BTCManager indicated in a previous weekly market outlook. A break below this level will open up support in the 1800-1500 satoshi range.

XMR-BTC (Bittrex)

The monthly chart for monero is displayed below and we see that the Awesome Oscillator has switched from red to green in color and is making higher highs, suggesting XMR-BTC could be a strong performer in March. However, the market sits just below the psychological resistance at 0.03000.

In January, the market closed above the conversion line, and should provide support going forward at 0.0244.

We look for a monthly close above 0.0300 for a test of the August 2020 high at 0.03798.

The Renko charts shows that we are seeing a fresh green Renko starting to be formed, and indicates a breakout. However, a weekly close above 0.0321675 for a new Renko to form and confirm the breakout.

Market Snapshot

Market Cap

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Cryptocurrency Market Outlook Mar. 13 (Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, Cardano, Binance)

BTCManager’s Weekly Cryptocurrency Outlook highlights the price action and technical indicators on a long-term basis to identify the best opportunities in the largest cryptocurrencies, such as bitcoin, ether, and others.

BTC-USD (Bitstamp)

The weekly chart below shows that the Awesome Oscillator has turned green for the week beginning March 12, which opens up the possibility for a bullish saucer signal for the week beginning March 19. For nine consecutive weeks, the Oscillator has remained red in color and switched (temporarily) to green last week before the market took a huge dive. We look to observe the Oscillator on March 19 to see if the color remains green and we look for another green bar to confirm the signal.

For this week, the conversion line has moved further below the base line, telling us that downward momentum is starting to gain strength. The supports indicated by the Ichimoku and fractals show that BTC-USD may extend as low as $8067.00 or even testing the most recent fractal support at $5920.72.

The conversion line provides resistance this week at $10,157.54 and a weekly close higher than this level is required to provide a bullish outlook for the weeks ahead. Otherwise, we look for the market to test support and head lower.

The daily chart below shows that BTC-USD is within equilibrium on this timeframe, sitting inside the Ichimoku cloud. A daily close below $9040.10 will generate a sell signal, that is, a close below the Ichimoku cloud for the first time January 16, when bitcoin fell by more than $2000 in a single day. If March 13’s price action is contained by the cloud, then we should look for a break of $9892.00. The $9892 level looks to be forming a fractal resistance, and the fractal is invalided if the market breaches the March 12 high before March 15.

So in short, if the market fails to break above $9892 by March 15, then downward momentum is likely to dominate, as BTC-USD looks for a new floor. Supports are highlighted in the chart below at $8522.99, $8366.00, $8067.00, $7588.01 and $6874.27. We also see that the Awesome Oscillator is negative and red in color.

On the other hand, if the market can breach $9892 in the next day or so, we should see the market test resistance provided by the cloud around $11,577. Another bullish indication is given the cloud itself, which has changed color from red to green in the past few days, which usually indicates an upward trend is to be anticipated. Therefore, we look to buy on a breakout of the cloud, i.e., a daily close above $11,577, if there is a daily close above $9040.10 on March 13 or alternatively, a break above the $9892 level.

Looking at the Renko chart (daily), we see that a downward trend is under way, with march 8 providing a sell signal once the first red Renko candle formed. The chart seems to indicate a move to $7,500 as the path of least resistance. A daily close above $11,249.76 is required for a trend reversal on the Renko chart, and provide justification to go long. If you are looking to short, the Renko chart tells us that your entry should be around $9374.80, so look for a bounce to near this level before going short (and target $7,500).

Nevertheless, the Awesome Oscillator suggests bearish momentum is weakening, as the indicator turns green and the bars are rising.

Finally, we look at the 4-hour timeframe. The Renko chart shows that BTC-USD is in a downtrend at the time of writing, with the most recent Renko candle a red one. A reversal to an upward trend is suggested once we observe a 4-hour session close above $9774.00. Moreover, the market is within the Ichimoku cloud and the cloud has changed color to green recently. Therefore, we wait for the market to form a new green Renko candle to go long.

