Losses are steep in EOS and this is partly because of block producer centralization claims and the uncertainty around Dan Larimer commitment. But while we expect bears to slow down, Tron is stable and up 22 percent in the last week. In fact, it could break and close above 1.5 cents main resistance line igniting buyers aiming at 3 cents.
EOS Price Analysis
The EOSIO network might be one of the fastest smart contracting platforms around but with a DPoS consensus algorithm introducing block producers or super nodes, the networks representatives now has to defend the blockchain from centralization criticism.
StartEOS is vote buying, sharing their block rewards to EOS tokens holders that vote for them. Let's see how long it takes for them to drop out of top 21? Vote decay takes a bit but already we can see their rank dropping since news starting coming out #3 https://t.co/wtxsCfkIsW pic.twitter.com/EHQMvY7IPu
— Token State (Tokenize the World) (@tokenstate) December 4, 2018
Read: EOS Centralization Woes Return as Block Producer Offers Money for Votes
Price wise and EOS slide to $1.5 would be faster more so if bears keep up with yesterday’s six percent losses. This was expected and as long as EOS/USD is stuck below $4 then we recommend trading in line with our previous trade plans, unloading EOS on every pull back. Thereafter we shall fade this plan once there are solid gains above $3.5—a level of importance in our analysis.
Litecoin (LTC) Price Analysis
Thing is, sellers have an upper hand and though LTC/USD is now trading 90 percent from their 2017 peaks, we expect prices to find support as long as LTC is trading above $30.
At the moment, our previous trade plan is valid and before we recommend buys, we suggest patience until after there is convincing evidence of bulls involvement once there is a clear break and close above Nov 25 highs at $35.
Also Read: CoinBase and PayPal – A Match Made in Crypto Heaven?
Once this prints, then it could be an impetus for bulls to rally towards $50—our main resistance level as LTC/USD buyers bid to reverse 2018 losses.
Stellar Lumens (XLM) Price Analysis
Calgary’s NDAX is now the first Canadian exchange to avail the XLM/CAD pair.
NDAX has launched an XLM/CAD pairing. NDAX is making it easier for Canadians to diversify their cryptocurrency investments by being a leader in listing new Crypto/CAD pairings.#CryptoNews #cryptocanada #CAD $XLM $XRP $BTChttps://t.co/cN7LWS9OPd
— NDAX (@ndaxio) December 4, 2018
Even with this, XLM is struggling against sellers finding caps at around 20 cents and further losses that will see prices sink below Nov 2018 lows automatically invalidates our previous XLM/USD price analysis. Like before, if there are declines below 15 cents confirming Nov24 losses then Lumens might test 7 cents or May 2017 highs by the end of the year.
This may print if bulls fail to penetrate 25 cents endorsing the bear break out meltdown of week ending Nov 25.
Cardano (ADA) Price Analysis
Perched at 10th, ADA/USD is one of the top performers in the top 10 adding five percent in the last week. This may appear positive but ADA is this year’s worst performers as bears have so far erased 2017 gains.
What’s worse is that we might end up registering new 2018 lows more so if there are drops below Nov 25 lows at 3.3 cents as bears deflate our bullish outlook cancelling the Morning Star in the pattern.
Like in previous ADA/USD trade plans, we suggest taking a neutral but bearish stand, buying ADA once there are high-volume bars closing above 4.5 cents. This shall trigger a wave of aggressive buyers aiming at 6 cents and later 9.5 cents as per our previous iterations.
Tron (TRX) Price Analysis
TRX is up 22 percent in the last week and as TRX/USD find support, we might see the cancellation of the bear breakout pattern set in motion by Nov 19-20 break below.
Ideally, we would like to see a spike in trading volumes accompanying any surge above 1.5 cents in line with our last TRX/USD trade plan.
In that case, our first target will be at 3 cents with a safe stop at the lows of the breakout bar.
