Bitcoin Ethereum Litecoin Targets! BNB & EOS Charts!
Looking at Bitcoin USD you can see we broke out of this Ascending triangle into this range of $4700 to $5000, hitting all our targets from our previous analysis. Today we’re going to be looking at Ethereum, Ripple, Litecoin, BNB, and EOS as we take a look at some opportunities and why Ethereum is showing some potential for some downside and other interesting things brewing in the market.
Let’s first dive into this Bitcoin technical analysis and take a look at where BTC is possibly heading towards in the next couple of days. You can see BTC is now above these three MA the 50, 100, and the 200. That is a very positive sign here for Bitcoin especially cryptocurrencies in general. Looking at the RSI here on the 4-Hour chart you can see we you got this major support level right around 60, that’s something that we’ve been watching for quite some time. Knowing that 60 and 70 is that bullish range you can see we already went towards that overbought range and found some support above that 60 level. Over the next few days, if not a couple of weeks, we are going to be consolidating between the $4,800 to that $5,346 level. Those are the support and resistance levels that we want to watch, this is a known support which will now turn into resistance. What’s really interesting about this pattern is looking back at Bitcoin and the last time we had a death cross occur was when the 200-day moving average crossed over a lower moving average. We saw this huge spike up similar to what we saw in 2017, we saw this Market correction where price action was below all three moving averages and then when we finally went and broke above that 200 day moving average which is similar to what happened now, we saw a little bit of downside before we really saw the ramp up towards these higher price levels.
In today’s time frame institutions are looking to deploy their liquidity into this market and we do expect the total cryptocurrency market cap to be over a trillion dollars in the next 1–3 years. Potentially sooner if we see more confidence with Bitcoins price action to the upside on a long-term basis.
If we were to see any sort of retracements beyond the support level if it were to copy what happened last time where it goes below that 200MA once again before moving back up into that long-term bull trend we should find support right around that $4155 area. We don’t see Bitcoin going below $4000 anymore based on the technical analysis. That $3000 — $4000 area would of been the best time to enter into your long-term positions for an estimated 10–20 years. Overall, the sentiment is bullish in the market as you can see there is more Buy volume coming in, which is very positive indicator. We do have to be reasonable and nothing will just shoot up to these higher levels, we definitely need to build and create some more stability along these areas before we see any institutions or whales come in and bring that extra batch of buy volume to than bring us back to these higher levels above 6k.
Within this range we’re going to see a lot of opportunities for shorts and Longs, one thing that’s interesting is the relationship between Bitcoin Ethereum BNB Coin. At times Bitcoin And Ethereum will react in a delayed form sometimes Ethereum will make a move before Bitcoin allowing you to predict the move and allowing you to set trades up and make 1- 2% on leverage just by utilizing each other. We also got BNB coin acting as a hedge which is also a very good indicator to use for entry and exit points in your trades. What is interesting about the BNB coin is that it’s acting like a hedge against Bitcoin. For example, when Bitcoin dropped we started to see this run up to the upside for BNB and its same with Ethereum so we’re able to utilize these indicators on this chart to find entry and exits levels on other charts.
Another thing we’ve been doing to rack up satoshi’s is trade between Bitcoin and the BNB coin, knowing when Bitcoin hits a resistance if we know it’s at these higher levels we then transfer to BNB and as it drop than BNB goes up we gain more Satoshis and the next time Bitcoin goes up were able to gain more Satoshis.
It’s a little bit different for some of these other coins, looking at Ethereum’s technical analysis and as we look at it from a fundamental basis, last year when we saw that whole rally, was when Ethereum was being used for ICO’s and raising funds. If you look at how much they’ve raised in the last 6 months its about six million which is horrible compared to what we saw in 2017 where we saw billions being raised. There’s less utility for Ethereum and less use case at the moment which is ultimately a fundamental analysis.
When we look at its technical analysis, you can see Bitcoin broke out of its ascending triangle, Ethereum hasn’t just yet which is a little bit concerning due to the fact that if Bitcoin goes to the upside and Ethereum stays within these levels than Ethereum’s Satoshi values will be dropping. Expect us to consolidate within this ascending triangle, we may see an overall long-term bullish path, but at the end of the day, it will not outperform Bitcoin or some of these other altcoins right now potentially moving back on the top 10 list beyond Ripple just because it’s not being utilized as these other Altcoins such as Neo and Tron which are a lot more advanced in some ways, some are a lot faster and they solve a lot more issues as Ethereum is now an old platform which right now is finding resistance right around that $183 mark.
Looking at the Satoshi chart it’s actually showing exactly what we are expecting, we were in this ascending uptrend with this ascending support level. You can see how we just broke out of that and we are now below the 4 hour EMA (in light blue) and now thats acting as a new resistance and there is also large sell volume and the RSI broke down from its support at 40 to these bearish levels.
