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Bitcoin Falls under $11,450 as US Stock Market Sees Minor Downturn

Most of the top 20 cryptocurrencies are reporting losses on the day as Bitcoin falls under the $11,450 mark again.

Saturday, July 13 — Most of the top 20 cryptocurrencies are reporting losses on the day by press time, as Bitcoin (BTC) fell below the $11,450 mark again.

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

Bitcoin is currently down by over 1% on the day, trading at around $11,430 at press time, according to Coin360. Looking at its weekly chart, the coin is up by almost 3.8%.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

As Cointelegraph reported yesterday, the Chairman of the United States Federal Reserve has said that almost nobody uses Bitcoin for payments, and that it is a speculative asset just like gold.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $28.7 billion. The second-largest altcoin, Ripple’s XRP, has a market cap of $14 billion at press time.

Coin360 data shows that ETH has seen its value decrease by nearly 1% over the last 24 hours. At press time, ETH is trading around $269. On the week, the coin has also lost over 7% of its value. 

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

XRP is down by about 3.87% over the last 24 hours and is currently trading at around $0.333. On the week, the coin is down about 14.11%.

XRP 7-day price chart

XRP 7-day price chart. Source: Coin360

Among the top 20 cryptocurrencies, the only ones reporting gains are Chainlink (LINK), which is up over 3.8%, Monero (XMR), which is up over 1.5%, and Cardano (ADA), which is up a fraction of a percent.

At press time, the total market capitalization of all cryptocurrencies is $313.9 billion, about 5% lower than the value it reported a week ago.

As Cointelegraph reported yesterday, Ethereum’s co-founder Mihai Alisie is extremely concerned that Facebook is attempting to hoodwink regulators into approving a centralized “cryptocurrency.”

Keep track of top crypto markets in real time here
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Price Analysis 10/07: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, TRX, ADA

Bitcoin is facing profit booking at higher levels. Is this a warning sign of an impending correction? Let’s study the charts.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

CEO of BitMEX Arthur Hayes believes that Facebook’s Libra could make central and commercial banks irrelevant. It will be interesting to note whether this will force the commercial banks to walk down the crypto path. Investment banking giant Goldman Sachs certainly seems to be taking the first step. It has advertised a position for Digital Asset Project Manager, which points to the bank’s intention to pursue digital asset development.

Responding to a query on Twitter, the European Central Bank said that Bitcoin is “not a currency.” It termed Bitcoin as a volatile asset and denied that it had any plans to add it in its reserves

However, fund managers and investors view Bitcoin differently. Chamath Palihapitiya, CEO of VC firm Social Capital believes that the leading digital currency is the best hedge against the traditional financial system. With risks of a recession rising, will Bitcoin continue its march northward? Let’s analyze the charts.

BTC/USD

Bitcoin (BTC) easily broke out of the $12,000–$12,500 resistance zone earlier today but did not manage to sustain above it. This shows profit booking at higher levels. If bulls fail to return the price above the resistance zone, the cryptocurrency might enter into a range.

BTC/USD

Both the moving averages are sloping up and the RSI is close to the overbought level, which suggests that bulls have the upper hand. If the BTC/USD pair slips below $12,000, the first support on the downside is at 20-day EMA. If the pair bounces off this support, the bulls will again attempt to rise above the recent highs of $13,973.50. Above this level, the target to watch is $16,249.42.

Contrary to our assumption, if the pair breaks down of the 20-day EMA, a drop to the recent low of $9,727.55 is possible. The trend will turn down on a break below this support.

ETH/USD

Ether (ETH) faced resistance close to $320.840 before heading south. The failure to propel the price above the overhead resistance resulted in profit booking. The bears have broken down of 20-day EMA and the price is likely to drop to the support at 50-day SMA.

ETH/USD

A breakdown of the 50-day SMA will signal weakness because the ETH/USD pair has not broken below this support since February 18. Below $270, the correction can extend to $226.538.

Both the moving averages are flattening out, which points to range-bound trading in the near term. If the pair bounces off the 50-day SMA, it can consolidate between $270 and $320.840. We withdraw our buy recommendation given in the previous analysis. We will wait for the price to sustain above $320.840 before suggesting a trade once again.

XRP/USD

Ripple (XRP) turned down from the 20-day EMA on July 9 and has plummeted below the first support of $0.37835. The bulls are currently attempting to defend the support at $0.35660. A breakdown and close (UTC time frame) below this support will indicate weakness and can result in a fall to $0.27795, which is a negative sign. The 20-day EMA is sloping down and the RSI is in negative territory, which shows that bears are in command.

XRP/USD

However, if the XRP/USD pair rebounds from $0.35660, it can move up to the moving averages. A breakout of $0.415 can propel it to the critical resistance of $0.45. The pair has repeatedly failed to break out of $0.45. Therefore, we will wait for it to sustain above $0.45 before turning positive. 

BCH/USD

Our buy recommendation in Bitcoin Cash (BCH) did not trigger as it could not close (UTC time frame) above $423. The price has turned down from the moving averages and is at the support line of the channel. This is a critical support below which the trend will turn in favor of bears.

BCH/USD

If the BCH/USD pair breaks down and closes (UTC time frame) below the support line of the channel, it can fall to $280. Both the moving averages are close to completing a bearish crossover, which suggests that bears are back in the game.

Contrary to our assumption, if the bulls defend the support line of the channel, the pair might move up to the moving averages, above which a rally to $450 is probable. We will watch the price action closer to the support line of the channel before proposing a trade in it.

LTC/USD

Litecoin (LTC) turned down from the 20-day EMA on July 9 and has plunged below the support at $111.8994. This is a negative sign. It now can correct to the support line of the ascending channel, which is the critical support to watch out for. The moving averages are close to completing a bearish crossover, which indicates that bears have the upper hand. A breakdown of the channel can drag the price to the $66–$71 support zone.

LTC/USD

However, if the LTC/USD pair holds above the support line of the ascending channel, the bulls will attempt to push it above the previous support-turned-resistance of $111.8994. If successful, it can move up to the moving averages where it is likely to face resistance. The pair will indicate strength if it sustains above the 20-day EMA. We will watch the price action at the support line of the channel before recommending a trade in it.

EOS/USD

The failure of EOS to rise above the 20-day EMA has attracted selling. It has resulted in a breakdown of the immediate support at $5.550, which is a bearish sign. The next support on the downside is $4.4930. We anticipate strong buying in $4.4930–$3.8723 zone.

EOS/USD

The 20-day EMA is sloping down and the RSI continues to trade in the negative territory, which shows that bears have the upper hand. Any pullback will find stiff resistance at the 20-day EMA. We will wait for the correction to end and for a new buy setup to form before suggesting a trade in the EOS/USD pair.

BNB/USD

Our buy suggested for Binance Coin (BNB) in our previous analysis did not trigger as the price turned down from $34.2918 on July 8. The bears will now attempt to sink the price back to the critical support of $28.7168. The uptrend line is just below it, hence, we expect buyers to step in close to the support. 

BNB/USD

However, if the BNB/USD pair plummets below the uptrend line, it will signal weakness and a change in trend. The next support on the downside is closer to $20. Both the moving averages are on the verge of completing a bearish crossover, which is a negative sign. The pair has been one of the strongest among major cryptocurrencies as it has repeatedly made new lifetime highs. When the leader starts showing weakness, it does not bode well for the rest of the pack. 

