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After a bumper 2017, the cryptocurrency market attracts new traders who wish to make a short fortune instant. Although this is a bullish development, it also involves a lot of risks. Most beginners who enter the markets think that it is a "get rich quick" program.
However, a majority will eventually invest in coins that may disappear from the scene in a few years. Too many inexperienced traders willing to buy at any price can lead to a bubble that will end in a brutal slowdown that will not rebound quickly.
I hope we are smart enough to identify the bear market and come out with minimal losses. Traders should always keep an eye on the risk so that they can last in this business in the long run.
BTC / USD
Bitcoin could not maintain levels above $ 17,000, which encouraged profit-taking and sale to higher levels. It broke below the 20-day EMA and trend line support, reaching our loss of follow-up stop at $ 15,000
<img alt=" BTC / USD " If shares can hold at less than $ 15,000, the cryptocurrency will become negative and the share price will increase to $ 20,000. will increase to $ 14,000 below this level.
Therefore, if the bears are able to keep below the 50-day MMA, this will indicate a weakness.
The Boss of the head and shoulders is still intact, and if the price falls below the neck, traders should prepare for lower levels even below $ 10,000.
Our Sight bearish will be invalidated if the BTC / USD pair takes support and turns away from the mentioned support levels and levels of $ 17,200. [194] 59008]
ETH / USD
Ethereum sank from the ascending channel yesterday, January 7, and reached levels of $ 1,191, where it witnessed profit-taking . We mentioned $ 1,200 as one of the possible targets of our previous analysis. If the bulls manage to escape $ 1,200, the next bullish target is $ 1,310, which is achieved by adding the width of the channel to the point of escape from the channel.
<img alt=" ETH / USD "src =" https://cointelegraph.com/storage/uploads/view/2fd2d39a12c0fbdf04d8327b7e051a1f.png "title =" ETH / USD "/> However, currently, the price has The levels that can provide support are $ 993.91 and $ 933.03, which is 38.2% and 50% of the retracement levels of the last stage of the rally.
If the bulls do not manage to quickly propel the ETH / USD pair above the channel, we will probably see a drop to $ 820, which is consistent with the support of the rising channel trend
BCH / USD
Bitcoin Cash was unable to break levels of $ 2,800 yesterday, January 7. As a result, it has now formed a range between $ 2,291 and $ 2,770.6933
<img alt=" BCH / USD "src =" https://cointelegraph.com/storage/uploads/view/59e4de9cea3764d956cdaadc7776d586.png "title =" BCH / USD "/> The lower end of the s & n's range Is held four times. If this is confirmed, it is likely that we will see a few extra days of trading related to the range.
But if the fork breaks down, it is likely to attract more sales, which can sink the BCH / USD 50-day SMA pair, nearly $ 2,000.
XRP / USD
For three days, Ripple has been evolving within the broad band formed on January 5th. The downside support is between $ 2.13492, the Fibonacci retracement level of 38.2%, and $ 2.15777, the lowest on January 5th.
<img alt=" XRP / USD "src =" https://cointelegraph.com/storage/uploads/view/a3a93db2c6527b7082436af9bc491dca.png "title =" XRP / USD "/> On the rise, the resistance is at $ 2,849, $ 3.06 and $ 3,317
As previously mentioned, we expect the XRP / USD pair to fall to around $ 1.4 and remain in the next few weeks
It will be found that it is false if the price reaches new heights of the whole life.
IOTA / USD
On January 7, IOTA has to again failed to sustain overhead resistance at $ 4.34 We hold long positions initiated at $ 3,904 and $ 4,121
<img alt=" IOT / USD "src =" https://cointelegraph.com/ storage / uploads / view / d58 bba48af80d04a35d0a4fa36142ae0.png "title =" IOT / USD "/> As the bulls have not managed to hold above $ 4.34 three times, we think that the declines will probably push the cryptocurrency down the range.
Our current suggested stop loss is $ 2.85. Although we consider the weakness of Bitcoin and most other major currencies, we recommend increasing our stop loss to $ 3.5.
We will restart the long positions when the IOTA / USD pair falls to the bottom of the range at $ 3.032.
LTC / USD
The bulls' attempts to resume the uptrend at Litecoin reached a wall on January 6, at $ 307,992
<img alt=" LTC / USD " src = "https://cointelegraph.com/storage/uploads/view/642daac641d59dfa014912507368a89a.png" title = "LTC / USD" /> After the stellar rally of $ 84,708 to $ 370, cryptocurrency has entered a period of correction / consolidation and formed a symmetrical triangle.
A breakout of the triangle and air resistance at $ 307,992 is likely to resume the uptrend in cryptocurrency.
D & # On the other hand, a break in the triangle will be bearish, which may lead to a sharp decline if the price falls below $ 175,199
As long as the LTC / USD trades within the triangle, it will probably remain volatile and without tendency.
XEM / USD
We recommended a long position at $ 1.072 hoping for a new high test. NEM was able to reach as high as $ 1.9
<img alt=" XEM / USD "src =" https://cointelegraph.com/storage/uploads/view/09b50fbe099dd73aaef0322cd8e72a6a.png "title =" XEM / USD "/> Like all other cryptocurrencies, the pair XEM / USD also fell sharply and is likely to break below our stop loss of $ 1.4 and fall towards the trend line. If the support of the trend line breaks, a fall to $ 0.795 is likely.
On the upside, bulls will face strong resistance between 1.9 and the highest in their lives.
ADA / BTC
After the great telemetric day on January 5, Cardano remained in a small range on January 6 and January 7.
<img alt=" ADA / BTC "src =" https://cointelegraph.com/storage/uploads/view/b47b28191962094c5ba5b6a935390816.png "title =" ADA / BTC "/> Today, the cryptocurrency has gone down, its immediate support is at 0.00005347, which is the lowest reached on January 5th. If this level breaks, the fall can extend to the 20-day EMA.
However, if the ADA / BTC pair holds the support levels, we could see another attempt to pick up the uptrend, and long positions should only be launched once the price of 0.00006655.
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