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Price Analysis 19/07: BTC, ETH, XRP, LTC, BCH, BNB, EOS, BSV, TRX, XLM

The quick pullback from the lows shows demand at lower levels. Is this a good point to enter or will the correction deepen? Let’s look at 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 bashing of Libra continues, with G7 finance ministers warning that if the project is not regulated tightly, it can upset the global financial system. The ministers are against a private company issuing its own currency without any control.

Nonetheless, the project got support from unexpected quarters. The head of Germany’s central bank Jens Weidmann, who previously was not very supportive of cryptocurrencies, said during a G7 event that the regulators should not try to kill the project without allowing it to prove itself. If Libra can deliver on its promises, it can be attractive to consumers.

Even before its launch, Libra is challenging the way money is being transferred across borders. BlackRock CEO Larry Fink, though not supportive of Libra, said that the high transaction fees of five to ten percent for cross-border transactions will have to be dealt with using technology. 

United States Treasury Secretary Steven Mnuchin continued his tirade against cryptocurrencies, repeating the same old story of how cryptocurrencies can be used for illicit purposes such as money laundering. 

We believe that these attempts to suppress the rise of cryptocurrencies will only cause a temporary hurdle in the short term. The long-term story remains optimistic and cryptocurrencies will only emerge stronger than before.

BTC/USD

Bitcoin (BTC) continues to be the strongest cryptocurrency. The dip below the 50-day SMA was bought aggressively and the price has reached the 20-day EMA. This shows strong demand at lower levels. However, the bears are trying to defend the 20-day EMA.

BTC/USD

If the BTC/USD pair turns down from current levels and plummets below $9,080, it will indicate a change in trend. The next support on the downside is at $7,451.63. The 20-day EMA is marginally down and the RSI is just below 50, which suggests that bears only have a slight advantage.

Conversely, if the next dip to $9,080 holds or if bulls scale above the 20-day EMA, it will indicate strength.  We view this fall as a buying opportunity, but we will wait for a bottom to form before proposing a trade in it.

ETH/USD

The pullback from the uptrend line hit a barrier at $$224.086. This level, which had previously acted as support will now act as resistance. With the 20-day EMA sloping down and the RSI in negative territory, the advantage is clearly with the bears. They will now try to sink Ether (ETH) below the uptrend line once again. If successful, it can drop to $150. 

ETH/USD

Contrary to our assumption, if the price rebounds from the uptrend line and sustains above $224.086, it can move up to the 20-day EMA. The ETH/USD pair has been among the stronger altcoins, hence, it might outperform when the recovery starts. We will wait for the uptrend to resume before suggesting a long position in it.

XRP/USD

The bounce in Ripple (XRP) from close to the critical support of $0.27795 is facing resistance at $0.3270. If bulls defend the next dip towards $0.27795, it will indicate demand at lower levels and might suggest a range formation. 

XRP/USD

Nevertheless, if the bears sink the XRP/USD pair below $0.27795, it will be very negative because this support has held on five previous occasions since mid-December last year. There is a minor support at $0.24508 below which the downtrend will resume. Both moving averages are trending down and the RSI is in the negative zone, which shows that the pair is in a firm bear grip. As the pair has been an underperformer, we will wait for buyers to return and a reversal setup to form before recommending a trade in it.

LTC/USD

Litecoin (LTC) rose sharply from close to $76, but hit a wall at the 20-day EMA. The previous support line of the channel will now act as a stiff resistance. If the digital currency turns down and breaks below $76, it can fall to the next support at $58.

LTC/USD

However, if the next down move holds above $76, it will indicate buying at lower levels. The pullback will signal strength on a breakout above 20-day EMA. The pair is one of the stronger altcoins, hence, traders should watch it carefully. We will wait for the LTC/USD pair to re-enter the channel and sustain it before recommending a long position in it.  

BCH/USD

Bitcoin Cash (BCH) is trading inside a descending channel. The recovery is facing selling close to $325. If the price breaks out of this overhead resistance, it can move up to the resistance line of the channel. A breakout of the channel will indicate a change in trend.

