Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, TRON: Price Analysis, October 15

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

Stable coin Tether is being cited as one of the main reasons for the spurt in crypto prices that pushed total market capitalization above $221 billion on Monday (UTC time), but it was not a new issuance of Tether that was the catalyst for upward market movement.

There was news circulating about Tether (USDT) being delisted from various exchanges. This led investors to dump USDT, which lost its peg to the dollar and fell to as low as 85 cents, before recovering part of its earlier losses.

Anxious investors converted their USDT to other cryptocurrencies that led to a sharp rally. Additionally, the surge in prices would have triggered stop losses on the short positions, adding fuel to the rally.

It will be interesting to watch whether cryptocurrencies hold on to higher prices or give up recent gains in the next few days. Let’s watch the critical levels that will indicate a trend change.

BTC/USD

Bitcoin skyrocketed to $7,550 intraday, but the bulls are struggling to hold the gains. This shows liquidation by traders who are stuck at higher levels.

If the bulls close (UTC time frame) above $6,850 levels, it will be a positive sign and will invalidate the bearish descending triangle pattern. $7,413–$7,600 might act as minor resistance, above which, the rally can extend to $8,400.

The next couple of days will confirm whether the breakout is genuine or a sucker’s rally. For now, traders can continue to hold their long positions with the stop loss at $5,900.

If the bears turn around and break below the support zone of $6,075.04– $5,900, the BTC/USD pair will become extremely negative and can nosedive to the $5,450 and $5,000 levels.

ETH/USD

Ethereum is stuck inside the $192.5–$249.93 range. Today’s rally came close to the overhead resistance but could not break out.

A breakout and close (UTC time frame) above $250 can attract buying, pushing prices to the next resistance zone of $300–$322.57. If the bulls scale this zone, a new uptrend is likely.

The ETH/USD pair will resume the downtrend if it breaks below $167.32. We do not find a buy setup at current levels.

XRP/USD

Ripple is attempting to pull back after taking support at the 78.6 percent retracement level in the recent rally.

Today, the pullback faced resistance at the 20-day EMA, which has started to slope down. Currently, the price is close to the $0.4255 level.

The XRP/USD pair will become negative if it breaks below the $0.37 level. Such a move might retrace the complete rally, plummeting prices back to $0.26913. Traders should wait for a reliable buy setup to form before initiating any trade.

BCH/USD

Bitcoin Cash held the support line of the symmetrical triangle for the past four days and launched itself higher today, reaching close to the resistance line, where sellers emerged.

Though a symmetrical triangle is a continuation pattern, sometimes it acts as a reversal pattern. A breakout and close (UTC time frame) above the symmetrical triangle will signal a change in trend that can result in a rally to $660 and $880. Therefore, traders who are holding their long positions can keep their stops at $400.

Any break of the triangle and a move below $400 will be a negative development that can drag the BCH/USD pair to $300 or lower.

EOS/USD

EOS has held the $5 level for the past four days. Today’s rally stalled just above $6. The key level on the upside is $6.829, above which we can expect a new uptrend to begin.

A break of $5 can result in a drop to the support zone of $4.4930–$3.8723. Therefore, traders can keep a stop of $4.90 on their long positions.

Above $6.8299, the EOS/USD pair can climb to $9 and higher. Until the breakout, volatile trading inside the range will continue.

XLM/USD

The rally in Stellar broke out of the overhead resistance of $0.24987525 and the downtrend line of the descending triangle. However, the bulls are finding it difficult to sustain the higher levels. Currently, the price is back below the downtrend line and the overhead resistance of $0.24987525.

Traders can watch the $0.27 level on the upside. If the XLM/USD pair closes (UTC time frame) above this level, it will invalidate the bearish pattern, which is a bullish sign.

If the price remains below the $0.25 level, we might expect the range bound action to continue. The bearish pattern will complete on a breakdown of $0.184. Any long positions should be closed if the bears break and close below $0.165.

LTC/USD

Litecoin continues to trade inside the $69.279–$49.466 range. The bulls have successfully defended the bottom of the range for the third time. This becomes a critical level to watch on the downside, as a break below this will resume the downtrend, plunging the digital currency to $40 or lower.

On the upside, the level to watch is $69.279. If the bulls close above this resistance, it will indicate the formation of a triple bottom pattern. Therefore, we suggest traders initiate long positions on a close (UTC time frame) above $70.

The rally can carry the LTC/USD pair to $94, which will act as major resistance. If this level is crossed, we can expect a new long-term uptrend to begin.

ADA/USD

Though Cardano traded below the $0.073531 level for the past four days, the bears could not cause any major damage.

Today, the  ADA/USD pair rallied sharply and came close to the overhead resistance of $0.094256 where sellers stepped in.

