Crypto Price Analysis

Weekly cryptocurrency watch: Crypto charts turn Green as a Bull Run sets in

Summary

There has been a general Bull Run in the markets across the week with investor confidence on the top as well. All indicators point towards a Bullish outlook in the coming days. The sharpest rise in the upward momentum was seen on February 8 with big industry players such as Fundstrat Global expressing confidence in cryptos this year. This follows a lethargic, slow crawl for Cryptocurrencies in 2019.

Bitcoin

Across the week, Bitcoin was up by 5.25%, having started off selling at $3409 against today’s rate of $3588. The Bullish momentum saw investor sentiments rise rapidly on February 8 as seen in the RSI (A). BTC’s Relative Strength Index was at 90.93 indicating very little sale offs as investors were looking to hodl their Bitcoins for better prices.

On the upper side, Bitcoin hit $3711, testing and breaching the weekly Resistance zone set at $3650. On the lower side, BTC/USD was at $3360 showing a strong price consolidation at around the $3500 mark.

Forecast

Both the 30 day (B) and the 9 day EMAs are upward facing showing a Bullish run is incoming. Also, the 9 day moving average crossed over the 30 day EMA midweek and has dominantly been on top which indicates that Bitcoin prices may go up in the coming days.

 Ethereum

The Bullish outlook adopted by most cryptos in the top twenty bracket was reflected on ETH/USD technical analysis charts across the week. Ethereum was up by 7.55% across the week, starting off trading at $106.08 on February 5 against February 11’s rate of $118.19.

This upward momentum had the effect of sending investor sentiments upwards, with the RSI (A) crossing over into the ‘under bought/undersold’ region. The RSI hit a high of 85.97 on February 8 indicating strong investor confidence in ETH.

Forecast

All indicators show a Bullish trend is incoming. The 9 day EMA (C) crossed over the 30 day EMA (B) midweek and is still above it. This shows an upward price rally for ETH/USD is in the offing.

Litecoin

After a slow start into 2019, Litecoin is rallying upwards rapidly, recording a 30.3% increase in its price. The Bull Run started off slowly as the week began but shot up on February 8 after fundamental news indicated that big industry players were upbeat about 2019 being a great year for cryptos.

Forecast

LTC/USD’s Relative Strength Index (A) was at a high of 91.9 showing little sales. Investor sentiments are at an all-time high with all indicators showing an upward price rally in the coming days. Both EMAs (9 and 30 day, marked B and C respectively) are upward facing with the short term EMA (C) above the long term EMA (B).

Crypto is Coming!

February Week 1 Cryptocurrency Analysis: BTC, ETH and LTC

Summary

Over the last one week, the various cryptos have gone through both an upward and a downward trend. In the first half of the week, the Bulls had a superior momentum which saw previous support levels upped and resistances tested and breached. Bitcoin is yet to hit the $3500 current psychological price level with the other Altcoins struggling to achieve market correction after a protracted Bearish period.

This week’s focus coins performed as follows:

BTC/USD

Bitcoin began the week on a Bullish momentum which pushed investor sentiments up in the market. As the week came to a close however, Bitcoin dipped by 1.17%. This is after it started the week trading at $3411 against the current rate of $3370 as at February 6th.

Investor sentiments were at a high of 61 in the RSI (A) before dipping to the ‘undersold’ area (at 29) on February 6. Investors fear that a further dip in Bitcoin’s price will lead to losses on their investments and are looking to sell.

Forecast

Currently, the 21 day EMA (B) is above the 7 day EMA (C) which shows that the downward trend will continue in the coming days.

ETH/USD

Throughout the first week of February, Ethereum has gone through a Bull and a Bearish run. On the upper side, ETH hit $110 and $100 on the lower side. This indicates a strong price consolidation despite February 6’s sharp dip in momentum.

Investor sentiments are back on an upward trend as seen in the RSI (A) after going into the ‘undersold’ area. Yesterday’s dip tested and breached the previous support zone but a Bullish momentum is back on.

Forecast

The 7 day moving average (C) is upward-facing and seems set to cross over the 21 day EMA (B) which shows that Ethereum is likely to set off on a Bullish Run in the coming days.

LTC/USD

As with Bitcoin and Ethereum, Litecoin has had mixed fortunes in the market across February Week 1. The chart however shows a Bullish outlook for LTC with all indicators signaling a Bull Run. LTC has gone through a negligible 1% dip in price across the week, having started off the week at $32 against the current rate of $31.2.

February’s Bull Run has seen LTC cross over into the ‘oversold/overbought’ area twice (above 70) as seen in the RSI (A). This shows positive investor sentiments in Litecoin.

Forecast

The 21 day EMA (B) has been dominantly below the 7 day EMA (C) across the week. The tables only turned on February 6 but the 7 day EMA is upward facing which shows that an upward trend is coming. Crypto is coming!

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Interested in more crypto content? Check out February Week 1 Cryptocurrency Analysis: Bitcoin, Ethereum and Litecoin and Why Hedging With Bitcoin Makes Sense Even For Non-Believers

Cryptos Price analysis for Week two of October: BTC, ETH

The second week of October saw major pairs record bearish trends. Prices for the top cryptocurrencies as well as all crypto recorded big nose dives. This was attributed to mass sell-offs of investments held in cryptocurrencies.  However, a 10% increase in price of all major cryptos apart from Tether was witnessed today- 15th October. The sudden rise in price this morning was attributed to a sell-off of the dollar-linked tether digital coin — the only cryptocurrency which is down today.

BTC/USD pair

Price for the pair began on a high of $6730 before spiraling on a downward trajectory over the next three days. A worrying low was witnessed on Thursday 11th October due to mass sales in crypto which amounted to a 7.6% loss in price. The increased supply orchestrated a sharp fall in price which breached the support level set at $6400.

On that same day, the 30-day moving average crossed over the 9-day moving average indicating a bearish trend. From then on, prices have been on a triangular divergence, rebounding upwards to a new high of $7788 on Monday, October 15.

Bitcoin USD 1 week price

ETH/USD pair

The pair has been struggling with unstable and low prices since September. This pattern has been replicated in October. The second week of October kicked off on a high of $234 and consequently went on a bearish trajectory. It dropped over the next three days due to mass dispositions in securities held in crypto tokens by investors.

The week saw the pair register a 21% loss in price value after taking a sharp nose dive to a low of $184, breaching the psychological support level of $216. However. The resistance level of $200 (on 1 day charts) was broken on 11th October when prices went up to a month-high of $242.

Etherum USD price analysis