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The market data is provided by the HitBTC exchange.
Bitcoin (BTC) has proven to be in high demand among citizens of smaller nations like Venezuela, whose economic conditions have negatively impacted their fiat currencies.
Now, with the upcoming Brexit deal, cryptocurrencies are undergoing another test. If the UK is forced to leave the European Union without a deal, experts believe the pound will be hit hard and could lose up to a quarter of its value.
In view of this uncertainty, will market participants turn to cryptocurrencies as an alternative source of investment or stick to traditional investment instruments? We believe digital currencies will show their presence as they are expected to be at the end of their yearlong bear market. The New Jersey trading platform has seen tremendous demand, according to Changpeng Zhao, CEO of Binance.
Brian Kelly, CNBC contributor, expects cryptocurrencies to do well in 2019. Geopolitical tensions in the world can fuel demand for digital currencies as investors seek to hedge their positions. Kelly does not expect approval for the Bitcoin ETF this year, however.
BNB / USD
Binance was the top performer among the big coins. News of the launch of Binance Jersey, a fiat-to-crypto exchange for UK and European clients, was welcomed by investors. The company plans to capitalize on the uncertainty surrounding Brexit and give people the opportunity to diversify into cryptocurrencies. Binance has also completed its 6th quarterly BNB token burn, which is roughly $ 9.4 million. So will the outperformance continue? Let’s find out.
The BNB / USD pair is trying to break the resistance line of the descending channel. For the past four weeks the bulls have held initial support at $ 5.46666. Therefore, we expect another attempt to break out of the canal in the next few weeks.
A breakout of the channel will trigger a new uptrend that can push the virtual currency to $ 15 with a minor resistance at $ 12. Traders can buy at a closing price (UTC time frame) above the channel and keep a stop loss below $ 5.
Contrary to our opinion, if the bulls don’t break out of the channel, the bears will try to bring the digital currency below $ 5.
ADA / USD
Cardano developer and CEO of IOHK Charles Hoskinson is excited about the upcoming Project Shelly update. The Cardano “Deadalus” wallet can also turn out to be a major event, as it is said to be the most secure crypto wallet with a number of integrated protection functions. While some are convinced of the cryptocurrency’s prospects, critics believe that developments are moving too slowly.
After a prolonged downtrend, the ADA / USD pair has traded in the $ 0.062424 to $ 0.027237 range for the past nine weeks. There was a similar attempt to hit a bottom previously (marked as an ellipse on the diagram) that resulted in a collapse. That consolidation had also lasted nine weeks before collapsing.
If the bears break down the current range, the downtrend will continue. However, if the bulls scale the overhead resistance from $ 0.062424, we can expect the start of a new uptrend that can reach $ 0.094256 and above to $ 0.2.
Since the upside potential is high, traders can wait for a closing price (UTC time frame) above the range to initiate a long position.
IOTA / USD
In the new year, IOTA announced some collaborations that can help it get to the top. Although it didn’t run away, it has managed to close in the open in the past seven days. Can it move up from here and get into the top 10? Let’s see.
The IOTA / USD pair is currently trading in one area. After failing to break out of $ 0.4037 for four weeks, the bears pushed prices back the week before. However, lower levels attract buy as the bulls attempt to rebound near $ 0.272.
If the virtual currency rises from current levels, the bulls will try again to break out of $ 0.4037. If successful, a rally to $ 0.6 followed by a transition to the next overhead resistance at $ 0.8152 is likely.
However, if the bears do not force a reversal at current levels, a drop to $ 0.2051 is likely. If this support is broken, the $ 0.1427 critical support is scheduled to be retested. The downtrend will continue when this level drops.
NEO / USD
NEO co-founder Erik Zhang admits that he doesn’t watch the daily price movement of the virtual currency. He is more concerned with his development. According to him, Ethereum could overtake Bitcoin in the future, and Ethereum itself will face competition from cryptocurrencies like NEO. Can NEO regain a foothold among the top 10 cryptocurrencies? Let’s find out.
The NEO / USD pair has been trading in a tight range for the last eight weeks. The cops’ attempt to extend the range failed the week before. However, the bears were unable to push prices back to the bottom of the range: this shows demand for the digital currency near the $ 7 level.
We expect the bulls to try again to break out of the area. If successful, a rally to $ 16 followed by a move to $ 20 is likely.
Contrary to our expectations, the downtrend will resume when the bears plunge the virtual currency back below the range. With the previous consolidations resolving to the downside, we recommend traders wait for a closing price (UTC time frame) above USD 10 before entering long positions.
TRX / USD
Tron has slowly but surely consolidated its place among the top 10 cryptocurrencies. The markets have welcomed the plans to launch the BTT token, which runs on the Tron and BitTorrent networks. Its founder Justin Sun wants people to think of “Tron” when they think of a cryptocurrency.
The company also announced a collaboration with ABCC Cryptocurrency Exchange to list tokens based on Tron’s technical standard TRC10. However, many developers have spoken out against Tron’s Accelerator competition due to the delay in announcing the winners and cutting the prize money at the last minute. What can you expect in this cryptocurrency? Let’s find out.
The TRX / USD pair is between $ 0.0183 and $ 0.02815521. The breakout of this range the week before could not be sustained and the price fell back into the range. Last week the bulls tried again to break out of the area but found a sell at the resistance line of the area at $ 0.02815521.
If the bulls manage to push the price above the range, a new uptrend is likely. The first goal on the upside is $ 0.04. Traders can buy at a closing price above the range and hold a stop loss just below $ 0.021.
However, if the bears are defending the top of the range, then the range action is likely to continue for a few more weeks. The virtual currency will turn negative when the price of the critical support collapses at $ 0.0183.
Market data is provided by the HitBTC exchange. Diagrams for analysis are provided by TradingView.