Regulators around the world are trying to stifle the popularity of cryptocurrencies. But every time they do this, the crypto world bounces back bigger and stronger than ever before.
Jesse Powell, founder and CEO of Kraken, believes that the market capitalization of cryptocurrencies will more than double from the current levels and reach the $1 trillion USD milestone by the end of the year.
However, as the market matures, it will start differentiating between cryptocurrencies. Ripple’s CEO, Brad Garlinghouse believes that many will sink to zero because they don’t have anything worthwhile to offer.
But is there no way to stop the pump and dump that is the usual feature in some of the smaller coins?
Lon Wong, president of NEM, believes that nothing much can be done about price manipulation until the market matures.
As traders, we always keep a protective stop loss to safeguard our capital and because the crypto markets are open 24/7, the risks of a gap down opening are nonexistent. So, our readers need not worry even if prices of a few cryptocurrencies drop to zero.
Let’s see if we find bullish setups on any of the top 9 coins.
BTC/USD
Bitcoin is attempting to extend its recovery, but it is likely to face a strong resistance from the current levels to the $9,500 mark, from the downtrend line, the 20-day EMA and the horizontal resistance.
There are two possibilities – the price will either break out or turn down from here. Do we know for sure which one will happen? No. So, we should be ready for both scenarios.
If the BTC/USD pair breaks out of $9,500 and sustains for four hours, it confirms a breakout and we recommend long positions with a stop loss of $7,800. Our first target is a move to the 50-day SMA, which currently is at about $11,780. Above this, we might see a move to the resistance line of the descending channel.
Secondly, if the price turns down from $9,500 and breaks below $7,800, a slide to $7,000 is likely.
As we don’t have a confirmation of a bottom yet, it is recommended to keep the position size only 50 percent of usual.
ETH/USD
Ethereum formed an inside day candlestick pattern yesterday, February 13. Today, it is trying to extend the pullbac
The recovery looks strong as the ETH/USD pair has not given up much ground since bottoming out on February 6, at $565.54.
Overhead resistance is at the 20-day EMA at $902 and the 50-day SMA at $985, whereas support is at $775.
Aggressive traders can initiate long positions once the price sustains above $902 for four hours. The positions should be closed at the 50-day SMA, if the cryptocurrency struggles to break out of it, else a move to the resistance line of the descending channel, around the $1,050 to $1,100 mark might happen.
link:https://cointelegraph.com/news/bitcoin-ethereum-bitcoin-cash-ripple-stellar-litecoin-cardano-neo-eos-price-analysis-february-14-2018