Analysis Editor's Picks

XRP, BCH, LTC, TRX: technical analysis and forecast of the course for February 6-7, February 2019

In the markets of the largest Altcoins bearish trends prevail.

XRP / USD

At the beginning of the current trading session, the price of Ripple, with a strong downward impulse, broke through support at a mirror level of 0.3000 and reached its session low at $ 0.2910.

The bulls were quite active in buying volumes for the XRP / USD pair from the local minimum price, which ensured its short-term growth to the level of $ 0.2982.

February 6th XRPUSD H4
February 6th XRPUSD H4

At the time of the market review, Ripple is trading at $ 0.2956. The current price of cryptocurrency remains under the pressure of the moving average EMA30. The value of the relative strength index is in active sales and the RSI14 line is turning down.

Despite the relatively strong correctional growth of the XRP / USD pair, the data of technical indicators indicate a significant advantage of bears. It is expected that at the Ripple auction on February 7, the price of the coin will update today's low and will test support at the key level of $ 0.2893.

BCH / USD

Bitcoin Cash today trades with high price volatility in the range of $ 109.90-121.12. At the time of the market review, the BCH / USD pair is priced at $ 116.00 with a decrease in quotations to the level of the reversal of the short-term trend at $ 114.40.

Given the high demand for cryptocurrency in the second half of the day, we can assume that buyers will resume buying Bitcoin Cash from a key level, which will keep the price of the instrument above the pivot.

February 6, BCHUSD H4
February 6, BCHUSD H4

The value of the relative strength index is in the purchasing area, the RSI14 line is directed downward at the intersection of the neutral level on the indicator chart, which confirms the insignificant advantage of buyers in the short-term market Bitcoin Cash and the current correction phase of the short-term upward price movement.

BCH / USD purchases are possible at a price rebound from pivot with targets of $ 116.60 and $ 119.10. To protect long positions should be orders not higher than $ 112.60.

LTC / USD

At the auction on February 6, lightcoin was influenced by general bear market trends. LTC / USD quotes decreased synchronously with Bitcoin and ethereum prices. Session minimum price cryptocurrency fixed at $ 32.66, below the level of the reversal of the short-term trend of $ 33.30.

At the time of the market review, the LTC / USD pair is trading at $ 33.25 with a decline from the dynamic resistance level that the bears have formed along the EMA30 moving average line.

February 6 LTCUSD H4
February 6 LTCUSD H4

Despite the short-term recovery in the price of a cryptoactive asset above the pivot, the relative strength index values did not exceed the neutral level of 50 on the indicator chart, which confirms the advantage of bears in the short-term coin market.

Given the nature of the price movement and lowering signals of technical indicators, it should be expected that at the February 7 trading on lightcoins, bears will test support prices at the level of its local minima with a high probability of a breakdown level and a decrease in instrument quotations to at least $ 32.20.

TRX / USD

Since January 28, Tron has been trading in a horizontal price channel with borders at $ 0.0283 and $ 0.0255 price marks. Today's TRX / USD quotes reduction looks like a continuation of a cyclical downward price movement beginning on February 4. Session low TRX / USD pair recorded at the lower boundary of the two-week range.

At the time of the market review, Tron is trading at $ 0.0260 below the pivot at $ 0.0265 and under pressure from the moving average EMA30, the line of which increases resistance at the level of the trend reversal.

February 6 TRXUSD H4
February 6 TRXUSD H4

Analysis of the short-term exchange rate of cryptocurrency shows that in the short term, the bulls do not have enough market support to restore the TRX / USD pair above the key level of $ 0.0265.

Trading recommendations are not a guide to action. Following the recommendations, you assume the associated risk of loss of funds.

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