The 4-hour standard candlestick chart below shows that the market is making higher lows as well as higher highs over the past four days or so. We see a bullish signal given by the lagging line (purple), which is moving above the previous price action. Immediate resistance lies at $9317.03 as indicated by the conversion line, and a 4-hour close above this level will increase the likelihood of a test of the Ichimoku’s upper span ($10,027). Therefore, we could enter a long position on a 4-hour close (if it is above $9317.03) and target the $10,000 handle.

ETH-USD (Kraken)

The weekly chart for ether is displayed below and shows that the market is sitting just above an important support at $666.56. A weekly close below this level would open up supports at $556.00 and $430.77. Ether’s chart looks to be lagging bitcoin’s, with the conversion line yet to cross below the base line. Moreover, the Awesome Oscillator remains red in color, suggesting no sign of a potential reversal yet.

Looking at the daily chart, we see three key levels to keep an eye on. Firstly, supports levels lie at $680.70 and $641.10; a daily close beneath either of these levels will point to further downside for ETH-USD. Resistance is seen at $719.11 and daily close above this level should provide further impetus for additional gains.

The Renko chart (daily) shows a breakout to the downside, so ETH-USD is likely to continue to display red Renko candles. As long as the market stays below $704.60, we see ether heading lower. A daily close below $634.14 would strengthen the bearish outlook, with a fresh red Renko forming below the previous low. Support is indicated at $386.13, the July 2020 high.

Moving onto the 4-hour price action, we see that ether has been making lower highs and higher lows, suggesting some indecisiveness in the market. The key fractal levels are highlighted, at $715.78 and $677.00 respectively. A break above $715.78 should see an attempt at the $750 handle, while a break below $677.00 will expose the $600 psychological level.

For the Renko 4-hour chart, ether is in an uptrend but a reversal looks to be imminent. A 4-hour session close below $681.20 will see the formation of a red Renko candle, which will give a signal to go short. Support is seen at $576.40. On the other hand, if the market can sustain above $681.20, there is a chance that the green Renko sequence will continue, with resistance indicated near $900.

XRP-BTC (Poloniex)

The weekly chart below shows that ripple has continued to exhibit losses against bitcoin and is nearing an important support. Two weeks ago, a bearish hammer formed, with the low at 0.00007738. This level could form a fractal support, providing the current week’s price action manages to stay above this level.

However, momentum has turned bearish as indicated by the crossover of the base line above the conversion line, so another important support we could watch is the open of the large bullish candle from late December 2020 at 0.00007180. Therefore, we could see a brief, temporary reversal once the 0.00007180 level is tested.

If these support levels fail to hold, then it is a long way down for the altcoin, with fractal support found at 0.00003450.

The daily Renko chart shows XRP-BTC has moved out of equilibrium and below the Ichimoku cloud, giving a bearish outlook. The most recent fractal support in the way now is way down at 0.00001274. A daily close above 0.00009555 is required for the Renko charts to paint a green candle and, hence, a reversal of the current downtrend.

The daily candlestick chart shows a potential bearish saucer signal setting up for March 14. The signal will be triggered March 14 the earliest and we look to enter a short once the market breaches the March 13 low at 0.00008348. Once the bearish saucer signal is triggered, we look to target the supports at 0.00007738 and 0.00006151. Also, notice that the market is now below the open of the relatively large bullish candlestick from December 29, 2020, suggesting that bulls have lost control. Therefore, if we remain below 0.00008727, expect the market to continue to head lower. If the market manages to regain 0.00008727, then we are likely to see a reversal.

BCH-BTC (Bittrex)

The weekly chart for bitcoin cash shows that this week may provide a bullish signal. For example, consider the lagging line (purple) which could possibly move above the previous price action, and therefore, give a bullish signal. We require a weekly close above 0.13688 for the signal to be triggered. The conversion line provides resistance at 0.1466 for the week beginning March 12 and has moved lower compared to last week, suggesting downside for BCH is more likely.

On the other hand, support lies at 0.1118 and a weekly close below this level will expose the 0.1000 psychological handle.

