Top 10 Cryptocurrencies Analysis (February)

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.

After the year-long bearish market, the crypto world begins its new upgoing phase, optimists claim. Even without skyrocketing prices of top-rated currencies, we see positive news like $130 million deal by Pantera Capital or multi-billion investments in Morgan Creek performed by pension funds (that’s the first case ever!). These news come with good info from the exchanges’ ecosystem where traditional brands like Eurex increase their interest in cryptocurrencies. But how this situation affects prices? Let’s see.

All statistical data is provided by CoinMarketCap, as for 23.02.2019. Tether is excluded from the final list because of its 1:1 relation to USD.

BTC/USD

Bitcoin is actively traded around the remarkable level of $4000 but bulls can’t proceed upper. However, they also don’t give up and hold these positions protecting them from bears. As for indicators, the 20-day EMA and the RSI both show that prices are likely to move higher soon but the 50-day SMA remains flat, so we can’t be sure about medium term.

The current resistance is set near $4255 with the following bullish goal of $5273. Consider keeping stops at $3236 where the first support level is. If buyers can overcome the existing psychological barrier of $4K, we will see a solid uptrend with a double bottom pattern. Otherwise, the new yearly low is expected.

Our opinion: keep your stops and start buying after exceeding $4255. Avoid any deals if bears can break the support at $3236.

ETH/USD

Ethereum was successful enough to regain its second position by the market cap. Now, buyers continue purchasing on small dips which can lead to significant upper movements. Considering the clear uptrend drawn by a chart, we see next resistance at $167.3. The breaking of this barrier can lead to a strong move towards $183.

Bears can fight back and reach the 20-day EMA which is near $134.5 now. Next support is set near the current position of the 50-day SMA at $118. Despite it’s barely possible to fall to these numbers, we suggest placing stop orders for half of the total long position amount.

Our opinion: it’s a good time to buy coins, definitely. Don’t forget to set stops at $125, right above the strong support.

XRP/USD

Traders gather around the resistance level at $0.331 but can’t move further. If they are successful, we expect to run to $0.4. Failure here will mean that prices remain in the current zone between $0.331 and $0.278 but moving below the latter barrier may lead to approaching the support at $0.245.

Our opinion: consider opening long positions right now but always set stops which can be near $0.275 now. Be sure to move stops upper when bulls break the resistance. By the way, with Superorder, you can set moving stop orders which will follow the price without manual control!

EOS/USD

Traded near $3.87, the coin has all chances to move up to $4.0 and even $4.1. The final strong resistance will be at $4.49 in the case of bullish success, so keep an eye on current deals.

A downtrend can establish after the sustainable breakdown of $3.87. After it, bears can push to $3.2 where the 20-day EMA is located or even to $2.17 which is the current point for the 50-day SMA. The last barrier is acting as critical support.

Our opinion: tech indicators reveal that the short term is favorable for bulls. Both the 20-day EMA and the RSI prove it. Open or keep your longs while setting stops at $2.9.

LTC/USD

From $52 during 20 February to $49.5 currently, this pair experiences serious volatility. The RSI forms a negative trend, so be ready for dumping prices by the 20-day EMA ($43.16) and even the 50-day SMA ($36.54). If the psychological level at $40 falls, bears will gain control over the situation.

Nonetheless, it’s also possible that coins will be traded in the current range between $47.24 and $52.5. Moving upper the latter resistance level will allow bulls to push prices up to $56.9 and even $60. We predict that Litecoin will stay in the mentioned boundaries unless some good or bad news appear.

Our opinion: stay on your long position with two stops: a stable one at $40 and a moving one. Invest half of the buy order in both stops.

BCH/USD

For the past three days, the coin is traded near $141 without significant movements up or down. Minor changes are insignificant even for short-term deals except for scalping ones.

There are a few levels to watch for: $150.5 as the first resistance, $163, and $175 as the next bulls’ goals; plus, $129.5 as the first support and $121 as the primary target for bears.

Our opinion: similarly to the aforementioned pairs, you should keep open longs with stops set at $116.

XLM/USD

Being in the state of significant downside movement, Stellar has been traded between the 20-day EMA as support ($0.0915) and the 50-day SMA as resistance ($0.0956). Recently, the coin has broken the first support, so we bet on further dumps with the nearest bears’ goal at $0.0862. If we’re wrong and bulls can overcome the issues, prices can rise up to $0.1342.

Our opinion: we aren’t sure about this pair, so keep waiting. Ideally, you will see a reversal pattern for the existing downtrend after which you can start buying.

TRX/USD

Existing moving averages clearly illustrate a shaky balance between buyers and sellers. The coin is right at $0.025 now but neither bears nor bulls can move prices. The upgoing breakdown of this barrier can send TRON to $0.028 and further to $0.038 but the reverse situation will decrease numbers to $0.023, $0.021, and 0.018 subsequently.

Our opinion: if you have an open long, put stops at $0.023. Otherwise, just watch movements without placing any orders.

BNB/USD

After approaching the $12 resistance on 20 February, the currency turned around and decreased almost to $10. Now, bulls successfully buy dips to start the next correction wave. It looks like Binance Coin will fluctuate between $10 and $12 for a couple of days.

The RSI and other indicators are more favorable to bulls, so uptrend is more expectable. Above $12, prices can skyrocket to $15 and $18. Moving under the 20-day EMA ($9.3) can result in support at the 50-day SMA ($7.5).

Our opinion: again, it’s better to wait and HODL if you have any coins. Start placing orders after the coin goes up or down from the current $10-$12 range.

ADA/USD

The situation here is similar to BNB/USD as traders can’t exit the current volatility range between $0.036 and $0.051. Both bullish and bearish results are equally possible as tech indicators highlight the consolidation with slight positive movements. A further uptrend can result in reaching $0.066 and $0.08 while price dumps will retest low levels.

Our opinion: for conservative traders, we suggest waiting for the bullish breakdown and buying at $0.056. For more riskier investors, it’s possible to purchase some coins at the support level ($0.036) in anticipation of a reversal.

Final Thoughts

Considering the growing interest of institutional investors in cryptocurrencies and new tech innovations, we remain bullish, at this moment. The market is slightly in green now which means that 2019 starts new correlation phase with potentially strong uptrends. For occasional traders, we suggest checking stats and investing in the most promising coin pairs. BTC, ETH, XRP, EOS, and LTC all have good chances to grow.

Remember to conduct additional researches and use both technical and functional analysis!