All Charts Courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
Bitcoin’s Explosive Rally Targets $6,500 Next – Analyst Explains Why
By CCN: The bitcoin price could surge to $6,500 soon because it breached a key resistance level of $5,500 this week. That’s the assessment of Naeem Aslam, the Chief Market Analyst at ThinkMarkets, a forex and derivatives broker.
Indeed, bitcoin has roared to a six-month this week after flailing for much of 2018.
ASLAM: NASDAQ IS WARMING UP TO BITCOIN FUTURES
Analyst Naeem Aslam told CCN that there are several factors driving the rally, including optimism that Nasdaq is growing more confident about bitcoin futures.
Moreover, he says there’s a bullish trend forming with speculative bitcoin shorts that’s pushing the price higher.
“Technicals are fully supportive and the bulls are pushing the markets higher based on that. It’s likely that bitcoin’s price may move towards $6,000 or even touch $6,500.”
“We have Nasdaq, which is about to get serious about Bitcoin futures. Not to mention the speculative short positions, which are going to get squeezed out very soon (as per the CFTC data).”
Even the crypto bears at CNBC begrudgingly agree that bitcoin could climb to $6,000 soon.
Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Coins find respite from the bear
Bitcoin has been the world’s premier cryptocurrency since its inception. However, in light of Litecoin’s upcoming halving [August 06, 2019], many people in the community are speculating that Litecoin might lead the bull rally.
Additionally, many believe that Litecoin already hit its bottom and is on a bull run since it surged by ~170% since 13 December, 2018.
Bitcoin 1-day chart
Bitcoin’s price, at press time, was $4,026, with the market cap at $71 billion. The 24-hour trading volume for Bitcoin was at $9.97 billion, slightly less than $10 billion.
Support 1: $3,189
Support 2: $3,860
Support 3: $3,681
Resistance 1: $4,111
Resistance 2: $6,094
Resistance 3: $6,648
The Aroon indicator showed a collapsing downtrend and an uptrend, indicating sideways movement for Bitcoin in the daily timeframe.
The Stochastic RSI had touched the oversold zone, which indicated a possible bullish buying opportunity.
The Chaikin Money Flow suggested that money was flowing into the Bitcoin markets.
Litecoin 1 day chart
At press time, Litecoin’s price was $62.80 and the market cap was $3.75 billion. The 24-hour trading volume for Litecoin was a few million short of $2 billion.
The Aroon indicator for Litecoin showed the same movement as Bitcoin, with both the uptrend and downtrend collapsing.
The Stochastic RSI dipped into the oversold zone, with a bullish crossover underway.
The Chaikin Money Flow indicated that there was plenty of money flowing into Litecoin markets.
The price of Bitcoin suggested consolidation, something indicated by the Aroon indicator. However, the Stochastic RSI and CMF indicated a bullish phase for Bitcoin. Litecoin’s price movement showed a similar scenario as Bitcoin, with the CMF and the Stochastic RSI indicating a bullish movement for Litecoin.
Today’s Expert Coin Value Analysis for Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and BCH
Bitcoin BTC/USD Price
From yesterday’s open at $4068 the price of Bitcoin increased at first by 1.23% coming to $4119 but since it came up to those levels slightly lower than the Saturday’s high an immediate downfall occurred to the same levels as it did after the Saturday’s decreased ended at around $4050 area.
The price is currently again in an upward trajectory sitting at around $4080 close to the falling wedge resistance line. On the hourly chart, you can see that the price action created a descending triangle after the increase has been made on Saturday when the price came up to its significant resistance zone at the intersection between the 0.786 Fibo level and the falling wedge resistance line.
Now that a minor retracement occurred we are to see if the price is to continue moving to the upside for interaction with the upper resistance zone at around $4200-4300 in which case strong momentum will be needed to break out from the current resistance zone.
Considering that this increase made is most likely corrective according to my count I doubt that we are going to see the needed momentum for the price to continue its upward trajectory. Most likely as the price has found itself in a strong resistance zone and has formed a descending triangle we are to see a breakout to the downside from here after further interaction.
