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-
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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