BSV/USD

Bitcoin SV (BSV) rose above 20-day EMA on July 9 but bulls could not sustain the higher levels, which shows lack of buying interest. The 20-day EMA is flat and the RSI is in the negative zone. This points to a range-bound action in the near term. 

BSV/USD

The balance will tilt in favor of bears if the BSV/USD pair slumps below the support of $172.910. The next support on the downside is way lower at $134.360. However, if the bulls defend the support at $134.360, the pair might attempt to scale above the moving averages and remain in a range. We will watch the price action at $172.910 and then make a call. Until then, we remain neutral on the cryptocurrency.

TRX/USD

The pullback above the 20-day EMA hit a wall close to $0.03550 on July 7 and 8 and turned down from there. For the past two days, bulls attempted to keep Tron (TRX) above the 20-day EMA but a failure to secure a strong bounce attracted selling.

TRX/USD

The next support on the downside is at $0.030 below which the fall can extend to the trendline of the ascending channel. The TRX/USD pair has been trading inside the channel since end-November last year, hence, we anticipate strong support at the trendline of the channel. We will wait for the price to rebound off the support before suggesting a long position. 

ADA/USD

The pullback attempt in Cardano (ADA) fizzled out just below the 20-day EMA on July 8. Currently, the price has nearly broken down of the $0.077–$0.073 support zone. The next support on the downside is at $0.06. The 20-day EMA is sloping down and the RSI is in the negative zone, which shows that bears have the upper hand. 

ADA/USD

The failure of bulls to defend the support zone indicates weakness. If the next support at $0.060 also cracks, the ADA/USD pair might give up a large part of its recent gains. However, if the bulls defend the support at $0.060, the pair might consolidate in a large range for a few days. We will wait for the price to stop falling and a new buy setup to form before proposing a trade in it.

Market data is provided by the HitBTC exchange.

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Price Analysis 08/07: BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, TRX, ADA

Bitcoin’s rally continues to attract traditional investors. Will their entry propel the price to new highs? Let’s study the charts.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

The bitcoin price surged more than $435 in a matter of 10 minutes early Monday morning (UTC time), likely due to short sellers covering their positions. The resilience of the leading digital currency and the sharp recovery in prices has forced Mark Mobius, founder of Mobius Capital Partners LLP, to change his earlier negative view on bitcoin. Though he does not own bitcoin, he said that if it continued to grow, he might have to add it to his portfolio.

Deutsche Bank has announced that it will shut down its equities sales and trading business and also cut back its fixed income business. This will lead to 18,000 job cuts. Analysts have pointed out that one of the reasons for this move is the ultra-loose monetary policy adopted by the central banks. However, money printing will benefit cryptocurrencies and bitcoin in particular as it has a fixed supply that cannot be altered. What do major cryptocurrency charts project? Let’s analyze the charts and find out. 

BTC/USD

Bitcoin (BTC) has rebounded off the 20-day EMA and the bulls are currently attempting to scale above the $12,000–$12,500 resistance zone. A breakout of this zone can retest the recent highs of $13,973.50. We anticipate stiff resistance at this level but if the momentum can break through it, short sellers will be forced to throw in the towel, which can propel the price to $16,249.42. Above this, a retest of the lifetime highs will be in the cards.

Both moving averages are sloping up and the RSI is in positive territory. This suggests that the bulls still hold the advantage in the short term. 

BTC/USD

However, if bears defend the overhead resistance zone, the BTC/USD pair might again dip back to 20-day EMA. A break of this support can drag the price to the 50-day SMA. We anticipate this support to hold and it can act as a good entry point for the traders. 

We suggest traders wait for the price to rebound off the supports before buying, because if 50-day SMA fails to hold, traders will be forced to liquidate their long positions. Nonetheless, with the bear market having ended, traders should view dips as a buying opportunity.

ETH/USD

Ether (ETH) has bounced back above the 20-day EMA, which is a positive sign. We like the way bulls have managed to keep the price above the 50-day SMA during this pullback. It shows that buyers are not waiting for a deeper correction to enter long positions.

ETH/USD

The bulls might face resistance at $320.840 and above it at $366. However, if the price breaks out and closes (UTC time frame) above $320.840, we suggest traders buy 40% of the desired position size. A stop loss for the trade can be kept at $270. Remaining positions can be added on a breakout above $366. 

We are recommending long positions on a breakout above $320.840 because the ETH/USD pair will complete a rounding bottom pattern that has a target objective of $557.43. There is stiff resistance close to $500, hence, we will keep it as our initial target. Our bullish view will be invalidated if the pair reverses direction from the overhead resistance and slumps below $270. 

XRP/USD

Ripple (XRP) has held the first support of $0.37835. However, the subsequent bounce off the support could not break out of 20-day EMA on July 6. This shows selling at higher levels. The moving averages have completed a bearish crossover and the RSI is in the negative zone. This suggests that bears have the upper hand.  

XRP/USD

Currently, bulls are again attempting to push the price above the moving averages. If successful, the XRP/USD pair can move up to $0.45. However, if the bulls fail to propel the price above the moving averages, bears will try to sink the pair below $0.37835. If this support gives way, the next support is $0.35660. As the cryptocurrency has not participated in the recent recovery, we will wait for it to pick up momentum before suggesting a trade in it.

LTC/USD

Litecoin (LTC) has been trading in a tight range for the past three days. The bulls are attempting to keep the price above the 50-day SMA. If this support breaks down, the pullback can extend to $111.8994. This is a critical support, below which, the fall can extend to the support line of the ascending channel.  

LTC/USD

Both the moving averages are flattening out and the RSI is just below 50, which suggests a consolidation in the short term. We will wait for the price to bounce strongly either from $111.8994 or from the support line of the channel before recommending a trade.

Contrary to our assumption, if the bulls ascend the moving averages, a rally to $140.3450 is likely. The LTC/USD pair will pick up momentum on a breakout and close above $146.

BCH/USD

Though Bitcoin cash (BCH) has traded below the 20-day EMA for the past seven days, bears have not been able to take advantage of the weakness and sink the price to the support line of the channel. This shows a lack of sellers at lower levels. 

BCH/USD

We now expect bulls to attempt to push the price above the moving averages. If successful, a move to $448 and above it to $515 is possible. Hence, short-term traders can buy on a close (UTC time frame) above $423 and keep the stop loss at $375, which is below the recent lows. A breakdown below $375 will invalidate our bullish view, as it can result in a drop to $280. 

EOS/USD

Though bulls have held the support at $5.550, they have failed to propel EOS above 20-day EMA and into the channel. If the cryptocurrency re-enters the channel, it will be a bullish sign. We might suggest long positions if the price sustains inside the channel for a couple of days. The bulls might face resistance at the downtrend line, but once it is scaled, it can move to $7.6435 and above it to $8.60.

EOS/USD

Conversely, if the price reverses direction from the current levels or from the 20-day EMA and breaks below $5.550, it can correct to $4.4930. With the 20-day EMA sloping down and RSI in the negative zone, the path of least resistance is to the downside.

BNB/USD

After staying below the 20-day EMA for the past seven days, Binance Coin (BNB) is attempting to rise above it. If bulls can sustain the price above $34.50, it is likely to move up to $40 once again. A breakout and close (UTC time frame) above $40 will resume the uptrend.

BNB/USD

Conversely, if bulls fail to sustain the price above $34.50, bears will again try to sink it to $28.7168. The zone between the uptrend line and $28.7168 is likely to offer strong support. Hence, we might suggest long positions closer to the uptrend line because the long-term trend remains bullish. Our positive view will be negated if the BNB/USD pair breaks down and sustains below the uptrend line. If that happens, the slide can extend to $18.

