Though it is difficult to predict which way the price will escape, analysts at JP Morgan believe that Bitcoin can plunge to $2,400 and below that to $1,260.
The price is trading below both the moving averages, which are trending down.
If the bulls push the price above both the moving averages, a rally to $4,000 and above it to $4,255 is probable.
We might suggest long positions if the price sustains above the downtrend line.
The cryptocurrency will show signs of a possible recovery if it breaks out and closes above the 50-day SMA. We retain our buy suggested in the previous analysis.
If the ETH/USD pair closes below $116.30, it will turn negative and slide to $100. If $100 also fails to offer support, the next target on the downside is $83.Our bearish view will be invalidated if the bulls bounce off of current levels and push prices above $134.50.
The breakout can result in a rally to the overhead resistance zone of $3.05 to $3.2081.On the other hand, if the EOS/USD pair turns down from the current level and plummets below $2.1733, it can drop to $1.7746 and below it to $1.55.
We shall wait for the price to sustain above $2.60 before suggesting any long positions.
The LTC/USD pair will turn negative if the bears sink the price below the support zone of $29.349 to $27.701.
If the buyers push the price above $0.02815521, a new uptrend is likely.
Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 25
gepubliceerd op Jan 25, 2019
by Cointele | gepubliceerd op Coinage
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