The daily chart shows a more bullish outlook, with the price action for BCH-BTC closing above the conversion line on March 9. The conversion line, at 0.1148, now provides support. The base line provides resistance at 0.1303 and a daily close above this level will open up an attempt at the Ichimoku cloud.

The Awesome Oscillator is green, but remains negative, suggesting that bearish momentum is weakening. We look for the oscillator to cross above zero to be more certain of an upward move.

However, the daily Renko chart shows a downtrend is under way for BCH-BTC, with a test of 0.09682965 looking likely. A daily close above 0.12727602 will invalidate the bearish outlook and lead to the formation of the first green Renko candle since late February.

The 4-hour chart also shows BCH-BTC in a downtrend. Unless we observe a 4-hour session close above 0.12100002, then the bearish outlook remains intact.

LTC-USD (Bitfinex)

The weekly price action for LTC-USD shows a bearish signal was given on the close of last week’s candle. The price action closed below the base line, signaling bearish momentum is beginning to take hold. The market currently sits just above Fibonacci support at $171.934 with another support found at $144.580. A weekly close below $144.58 will point to a large downward move for litecoin, as this support held during the massive sell-off experienced in late January/early February.

Therefore, we look to buy LTC-USD if the Fib. support at $171.934 is intact by the end of the week. Alternatively, we require the market to close above the conversion line by the end of the week, that is a close higher than $179.69.

Looking at the weekly chart of LTC-BTC, we see that the pair has retreated from its recent high near 0.0250 and has found support at the 38.2 Fibonacci level near 0.0178. Since then, we have seen the market test the 50 and 61.8 percent Fibonacci levels and we should see a continuation of the upward trend. Therefore, we could look to buy near 0.0192 (50 percent Fib. level), or successively on each break of each Fib. level.

The daily chart shows a much more bearish outlook, with LTC-BTC looking to break below the Ichimoku cloud. Important support zones are found at 0.01830-0.01810 and then 0.01490. However, if March 13’s close manages to stay above the conversion line (i.e., 0.0194), then we may see bulls manage to pull litecoin higher. A daily close below 0.0194 will be considered bearish and anticipate a test of 0.0180. Moreover, we see that the lagging line (purple) is moving below the previous price action, giving another bearish signal.

The Awesome Oscillator looks to turn positive after remaining in the negative zone since March 5. Once the oscillator turns positive, we could buy LTC-BTC in anticipation of a test of the 0.02000 handle and above. Since the price action is contained within the cloud, it may be safer to wait for a daily close either above or below the cloud before deciding on a position. A daily close below 0.0192 will indicate a bearish cloud breakout, whereas a daily close above 0.0192 may save litecoin bulls from feeling more pain.

ADA-BTC (Bittrex)

Cardano has gone on to post more losses against bitcoin and has failed to find support at 0.00002766. Looking at the weekly chart, we see that since posting the all-time high at 0.00009180, the market has gone on to establish six near consecutive lower lows, suggesting in one to five weeks time, we should see ADA-BTC bottom out, as bears become exhausted. Remember, the near consecutive (or record high/low) rule states that after seven to ten near consecutive higher highs/lower lows, the probability of a reversal increases substantially.

If the market can manage to stay above 0.00002290 for the rest of the week, we may have the bottom in, as the lagging line looks to be forming a trough. However, we cautiously await the weekly close to confirm the validity of the trough.

The daily chart shows some more indications that the market has bottomed out. For instance, the conversion line has started to flatten out and we look for a daily close above this indicator to give further confirmation. A daily close above the conversion line should motivate a move toward the most recent fractal resistance, at 0.00003520.

On the other hand, a move below 0.00002177 will open up further losses and motivate a short position, with a move toward 0.00001000 the most likely destination.

Looking at the daily Renko chart, we see ADA-BTC is still in a downward trend and that a daily close above 0.00002760 is required to give a reversal signal. Regarding the next support level, the daily Renko suggests 0.00000690 is the only remaining support.