BCH/USD

On the other hand, if the BCH/USD pair turns down from the current level and breaks below $250, it can drop to $227.70. If this level also cracks, we can expect a deeper fall to $166.98. Both moving averages are sloping down and the RSI is in the negative zone, which suggests that the bears are at an advantage. Traders can wait for a trend reversal before initiating fresh long positions in it.

BNB/USD

Binance Coin (BNB) is trading inside a descending channel. The bulls were able to push the price back above the uptrend line on July 18, which is a positive sign. Currently, the 20-day EMA is likely to act as a stiff resistance.

BNB/USD

If the BNB/USD pair turns down from the resistance and breaks below the recent low of $24.1709, it can drop to the next support at $18.30. However, if the bulls succeed in keeping the price above the uptrend line, it will indicate strength. The pair has been an outperformer, hence, it is on our radar. We will wait for the price to sustain above the 20-day EMA before proposing a trade in it.

EOS/USD

Though EOS climbed back above $3.8723, the bulls have not been able to ascend the next overhead resistance of $4.493. This shows muted demand at higher levels. Both moving averages are sloping down and the RSI is close to the oversold zone. This suggests that the bears are firmly in the driver’s seat.

EOS/USD

If the EOS/USD pair breaks down of $3.30, it will resume its downtrend. There is a minor support at $3, below which a fall to $2.70 is likely. Conversely, if bulls succeed in pushing the price above $4.493 and the 20-day EMA, the pair can move up to the resistance line of the channel. We will wait for the price to stop falling and for buyers to return before recommending a long position in it.

BSV/USD

Bitcoin SV (BSV) bounced off from close to $107 and has re-entered the descending channel. It can now move up to the 20-day EMA, which will act as a resistance. If the price turns down from the 20-day EMA, bears will try to resume the downtrend by breaking down of $107. If successful, there is a minor support at $93.680, below which the fall can extend to $50.030. The downtrending 20-day EMA and RSI in the negative territory suggests that the bears have the upper hand.

BSV/USD

Contrary to our assumption, if bulls push the price above 20-day EMA, the BSV/USD pair can move up to the resistance line of the channel. A breakout of the channel will signal strength. Until then, every pullback is likely to be sold into. We do not find any reliable buy setups at current levels, hence, we are not recommending a trade in it.

TRX/USD

Tron (TRX) turned around from $0.0204 on July 17 and is currently retesting the breakdown level from the channel. We anticipate the bulls to face stiff resistance at the channel line and above it at the downtrend line.

TRX/USD

If the TRX/USD pair re-enters the channel and breaks out of the downtrend line, it will indicate strong demand. However, if the pair reverses direction from one of the overhead resistances, it can again correct to $0.022. 

The next drop towards $0.022 will give us a better idea on whether the correction has ended or not. Presently, the downsloping 20-day EMA and the RSI in the negative zone indicates that the path of least resistance is to the downside.

XLM/USD

The bulls are attempting to keep Stellar (XLM) in the range but we anticipate strong selling close to the 20-day EMA. A breakout of this resistance will be a positive sign and will suggest that the cryptocurrency might trade inside the $0.080–$0.145 range.

XLM/USD

But if the XLM/USD pair turns down and breaks below the recent low of $0.076, it can correct to $0.072545. A breakdown to new yearly lows will signal weakness and a lack of demand at lower levels. Currently, both the moving averages are sloping down and the RSI is in the negative territory. This shows that bears have the upper hand. We should see a strong directional move within the next few days.

Market data is provided by the HitBTC exchange.

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Crypto Wallet’s Browser Offers Thousands of DApps in One Place

A mobile crypto wallet has added a DApp browser, enabling users to access thousands of decentralized services in one place.

A mobile crypto wallet has announced that users can now effortlessly access thousands of decentralized applications (DApps) directly through its platform.

Lumi Wallet says its motivation is to create a one-stop-shop for crypto enthusiasts — a whole ecosystem focused on convenience and simplicity.

At the heart of this strategy has been an ambition to streamline the process of downloading DApps. According to Lumi Wallet, it was driven to act after seeing how frustrating the experience can be for smartphone and tablet owners. Not only do individual pieces of software take up a lot of precious memory, but it can be time-consuming and arduous to download them — clogging up home screens.

