3 Most Promising Cryptocurrencies in 2019 - Detailed Analysis

Anisa Batabyal
| 21 February, 2019 | 2 min

1.BitTorrent(BTT/BTC)-Binance

BitTorrent (BTT) came into existence in the cryptocurrency world on Binance’s launchpad with positive support from the community and is backed by TRON community as well.

BitTorrent Price for today is $0.0009521(BTT/USDT), with a total circulating supply of $990,000,000,000 and a market capitalization of $3,630,797 and its one of the cryptocurrencies with upside potential.

Let's look at the latest 4-Hourly chart of BTT/BTC(Binance) pair:

Since its inception (31st January 2019) on the Binance exchange, the pair saw 500+% surge in satoshi within a week. It then saw a healthy pullback to 0.618 Fibonacci Levels on 10th February 2019.

As one can observe in the chart that the pair has been moving in a Triangle Pattern for 2 weeks and will soon make a decisive move in the coming days.

Bullish Case:

24 Satoshi level has been providing preliminary support which is also the base of the triangle chart pattern.

There is a likelihood of triangle breakout in an upward direction since there is a lot of hype for the project recently. Hence the sentiments are bullish. If it breaks the triangle upside then Two key levels of Resistance(red bars) will be tested around 31 and 36 satoshis.

Stoch-RSI indicator is testing a resistance line and MAC-D is curving up in bullish zone.

Simply put, if someone's needs to buy this asset then 23 and 24 Satoshi are levels to watch for 40+%, with tight stop-loss around 17 satoshis.

Bearish Case:

Breaking the base of the triangle around 23 satoshis with strong sell volume is early signs of the bears and breaking the last line of defense around 18 satoshis would be strongly bearish for the asset.

2.VeChain (VET/BTC)-Binance

VeChain (VET) has been on the watchlist of many cryptocurrency pundits due to the digital platform’s awesome use cases. It is one of the most promising cryptocurrencies 2019.

VeChain’s offers a way to chain counterfeit products and helps in tracing products from the industry to the end user. Its drug, apparel, and wine traceability solution have been celebrated by many industry experts.

Let's look at the latest 4-Hourly chart of VET/BTC(Binance) pair:

Bullish case:

As one can observe in the chart that the pair has been hovering around buy/accumulation zone(blue bar) since mid-January 19 and moving within range with range high 127 satoshis and 107 as range low. This could be a possible accumulation like TRX/BTC before blasting off.

It needs to test and break the 127+ satoshi level resistance to confirm bullish sentiments. Also, it has broken the 200H-SMA (Simple Moving Average) and accelerated through Ichimoku cloud which is early signs of the bulls.

Simply put, if someone wants to buy then once can buy only after 127 resistance breaks and retest for targets around red bars or upcoming resistance levels. However, risk taker can enter any value from here to 127 for long term benefits.

Bearish Case:

The only Bearish argument for the pair is not breaking the 127+ satoshi resistance level, which could be early signs of bears and breaking the 107 satoshi level support would be strongly bearish for the pair.

Simply put, if someone bought between 108 and 127 satoshi levels then stop loss should be below 107 satoshi level.

3.TRON(TRX/USD)-Binance

TRON has seen significant growth in the past few months, is under bear pressure and going under a healthy pullback.

Let's look at the latest 4-Hourly chart of TRX/USDT(Binance) pair:

Bullish Case:

After breaking out of the downward channel, it surged 10+% in price and tested the immediate resistance bar. Since then it has been under the correcting phase.

The preliminary support would be the next area of interest because it needs to hold for further bullish sentiments and momentum.

If the preliminary support doesn't hold back then the last line of defense would be around $0.021 price level.STOCH-RSI indicator is near the oversold zone as well.

Bearish Case:

Bearish signs cannot be ignored completely on the pair's 4 Hour chart time frame. It has tested the Ichimoku cloud resistance but couldn't accelerate through it and closed below the cloud. Also, its testing 200H-SMA and closing below it will be slightly bearish for the asset. Breaking down the $0.021 support level will be strongly bearish for the pair. The MACD indicator is curving down as well.

Conclusion

The mid-term outlook of cryptocurrency market looks bullish and might see a relief rally in the coming days/weeks. All the top twenty coins, according to market cap, are seeing some healthy pullbacks after the market tipped into the red today but it doesn't make sentiments bearish overall.

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