BSV/USD

Bitcoin SV (BSV) has been struggling to move above 20-day EMA for the past five days, which is a negative sign. It shows a lack of demand at higher levels. The 20-day EMA is sloping down marginally and the RSI is just below 50, which suggests rangе-bound action in the short term.  

BSV/USD

The support of the range is at $172.910 while resistance is at $226 and above it at $255.620. After such a sharp move, a consolidation is a positive sign. If the consolidation resolves to the upside, the BSV/USD pair will pick up momentum and resume its uptrend. On the other hand, if bears sink the price below $172.910, a fall to $134.360 is possible. We are currently neutral on the pair.

TRX/USD

We have been waiting to buy Tron (TRX) close to the trendline of the ascending channel as it reduces the risk. However, on July 7, the bulls propelled the price higher, breaking out of both the moving averages. The price is facing a stiff resistance close to $0.036. If this level is scaled, the next level to watch on the upside is $0.040.

TRX/USD

However, if bulls fail to push the TRX/USD pair above $0.036, a fall to $0.030 is likely. If this support also cracks, the decline can extend to the support line of the channel. Both moving averages are flattening out and the RSI is close to the midpoint. This points to a consolidation in the near term. We do not find any buy setups at the current levels.

ADA/USD

Cardano (ADA) is range-bound between $0.073 and $0.10. The bulls have held the first support at $0.077 and are attempting a pullback. If the price breaks out of the moving averages, it can move up to $0.10, which is a critical resistance. The cryptocurrency will pick up momentum on a breakout and close above $0.10. 

ADA/USD

On the other hand, if the ADA/USD pair turns down from the 20-day EMA, bears will again try to break below the $0.077–$0.073 support zone. If this zone cracks, the next support on the downside is at $0.060. However, if the support zone holds, the bulls will attempt to scale above the moving averages. We will watch the next dip towards $0.077 and then suggest long positions.

Market data is provided by the HitBTC exchange.

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Price Analysis 03/07: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, TRX, ADA

Will bitcoin start the next leg of the rally and break out of $14,000? Let’s study the charts.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

Galaxy Digital founder Mike Novogratz said that he is not selling his Bitcoin the next time it reaches $14,000 because he anticipates the next up move to carry it to $20,000. However, he does not expect the price to reach lifetime highs in a hurry. He is targeting a new lifetime high only by “the middle or the end of the fourth quarter.”

A recent survey by Jefferies’ indicated that majority of the respondents were unlikely to use Facebook’s Libra due to a lack of trust in the social media giant. Echoing a similar opinion, Nobel prize-winning economist, Joseph Eugene Stiglitz, said that Facebook has earned a “level of distrust that took the banking sector much longer to achieve.” Hence, according to him, only a fool would trust Libra. Contrary to these two opinions, Arthur Hayes, CEO of BitMEX believes that Libra “will destroy commercial and central banks.”

In this leg of the up-move from the lows, bitcoin futures have attracted a lot of trading activity. The Chicago Mercantile Exchange (CME) Group tweeted that bitcoin futures hit a new high of $1.7 billion in traded value on June 26. With futures volumes picking up, it will be interesting to see how the market reacts to the launch of Bakkt. 

BTC/USD

Bitcoin (BTC) is attempting to resume the uptrend after a brief pullback. It plunged below the 20-day EMA on July 1 and 2, but on both occasions, buying at lower levels ensured a close (UTC time frame) above the moving average. The price bounced off from just below $9,977.33, which is the 61.80% Fibonacci retracement level of the recent leg of the up move. 

BTC/USD

Both moving averages are sloping up marginally and the RSI is in positive territory, which suggests that the bulls have again seized the advantage. The BTC/USD pair can now move up to $12,500 where it might face stiff resistance. If this level is crossed, the bulls will attempt to ascend $14,000 and resume the uptrend. 

Nevertheless, we believe it will be healthy for the uptrend if the digital currency consolidates for a few days. That will help it make a new higher floor that will be a strong support. Our neutral to bullish view will be invalidated if the digital currency reverses direction from the overhead resistance and plummets below the 50-day SMA.

ETH/USD

Ether (ETH) bounced sharply from the 50-day SMA on July 2 but is currently facing resistance close to the 20-day EMA. If the bulls can propel the price and sustain above the 20-day EMA, a rally to $320.84 is likely. The 20-day EMA has flattened out and the RSI is just above 50, which suggests consolidation in the short term.

ETH/USD

If the ETH/USD pair turns down from the 20-day EMA and plummets below the 50-day SMA, it can drop to the next support at $225. 

The pair has held out quite well in the recent correction, which is a positive sign. It shows demand at lower levels. We will recommend long positions after a breakout and close (UTC time frame) above $320.840. Currently, we remain neutral on the digital currency.

XRP/USD

The bulls have held the support at $0.37835 for the past two days but the bounce has been unimpressive. The 20-day EMA is sloping down and the moving averages are on the verge of a bearish crossover, which suggests that the bears are in command. Below $0.37835, Ripple (XRP) can correct to $0.35660. If this level also cracks, the fall can extend to $0.27795.

XRP/USD

Our negative view will be invalidated if the XRP/USD pair bounces off the current level and rises above the moving averages. In such a case, a rally to $0.45 is possible. The pair will pick up momentum on a breakout of the recent high of $0.5050. We will wait for buyers to return before recommending long position in it.

BCH/USD

Bitcoin cash (BCH) has been clinging to the 50-day SMA for the past two days. The bulls are struggling to push it above this level, which is a negative sign. A failure to break out of the 50-day SMA in the next couple of days will attract selling that can drag the price to the support line of the channel.

BCH/USD

The 20-day EMA has started to turn down and the moving averages are on the verge of a bearish crossover. This shows that the sellers have the upper hand. The trend will weaken if the  BCH/USD pair breaks down of the channel. The next support is way lower at $280.

Conversely, if the bulls defend the support line of the channel, the pair might attempt to rise above the moving averages once again. We will wait for a strong bounce off the support line of the channel before we suggest fresh long positions in it.

LTC/USD

The bulls have held the support at $111.8994, but have not been able to propel Litecoin (LTC) above the 20-day EMA. This is a negative sign. We now expect the bears to attempt to sink the price below the support. If successful, a drop to $100 is likely. 

LTC/USD

The zone between $100 and the support line of the channel is likely to act as a strong support. If this holds, the LTC/USD pair might extend its stay inside the channel. If we spot strong buying near the support zone, we might suggest a long position once again. 

Iif the pair breaks below the support line of the channel, it will turn negative and can plunge to $84 and below it to $71. Conversely, if the cryptocurrency rebounds from the current levels, the bulls will again try to propel the price to $140.3450.

EOS/USD

Though the bulls have held the support at $5.550 for the past two days, they have not been able to achieve a strong bounce. This is a negative sign as it shows a lack of urgency among the buyers to own EOS at current levels.

EOS/USD

The moving averages have completed a bearish crossover and the RSI is in the negative zone. This shows that bears have the upper hand. If the EOS/USD pair breaks down of $5.550, it can correct to the strong support of $4.4930. Our bearish view will be negated if the pair bounces off $5.550 and scales above the moving averages. 

BNB/USD

There is a tough tussle between the bulls and the bears near the 50-day SMA. If Binance Coin (BNB) breaks down and sustains below this level, it can plunge to $28.7168. If this support also cracks, the correction can extend to the uptrend line. 

