December-January: Top 10 Currencies (Bitcoin, Ripple, Ethereum, EOS, Bitcoin Cash, Litecoin, TRON, Stellar, Bitcoin SV, Cardano)


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Disclaimer: the following info and suggestions can’t be considered as professional trading advice, so put orders considering other factors and be sure that you know about potential risks.

The first month of 2019 has passed, so we can summarize some info. Since the year’s beginning, the total market capitalization and prices of leading currencies experience a strong side trend but the crypto community is optimistic.

For now, cryptocurrencies are near turning point and markets can follow one of the global paths. On the one hand, a breakdown from support levels will mean that the bearish trend continues while a significant rise will mark the beginning of the bulls’ era.

Let’s look at ten the most capitalized currencies paired with USD. We don’t feature Tether (7th place) here because its price is bound with USD as 1:1. All statistical data is provided by CoinMarketCap, as for 05.02.2019.

BTC/USD

Neither bulls nor bears can push their levels to break the current horizontal trend, so the price slightly moves up and down which is suitable for scalpers but barely useful for other traders.

Bears will try to break the first support level ($3,236) and push prices down to the critical one ($3,000). The collapse of this psychological barrier will mean even more powerful bearish downtrend to prices near $2,600.

Bulls focus on breaking the 20-day EMA ($4,255) which then will be followed by the 50-day SMA ($4914). Cracking these two thresholds can send prices to the sky with potential goals at $5,900 or even higher.

Our opinion: watch for the current downtrend line which lasts from November and open long positions if it falls and uptrend continues for a few days in a row.

XRP/USD

After a great rise earlier this year and replacing Ethereum on 2nd position in the top capitalized currencies, Ripple faces a strong correlational downtrend. We think that the coin can fall down to the level of critical support ($0.27795) and continue its dump with moving to the yearly minimum of $0.24508.

Otherwise, bulls can try to lead the market and break the 50-day SMA ($0.33108) to increase the value up to $0.4. This barrier will establish a new resistance level, so pay attention to the price of $0.38239 in this case.

Our opinion: place long positions above the 50-day SMA. Otherwise, simply watch for trends.

ETH/USD

Currently, bears have a definitive advantage at this pair. From 3 February, ETH continues to fall down and lose the global capitalization. The 20-day EMA and the RSI mark clearly show that the downline is likely to remain further.

The support level is now at $103.2 and the critical point is $83. By breaking these levels, bears can push prices further. However, we think that ETH can go up to the resistances of $134.5 and $167.32. Levels are pretty high but the next correlation is approaching and it should be positive.

Our opinion: the coin is in the range between $103.2 and $116.3, so we recommend open longs at close levels above $116.3 with stop loss orders near $102.

EOS/USD

EOS optimists were quite successful during January and February as they have broken the 20-day EMA. Nevertheless, a failed attempt of going over the 50-day SMA led to short horizontal moves.

Now, bulls continue trying to go through the 50-day SMA ($2.42) and they have all chances to do this soon. After, EOS will move to $3.05, $3.208, and even can hit maximums at $3.8723. Bears have worse positions but they wait for the smallest fault, so another failed attempt of breaking the resistance will turn EOS back to the critical support at $2.1733. Next dumps can potentially push prices to $1.77 and $1.55.

Our opinion: watch for the barrier at $2.42 and place long positions above. Set alerts because EOS has great dynamics.

BCH/USD

After the fork, BCH experienced some positive movements but later has moved away from the first resistance level ($121.3). If bulls are successful to overcome it, they will approach the 50-day SMA near $141, so only surpassing of this level will mean that a powerful uptrend begins.

In the case of failure at $121.3, bears can turn prices down and move to supports at $105 and $73.5. Differences are pretty high, so don’t hurry up and watch for the situation.

Our opinion: wait even despite uptrends and start buying only after $141 because BCH can bounce in wide ranges now.

LTC/USD

2 February was a lucky day for LTC bulls as they pushed through the resistance at $33. Still, the next resistance level at $36.428 remained untouched. This point can be conquered a bit later if the price goes up and establishes a relatively long uptrend. Thus, bills can hope to reach the current resistance and proceed above $40.

The current short trend is more suitable for bears because the price is slightly below $33 now. Moving down and hitting the support zone at $27.701-$29.349 will mark the new downtrend. LTC prices can fall greatly to $23 and even further.

Our opinion: prices are extremely close to the support point at $33, so it’s better to wait for a more stable trend (either up or down).

TRX/USD

Bears made a few attempts to consolidate under the support at the 20-day EMA ($0.02) but they were unsuccessful and buyers grabbed a lot of coins for a relatively low price. This caused the next upside movements.

Right now, bulls control the situation and try to move above the resistance level ($0.02815). Next goals will be at $0.03575 and even above $0.04 where we can talk about potential high profits.

Still, bears wait to defend the resistance and move down towards the 20-day EMA. You should watch for supports at $0.02306 and $0.02113. The trend isn’t as clear as we’d wish, so keep calm.

Our opinion: just HODL and don’t panic, instead, set stop losses at $0.023.

XLM/USD

This pair feels the worst among all reviewed currencies. XLM is constantly trading near minimum records and has almost no chances to go up soon. Moving averages and RSI show that buyers can’t support the coin even now because of a powerful oversold situation.

It seems that the current support ($0.07864) is already broken, so watch for the next level which is at $0.05795. Bulls can try to defend the current point and fight back to surpass both 20-day and 50-day averages. In this case, we can expect a rise to $0.13427 and $.0184 but, honestly, this turnaround is unlikely.

Our opinion: wait a bit more and try to set testing short positions if the price continues to go down.

BSV/USD

Similarly to the previous pair, BSV feels bad. Recently, it has gone down below the strong support level ($65.03) and is traded around $60 now. Next points-to-watch are at $57 and, far below, $38.52. Bears look powerful and there are really fewer buyers than sellers, so the coin may continue its downtrend.

Otherwise, in the case of bounce from the next support, BSV can skyrocket. Wait for breaking moving averages at $80.35 to find resistances at $102.58 and $123.98. Chances are low but markets are unpredictable, so everything’s possible.

Our opinion: like XLM/USD, wait to define that the currency moves down stable and then try short positions.

ADA/USD

The coin had a few pumps and dumps during the last two days but it has featured some local uptrends, at least.

Bears focus on the new support ($0.03681) and then continue to $0.02723. Right now, the first level is already broken but we should wait more to recognize a stable movement. Sellers are in better position now because we see downgoing averages and RSI around 40 levels. Though, bulls can try to defend and send prices towards $0.03854. This will enhance the current long-term uptrend and even skyrocket values up to $.0.051.

Our opinion: it’s better to spectate and wait for the turnaround, don’t recommend trading on this pair now.

Final Thoughts

We have reviewed Cardano (12th place now) instead of Binance Coin (10th place) because the latter currency is extremely useful for Binance users and barely interesting for other traders. However, you can watch for it because of the strong uptrend with more than 15% daily positive change. Most likely, it’s too late to buy BNB, although.

Well-known personas support cryptocurrencies. Jack Dorsey (Twitter CEO), Changpeng Zhao (Binance CEO), Ben Ritchie (Digital Capital Management COO), and Mike Novogratz (Galaxy Digital CEO) hope that the market will go up, especially, with the help from institutional investors.

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