Now, Lumi says it wants to make the decentralized web a straightforward and enjoyable place to spend time — enabling users to become more productive. Through its DApp browser, users have the freedom to explore the broad range of applications available. It’s also possible to narrow down a search based on category — perfect for gamers, traders and creatives, the team notes. Once a user has found the perfect DApp, it can be connected to their wallet in a matter of clicks.

At present, Lumi Wallet primarily supports Ethereum applications, but the company is planning to become compatible with EOS DApps in the not-too-distant future. In explaining its rationale, the crypto platform said there are a broad range of ambitious EOS-inspired projects that are currently not supported by wallets — leaving them out of reach of a sizeable number of crypto consumers.

Another Lumi milestone

Lumi Wallet says its latest innovation comes hot off the heels of Lumi Collect, a digital wallet in which gamers could store crypto collectibles such as ERC-721 tokens and nonfungible tokens. The software enables users to experience blockchain games on their smartphones and complete Ethereum transactions with ease.

Lumi Wallet is available here

After receiving positive feedback from the DApp community, the company decided to integrate a DApp browser into its flagship product as well, enabling the crypto community at large to experience the same benefits.

Additional features have been added to Lumi Wallet on a regular basis. In July, users were given the ability to buy, sell and exchange EOS directly from the app — making swaps and purchases effortless. Ultimately, the company says its motivation is to offer a process so simple that it is almost forgettable — so straightforward that it’s as much a part of everyday life as paying for a coffee with cash.

Enhancements have also been made to the Lumi Web Wallet, appeasing those who prefer to manage their cryptocurrencies on a desktop device. Following a recent release, users have the freedom to exchange Bitcoin, Ether and more than 900 ERC-20 tokens. The ability to purchase crypto with fiat is also in the pipeline.

The road ahead

Looking toward the rest of 2019, Lumi says it is planning to move to an open-source model. While acknowledging that this milestone will involve a lot of work, the company believes that the advantages this will deliver will outweigh the effort. Once completed, the platform hopes its community will become bigger, stronger and more trustworthy.

Additional improvements are also being made to Lumi Collect — broadening the range of games that its loyal user base can enjoy. More than 20 titles are scheduled to be launched over the course of 2019, and the company has invited the community to offer suggestions about the games they would like to see added next.

Every single product in the Lumi stable is also being localized one by one. This is because the company has a vision of ensuring that every single user can benefit from its wallets with ease — irrespective of their language and location.

Learn more about Lumi Wallet

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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Price Analysis 17/07: BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, TRX

This dip is a good buying opportunity in Bitcoin. What are the critical levels to watch out for? Let’s look at 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.

Bitcoin rallied from $3,355 on Jan. 29 to a high of $13,973.5 on June 26. That is a gain of 316.49% in just under five months. In that, the last 56% of the rally happened after Facebook unveiled Libra. In the past few days, Libra has come under increased scrutiny from regulators and politicians and Bitcoin has given back the last leg of the gains. 

While Libra might dent sentiment in the short term, it is unlikely to change the long-term trend in Bitcoin that is buoyed by fundamentals. Digital asset management fund Grayscale Investments has reported a significant growth in its assets under management, which has hit an all-time high of $2.7 billion with huge participation from institutional players. Similarly, Bitcoin’s average transaction volume has jumped from $1.04 billion on April 17 to $3.22 billion on July 16, according to crypto analytics site Coinmetrics.io. 

We believe that the current correction is a good entry point because soon the crypto markets will turn their focus on the launch of Bakkt, the increasing interest shown by institutional investors and Bitcoin halving due next year. However, instead of buying in a downtrend, we suggest traders wait for a bottom to be signaled before jumping in. 

BTC/USD

Bitcoin (BTC) broke below the 50-day SMA on July 16 for the first time since February 17 of this year.  Though this is a negative sign, we will watch whether the selling intensity picks up or whether the price reverses direction and quickly rises back above the 50-day SMA.

If the BTC/USD pair climbs back above the 50-day SMA and sustains, it will indicate buying support at lower levels. The pair will gain strength on a breakout above the 20-day EMA. While the 20-day EMA has started to turn down, the 50-day SMA is still sloping up, which suggests that the medium-term trend is bullish. Therefore, we are on the lookout to buy if we spot a reversal pattern on the pair.

