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Market data is provided by HitBTC Exchange.
The exponential increase of Bitcoin and other cryptocurrencies attracted a number of new traders who embarked on a buying frenzy – mainly l & # 39; Buying encrypted cards.
After the huge decline of 2018, the top 5 credit card companies either banned or announced a ban on cryptocurrency purchases with credit cards.
As a result, late rally participants, who had purchased cryptocurrency by borrowing more than 50% cash, will now be forced to sort out their positions.
This may lead to a new wave of panic sales, which will shake weak hands. These lower levels will attract a new set of investors who believe in technology and who have been waiting to invest at the right opportunity.
Identify those lower levels that can attract buyers.
BTC / USD
On February 2, Bitcoin saw purchases at levels of $ 8,000. However, the decline has not reached our target of $ 10,700 for short-term traders. We had anticipated a decline in the EMA to 20 days, but in a sales frenzy, withdrawals lasted only 1-3 days. After a day of recovery, cryptocurrency has declined again.
<img alt=" BTC / USD "src =" https://cointelegraph.com/storage/uploads/view/8a487f0fee59957bafb2457ad4b4abaf.png "title =" BTC / USD "/> Today, the price has crossed the February 2 lows. If the declines manage to hold below $ 8,000, the BTC / USD pair should slide to $ 6,239, which is the target of the falling triangle breaking.
Below, the fall can extend to levels of $ 5,450, which will effectively trace 100% of the last stage of the rally.
panic selling at the levels mentioned above offers a good buying opportunity for investors in the long run, but investors should increase their positions instead of buying all at the same time $ 5,500 to $ 5,800
ETH / USD
In our revised analysis, we expected some resistance at $ 1,025 levels. efused a $ 999 increase. We also suggested long positions down to $ 770 from $ 770 with a loss of $ 700.
<img alt=" ETH / USD "src =" https://cointelegraph.com/storage/uploads/ We still think that the range of $ 770 to $ 785 is a solid support area for the ETH pair / USD, however, if this support zone breaks, a drop to $ 640 is likely
The 78.6% retracement of the last part of the rally is at $ 611.34. where a strong potential to buy in the area of $ 611.34 to $ 640
However, the 20-day EMA and the 50-day EMA is likely to supplement a bearish crossover, which is a negative development. Therefore, we do not recommend new transactions.
BCH / USD
We expected Bitcoin Cash to return to the downtrend line, but it declined from the levels of $ 1,316.07
<img alt=" BCH / USD "src =" https://cointelegraph.com/storage/uploads/view/c1a4e20979c642b49e78670e98a82e8a.png "title =" BCH / USD "/> Today, it has gone under the support of $ 1000 Now it is likely to fall to the next critical support of $ 854.3135
We find no sign of down on the BCH / USD pair except that the RSI is close to entering In spite of this, we want to see something emerge before we trade it.
XRP / USD
Ripple also tested the lows of February 2nd. Compared to other cryptocurrencies, it has still not fallen below the Feb. 2 low of $ 0.63252.
<img alt=" XPR / USD "src =" https://cointelegraph.com/storage/uploads/view/c8aa7b85a8b9094f1133fa07dd314559.png "title =" XPR / USD "/> This indicates a likely depletion of the sale in the XRP / USD pair, as well as the final support at $ 0.61, after which we will see a further decline to $ 0.24.
Positive short-term after breaking the downtrend line Until then, all withdrawals are likely to be sold by bears.
XLM / USD
Stellar could not build on the significant retreat of February 2. It broke again under the support of 0.41 dollar and should try again the critical support of 0.296 dollar.
<img alt=" XLM / USD "src =" https://cointelegraph.com/storage/uploads/view/e22fb3ea97c1a516e5529834f54c0fe4.png "title =" XLM / USD "/> If this media breaks, the XLM / USD may fall to the support line of the descending channel, which should provide strong support.
If this level also breaks, a drop to $ 0.1 could occur. Wait until the trend changes from bottom to top before initiating new positions.
LTC / USD
The withdrawal of Litecoin was stronger than other cryptocurrencies as it reached nearly 20-day EMA.This shows interest in buying at lower levels.
<img alt=" LTC / USD "src =" https://cointelegraph.com/storage/uploads/ view / 3f6f130ce7e762d827e91b060c2d8821.png "title =" LTC / USD "/> If the bulls accumulate stocks close to the levels between $ 107 and $ 120, this indicates a low price. It's possible and we might be interested in getting the LTC / USD pair if it moves away from the $ 175 levels
On the other hand, if the bears manage to break through the lows of the February 2, it is likely that a drop to the final support of $ 84,708 is likely.
Due to this uncertainty, we do not recommend long positions. Litecoin at the moment
XEM / USD
NEM is retesting the lows of February 2nd. If the bulls manage to keep the lowest, a move towards the downtrend line could take place.
<img alt=" XEM / USD "src =" https://cointelegraph.com/storage/uploads/view/e99f9928bccbc1a62ac33da8da795bee.png "title =" XEM / USD "/> If we are more likely to see a decline at the next support level of $ 0.31672 The XEM / USD pair will turn positive in the near term as soon as it continues above the bearish trendline.
NEO / USD
Up to today, NEO was a relative outperformant as it was still trading above the SMA at 50 days.Today, it broke below of the 50-day SMA, the critical support of $ 93.53 and the low formed on February 2.
<img alt=" NEO / USD "src =" https://cointelegraph.com/storage/ uploads / view / 1e2ca232bdae04b8bd2c3e336f1f6e1f.png "title =" NEO / USD "/> It still supports minor support at $ 86,143, below which it can fall to $ 64.83. If this level does not hold, the NEO / US pair D can fall to $ 27.13, which corresponds to the goal of breaking the symmetrical triangle
Given this recent weakness, we advise that no transactions be made until the end of the year. at new order.
EOS / USD
<img alt=" EOS / USD "src =" https://cointelegraph.com/storage/uploads/view /bc62075f504f35f31800d942b7cabb0b.png "title =" EOS / USD "/> The EOS / USD pair has again declined to a low of 6.5 to 7.4 dollars, and we expect this level to be maintained. it is prudent not to take any new positions until the charts provide a short-term trough.
Market data is provided by the HitBTC purse; Analysis is provided by TradingView.