ETC-BTC (Bittrex)

Ether Classic has hardly changed from the week’s open, but the outlook is bearish given that the market closed below the base line on March 5. Therefore, we could look to buy near the support highlighted below, i.e., at 0.00170 and 0.00130383. A weekly close above the base line (0.0027) will also motivate long positions. The Awesome Oscillator has turned positive, suggesting momentum is beginning to turn in favor of bulls.

The daily chart also shows a bearish outlook, with a move below the fractal at 0.00213501 looking imminent. A daily close below this level would open up 0.00179999. Notice that the lagging line has also broken below its previous trough, opening up further downside. The next support indicated by the lagging line is at the 0.0018 level.

The daily Renko shows a more bearish outlook, with a move toward 0.00148812 to be expected.

BNB-BTC (Binance)

The big story of the past few days was the alleged Binance ‘hack,’ but the exchange responded swiftly and reassured crypto investors, which could be contributing to the bullish show of force for Binance’s own cryptocurrency (BNB).

The weekly chart below shows that since finding support near the 38.2 percent retracement level, the market has surpassed the 50 percent Fibonacci level, providing a bullish bias. Furthermore, the market has moved back above the base line (red) and if the weekly close is higher than this level, BNB will be a strong buy. The base line lies at 0.0010, and we need a weekly close higher than this to motivate a long-term buy position. The market has also tested the conversion line, providing resistance at 0.0012. Finally, we see a trough being formed by the lagging line, suggesting BNB-BTC bottomed out around 0.00086 last week.

The daily chart shows the market is attempting a cloud breakout, supported by a surge in volume. Resistances are seen at 0.0013239 and 0.0016160. We also see that the Ichimoku cloud looks to change color from red to green, giving another bullish signal. We get stronger confirmation if we observe a daily close above the cloud.

The daily Renko chart also shows that a reversal is under way for BNB-BTC, with a green Renko candlestick looking to form for the first time since late January. Therefore, we look to go long on BNB-BTC if the daily close is above 0.0010699, at which point the first green Renko candle will form after successive red Renkos.

XMR-USD (Kraken)

The weekly chart shows the market is sitting just above support at $241.71, so we look to buy near this level. Further support is provided by the trough of the lagging line at $216.50. XMR-USD looks to close below the base line this week, giving a weak bearish signal. Nevertheless, the Awesome Oscillator remains green and continues to trend higher, although we are unlikely to get a bullish saucer signal, unless the market moves above $379.00 by March 19.

Buys at $241.71 and $216.50 should target the Fibonacci extension level at $374.09.

The daily Renko chart shows the current downtrend could extend as low as $190.65 and a daily close above $343 is required for a reversal.

The 4-hour Renko chart shows that XMR-USD is in equilibrium. A 4-hour close above $280.40 is required for a bullish reversal, whereas a bearish breakout is indicated with a 4-hour session close below $238.34. If the trend reversal is realized, we look to target the $360 zone. On the other hand, in the event of a bearish breakout, expect monero to sink to the $220 zone.

Market Snapshot

The market snapshots display the top ten cryptocurrencies by market capitalization and 24-hour volume respectively.

Cryptocurrency Market Outlook Feb. 5: Bitcoin, Ethereum, Ripple, Bitcoin Cash, Cardano, Litecoin, Stellar, NEO

BTCManager’s Weekly Cryptocurrency Outlook highlights the price action and technical indicators on a long-term basis to identify the best opportunities in the largest cryptocurrencies, such as bitcoin, ether, and others.

BTC-USD (Bitstamp)

Bitcoin continues its downward move, breaching the $7,799.96 support level on February 5. Moreover, last week’s close was below the base line (red), suggesting the market will now head toward equilibrium as indicated by the Ichimoku cloud. Short-term equilibrium is suggested at $11,319.00 by the base line (red) and $13,585.84 by the conversion line (blue), and the fact that they have not turned downward yet could mean that the market is soon due for an upward move. The flat base/conversion lines generally attracts price action, acting like a magnet.