BNB/USD

The 20-day EMA is gradually sloping down and the RSI has dipped into the negative zone, which suggests that bears have a marginal advantage over bulls.

Our assumption will be invalidated if the BNB/USD pair bounces off the current levels and sustains above the 20-day EMA. If that happens, the bulls will again attempt to break out of $40 and resume the uptrend. As the pair has been a huge outperformer in the past few months, traders should keep a close watch on it. We will suggest long positions if we spot a new buy setup.

BSV/USD

Bitcoin SV (BSV) is currently range bound between $172.910 and $255.620.  The 20-day EMA is flat and the RSI is close to the center, which shows a balance between buyers and sellers. A consolidation after a sharp rally is a positive sign.

BSV/USD

The best way to trade a range is to buy at the support and sell at the resistance. Therefore, aggressive traders can wait for the price to take support at $172.910 and buy on the way up. Positions should not be taken when the price is falling. The stop loss for the trade can be kept at $170. 

Our view will be invalidated iIf the bears sink the BSV/USD pair below the support. It can then correct to $152.015 and below it to $134.360.

TRX/USD

Tron (TRX) continues to trade inside the ascending channel. The bulls have held $0.030 for the past two days but are struggling to carry the price above the moving averages. This shows a lack of demand at higher levels.

TRX/USD

The bears will now try to sink the TRX/USD pair below $0.0290177. If that happens, the pair will drop to the trendline of the ascending channel, which is likely to attract buyers. We will watch the price action at this level and suggest long positions if there is a strong bounce off it. 

However, if the digital currency breaks down of the channel, it will become negative and can drop to $0.021, which is a critical support. Currently, both the moving averages are flattening out and the RSI is just below the midpoint, which suggests a range-bound action in the near term.

ADA/USD

Cardano (ADA) has corrected to the strong support zone of $0.077–$0.073. The bulls are currently attempting to defend this zone. As the zone has not been broken since mid-May, we expect it to hold. A rebound from the support can carry the price to the moving averages, which will provide some resistance. However, if the bulls push the price above it, a rally to $0.10 is probable.

ADA/USD

Contrary to our assumption, if the bears plummet the ADA/USD pair below the support zone, it can drop to the next support of $0.060. Both the moving averages have completed a bearish crossover and the RSI is in the negative territory. This suggests that the bears have the upper hand.

Market data is provided by the HitBTC exchange.

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Price Analysis 28/06: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, ADA, TRX

Is this correction a buying opportunity or has bitcoin made a short-term top? Let’s analyze the charts.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

When an asset class jumps 275% within a span of six months, corrections are bound to happen. Bitcoin (BTC) witnessed one such violent correction on June 27. Fundstrat Global Advisers co-founder Thomas Lee said that the hyper volatility of bitcoin is an advantage to the dedicated traders who can take advantage of the volatility and trade accordingly. However, for others, he advised a long-term approach.

Galaxy Digital founder Mike Novogratz expects bitcoin to stabilize and consolidate between $10,000 and $14,000. He believes that the arrival of Facebook’s Libra will give confidence to the institutional traders to enter the space. Now, with Goldman Sachs CEO David Solomon confirming that the investment bank is looking at tokenization, the institutions will have to take the plunge or risk being left behind.

A rising volume in an uptrend indicates increasing demand. The volume of bitcoin traded on BitMEX jumped to $13 billion on June 26. Its CEO, Arthur Hayes said that the volume and open interest build shows that the bear market is officially over. What can one expect from the major cryptocurrencies going forward? Let’s look at the charts and analyze.

BTC/USD

Bitcoin reversed direction from $13,973.50 on June 26 and plunged to a low of $10,530.70 on June 27. That is a 24.63% fall within a day. The reason for such a sharp fall is that a vertical rally does not form any support levels en route. Hence, when the price starts falling, buyers do not step in until they spot a level that can act as a support. In this instance, buyers came in close to the 50% retracement of the latest leg of the rally. The 20-day EMA is located just below this level. 

BTC/USD

In a strong uptrend, the corrections usually last anywhere between one to three days. Currently, the bulls are attempting to resume the uptrend. They might face some resistance at $12,000 and above it at $13,000 but the real test will be at $13,973.50. If the BTC/USD pair breaks out of this resistance, the momentum will continue.

On the other hand, if the bears defend the overhead resistance, the pair might enter into a consolidation for a few days. On the downside, below $10,530.70, the next support is at $9,977.33, which is 61.8% Fibonacci retracement of the latest leg of the rally. If this support cracks, the digital currency will weaken and can drop to the 50-day SMA.

ETH/USD

Though Ether (ETH) had closed (UTC time frame) above $320.840 on June 26 and had completed a rounding bottom pattern, we had suggested traders to wait before buying. We wanted to recommend a trade on a successful retest of the breakout level. 

ETH/USD

However, the fall on June 27 dragged the price back towards the 20-day EMA, which held. Currently, the bulls are trying to propel the ETH/USD pair back above $320.840. If successful, it will be a positive sign. Both the moving averages are sloping up and the RSI is in the positive zone, which shows that bulls are in command. Therefore, traders can buy 50% of the desired allocation on a breakout and close above $320.840. The stop loss for this trade can be kept at $278.

However, if the bulls fail to scale the overhead resistance, the bears will try to sink the price below the 20-day EMA. The next support on the downside is at the 50-day SMA and below it $224.086. 

XRP/USD

Ripple (XRP) plummeted on June 27 and triggered our stop loss suggested in the previous analysis. It is currently trying to find support at the trendline of the symmetrical triangle. If this support holds, the bulls will again try to propel it above the resistance line of the triangle.

However, if the XRP/USD pair breaks down of the triangle, it will turn negative.  Currently, the 20-day EMA has started to turn down and the RSI has dipped below 50. This suggests that the bears have the advantage in the near term. A drop below $0.35660 will turn the trend in favor of bears.

XRP/USD

BCH/USD

Bitcoin cash (BCH) plunged on June 27 and broke below both the moving averages. Currently, the bulls are attempting to push it back above the 20-day EMA. If the price rises above the 20-day EMA, it can move up to $515.35. On the upside, the zone between $515.45 and the resistance line of the channel will act as a strong barrier.

BCH/USD

Conversely, if the bears sink the BCH/USD pair back below the 50-day SMA, it can correct to the support line of the channel. A breakdown of this support will indicate a change in trend. The 20-day EMA is flattening out and the RSI is just above 50, which suggests a balance between bulls and bears. We will wait for a buy setup to form before recommending a long position in it.

LTC/USD

Litecoin (LTC) dropped below the 20-day EMA on June 26 and triggered our recommended stop loss mentioned in the previous analysis. It is currently attempting to bounce off the 50-day SMA. 

LTC/USD

If successful, the LTC/USD pair will again try to move up to the resistance line of the ascending channel. On the other hand, if the bears sink the pair below the 50-day SMA, it can slide to the support line of the channel. A breakdown of this support will signal a change in trend. The 20-day EMA is turning down and the RSI has dipped below the midpoint. This suggests that the bears have the upper hand in the short term. Currently, we are neutral on the cryptocurrency.

EOS/USD

EOS dropped below the moving averages on June 26 and broke below the support line of the ascending channel the next day. In doing so, it triggered our suggested stop loss at $6.40. Currently, the bulls are trying to push the price back into the channel. If successful, the digital currency might move up to the moving averages.

EOS/USD

But if the bulls fail, the EOS/USD pair might turn down and plunge to the next support at $4.4930. The 20-day EMA is turning down and is on the verge of completing a bearish crossover, which is a negative sign. The RSI has also dipped into the negative zone. All these show that the bears have the upper hand. We do not find any reliable buy setup hence, we are not recommending a trade in it.