So let’s move on to Ripple here which is showing us a little bit of a different story. You can see we have not yet broken this ascending support level. There may be a possible entry right around that 6300 Satoshi mark. However, I’d be a little bit more neutral about Ripple because as you can see this moving average (in yellow,) which is the 200 day when it crossed over the 50-day around June of 2018 creating a death cross a higher moving average crossing over lower moving average and it brought Ripple’s price down all the way -53%. That’s kind of occurring right now, we’re about to start Crossing that 200 with that 50-day moving average similar to what happened in the past. We are also below this EMA and we’re still finding resistance. We’ve been warning about this ever since 8000 Satoshis, there may be a possible entry at 6300. If we break this then we are definitely going to the downside here with Ripple. The RSI is still below 40 and also below 30 which is not a positive sign because anything between 40 and 30 is bearish anything below 30 is oversold whenever you see abnormal sell volume, you should stay below 30.
Then we look at USD chart, we did finally break out of this pattern but were still finding resistance at the 200-day moving average. Bullish RSI as we broke past that 60 to 70 level, but the Satoshi chart just isn’t looking so good which will be a possible resistance that will stay there and allow this USD value to most likely stay between that 30 and 40 mark versus some of the other altcoins.
Something thats little bit more interesting here is BNB coin we’ve actually now broken down below this EMA on the daily which is a very strong chart and a very strong average to watch. We triple topped and then double topped and are possibly forming a head and shoulders pattern now that the 50 day moving average is starting to rise up to catch the BNB coin. In a fundamental sense the BNB coin was the most undervalued coin of 2018 because Binance is like the Amazon of crypto and so we expected high price levels and the top performing coin of 2018 was the BNB coin. In terms of other coins in similar price movements that’s still in its early stages right now, I would say the BTT coin because it’s backed by Justin Sun and it already has an established community of users that have been on there for decades seeding downloads for no rewards and now they’re getting rewarded for it. So there’s definitely intrinsic value, there’s a community and use case already for the coin and it just came out.
When we’re taking advantage of daily volatility and we’re in the right coins than this could be a very profitable market. Looking at the RSI we also broke down from this support level. We’re starting to head towards these lower ranges and starting to see strong seller pressure. The max downside we can see here is to that 50 day, which should hold the support and just continue its trend up. This chart will make sense a lot of sense knowing that we expect Bitcoin to consolidate, when we pull up the BNB XRP ETH chart they act in accordance with each other as BTC & BNB might bounce back and forth before seeing that any major breakouts to the upside.
Moving onto Litecoin, fundamentally Litecoin is very similar to Bitcoin as it is limited in quantity as it’s considered the Silver to Bitcoins gold. There’s still some room to grow were still in this medium ground where there was never really established support / resistance levels. Looks like the next real resistance is right around that $107 mark. We’re above the EMA which is bullish. We got support right around that $82 mark that was previous resistance previous support and we’ve got some good buy volume coming in. We’re still overbought here just like the majority of the coins as they really saw these run-ups with USD pairings and are going to see some downside soon and liquidity will flow more into Altcoins.
Let’s look at the Bitcoin chart for Litecoin were expecting a rounding bottom pattern to form here. Rounding bottom is when we’re coming from a downtrend forming a cup we forming that handle and we breakout to the upside. We’ve got that known resistance at that .018 and we could see that support of .014 where we can swing trade between these levels, but we do expect Litecoin to see some sort of a break out to the upside in Satoshi value sometime soon as long as we can continue that uptrend up in USD value. That will all come together as soon as we see this Market mature and see more stability.
With EOS’s Analysis we see a big breakout coming here, we did see some good upside. As we look at this USD chart were looking at support at $4.30 finding that resistance right around that $5.50 mark. There is a lot of upside and bullish perspective and potential for the future price action of this coin. Looking at the Satoshi value, we see the same exact thing very bullish as we’ve gotten above the EMA and we’re starting to trend up. We broke this major resistance and got support at 9250 and we’ve got that target right around that that 316 area. Bullish RSI but we might find some minor resistance along this area where we’ve already seen resistance at. Bitcoin might go sideways for the next couple days and EOS can start heading up towards this next target.
To wrap up this analysis looking at Bitcoin transactions per day chart. We’re currently at 300,000 transaction per day mark and we’re maintaining those levels actually approaching the 400,000 transaction per day mark. When bitcoin was at $20,000 it was around this area at the same levels of daily transactions, what determines intrinsic value? it’s the use case of an asset or whatever you’re trying to deem intrinsic value too. If we are seeing more use cases with Bitcoin we are going to be seeing higher price levels. Ray Dalio the owner of one of the largest hedge funds in the world stated that there’s a market cycle every 10 to 12 years in traditional markets and it’s already been 11 years and as were expecting a big market cycle, investors want to hedge their money.
Do you think they’re going to put it in an undervalued asset class? Absolutely! Bitcoin is a better storage of value than gold. We believe so and believe there is some huge potential for this market in the next coming months moving into the next coming years.