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📈 Price Predictions
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Bitcoin, Litecoin, Monero, NEO Prepare For Significant Moves as Bears Try Holding Prices Down

  • Andrew Strogoff
    📈 Price Predictions

    Cryptocurrencies are consolidating as significant fluctuations expected


Bitcoin, Litecoin, Monero, NEO Prepare For Significant Moves as Bears Try Holding Prices Down

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The situation remains unchanged since our last review as the currency pairs’ volatility is low. BTC/USD, LTC/USD, XMR/USD, NEO/USD restored yesterday but failed to develop their progress as bears still make attempts to hold the price and to push it down.

BTC/USDBitcoin demonstrated no significant fluctuations during the late American and Asian session. The currency pair jumped above the local ascending trend line within the American session and tested it later. Here lies the support area at $8,695 which also holds BTC/USD from declining below.

Bitcoin reached the resistance area at $8,890 during the late US-Asian session. However, the Bitcoin price retreated sharply meaning bulls have not enough power to develop their progress.

The currency pair is higher the Ichimoku cloud meaning bulls have the initiative in the moment of writing this review. There are no candlestick signals currently and it is better to wait for them in order to take further actions.

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Possible scenarios for BTC/USD are the following:

  1. Bitcoin will try to jump off the ascending trend line and the support area at 8,695 targeting the next resistance area 8,890, which the cryptocurrency reached during the late American session. There may be another test.

  2. BTC/USD will cross the support area at 8,695 and fall towards the higher border of the Ichimoku cloud. The next target, in this case, will be the support area at 8,528. However, the Ichimoku cloud may be an obstacle on the way.

  3. The next scenario is neutral meaning there will be no significant fluctuations. And BTC price will stay close to current levels or move along the local ascending trend line without leaving it.

BTC/USD still remains inside the Ichimoku cloud and goes towards the upper border of the formation. It seems like the situation is going to change in the nearest future. If Bitcoin leaves the Ichimoku cloud from above, there may be a sharp upside momentum.

LTC/USDLitecoin went above the ascending shorterm trend line during the late American-Asian session but failed to develop its progress. LTC price almost reached the resistance area at 153 level but then we have seen a Shooting Star reverse candlestick pattern. Litecoin returned to 146 support area where it fluctuated until the moment of writing this review.

Litecoin price is above the Ichimoku cloud meaning bulls have initiative currently. There is no candlestick pattern at the moment.

Possible scenarios for LTC/USD are the following:

  1. LTC price will target the resistance area at 153 and reach it. Then, LTC/USD will test it and further progress will depend on the results of those actions.

  2. Litecoin will jump off the resistance area at 146 (where it fluctuates currently) and fall towards the support area at 138. However, there is the Ichimoku cloud on the way, which may prevent bears from pushing LTC/USD lower.

  3. LTC price remains close to the current levels or move slowly around the local ascending trend line.

As for the daily chart, the situation is the same as yesterday. Litecoin price remains within the Ichimoku cloud. But it jumped off the lower side of the formation meaning there are chances for bulls to drive it towards the upper border of the Ichimoku could at least.

XMR/USDMonero had lower liquidity during the Asian session demonstrating several price gaps. The currency pair moved above the local ascending trend line during the American session, but then fell below it and even managed to cross the support area at 214. However, bears were unable to change the situation significantly as XMR price jumped off the midterm descending trendline (paint in green on the screenshot).

Later the Asian session XMR/USD managed to jump over the support area at 214. There are no candlestick signals currently.

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Possible scenarios for Monero are the following:

  1. XMR/USD will move towards the next resistance area at 219 and test this level.

  2. Monero will cross the current support area at 214 and fall below it targeting the midterm descending trend line (green). The next aim may also be at the next support area (204).

  3. The currency pair will stay close to the current levels with no significant fluctuations.

The currency pair jumped off the lower border of the Ichimoku cloud on the daily chart meaning bulls may have chances to change the situation in the nearest future.

NEO/USDThe currency pair have tested the local ascending trend line from below but failed to jump over it. The test of the resistance area at 68 was also unsuccessful. NEO jumped off those lines and even tried to penetrate the Ichimoku cloud.

NEO/USD went above the descending midterm trend line during the Asian session. The current pair stays above it at the moment. There are no candlestick patterns in the moment of writing.

The possible scenarios for the currency pair are the following:

  1. NEO/USD will reject the descending midterm trend line (green) and move towards the closest resistance area at 68. The currency pair will test it and if succeeded, will be able to develop its progress above the level.

  2. NEO price will fall below the trend line and enter the Ichimoku cloud. The next support area is 62 level.

  3. NEO/USD will stay close to the current level without significant fluctuations during the day.

AS for the daily chart, NEO/USD jumped off the lower border of the Ichimoku cloud meaning bulls have perspectives to change the situation in the nearest future.

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About the author

Andrew Strogoff is a skilled Forex trader and technical analyst from Limassol, Cyprus. He started cryptocurrency trading three years ago, and now is fond of blogging, swimming, cars, new technologies. Loyal blockchain adopter.

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