BNB/USD

Binance Coin (BNB) has been one of the strongest major cryptocurrencies. Even while other major cryptocurrencies plunged, it has held close to its 20-day EMA. This shows that the sentiment is to buy it on every dip.

BNB/USD

Currently, the bulls are trying to defend the 20-day EMA. If successful, a rally back towards the lifetime highs is likely. A new high will indicate resumption of the uptrend. 

Conversely, if the BNB/USD pair plummets below the 20-day EMA, it can correct to the 50-day SMA. A breakdown below the 50-day SMA will be the first indication that the trend might change. The negative divergence on the RSI is a warning sign that should be watched closely. 

BSV/USD

Bitcoin SV (BSV) reversed direction from just above $240 on June 26 and broke below the 20-day EMA. Currently, the bulls are attempting to bounce off the support at $180. 

BSV/USD

The 20-day EMA has flattened out and the RSI has dipped back to just above the midpoint. This points to a probable range-bound action between $175 and $255.620 in the short term. A breakout of the range will resume the uptrend that has a target objective of $307.789 and above it $340.248. If the bears sink the BSV/USD pair below the support of the range, a drop to the 50-day SMA is possible.

ADA/USD

Though Cardano (ADA) broke out of $0.10 on June 26, it did not close (UTC time frame) above the resistance. Hence, it did not trigger our buy recommendation given in the previous analysis. 

ADA/USD

The failure to break out of $0.10 attracted selling that dragged the price down to the 50-day SMA. The bulls are attempting to hold this level. If successful, the ADA/USD pair might move back into the ascending triangle. It will pick up momentum on a breakout and close (UTC time frame) above $0.10. However, if the price fails to climb back up, the pair might correct to the next support of $0.077 and below it to $0.073. 

TRX/USD

Tron (TRX) turned down sharply from $0.040 on June 26. The pullback plunged below the 20-day EMA on June 27. It is currently attempting to bounce off the 50-day SMA. The 20-day SMA is flattening out and the RSI has dipped below 50, which suggests consolidation in the near term.

TRX/USD

If the TRX/USD pair breaks below the 50-day SMA, it can drop to the uptrend line. A breakdown of this will indicate a change in trend. On the upside, $0.040 will continue to act as a stiff resistance. A breakout and close above $0.040 will indicate the resumption of the up move. We do not find any reliable trade setups at current levels, hence, we are not suggesting a long position in it.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

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Charles Hoskinson Thinks Cardano Will Prevail Over Libra in Emerging Markets

Cardano founder Charles Hoskinson sees emerging markets as huge reservoirs of future customers, but succeeding in them depends on relationships.

Cardano founder Charles Hoskinson claimed that emerging markets are where cryptocurrencies matter, and that Facebook’s announced virtual currency Libra is not going to find success in this area, according to a report by Finance Magnates on June 26.

According to Hoskinson, emerging markets are the future. He says:

“Emerging markets are where cryptocurrencies matter […] When I look at the developed world, I don’t care. It’s highly regulated and, in many cases, a rigged system. If I decide to compete with a tech company they can just push me out via regulation. […] Then I sit down with the prime minister of Georgia and he says, ‘we’re open for business.’ We can rebuild parts of their education infrastructure, create a new payments system or do a medical records system. The keys to the kingdom are right there. That’s 4 million people who in ten or twenty years will be very high-value users.”

In contrast, Hoskinson predicted a struggle for Facebook in promoting Libra due to its lack of relationships, which he said need to be built over time, based on tangible benefits specific to the emerging markets in question. In his words:

“Facebook has to come into countries it doesn’t know a lot about and convince them to enslave themselves to an economic monopoly and give nothing in return. And their only pitch is that you’ll pay less on fees. […] I’m going there and saying, ‘we’re going to rebuild all your systems so you have fraud-free land registration, better voting systems and improved supply chains.’ We’re already doing this stuff but it took years. These are relationship-based markets – and Facebook doesn’t have those relationships.”

Nonetheless, as previously reported by Cointelegraph, Facebook’s stated aim with Libra is:

“Our ultimate goal is to help billions of people with access to things they don’t have now — that could be things like healthcare, equitable financial services, or new ways to save or share information.”

Other major industry players like Coinbase have made promoted crypto’s potential benefits to citizens in developing countries. When the crypto exchange added support for 50 new jurisdictions in May, Coinbase made the following remark in its official announcement:

“For new customers in countries like Argentina and Uzbekistan, where consumer prices are expected to inflate by 10–20% in 2020, stablecoins like USDC could provide an opportunity to protect against inflation.”

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Singaporean Exchange Bitrue Gets Hacked, Losing $5 Million in XRP, Cardano

Singapore-based cryptocurrency exchange Bitrue has suffered a major hack, losing 9.3 million XRP and 2.5 million cardano (ADA) from its hot wallet.

Singapore-based crypto exchange Bitrue has suffered a major hack, losing 9.3 million XRP and 2.5 million cardano (ADA) from its hot wallet. The news was revealed in an official statement from the exchange published as a twitter thread on June 26.

At the time of the breach — 1 a.m. GMT+8 June 27 — the stolen funds would have been worth over $4.5 million in XRP (valued at $0.488) and $237,500 in ADA (valued at $0.095), according to CoinMarketCap data.

The exchange states that a purportedly single hacker first “exploited a vulnerability in our Risk Control team’s 2nd review process to access the personal funds of about 90 Bitrue users,” subsequently using this first experience to access the exchange’s hot wallet and steal the cryptocurrency. 

According to Bitrue, the attack was swiftly detected and the hacker’s activity suspended by the exchange. Bitrue reportedly notified the receiving exchanges of the incoming ill-gotten funds — specifically Huobi, Bittrex and ChangeNOW — whom it credits with helping to freeze the relevant transactions and accounts.

The statement assures exchange users that “their personal funds are insured,” and that all those “affected by this breach will have their funds replaced by us as soon as possible.”

Currently, Bitrue says it is conducting an emergency inspection of the platform and aims to return to live service functionality as soon as possible — with log-in and trading support expected to relaunch sooner than withdrawals, which will remain offline for a longer period.

Bitrue provides the public with a link to trace the flow of funds on the XRP block explorer, and also states that it has contacted the Singaporean authorities to seek help in identifying the perpetrator.

An update is expected from the exchange once more has been learned of the incident.

Just this week, two Israeli brothers were arrested in connection with the 2016 hack of crypto exchange Bitfinex and other crypto-related phishing attacks.

The $40 million hack of top crypto exchange Binance has loomed large over the industry this year — a reported total of seven crypto exchanges suffered large-scale hacking attacks prior to Bitrue in the first six months of 2019.

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Price Analysis 26/06: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, ADA, TRX

How far can the parabolic rise of bitcoin continue? What are the next levels to watch out for?

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

Bitcoin (BTC) has continued with its stellar run as no resistance level is being able to hold it back. It easily covered a distance from $10,000 to $13,000 within five days. This shows massive buying that has seen its market dominance reach 62.1% for the first time since April 2017. The recovery in the crypto markets is being led by the leader, which is positive for the asset class. 

With this recovery, bitcoin once again rises from the dumps as the doubters continued to write its obituary. Its low correlation with other traditional asset classes makes it an interesting bet for the institutional players wanting to diversify their portfolio due to the ongoing geopolitical tension and trade issues. Deutsche Bank exec Jim Reid said that aggressive rate cuts by central banks was also a contributing factor in the recent surge in bitcoin prices.

