Here is the technical analysis of Ethereum, Binance Coin, Tron, ICON and Stellar Lumens for the 16th of February.
When zoomed in, Ethereum’s price action has formed a symmetrical triangle which is also highlighted in the low trading volume. Traders need to be on the lookout for the break above or below to make an entry.
$130 USD will be a short term profit target if the price breaks above. A break above $130 USD can push prices all the way to $145-$150 USD mark. On the opposite side, a trend line breakdown will have a bearish scenario.
Binance Coin has been looking bullish ever since it broke out of the trending channel in the first week of February. Now, it seems that price may retrace back in the channel as suggested with the weakening RSI.
Long term, the price of BNB may continue to be bullish, particularly since the launch of Binance Dex is near. Traders can, therefore, look to buy the dip if price retraces near the channel and around the support area at $7.2 – $7.5 USD.
Tron had a good run beginning in January. After reversing its bullish price, Tron recently formed a symmetrical triangle on the 4 hourly time frame.
But, the price of Tron could not hold the triangle and broke below, which shows bearish price action at the current moment. Traders can, therefore, wait for bullish recovery with a bounce on the support price levels at $0.02 USD and $0.017 USD.
The Ethereum of Korea, ICON, has struggled to gain bullish momentum even though the ICON team recently announced the launch of ICON DEX in the first half of 2019. The price is ranging in a sideway channel.
Traders must keep an eye on the break above or below the channel to confirm bullish or bearish biases. A bullish break above $0.25 USD can push price easily to $0.3 USD in the short term. On the flip side, a bearish break out of the consolidation range will send price back below $0.2 USD.
The price action of Stellar Lumens has also created an almost perfect symmetrical triangle on the 1 hourly time frame. Traders must eye a break out of the triangle and also the horizontal lines in the nearby price zones.
The price of Stellar has been bleeding hard for a long time, and therefore a bullish break can easily push the price to above 0.1 USD, particularly if there are good news or announcements.
Disclaimer by the Author:
This is not investment advice or promotion to ICO or Cryptocurrencies or any other investment in any form. These views are based on Author’s own research and readers must execute caution & suggested to do their own research during any investments.