A breakout of $0.094256 can carry the digital currency to $0.111843, which is likely to act as a major resistance. On the downside, if the bulls maintain the price above $0.073531, the consolidation might continue a while longer. A break of the $0.0685 level will attract further selling and result in a retest of the critical support at $0.060105.

XMR/USD

Monero has held the psychological support of $100 for the past four days. Today, the digital currency rallied close to the overhead resistance at $128.65 where it faced selling as on previous occasions.

If the XMR/USD pair breaks out of $128.65, it is likely to reach the overhead resistance zone of $142.71–$150. A break of the $100 level can result in a drop to the lower support of $81.

If the prices sustain above $107.80, the digital currency might remain range bound for a few more days.

TRX/USD

TRON again broke out of the overhead resistance but failed to sustain higher levels. This shows profit booking and a lack of buying above the range.

The TRX/USD pair is back inside the $0.02815521–$0.0183 range. It will pick up momentum after it sustains above the range.

The traders can expect an up move to the $0.0415 level if the price closes (UTC time frame) above $0.02815521. If the bulls fail to achieve the breakout, the digital currency might extend its stay inside the range for a few more days.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

Crypto Weekly Byte: Market Crashes Below $200 Billion After Weeks Of Stability

Last week, Bitcoin’s volatility hit a 17-month low. However, it was short-lived and the market faced a significant loss on Thursday. With Bitcoin crashing, the total market cap went below $200 Billion, losing more than $17 Billion in a few hours. The market has slightly managed to recover since then and is stable around $200 Billion right now. During the drop, the trade volume surged from $10 Billion to $60 Billion.

Bitcoin

While we advised our traders to trade between $6,450 and $6,650 last week, the price drop cancelled these orders. However, the price is back to those levels once again, and the horizontal trading may resume. The price crash seems temporary, as an effect to the global stock market crash. However, keep a close watch on the volume. An early indicator of a bull run, or a bear run is the volume. A push above $6,800 can be seen as signs of a bull run, while a crash below $6,350 can set a bear run in motion.

With the recent drop, most altcoins suffered bigger losses, as it is evident from the dominance chart. Bitcoin dominance grew by 2.25% from 52.25% to 54.5%.

Ethereum

Ethereum lost more than 12% against Bitcoin last week, and went below $200 once again against USD. It went to a low of $188 before recovering. Ethereum is still volatile as the development team failed to push the Constantinople update to testnet last week as planned. Ethereum is a risky bet for day traders right now.

While Ethereum is trading around 0.033 BTC, set buy orders just above 0.03 BTC if the price drops to those levels once again. The support is strong to at those levels for the price to bounce back from.

Ripple

XRP continued its fall this week, going to a low of 0.06 mBTC. However, it is not clear if the price has already bounced back as the next support is only at 0.04 mBTC. In the last two weeks, XRP has lost more than 35% of its value against BTC, and even more against USD. We’d recommend holding off until we get clear support zones.

Bitcoin Cash

Bitcoin cash has lost more than 25% of its value in a couple of weeks and is currently trading at 0.07 BTC. However, it is fast approaching the next major support at 0.066 BTC, short-term traders may set buy orders just above that. However, technical analysis may no longer be valid on the event of a major news, and once such story is brewing. The Bitcoin Cash community is now split about an upcoming fork in November, and it could have dire consequences to both the forked currency, and the price of the coin. Long-term traders should not hold Bitcoin Cash until we get further clarity on its future.

Litecoin

Litecoin is still above its resistance trend line which it broke free from in the previous week. Short-term traders can expect horizontal movement between 0.0084 BTC and 0.0090 BTC. Long-term traders may set buy orders at these levels, and sell them above 0.009 BTC, up to 0.01 BTC.

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Top 5 Crypto Performers Overview: TRON, Bitcoin, Litecoin, EOS, Cardano

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

On October 11, the total market capitalization of the cryptocurrencies plunged below $200 billion for the first time since September 20, as a global risk-off trade led investors to dump their holdings. However, the encouraging sign is that the sell-off was short-lived and most currencies are trying to claw back.

The next week is critical because it will provide insight on whether the currencies will break down of their key supports or rise above their overhead resistances. A breakdown to new lows will be negative and might signal the extension of the ongoing bear market. On the other hand, if the bulls succeed in scaling the key levels, it will signal a likely bottom and might attract buying.

Let’s take a look at the top 5 performers of the week and their medium-term outlook.

TRX/USD

Among the digital currencies that have a market capitalization of more than $1 billion, TRON is the only one that has managed to stay in the green in the past seven days. Two news stories attracted buyers in a range bound/falling market.

The first news that pushed prices higher was the tweet from Justin Sun, CEO of TRON on October 08. He said that the latest upgrade would make the digital currency “200x faster than Ethereum and cost 100x cheaper than EOS.”

The second news that led to higher prices was the tweet on October 12 that hinted at a partnership with an industry giant.