Data from institutional crypto lender Genesis Capital shows a significant increase in institutional activity in the past 12 months. While the rise is parabolic and is not sustainable, an important factor is that the rally had been climbing a wall of worry until it broke out of $10,000. Since then, analysts have again started to project sky-high targets for bitcoin. When that happens and it becomes easy to make money, a short-term top is likely. 

BTC/USD

Contrary to our assumption, bitcoin easily cleared the $12,000 and $13,000 overhead resistance levels on the same day. Such strong buying near critical resistance levels suggests huge demand. When the momentum is so strong, it is difficult to point a particular level where the rally will stall. Still, traders can keep a few targets in mind. 

With the breakout and close (UTC time frame) above $13,000, the next level to watch is the Fibonacci extension level of $14,273.84 and above it $15,433.33. If both these levels are scaled, the next target is $17,310.14.

However, the RSI has reached close to 89, which indicates that the rally is hugely overbought in the short term. Even in the previous bull phase, the highest reading recorded was about 93 on the RSI. This shows that the markets are vulnerable to a sharp pullback.

In this leg of the rise, the BTC/USD pair has soared vertically without even attempting to form a base at any level. Therefore, on the way down, the nearest logical support is way lower at the 20-day EMA. After such a sharp up move, we anticipate the volatility to remain high for the next few days. At the risk of being left out, we believe that the pair does not offer any buying opportunities at the current levels as the risk to reward ratio is heavily skewed to the downside.    

ETH/USD

Ether (ETH) has broken out of the overhead resistance at $320.840. If the bulls close (UTC time frame) the price above this level, it will complete a rounding bottom pattern, which is a reversal formation and has a target objective of $557.43.

Both the moving averages are trending up and the RSI is in the overbought zone, which suggests that the bulls are in command. We will wait for a retest of the breakout level before recommending a long position in it. The ETH/USD pair will indicate weakness if the price reverses direction and plummets below $320.840.

XRP/USD

Ripple (XRP) held the pullback to the breakout level of the symmetrical triangle on June 24. This is a positive sign. Both the moving averages are sloping up and the RSI is in positive territory, which shows that the bulls are in command. They will now try to push the price above the overhead resistance of $0.50500. If successful, it can move up to $0.57259 and above it to $0.6250. 

Contrary to our expectation, if the XRP/USD pair fails to gain ground, it can dip back to the breakout level of the triangle once again. The 20-day EMA is just below this level, hence, we expect it to act as a strong support; but if it breaks down, a drop to the 50-day SMA is probable. Traders can trail the stop loss on the long position to $0.43. 

BCH/USD

Bitcoin cash (BCH) is attempting to resume the up move. The price can now move up to the resistance line of the channel. This had proved to be a major barrier in the past but if the bulls can scale above the channel, a rally to $639 and above it to $889 is probable.

On the contrary, if the BCH/USD pair fails to break out of the channel, it might trade between the 20-day EMA and the resistance line of the channel. Both the moving averages are trending up and the RSI is in the overbought zone, which suggests that bulls have the upper hand. The pair will lose momentum on a breakdown of the 20-day EMA and the trend will turn down if the support line of the channel gives way.

LTC/USD

Litecoin (LTC) dipped to the 20-day EMA on June 25, but held it. The bulls will now again try to break out and sustain above $140.3450. If successful, the uptrend will resume that can carry the price to $158.91 and above it to $184.7949. The up-sloping moving averages and the RSI in the positive zone show that bulls are at an advantage.

If the LTC/USD pair fails to scale above the overhead resistance, the bears will attempt to sink it below the 20-day EMA. If this support cracks, the uptrend will lose momentum and a drop to the 50-day SMA is probable. Therefore, traders can retain the stop loss on the remaining long position to just below the 20-day EMA. 

EOS/USD

EOS corrected to the breakout level of $6.8299 on June 25. Currently, the bulls are attempting to bounce off the support. If successful, a rally to the resistance line of the channel is likely. If this level is scaled, the up-move can reach $8.6503. Both the moving averages are sloping up gradually and the RSI is just above the midpoint. This suggests a slight advantage for the bulls.

However, if the bulls fail to keep the EOS/USD pair above $6.8299, it can fall to support line of the channel. We anticipate the buyers to defend this support, as they have done in the past but if the support cracks, the pair can plummet to $4.4930. Therefore, traders can protect their long position with stops at $6.40.

BNB/USD

Binance Coin (BNB) dipped below the 20-day EMA on June 25, which triggered our stop loss suggested in the previous analysis. While the price dipped below the 20-day EMA, it could not sustain below it, which shows buying at lower levels. The bulls will again attempt to resume the uptrend that has a target objective of $46.1645899 and above it $50. With both moving averages sloping up and the RSI in positive territory, the path of least resistance is to the upside.

The only bearish point on the chart is the negative divergence on the RSI. If bulls fail to sustain above $40, the BNB/USD pair might consolidate between $28 and $40 for the next few days. The uptrend will weaken if the price breaks down of the 50-day SMA. A breakdown of $28 will indicate that bears have the upper hand and a change in trend is likely.

BSV/USD

Bitcoin SV (BSV) has been trading near the lifetime highs of $255.620 for the past four days. This is a positive sign because it shows that bulls are not keen on booking profits yet as they expect another leg up. 

Both the moving averages are sloping up and the RSI is close to overbought zone. This shows that bulls have the upper hand. The next leg of the up-move will start on a breakout and close (UTC time frame) above $255.620, which can propel the BSV/USD pair to $307.789 and above it $340.248.

On the other hand, if the bears sink the pair below the uptrend line and the 20-day EMA, it will lose momentum and can plummet to the 50-day SMA. We will wait for the price to make a new high and sustain it before proposing a long position in it.

ADA/USD

Cardano (ADA) has broken out of the resistance at $0.10. This is a positive sign as it completes two bullish setups: an ascending triangle pattern and a rounding bottom pattern. These patterns have a target objective of $0.1407239 and $0.171729 respectively. If these levels are crossed, the rally can even extend to $0.20.  Both the moving averages are sloping up and the RSI is in positive territory, which suggests the bulls have the upper hand.

Therefore, traders can buy on a breakout and close (UTC time frame) above $0.10 and keep an initial stop loss of $0.070, which can be raised later. There is a minor resistance at $0.111510. If the price struggles to break out of it, traders can close their positions. However, as the ADA/USD pair has consolidated close to $0.10 for the past many days, we expect $0.111510 to be crossed easily.

Contrary to our assumption, if the pair plummets below $0.10, it can remain range-bound between $0.0738869 and $0.10 for a few days. If this range breaks down, the fall can extend to $0.0592761.

TRX/USD

Tron (TRX) is facing resistance just above $0.040. On both June 2 and 25, the bulls pushed the price above the resistance but could not sustain it. However, both moving averages are sloping up and the RSI is in the positive territory. This suggests that bulls have the upper hand.

If the TRX/USD pair rises and sustains above $0.040, it can rally to $0.50. On the other hand, if the price reverses direction from the current level, it can fall to the 20-day EMA. If this support also cracks, the pair can correct to $0.029. The risk to reward ratio is not attractive, hence, we are not suggesting long positions in it yet.  

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

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Price Analysis 24/06: BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, TRX, ADA

Analysts are projecting new highs in 2019. What do the charts suggest?