The next Fibonacci retracement level from the monthly Elliot wave is at $4999.65, while from the weekly timeframe’s Elliot wave, the next support zone is found at $6911.79. The Fibonacci level at $7799.96 now turns to resistance and we look for a weekly close above this level to give a slight bullish indication for the weeks ahead. Therefore, we look to buy around $6900 and $5000.

We see that momentum remains bearish, as the Awesome Oscillator is still red in color and is moving lower. We look for the bar to turn green next week for an early sign of a reversal and an attempt by bulls to retake control.

On February 6 (10 AM EST), the direction of the market may be more clear, as the chiefs of the CFTC and SEC attend a Senate hearing, which may give investors more clarity around the regulations and rules of investing in cryptocurrencies. Many market participants expect the news to affect the crypto market, which could provide a bullish reversal if investors are reassured about the regulatory landscape.

The daily chart shows that since posting a high at $11,989.15, the market has exhibited six near consecutive lower lows, suggesting that bearish exhaustion will soon follow. We expect three to five more lower lows on the daily timeframe, which are likely to pierce into the purple box shown in the graph below.

A daily close below $7625.25 will give more certainty of a continuation of the bearish trend, whereas a rejection of the fractal, i.e., a daily close above $7625.25, will be considered slightly bullish.

The purple box lies between $4999.65 and $6911.79, two important support levels. We also see that by applying the Fibonacci indicator to the most recent Elliot wave, i.e., from the fractal high at $11,989.15 to the fractal low at $7625.25, that the extension level lies at the bottom of the purple box at $4928.36. This suggests that $5000 will be the next important support zone and we look for a long-term reversal once the market enters this area.

ETH-USD (Kraken)

While the Awesome Oscillator has been red for five weeks for BTC-USD, for ETH-USD, the momentum indicator has just switched color from green to red, suggesting the next few weeks will see more downside for ether.

The weekly chart below shows that the next support will be found around $650, the Fibonacci extension level which previously provided resistance. Further support is found at $404.99. The price action closed below the base line (red) last week, giving a weak bearish signal.

Using the Fibonacci for the most recent Elliot wave, we see that the only remaining support lies at $587.26.

The daily chart shows the near consecutive count for ETH-USD is at four since the high at $1,234.00. A failure to break below $734.84 on February 5 will invalidate the count and we would start again, since we would have no new low for three days since February 2 when $734.84 was reached. The count would then start again, opening up the possibility for higher highs. On the other hand, a break below $734.84 on February 5 would open up the support at $675.06 and possibly lead to losses over the next few days.

XRP-BTC (Poloniex)

Ripple has continued to fall against bitcoin, with more losses expected as the weekly candlestick closed below the Ichimoku cloud on February 5. The fractal at 0.00008150 was almost tested over the past week, with a move below this level anticipated. The leverage for a downward move is large, as the next fractal support lies way down at 0.00001171

The Awesome Oscillator remains red this week, suggesting moves to the downside are more likely. Against the US Dollar, ripple looks to head toward the equilibrium zone as indicated by the Ichimoku cloud around $0.25.

BCH-USD (Bittrex)

Bitcoin cash has fallen through two important support levels at $1177.50 and $1100.10, with the next support indicated just above $327.72 by the lagging line (purple).

ADA-BTC (Bittrex)

We anticipate Cardano (ADA) to continue downward, heading toward the support at 0.00002628 as shown below. The Ichimoku cloud has changed color from green to red, indicating a downward trend is getting underway. February 3 and 4 saw a test of the resistance at 0.00005150 but was rejected, giving more certainty that the altcoin will move lower.

LTC-USD (Bitfinex)

The open of the bullish candlestick no longer provides support, suggesting the bullish trend for litecoin is invalidated. The support at $144.58 looks to be broken this week, with a weekly close lower than this level giving bearish confirmation. Another important support lies at $124.957, the 23.6 percent retracement level for the most recent Elliot wave. A weekly close below $124.957 opens up the possibility for a 100 percent retrace, all the way down to $49.022.

