2019 was an eventful year for Bitcoin. In the offset six months, it rallied almost 310%, from a low of $3,355 on Jan. 29 to a high of $13,973.50 on Jun. 26. That stoked expectations that the leading digital currency might retest its lifetime highs at $19,531.90. However, the second one-half of the year was a disappointment as the price continued to decline and lost over fifty% from its top at $13,973.50.

As cryptocurrencies are a new nugget class, they are difficult to analyze using traditional tools. Therefore, analysts take been issuing wide-ranging predictions on it. While Bitcoin enthusiasts wait the price to blow through the roof, the naysayers keep writing its obituary.

Even so, the reality is, the performance has been somewhere in between success and failure. Therefore, we suggest traders not to get carried abroad by very loftier or very low targets and have their investing i step at a time.

Daily cryptocurrency market performance. Source: Coin360

As the fundamentals of the sector proceed to improve with each passing year, nosotros expect the cost-performance to catch up somewhen. While it is hard to predict the twelvemonth-stop targets, nosotros expect Bitcoin and several altcoins to requite plenty opportunities to earn handsome profits during the year.

At the first of the new year's day, practise we find any buying opportunities? Let's analyze the charts.

BTC/USD

The 20-24-hour interval EMA has flattened out and the RSI is shut to the midpoint. This suggests a rest between buyers and sellers. Bitcoin (BTC) is likely to remain range-bound for a few more days. If the range is between $7,856.76 and $vii,000, it will signal strength and increase the possibility of a break above the range.

BTC USD daily chart. Source: Tradingview

A breakout of $seven,856.76 will be a bullish sign as it would push the price above the falling wedge pattern that has been in identify for the past six months. The commencement target is a move to $ten,360.89. If this level is scaled, the adjacent level to lookout man out for is $12,000.

Conversely, if the BTC/USD pair fails to stay above $7,000, a drib to $6,435 will be on the cards. We look the bulls to defend this support aggressively. If successful, a big range between $six,435 to $7,856.76 might come into play.

Nosotros believe a breakout of $7,856.76 offers a buying opportunity with a skillful risk to advantage ratio. Hence, traders tin can initiate long positions as suggested in our earlier analysis. The pair volition turn negative on a suspension beneath $vi,435.

ETH/USD

The bulls are attempting to continue Ether (ETH) above $131.84. We spot a symmetrical triangle formation that has adult near the contempo lows. Ordinarily, the symmetrical triangle works as a continuation pattern just sometimes, it acts as a reversal pattern.

ETH USD daily nautical chart. Source: Tradingview

Information technology is difficult to predict the direction of the breakout. Hence, traders should wait for the price to either breakout or breakdown of the triangle before taking a directional bet.

If the ETH/USD pair breaks out of the triangle, it volition exist a positive sign. The outset target objective of such a move is $164. We advise traders wait for a breakout and shut (UTC fourth dimension) above the triangle before ownership. The initial stop loss can be kept below $122. If the bears sink the toll below the triangle, a retest of the recent low at $117.09 is possible.

XRP/USD

Both the bulls and the bears are playing it safe, hence, XRP has extended its stay inside the $0.18339 to $0.20041 range. The 20-twenty-four hour period EMA is flattening out and the RSI has been gradually moving upward. This suggests that the selling pressure is reducing.

XRP USD daily chart. Source: Tradingview

A breakout of the range will suggest that bulls have the upper hand. To a higher place the range, a motion to $0.2326 is possible. Though the downsloping 50-day SMA might act as a resistance, we expect it to be crossed. Therefore, we retain the buy suggestion given in our previous analysis.

Our bullish view volition be invalidated if the bears sink the XRP/USD pair beneath $0.18339. Such a motility volition drag the price to $0.17468.

BCH/USD

The bulls are attempting to hold Bitcoin Greenbacks (BCH) above the xx-day EMA, which is a positive sign. Nonetheless, if the bulls fail to push the price to a higher place l-day SMA inside this week, it is likely to concenter further selling that can elevate the toll towards $192.52.