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

The recent rally in bitcoin has turned around sentiment completely. Analysts are projecting a rally to new lifetime highs within the end of this year. Bitcoin Knowledge podcast host Trace Mayer has a target objective of $21,000 based on his analysis. 

That would entail a move of about 78.5% from the current levels. Though this number looks easily achievable, especially after the sharp up-move from the lows, as the price moves higher, we anticipate greater supply to hit the market. The people stuck at higher levels from the previous bull market will try to bail out of their positions and the traders who bought at lower levels will book profits. Hence, we expect a correction or consolidation in the markets soon.

The number of people searching google for bitcoin has increased. However, the number is way below the peak hit during the previous bull market. This shows that people are beginning to notice it again but there is still no euphoria around it, which is a positive sign for the long term. 

BTC/USD

Bitcoin (BTC) has been holding near $11,000 for the past two days, which is a positive sign. This shows that the bulls expect the rally to continue, hence, they are not booking profits in a hurry. If the price stays above the resistance line of the channel, we anticipate the uptrend to resume within a couple of days. Currently, both the moving averages are trending up and the RSI is in overbought territory, which suggests that bulls are in command.

However, if the price dips back into the channel, the pullback can reach the 20-day EMA, which is a critical support. On a bounce off the 20-day EMA, we anticipate the bulls to again try to propel the price towards its target objective of $12,000. 

The BTC/USD pair will lose momentum if it drops below the 20-day EMA and the trend will weaken on a breakdown of the 50-day SMA. A breakdown of $7,413.46 will signal a deeper correction.

ETH/USD

Ether (ETH) came close to its target objective of $335 on June 22 and 23 but the bulls could not sustain the rise above $322.06, which shows profit booking at higher levels. However, the positive thing is that the cryptocurrency has not given up much ground. A consolidation between $280 and $322.06 indicates strength and increases the probability of a breakout above $322.06.

If the ETH/USD pair closes (UTC time frame) above $322.06, it will complete a rounding bottom pattern that has a target objective of $563.48. However, we expect the pair to face stiff resistance near $480.

Contrary to our assumption, if the pair fails to sustain above $322.06, it can drop to $280. The 20-day EMA is also located close to this level, hence, it is likely to act as a strong support, but if the support cracks, the cryptocurrency will lose momentum.

XRP/USD

Ripple (XRP) is retesting the breakout level of the symmetrical triangle. The previous resistance should now act as a strong support. If the price rebounds off this support, the bulls will again try to propel the price to $0.57259 and above it to $0.6250. Both the moving averages are sloping up and the RSI is in positive territory, which suggests that the bulls have the upper hand.

Conversely, if the XRP/USD pair slips back into the triangle and breaks down of the 20-day EMA, it will signal weakness. Its next support is the 50-day SMA, below which a drop to $0.37835 is probable. For now, traders can retain the stop loss on the long position at $0.41. We will suggest to trail stops higher as the price moves northwards.

LTC/USD

Though Litecoin (LTC) closed above $140.3450 on June 22, it could not sustain the higher levels and quickly gave back its gains. Currently, the bulls are trying to hold it above the ascending channel. The previous resistance line of the channel should now work as a strong support. If the price rebounds off this support, the bulls will again try to push it towards its target objective of $158.91 and above it $184.7949.

If the bulls fail to defend the support, the LTC/USD pair will re-enter the channel. It has strong support at the 20-day EMA. If this support holds, the bulls will again try to resume the uptrend, but if the support gives way, a drop to the 50-day SMA is possible. Hence, traders can protect their remaining long positions with a stop loss placed just below the 20-day EMA. 

BCH/USD

Bitcoin Cash (BCH) remains in an uptrend. Both the moving averages are sloping up and the RSI is close to the overbought zone, which shows that the bulls are in command. The price rallied above the immediate resistance of $481.99 on June 22 but turned down from the resistance line of the channel. 

If the BCH/USD pair breaks out of the channel, it is likely to pick up momentum and rally to $639 and above it to $889. If the bulls fail to break out of the channel, the pair might dip back to the 20-day EMA. The digital currency will indicate a trend change if it breaks below both the moving averages and the support line of the channel.

EOS/USD

While EOS has sustained above the breakout level of $6.8299 for the past three days, it is struggling to move up. This shows a lack of demand at higher levels. Currently, it is back at $6.8299, which is an important support. The 20-day EMA is just above this level, hence, we anticipate buyers to defend this support.

A strong rebound from $6.8299 can carry the EOS/USD pair it to the resistance line of the channel. If this level is scaled, the next level to watch is $8.6503. The moving averages are gradually sloping up and the RSI is just above the midpoint, which shows that the bulls have a slight advantage. Traders can retain the stop loss on the long position at $6.40.

If the bears sink the pair below $6.8299, a drop to the 50-day SMA and below it at the support line of the channel is probable. If the bulls fail to defend the support line of the channel, the trend will turn negative and the price can plunge to $4.4930. 

BNB/USD

Binance Coin (BNB) has been consolidating near the highs for the past few days. Though it broke out of the overhead resistance at $38.6463356, it could not sustain it. This shows profit booking at higher levels. Currently, the bulls are attempting to rebound from the 20-day EMA. If successful, we anticipate another attempt to rally to $46.1645899 and above it to $50.

On the other hand, if the bulls fail to ascend the overhead resistance, the BNB/USD pair is likely to drop below the 20-day EMA and consolidate between $28 and $38.6463356 for the next few days. Therefore, traders can protect their long positions with a stop loss placed just below the 20-day EMA. The trend will turn bearish on a breakdown of $28.

BSV/USD

The bulls have held the price of Bitcoin SV (BSV) close to the highs, which is a positive sign. It shows a lack of selling near the resistance. The bears have not even been able to drag the price to the 20-day EMA. Both the moving averages are sloping up and the RSI is close to the overbought zone, which shows that bulls clearly have the advantage.

If the price rebounds from the uptrend line and breaks out of $255.620, it will resume the up move that has a price target of $307.789 and above it $340.248. The probability of a breakout is high as long as the BSV/USD pair stays above the 20-day EMA. 

However, if the bears sink the price below the 20-day EMA, the momentum will weaken. In such a case, a range-bound action between $175 and $255.620 is likely. The trend will turn down if the price sustains below $175.

TRX/USD

Tron (TRX) has again entered the top 10 cryptocurrencies by market capitalization. It has rallied sharply in the past two days and is close to the June 2 high of $0.04156575. If the price breaks out of the overhead resistance, a rally to  $0.05218328 is possible.

Both the moving averages are gradually moving up and the RSI is in positive territory, which suggests that bulls have the upper hand. The TRX/USD pair has started a new uptrend after a long consolidation, hence, we anticipate the up-move to continue for some time. Our bullish view will be invalidated if the price reverses direction from the current levels and breaks down of the critical support of $0.02815521. 

ADA/USD

Cardano (ADA) again broke out of the overhead resistance at $0.10 on June 23 but failed to sustain the higher levels. However, the positive thing is that it has held above the moving averages for the past few days. This shows buying on dips.  

If the bulls break out and sustain the ADA/USD pair above $0.10, it will complete a reversal pattern that has a target objective of $0.22466773. The traders can wait for a close (UTC time frame) above $0.10 and buy as suggested in our earlier analysis.

Our bullish view will be negated if the price fails to break out and sustain above $0.10. In such a case, it might remain range-bound between $0.076254 and $0.10 for a few days.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

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Price Analysis 22/06: BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA

Bitcoin touched $11,000. Can a breakout above it result in FOMO? What are the targets to watch out for?