On the other hand, if the week’s close can manage to retake $144.58, then we could see litecoin deliver some gains in the weeks to follow.

The Awesome Oscillator remains red this week, for the fourth week in a row, and we await a change in color for a signal of bullish momentum.

XLM-BTC (Bittrex)

Stellar saw a bearish move last week, but managed to close higher than the critical support at 0.00004563, the peak of the lagging line (purple), which was a former resistance level. WE look for XLM-BTC to trade in the range of 0.00004563 and 0.00005282 this week. These levels also represent breakout levels, with a move below/above these key levels acting as sell and buy signals respectively.

A weekly close higher than 0.00005282 should open up the all-time high at 0.00006370. A weekly close below 0.00004563 will see the market test the conversion line, which provides support near 0.00003600.

The Awesome Oscillator has turned red this week, suggesting it may be the right time to short XLM-BTC, and signals that a test of the conversion line and base line has a high likelihood.

NEO-BTC (Bittrex)

NEO reached new highs against bitcoin last week as the NEO DevCon took place, but the market was not able to hang on, and fell toward the end of the week. The 50 percent and open support levels of the bullish Marubozu have not yet been tested and serve as ideal entries into long positions on NEO-BTC.

The Fibonacci retracement levels also provide some potential entries; the 50 percent level at 0.00842970 and the 38.2 percent level at 0.00687911 are the most probable places where support will be found.

The Awesome Oscillator remains green in color this week, pointing to bullish momentum remaining strong. A weekly close above 0.01189882 may point to a continuation of the upward trend, despite the wider market downturn. Support is also found at 0.01105141, and a failure to close below this level by the end of the week may indicate the strength of the bullish trend. On the other hand, a break below 0.01105141 will open up the supports mentioned above.

ETC-BTC (Poloniex)

Ethereum Classic (ETC) is one altcoin that should perform well in the upcoming weeks/months. The weekly chart below shows that ETC-BTC tested the support provided by the conversion line (blue) around 0.002400, but managed to stay above this level. This week, the conversion line starts to display an upward gradient as it creeps up to 0.002500, suggesting an upward move could be imminent. However, the weekly close must be higher than 0.002500 for the market to remain above the conversion line and to ensure the bullish outlook remains valid.

The Awesome Oscillator suggests that bearish momentum is weakening, as the oscillator heads toward the zero threshold and is green in color for the fifth week in a row.

Therefore, we look to go long on ETC-BTC if the weekly close is higher than 0.002500, with a long-term target of 0.00418 to 0.00500, as the market should return to equilibrium and test the upper span of the Ichimoku cloud.

XMR-USD (Bitfinex)

Monero crossed below the base line last week, giving a weak bearish signal. Two important supports lie at $172.638 and $151.26. Further support lies just below $86, as indicated by the trough of the lagging line (purple).

We also see that the Awesome Oscillator remains red in color. We look for the bullish saucer signal to appear next week to get ready to enter long positions. Until then, the outlook is bearish.

VIA-BTC (Bittrex)

Viacoin was added to major exchange Binance on February 5, which prompted a large impulse buying pushing the coins in the green while all other cryptocurrencies were in the red. VIA-BTC reached a high of 0.0005520 but has since been tempered to around 0.0003700. After three attempts, the cryptocurrency has failed to break above the Ichimoku cloud and establish a bullish breakout. At the same time, the base line (red) has held up as support around 0.003400 for the past few weeks.

We maintain that VIA-BTC will break and close above the cloud between February 12 and 26, as the resistance zone is very thin. After closing above the cloud, we expect VIA-BTC to test the all-time high as explained by BTCManager during January.

Also, while hard to make out from the graph, the conversion line looks to be moving above the base line, which gives an indication of bullish momentum beginning to kick in.

Therefore, we look to buy VIA-BTC near the support provided by the base line (

0.003400) and also on the weekly close if it is higher than 0.003800. Notice that the lagging line has made the switch from below the previous price action to above. Once there is a weekly close above 0.003800, the lagging line will remerge above the previous price action and provide a bullish signal.

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