When this Minute Y wave ends and it looks like it could have ended we are going to see an impulsive movement to the downside as we did on 24th of February in which case the price of Bitcoin would decrease significantly from these levels back to around $3600.
Ethereum ETH/USD Price
From yesterday’s high at $144.83 the price of Ethereum has fallen by 4.41% at its lowest point yesterday but started increasing from there again and is currently sitting at $141.23.
Like in the case of Bitcoin, Ethereum’s price action has created a descending triangle whose support line is the horizontal resistance level which was broken on the way up and now serves as a support. As the interaction with the 0.786 Fibonacci level was expected for the completion of the Y wave we could see further increase especially if the correction ends if a five-wave move instead of the projected three-wave.
As the price is above the 0.618 Fibonacci level which serves as the support we could see a breakout to the downside from the current descending triangle for a retest of support before further upside movement but considering that this three-wave upswing is most likely corrective when it ends I would be expecting that the price of Ethereum continues its downward trajectory which started on 24th of February after a five-wave impulse to the upside ended.
The price is looking like it could move impulsively to the upside as from 4th of March when the interaction with the 0.5 Fibonacci level was made we could be seeing the development of the uptrend. This isn’t very likely considering that after the five-wave impulsive move to the upside ended we have seen an impulsive decrease of 19.72% as the price of Ethereum fell from $168.5 to $135.21 which is why after this three-wave correction to the upside ends I would be expecting a continuation to the downside.
If the price starts decreasing from here I would be expecting a breakout from the current range to the downside below the 0.5 Fibonacci level which is at $126.76
Ripple XRP/USD Price
From yesterday’s high at around $0.321 the price of Ripple has decreased by 2.26% to its lowest point today at $0.31957. Since then the price has started increasing again and is currently sitting at $0.32158 which is around the horizontal support level from the prior range and is now serving as resistance.
Looking at the hourly chart you can see that the price of Ripple came down to the upper ascending trendline which is the baseline support from the current corrective structure as it encountered resistance.
Now as the support level gets retested we are going to see if the price finds support there or continues moving to the downside to its lower support level. If this occurs the price of Ripple would come down to around $0.3145 but as we are currently seeing the interaction resulting in a slight increase the support will most likely be there.
The price hasn’t come up to the projected target level at $0.3366 so we could see further increase from here but as this increase is correctional when it ends I would be expecting a breakout to the downside.
As previously the price of Ripple experienced an impulsive five-wave increase a correction to the downside started and the price fell down by 13.64% in one go which was an indication of the start of the trend continuation.
The current corrective structure to the upside could be the second wave out of the five-wave impulse to the downside so a third wave should start developing soon. This could be the third correctional structure if the Intermediate correction got prolonged by two more waves so in either way I would be expecting a movement to the downside after this increase ends.
Litecoin LTC/USD Price
From yesterday’s high at $64.1 the price of Litecoin has fallen by 6.63% today measured to the lowest point at $59.855. The price is currently sitting at $60.484 slightly higher than today’s low and is trying to establish support on the prior horizontal range resistance line.
Looking at the hourly chart you can see that the price of Litecoin came up above the resistance zone once more and to the upper ascending trendline which serves as resistance. This trendline is the resistance from the expanding diagonal which was the 5th wave ending point according to my count but now that another interaction has been made I believe that the structure has developed fully.
Now that we have seen the interaction with the price’s most upper resistance point we are most likely going to see the start of a downtrend as the price of Litecoin increased by 176% in the last 91 days.
The price came up above the resistance zone but I don’t believe that it will stay there for much longer as it has entered the seller’s territory so another round of selling would soon get triggered.
The first area which serves as support would be the lower horizontal levels of the resistance zone which is at around $50 level but if we are to see the start of the trend continues to the downside the price will fall further down below those levels.
Crypto Market Overview:
Yesterday’s price analysis:
Bitcoin and Top Altcoin Price Analysis: Today’s BTC, ETH, XRP, BCH Value Forecasts (Mar 18)