Contrary to our assumption, if the price fails to find buyers and continues its decline, it can dive to the $7,451.63–$6,933.90 support zone. However, we give this a low probability of occurring.

ETH/USD

The rebound off the uptrend line did not find buyers above $235.70 on July 15 and 16, hence, Ether (ETH) again dipped back to the uptrend line. The moving averages have completed a bearish crossover and the RSI is close to the oversold zone, which suggests that bears are back in the game. If the uptrend line breaks down, the next stop is at $150. 

However, if the current rebound off the uptrend line breaks out of $235.70, the ETH/USD pair can rally to the 20-day EMA, which will offer stiff resistance. If the next dip sustains above $224.086, the pair might enter a range-bound action. We will wait for the buyers to assert their supremacy before proposing a trade in it.

XRP/USD

Ripple (XRP) is attempting to bounce off the critical support at $0.27795. This support has held on four previous occasions since mid-December last year, hence, we anticipate a strong defense once again. However, both the moving averages are turning down and the RSI is close to oversold levels. This suggests that the bears are in command. 

If the price slips below $0.27795, it can drop to the yearly low of $0.24508. A breakdown to new yearly lows will be very negative for the XRP/USD pair. Conversely, if the current rebound sustains, it can move up to 20-day EMA, which is likely to act as a stiff resistance. If the next dip holds above $0.27795, we might suggest a strategy to trade it. 

LTC/USD

Litecoin (LTC) broke down of the critical support of $83.65 on July 16. However, the bears could not take advantage of the breakdown, as prices are staging a smart recovery today. The price has risen back above $83.65 and is likely to retest the breakdown level of the channel.

The 20-day EMA is sloping down and the RSI is close to the oversold zone, which indicates that bears are in command. Therefore, we anticipate a stiff resistance at the 20-day EMA. If the price turns down from the 20-day EMA and breaks below $76, the decline can extend to $66.47. On the other hand, if the bulls push the price inside the ascending channel and sustain it, the LTC/USD pair can rise to $120 and above it to $140.345. We shall wait for the price to confirm a bottom before suggesting a trade in it.

BCH/USD

Bitcoin Cash (BCH) is in a downtrend and is trading in the bottom half of the descending channel. The 20-day EMA is sloping down and the RSI is close to the oversold zone, which shows that bears have the upper hand. The previous recovery attempt fizzled out at $325.75 on July 15. 

However, bulls held the support line of the descending channel on July 16 and are currently attempting to push the price back above $325.75 once again. If successful, a rally to the 20-day EMA is possible. A breakout of the channel will signal a probable change in trend. However, if the current recovery attempt fails, the BCH/USD pair can slide to $227.70 and below it to $166.98.

EOS/USD

EOS broke down of the critical support of $3.8723 on July 16. Both the moving averages are sloping down and the RSI is in oversold territory, which suggests that bears are firmly in the driver’s seat. It has a minor support at $3, below which the drop can extend to $2.20. 

Any relief rally will now face selling in the $3.8723–$4.493 resistance zone and above it at the 20-day EMA. The first positive sign will be if the EOS/USD pair breaks out and sustains above $4.493. We will wait for the pair to stop falling and form a bullish reversal pattern before recommending a trade in it.

BNB/USD

The bulls are trying to keep Binance Coin (BNB) inside the descending channel because if the price breaks down and closes (UTC time frame) below the support line of the channel, it can drop to the next support at $18.30.

Currently, the BNB/USD pair has bounced sharply from the support line of the channel. The buyers will attempt to propel the price back above the uptrend line, which will be a positive sign. If the price can sustain above the uptrend line, it will invalidate the current breakdown. The pair is the strongest major altcoin, hence, we might suggest long positions on a breakout of the descending channel. 

BSV/USD

Bitcoin SV (BSV) could not re-enter the channel on July 16 and the price turned around and resumed the down move. There is a minor support at $107, below which the fall can reach $93.680, which is the 78.6% Fibonacci retracement of the rally. 