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

Bitcoin’s dominance has reached 58.6% and its rally has helped the total market capitalization of cryptocurrencies cross $325 billion. This rise has been backed by an increase in Bitcoin futures open interest that hit an all-time high on the CME on June 17. The recovery from the lows has also helped bitcoin’s hashrate clock a new high. Both these are bullish signs and indicate that the rally is on firm ground.

A new survey by Moscow-based cybersecurity firm Kaspersky Lab has stated that 19% of people across the world have bought cryptocurrencies before 2019. For a new asset class, this is a very high and impressive number. Ripple CEO Brad Garlinghouse recently revealed that he was long on Bitcoin because he considered it a store of value.

While the adoption of cryptocurrencies is increasing, it still has its naysayers. The Reserve Bank of Australia does not expect cryptocurrencies to find wide use in Australia if the existing financial system remains robust. Similarly, Patrick Gaulthier, vice president of Amazon Pay, said that they do not have any plans of creating crypto in the short-term as they do not deal in speculative assets.

With the Bitcoin price topping $11,000, is it a good time to buy or should investors look to other altcoins? Let’s find out.

BTC/USD

The up-move of the past couple of days is reminiscent of the rally during the previous bull market. Bitcoin (BTC) has covered the distance from $10,000 to $11,000 within a day. It has broken out of the ascending channel and looks to be on target to reach the overhead resistance of $12,000. As the price has reversed direction from $12,000 on three occasions, between the end of January and early March of last year, we expect some resistance at this level.

However, when a cryptocurrency is backed by momentum, it is difficult to predict where it will stop.

Both the moving averages are sloping up and the RSI is deep in overbought territory. This suggests that the rally is looking stretched in the short term. However, in early April and mid-May of this year, the RSI had reached just above 88, which shows that there is some more room for the up-move to extend.

If the BTC/USD pair breaks out of $12,000, it can move up to $13,000. But these vertical rallies are unsustainable. Therefore, we anticipate a minor correction or a consolidation for a few days. We do not suggest traders chase the price higher as the risk to reward ratio is not attractive.

ETH/USD

Ether (ETH) broke out of $225.49 to $280 range on June 21. Thereafter, it quickly rallied above the overhead resistance of $322.06 and came very close to its target objective of $335. However, profit booking has pushed the price back below $322.06. This shows a lack of demand at higher levels.

Both the moving averages are sloping up and the RSI is in the overbought zone, which shows that the bulls are in command. If they can propel the ETH/USD pair above $322.06 and sustain it, there is no major resistance until $480.

XRP/USD

Ripple (XRP) has broken out of the symmetrical triangle, which is a positive sign. It can now move up to $0.57259 and above it to $0.6250. Both the moving averages are sloping up and the RSI is in the positive zone, which shows that bulls have the advantage.

Our bullish view will be invalidated if the bulls fail to sustain the breakout and the XRP/USD pair plummets back below $0.450. Until then, every dip will be viewed as a buying opportunity. Traders can trail the stop loss on the long position to $0.41. We will suggest to raise the stop loss again as the price moves up.

LTC/USD

After trading in a small range near $140.3450 for the past few days, the bulls are attempting to resume the uptrend. Litecoin (LTC) has broken out of $140.3450 but is struggling to sustain it. This shows profit booking at higher levels. However, both the moving averages are sloping up and the RSI is close to the overbought zone, which shows that the path of least resistance is to the upside.

The breakout and close (UTC time frame) above $143.3047 could propel the LTC/USD pair to $158.91 and above it to $184.7949. Conversely, if the pair turns down from current levels and breaks down of the 20-day EMA, momentum will weaken. Therefore, traders can protect the remaining long position with a stop loss below the 20-day EMA. As the price surges higher, traders can tighten the stops further to protect paper profits.

BCH/USD

Bitcoin Cash (BCH) bounced off the 20-day EMA on June 21. Currently, the bulls are trying to sustain above $481.99. If successful, a move to the resistance line of the ascending channel is probable. This might act as a minor hurdle, but if it is crossed, the rally can extend to $639 and above it to $889.

On the other hand, if the BCH/USD pair struggles to break out of the overhead resistance, it might dip back to the 20-day EMA. It remains bullish as long as both the moving averages are sloping up and the price remains above the moving averages. It will signal a change in trend on a  breakdown and close (UTC time frame) below the support line of the channel.

EOS/USD

EOS bounced off the 20-day EMA on June 21. It is likely to rally to the resistance line of the channel. If this level is crossed, the next move is toward $8.6503 and above it, $9.30. The 20-day EMA is starting to turn up and the RSI has jumped into positive territory, which suggests that bulls have the upper hand. Traders can trail the stop loss on the long position to $6.40.

If the EOS/USD pair struggles to break out of the resistance line of the channel or $8.6503, traders can book partial profits on about 50% of the long positions and trail the rest with a tight stop. The momentum will weaken if the price sinks below $6.8299 and the trend will turn bearish on a breakdown of the support line of the ascending channel. This can result in a fall to $4.4930.

BNB/USD

Binance Coin (BNB) has made a new high once again. This is a positive sign as it shows buying at higher levels. The price spiked to $43.2813888, close to our target objective of $46.1645899. However, profit booking at higher levels has dragged the price back near the breakout level of $38.6463356.

If the bulls defend the support around $38.6463356, we anticipate another attempt to break out of $46.1645899. If successful, a move to $50 is possible, which is likely to act as a psychological resistance.

Traders can book partial profits if the pair hits our target objective and trail the stop loss on the remaining long position to just below the 20-day EMA. However, if the BNB/USD pair plunges much below $38.6463356, it can drop to the 20-day EMA, which is an important support. A break of this support will weaken the momentum.

BSV/USD

Bitcoin SV (BSV) is looking strong as it is attempting to resume its uptrend. It clocked a new high of $255.620 today, but profit booking at higher levels has dragged the price lower. Both the moving averages are sloping up and the RSI is close to the overbought zone, which suggests that the bulls are in command.

If the bulls sustain the rally above $240, the next level to watch is $307.789 and if this level is also scaled, the rally can reach $340.248. However if the BSV/USD pair fails to sustain above $240, it can correct to the 20-day EMA, which is likely to act as a strong support. If this support cracks, the drop can extend to $176.083, which is the 50% retracement of the recent rally.

XLM/USD

Stellar (XLM) has broken out of the downtrend line of the descending triangle. It can now move up to the overhead resistance of $0.14861760. A breakout and close (UTC time frame) above this level will complete an inverse head and shoulders pattern that can start a new uptrend. Therefore, traders can initiate long position as suggested in an earlier analysis.

However, both moving averages are flat and the RSI is just above the midpoint, which suggests equilibrium between bulls and bears. The trend will turn in favor of the bears if the XLM/USD pair fails to sustain above the resistance line of the triangle and plunges below $0.11507853. The next support on the downside is at $0.0855.

ADA/USD

Cardano (ADA) is trying to break out of the overhead resistance at $0.10. In the previous five instances, the price had turned down from this resistance. This time, if the bulls succeed in breaking out of $0.10, the cryptocurrency will complete a rounding pattern that has target objective of $0.22466773. Therefore, we retain our buy recommendation given in an earlier analysis.  

Nevertheless, if the ADA/USD pair fails to break out and close above $0.10, it is likely to remain range bound between $0.076254 and $0.10. The 20-day EMA has flattened out and the RSI is just above 50, which suggests consolidation in the short term. A breakdown of $0.076254 will signal that the bears are back in command.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.