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Cryptocurrency Market Outlook Feb

Cryptocurrency Market Outlook Feb

February Five, 2018 15:45 by Jamie Holmes

BTCManager’s Weekly Cryptocurrency Outlook highlights the price activity and technical indicators on a long-term ondergrond to identify the best opportunities te the largest cryptocurrencies, such spil bitcoin, ether, and others.

BTC-USD (Bitstamp)

Bitcoin resumes its downward stir, breaching the $7,799.96 support level on February Five. Moreover, last week’s close wasgoed below the base line (crimson), suggesting the market will now head toward equilibrium spil indicated by the Ichimoku cloud. Short-term equilibrium is suggested at $11,319.00 by the base line (crimson) and $13,585.84 by the conversion line (blue), and the fact that they have not turned downward yet could mean that the market is soon due for an upward budge. The plane base/conversion lines generally attracts price activity, acting like a magnet.

The next Fibonacci retracement level from the monthly Elliot wave is at $4999.65, while from the weekly timeframe’s Elliot wave, the next support zone is found at $6911.79. The Fibonacci level at $7799.96 now turns to resistance and wij look for a weekly close above this level to give a slight bullish indication for the weeks ahead. Therefore, wij look to buy around $6900 and $5000.

Wij see that momentum remains bearish, spil the Awesome Oscillator is still crimson ter color and is moving lower. Wij look for the tapkast to turn green next week for an early sign of a reversal and an attempt by bulls to retake control.

On February 6 (Ten AM EST), the direction of the market may be more clear, spil the chiefs of the CFTC and SEC attend a Senate hearing, which may give investors more clarity around the regulations and rules of investing ter cryptocurrencies. Many market participants expect the news to affect the crypto market, which could provide a bullish reversal if investors are reassured about the regulatory landscape.

The daily chart shows that since posting a high at $11,989.15, the market has exhibited six near consecutive lower lows, suggesting that bearish exhaustion will soon go after. Wij expect three to five more lower lows on the daily timeframe, which are likely to pierce into the purple opbergruimte shown te the graph below.

A daily close below $7625.25 will give more certainty of a continuation of the bearish trend, whereas a rejection of the fractal, i.e., a daily close above $7625.25, will be considered slightly bullish.

The purple opbergruimte lies inbetween $4999.65 and $6911.79, two significant support levels. Wij also see that by applying the Fibonacci indicator to the most latest Elliot wave, i.e., from the fractal high at $11,989.15 to the fractal low at $7625.25, that the extension level lies at the bottom of the purple opbergruimte at $4928.36. This suggests that $5000 will be the next significant support zone and wij look for a long-term reversal once the market comes in this area.

ETH-USD (Kritiseren)

While the Awesome Oscillator has bot crimson for five weeks for BTC-USD, for ETH-USD, the momentum indicator has just switched color from green to crimson, suggesting the next few weeks will see more downside for ether.

The weekly chart below shows that the next support will be found around $650, the Fibonacci extension level which previously provided resistance. Further support is found at $404.99. The price act closed below the base line (crimson) last week, providing a feeble bearish signal.

Using the Fibonacci for the most latest Elliot wave, wij see that the only remaining support lies at $587.26.

The daily chart shows the near consecutive count for ETH-USD is at four since the high at $1,234.00. A failure to pauze below $734.84 on February Five will invalidate the count and wij would embark again, since wij would have no fresh low for three days since February Two when $734.84 wasgoed reached. The count would then embark again, opening up the possibility for higher highs. On the other forearm, a pauze below $734.84 on February Five would open up the support at $675.06 and possibly lead to losses overheen the next few days.

XRP-BTC (Poloniex)

Ripple has continued to fall against bitcoin, with more losses expected spil the weekly candlestick closed below the Ichimoku cloud on February Five. The fractal at 0.00008150 wasgoed almost tested overheen the past week, with a stir below this level anticipated. The leverage for a downward budge is large, spil the next fractal support lies way down at 0.00001171

The Awesome Oscillator remains crimson this week, suggesting moves to the downside are more likely. Against the US Dollar, ripple looks to head toward the equilibrium zone spil indicated by the Ichimoku cloud around $0.25.

BCH-USD (Bittrex)

Bitcoin metselspecie has fallen through two significant support levels at $1177.50 and $1100.Ten, with the next support indicated just above $327.72 by the lagging line (purple).

ADA-BTC (Bittrex)

Wij anticipate Cardano (ADA) to proceed downward, heading toward the support at 0.00002628 spil shown below. The Ichimoku cloud has switched color from green to crimson, indicating a downward trend is getting underway. February Trio and Four witnessed a test of the resistance at 0.00005150 but wasgoed rejected, providing more certainty that the altcoin will budge lower.

Related movie: $7,000 Ethereum Value Prediction! Could ETH Overtake BTC

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