Cryptocurrencies, where could they go from here? Crypto update February 2019


 

Bitcoin (BTCUSD)

 

Bitcoin has been down-trending and is currently moving within a tight range at 3287-4295. Trading opportunities could exist around the support and resistance areas of the range and if price closes out of the range (break-out trade). The moving averages are bearish and widening, signalling that Bitcoin may break to the downside and continue to downtrend. A break to the upside may stall or reverse around the trend resistance area, around the dynamic resistance of the moving averages and around the horizontal levels at 5805, 8387 and 11629.

 

Ethereum (ETHUSD)

 

Price has been down-trending but is now moving sideways. The bearish moving averages are starting to tighten and move sideways, suggesting that downside momentum is weakening – the downtrend could becoming to an end. Buying opportunities may exist around the recent lows at 81.80 and if Ethereum makes a bearish move and looks oversold. A bullish move could be rejected or reverse around the moving averages and around the horizontal levels at 360.60, 674.70, 777.70 and 928.45.

 

Ripple (XRPUSD)

 

Ripple is moving sideways and is lacking trend direction. The moving averages confirm this – they are tight and are moving sideways. Price is moving within a large range at 0.25-0.58. Trading opportunities could exist around the support and resistance areas of the range and if Ripple closes out of the range (break-out trade). A break to the upside may find resistance around 0.93 and 1.12. Price may stall or reverse around the diagonal resistance area.