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Formation of a background after a long bear market is not a linear process. At various times we will probably see purchases and sales, while bulls and bears are trying to establish their dominance. After intelligent rebuilding of the minimum when the bears surrendered, the fall came on February 24, which in a few minutes eliminated about 15 billion dollars of total market capitalization.
This sale is not always based on news or fundamental events. Technical factors such as a reserve of profits close to strong resistance and the launch of short positions by aggressive bears can cause such a sharp downturn. Although we expect instability in the context of the process, we continue to focus on positive fundamental developments. The more time the markets spend, without taking the bases into account, the deeper will be.
After Venezuela now Russia plans to release the oil-backed crypto-oil. OPEC, together with Russia, are exploring options to solve their energy transactions in the crypt instead of petrodollars. If this happens, it will give a big boost to the Crippo markets. When the head of state approves blockchain technology and recommends it to leaders of other nations, it shows that the time has come for this technology.
BTC / USD
The recovery of Bitcoin (BTC), which began at $ 3,355, failed to overcome the $ 4.25 critical resistances. Bassists came into action on February 25 and lowered the price to the 20-day EMA. The bearish trend line, which previously acted as a strong resistance, now has to act as a strong support.
If the price bounces off the current levels, the bulls will again try to get out of the $ 4,255. If successful, he will indicate a double bottom formation for $ 5,273.91. Traders can protect their long positions with a loss of just under $ 3,236.09.
Contrary to what we accept if bears hit the BTC / USD pair below the bearish trend line, it can be adjusted to USD 3,355. If support is not supported, the next bearish support is $ 3,236.09, below which the downturn will continue.
The two moving averages are equal and the RSI is close to the center, pointing to consolidation in the short term. The action of the price for the next few days will give us a better idea of whether the lower levels are in the offer or it's just a shake of the weaker hands.
ETH / USD
Ethereum (ETH) fell on February 24 after overcoming the superior resistance of $ 167.32. We expect traders to record revenue in half of their long positions as we have suggested.
The fall of February 24th eliminates the profits of the last six days. This shows the degree of carnage. The pair ETH / USD is trying to recover with a critical support of USD 134.5. The 20-day EMA is also close, therefore, this level becomes important.
If this level is not supported, it will show weakness and attract more sales. Under $ 134.50. E. It will probably fall to $ 116.30. Therefore, traders can maintain a loss of USD 125 in the middle of the remaining position.
We do not want to close the current levels, because if bulls can defend their support, they will make another attempt to break through $ 167.32.
XRP / USD
Ripple (XRP) closed above the $ 0.33108 resistance on February 23, prompting a buy recommendation. The next day, however, the digital currency turned and fell below the two moving averages. Currently, he is trying to maintain an immediate support of $ 0.22928.
Currently the two creeping averages are equal and RSI is slightly above level 50. This shows a balance between buyers and sellers. Traders can keep their losses below $ 0.27795.
If the XRP / USD pair finds support for current levels, it will try again to exceed $ 0.33108. However, if you divide to USD 0.29282, you can move on to the next support of USD 0.27795, which should be retained. If we do not find any purchase signals over the next few days, we can offer the closure of the position.
EOS / USD
EOS reached our target of $ 4.4930 on February 23. However, he did not stay at this level and quickly changed. The decline was strong as it collapsed easily under $ 3.8723. We expect traders to benefit in half of their long positions as we recommended in the previous analysis.
Currently, the EOS / USD pair is trying to maintain its support in the 20-day EMA, which is growing. If it succeeds, it will try again to come out of USD 3.8723.
However, if the bears interrupt the 20-day EMA, the fall may last up to the 50-day SMA. If this support is also broken, the decline may reach critical support at USD 2.1733. Therefore, traders can maintain a loss of $ 2.90 in the remaining open position.
LTC / USD
Litecoin (LTC) changed from just over $ 53 on February 24. The decline was sharp and the support of $ 47.2460 was immediately eliminated. We expect traders to closely monitor the crowds in the midst of their long position and block profits, as we have suggested.
Bulls are currently trying to keep the EMA for 20 days. If it succeeds, the LTC / USD pair will again try to exceed USD47.2460. But if the support comes, the pair can sink into the 50-day SMA. If this support is also breached, the trend will turn out to benefit the bears. Therefore, traders can keep the loss in the remaining position at 40 USD.
Both moving averages are aligned and the RSI has dropped close to 50. This increases the likelihood of a range being formed in the short term.
BCH / USD
Bitcoin Cash (BCH) attempted to expand its recovery on February 23, but the sharp decline of February 24 brought it back to the creeping average.
Bulls are currently trying to keep sliding averages. RSI is also close to 50. If the maintenance of the moving average is maintained, the pair can be consolidated between USD 125 and USD 160 for a few days.
Our opinion will be denied if bears hit the BCH / USD pair below the moving average. Such a move will result in a drop of $ 105. Long traders can occupy their positions with a stop of $ 116.
XLM / USD
After raising the SMA's 50th day on Feb. 23, Stellar (XLM) turned the address and collapsed under EMA less than 20 days the next day. If the price remains below the 20-day EMA, it may fall to 0.0750 USD and below 0.07256747 USD.
Previous strong resistors act as pillars when they cross. Therefore, the downward trend is likely to act as strong support. If the XLM / USD pair jumps out of this support, it will try again to scale the 50-day SMA.
The two moving averages are aligned and the RSI is near the neutral zone. That is why we foresee consolidation in the coming days. Since the couple is still close to their annual bottoms, we will wait for the tendency to turn before offering a pair operation.
TRX / USD
Tron (TRX) reached the upper resistance at USD 0.02815521 on February 24, but rejected it sharply. The decline caused our proposed stop-loss in long positions at 0.0230 USD.
At the moment the bulls are again trying to climb above the moving average and descending trend. If it succeeds, the TRX / USD pair will once again try to overcome the superior resistance.
On the other hand, if the price breaks and remains below 0.02260516, it may fall to 0.02113440 and below it to 0.01830000. The moving averages have ended the bearish trend and the 20-day EMA has started to retreat. This shows that bassists have a short-term advantage.
BNB / USD
Binance Coin (BNB) faces resistance in the area of 10 to 12 USD, as we have already mentioned. The price dropped from about $ 12 to just under $ 10 on Feb. 24. However, we like the way the price jumped in the 20-day EMA, which shows that the bulls buy lower.
With rising moving average and RSI in positive territory, the trend continues to grow. If the price remains above 10 USD, we expect the digital currency to consolidate between USD 10 and USD 12 for a few more days.
Our opinion will be canceled if the BNB / USD pair falls below the 20-day EMA. This may lead to a decline in next support in the 50-day SMA. Breaking the 50-day SMA will leverage the advantage in favor of bears. We will wait for a breakthrough of more than $ 12 before we recommend an operation on it.
ADA / USD
Cardano (ADA) approached the resistance of $ 0.051468, but could not cross it. The strong sales of this resistance led the price back to the creeping average. The moving averages are thick and the RSI is also in the middle. This suggests that consolidation is likely to continue for a few more days.
We will have positive results to break the supreme resistance. Another probable trade is to buy closer to the bottom of the range after a strong rebound. In this way, operators can buy closer to strong support. However, we will offer this operation only after the ADA / USD pair sharply raised from the key support of $ 0.036815. We did not find any purchase settings at current levels.
Market data is provided by HitBTC. Analysis charts are provided by TradingView.,