BCH USD daily chart. Source: Tradingview

The 20-solar day EMA has flattened out and the RSI is close to the midpoint, which suggests a range-bound action for a few days.

If the bulls propel the BCH/USD pair to a higher place the 50-24-hour interval SMA, a rally to $227.01 is possible. The traders can book fractional profits at this level if the toll struggles to rise above it. For at present, traders can proceed the stop loss on the long position at $181.

LTC/USD

The failure of the bulls to keep Litecoin (LTC) above $42.0599 is a negative sign. Information technology shows a lack of demand at higher levels. The bears will at present try to sink the price to the immediate support at $39.252.

LTC USD daily nautical chart. Source: Tradingview

A break below $39.252 tin drag the toll to the contempo low at $35.8582. Therefore, the traders can proceed the end loss on the long position at $38.

The LTC/USD pair volition turn bullish later the bulls sustain the cost to a higher place $44. To a higher place this level, nosotros anticipate a move to $50. Though the 50-day SMA might offer some resistance, it is likely to exist crossed.

EOS/USD

The bulls have managed to keep EOS above $2.5804 in the electric current dip, which is a positive sign. However, if the price does not bounciness sharply inside the next couple of days, the bears volition attempt to sink the price to $2.4001.

EOS USD daily chart. Source: Tradingview

Conversely, if the price bounces off the current level and rises to a higher place the l-day SMA, a movement to $two.8695 is possible. If the bulls struggle to calibration above this level, the traders tin can book fractional profits on their positions. For at present, the end loss on the long positions tin be kept at $two.xl.

BNB/USD

Binance Coin (BNB) has been trading close to the 20-twenty-four hour period EMA for the past two days. If the bulls can go along the cost close to the current level, information technology will increase the possibility of a breakout of the overhead resistance at $14.5201.

BNB USD daily nautical chart. Source: Tradingview

Aggressive traders can enter long positions on a break above $14.5201 every bit suggested in our earlier analysis. The get-go target objective is $16.50. However, if the BNB/USD pair slips beneath the downtrend line, information technology can driblet to the recent depression at $12.1111.

BSV/USD

Bitcoin SV (BSV) has been trading betwixt the 20-day EMA and the 50-solar day SMA for the past iii days. We like the manner the cost bounced off the 20-twenty-four hour period EMA on Dec. xxx. If the bulls can push the cost to a higher place the 50-mean solar day SMA, a rally to $113.96 is possible.

BSV USD daily nautical chart. Source: Tradingview

The flattening moving averages and the RSI above fifty indicate that the selling pressure has reduced. Therefore, traders can retain the stop loss on their long positions at $83.

Reverse to our assumption, if the bulls fail to button the price higher up the 50-day SMA, the bears volition again attempt to sink the price beneath the support at $92.693. If successful, a drop to $78.506 is possible.

XTZ/USD

Tezos (XTZ) dipped to the get-go support at $i.twenty on Dec. 31. Though the level held, the bulls are struggling to push the price back above the moving averages. This shows selling at higher levels.

XTZ USD daily chart. Source: Tradingview

If the XTZ/USD pair turns downwardly from the moving averages, the possibility of a drib to $1.10 increases. The bearish crossover on the moving averages too indicates that the bears have the upper mitt.

Contrary to our assumption, if the bulls can push button the price above the moving averages, a motility to $i.40 is possible. We practice non find whatsoever reliable buy setups at the current levels, hence, nosotros remain neutral on the pair.

XLM/USD

After failing to intermission above the overhead resistance at $0.047799, Stellar Lumens (XLM) is likely to dip to $0.042133. If the bears sink the cost below this level, the downtrend will resume.

XLM USD daily chart. Source: Tradingview

If bulls defend the support at $0.042133, the pair might spend a few more days in a range. A pause above the range will be the first indication that the bulls are back in the game. However, we will plow positive after the XLM/USD pair scales and sustains higher up $0.051014. Until then, we suggest traders remain on the sidelines.

The views and opinions expressed here are solely those of the author and do non necessarily reflect the views of Cointelegraph. Every investment and trading movement involves adventure. Yous should behave your own inquiry when making a decision.

Market data is provided by HitBTC exchange.