Cryptocurrency Market Weekly Outlook #2

According to last week’s cryptocurrency market outlook- Bitcoin dropped to 8200-8300$ and the price bounced from this area and closed last week above 8600$. From our last week’s altcoins recommendation – ICXBTC hit 20% Profit, ADABTC position is at decent profits and DGDBTC is trading close to entries.

Here goes the #2 edition of cryptocurrency market outlook.

BTCUSD

Bitcoin dropped from 8800$ to 8200$ Last week but found support at 8200-8300$ on weekends, price bounced from this support and week closed above 8600$.

Last week also closed above 21MA on Daily and weekly timeframe both – that’s a bullish sign for the current week.

Going into the current week, I am expecting Bitcoin to retest 200MA at 8900$ in the next few days. If Bitcoin manages to break above this MA resistance than we could see bitcoin’s price above 9400$ by end of this week.

ETHUSD

ETHUSD dropped to 157$, but the price bounced off from this area and closed last week’s candle above 166$.

ETHUSD price also bounced from the downtrend channel neckline support area – which is ideally bullish Sign. ETHUSD managed to hold 21MA support as well on a daily timeframe.

I am expecting ETHUSD to retest 200MA support around 172-175$, Break above this area could lead the price to 185$.

Top 3 altcoins to trade this week

1. HC/BTC

HC/BTC is trading above 100MA resistance, also above horizontal resistance around 0.00017 BTC. HC/BTC could try to break above the next resistance at 0.00019 BTC in next few days.

Trade Signal

Entries: 0.00015-17 BTC

Exit: 0.00019-21 BTC

STOP: 0.000135 BTC

2. EOS/BTC

EOS/BTC is trading inside a bull flag/ symmetric triangle which can lead to breakout above 0.0005 BTC.

Trade Signal

Entries: 0.00041-43 BTC

Exit: 0.00049-53 BTC

STOP: 0.00039 BTC

3. RLC/BTC

RLC/BTC is trading inside an ascending triangle. IF RLC manages to break above 0.000062 BTC then it could test 0.00007 BTC Resistance.

Trade Signal

Entries: 0.000057-61 BTC

Exit: 0.000069-74 BTC

STOP: 0.000054 BTC

Check this out, Important article regarding Chinese new year holidays-

https://itsblockchain.com/how-bitcoin-can-perform-during-chinese-new-year-holidays/