So, can this fundamental news propel prices higher and should the investors buy now? Let’s study the charts and find out.

TRX

The TRX/USD pair topped out at $0.35013935 on January 05. At the current levels, the price is down about 93 percent from the highs. Since August 14, it has stopped falling and is trying to form a range. Such a consolidation shows that the owners of the digital currency are in no hurry to sell their holdings. Additionally, the investors are buying on dips, close to $0.0183.

The range has seen two touches at the top and two at the bottom. If the bulls break out and sustain above the range, it will indicate the probable start of a new uptrend. The first pattern target is $0.03801042. However, when the breakout happens after a large consolidation, it easily overshoots the minimum pattern target. Therefore, in the medium-term, investors can expect a move to $0.0415 followed by a rally to $0.052.

If the bears sink prices below $0.01587681, the downtrend will resume. Therefore, we suggest traders wait for a confirmed breakout and only then initiate a long position.

BTC/USD

The sell-off in the global stock markets caught up with Bitcoin. The warning by International Monetary Fund (IMF) that the “rapid growth” of the new asset class could create “new vulnerabilities in the international financial system,” did not help matters either.

Global economist Nouriel Roubini continued his anti-crypto rhetoric. He called cryptocurrencies “the mother or father of all scams and bubbles,” and the blockchain technology as “nothing better than a glorified spreadsheet or database.”

Another study from Juniper Research warned of an implosion in the crypto markets. Still, the BTC/USD pair ended as the second-best performer among the mega cap digital currencies. So, does this signal buying at the lows?

BTC

On a medium-term timeframe, Bitcoin has formed a large descending triangle pattern. It has formed successive lower highs but has largely held the $6,000 levels in 2018. Each lower high shows that the sellers are in a hurry to short or liquidate their positions and are not waiting for higher levels. The bulls have been buying only on dips close to $6,000, which has resulted in the support being held.

If the bears break the $5,900 levels, it is likely to attract further short selling and long liquidation, pushing prices to $5,450 and $5,000 levels. The first sign of a change in trend will be a close above the downtrend line of the triangle.

Investors should wait for a breakout above the most recent low of $6,831.99 to sustain for about three days before turning bullish.

LTC/USD

Winklevoss twins led cryptocurrency exchange Gemini, has received the required regulatory approval to add Litecoin trading and custody since October 12.

LTC

The LTC/USD pair has been in a steady downtrend. Previous attempts to stabilize and start a new uptrend have failed at higher levels. For the past two months, the digital currency has been consolidating in a tight range near the lows. A breakdown of the range will resume the downtrend.

If the bulls succeed in breaking out of the range, a rally to $94 levels is possible. A new uptrend will be confirmed only after the virtual currency successfully defends the breakout of the range and makes a series of higher highs and higher lows. Until then, it is best to remain on the sidelines.

EOS/USD

The EOS community is trying to bridge the gap between the West and the East. Language barriers, cultural differences and use of different platforms for conversing with each other were causing issues to the Chinese users. The EOS Mandarin Arbitration Community (EMAC), created to help the Mandarin-speaking users, is believed to be able to bring the two continents together.

EOS

In the medium-term time frame, the EOS/USD pair has largely been range bound between $18.67-$3.8723. Both the top and the bottom of the range have been tested twice. Though the bulls broke out of the range in end-April, they could not sustain the highs and prices crashed back into the range.

On the downside, the bulls have been defending the bottom of the range but have failed to rally higher. The digital currency has been trading close to the bottom of the range for the past two months. A breakdown can start a new downtrend that can result in a sharp fall.

On the upside, a breakout of $6.8299 will signal the start of a new upswing. The first target is $9.1668. If the bulls scale $10 levels, a rally to $15 is possible.

ADA/USD

Charles Hoskinson, founder of Input Output Hong Kong (IOHK), and Ken Kodama, CEO of Emurgo have demanded the resignation of Michael Parsons, chairman of the Cardano Foundation. They have cited lack of performance and the non-responsive attitude of the council and the chairman as a “great frustration.” The Foundation is yet to respond.

The possibility of Coinbase listing the coin is doing the rounds. If successful, it might give a boost to Cardano’s price. So, is it worth buying? Let’s find out.

ADA

The ADA/USD pair has been in a long-term downtrend. It has fallen about 94 percent from the highs of $1.396281, reached on January 05. Various attempts to start a new uptrend have failed as higher levels attract selling.

For the past one month, the digital currency is trying to form a range close to the bottom. If the bears break down of $0.060105, it will resume its downtrend.

On the upside, the bulls will have to scale $0.094256 and $0.111843 to signal strength. A sequence of higher highs and higher lows will herald the start of a new uptrend. If the bulls breakout and close (UTC time frame) above $0.111843 for three days in a row, a move to $0.2-$0.23 is probable. Medium-term traders should wait for a new uptrend to start before initiating any long positions.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.