If the BSV/USD pair breaks down of $93.680, the next stop will be at $50.030. With the 20-day EMA sloping down and the RSI in oversold territory, the advantage is clearly with the bears. Nevertheless, if the pair bounces off the current levels and re-enters inside the descending channel, it can rally to the 20-day EMA and above it to the resistance line of the channel. We suggest traders wait for the trend to change before initiating fresh positions.

XLM/USD

Stellar (XLM) broke below the support of $0.080 on July 16. The failure of bulls to defend the support near the yearly lows shows a lack of demand. Both the moving averages are sloping down and the RSI is close to the oversold zone, which suggests that bears are in command. 

The next support on the downside is at the yearly low of $0.072545. If the bears sink the XLM/USD pair below this level, it will be a huge negative.

However, if the price rebounds from the current levels and climbs above $0.085, it can move up to 20-day EMA. If the next dip stays above $0.08–$0.085 support zone, it will indicate strength and a probable range formation. We will recommend long positions after the boundaries of the range are confirmed. Until then, we remain neutral on the cryptocurrency.

TRX/USD

Tron (TRX) has continued to slide after breaking down of the channel. This shows that long positions are being forced to bail out as the trend has changed from up to down. The 20-day EMA is sloping down and the RSI has dipped close to the oversold territory, which suggests that bears are in control.

The TRX/USD pair plunged below the support of $0.022 on July 16 but the bulls are presently trying to reclaim the level. If the price fails to sustain above $0.022, the fall can extend to $0.01774.

Conversely, if the price closes (UTC time frame) above $0.022, it can move up to the 20-day EMA, which is likely to act as a stiff resistance. The bulls need to push the price above the downtrend line to signal a trend change. 

Market data is provided by the HitBTC exchange.

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Price Analysis 15/07: BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, TRX, XLM

Can Bitcoin again lead the next leg of the recovery? Let’s look at 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 sharp recovery from the lows led by Bitcoin was largely based on the pretext that institutional players had finally started to take greater interest in the asset class. The sharp uptick in Bitcoin futures volumes and increased demand for Grayscale Bitcoin Trust shares was thought to be indicative of this. 

However, Binance’s chief executive Changpeng Zhao, in an interview with Bloomberg, said that there has been an equal growth in both institutional and retail trading. The retail traders still account for about 60% of trading volume at Binance, which shows that institutional trading growth “has not increased that tremendously in 2019 yet.”

Strong opposition to Facebook’s Libra project and negative tweets by United States President Donald Trump gave reasons for bulls to book profits. Though some major altcoins have corrected close to their yearly lows, Bitcoin is still holding well above it. Hence, we are viewing the current fall as a buying opportunity. Should traders buy now or wait for lower levels? Let’s analyze the charts.

BTC/USD

Bitcoin (BTC) broke below the symmetrical triangle on July 14, which is a bearish sign. The 20-day EMA is flattening out and the RSI is just below 50, which suggests a balance between buyers and sellers. 

BTC/USD

Currently, the BTC/USD pair is attempting to bounce off the 50-day SMA. The bulls will face stiff resistance at 20-day EMA but if they succeed in pushing the price above it, a rally to the resistance line of the triangle is probable.

However, if the price reverses direction from the 20-day EMA and plummets below the 50-day SMA, it can drop to $8,900 and if that level also breaks down, the next support is way lower at $7451.63. As the pair has been strong and is still quoting above its 50-day SMA, we remain bullish on it. However, we will wait for the price to show signs of a turnaround before recommending a long position in it.

ETH/USD

The bulls could not push Ether (ETH) above 50-day SMA on July 12. The price turned down sharply and broke below the next support of $224.086. Currently, the digital currency is attempting to bounce off the uptrend line. 

ETH/USD

The moving averages are on the verge of a bearish crossover, which shows that bears are back in the game. A breakdown of the uptrend line will be a negative sign that can result in a deeper correction to $160.

Conversely, if bulls succeed in sustaining the price above $224.086, it will indicate demand at lower levels. Any rally will face stiff resistance at the 20-day EMA. We will wait for the price to trade above $224.086 for a few days before suggesting a long position in it.

XRP/USD

Ripple (XRP) has been among the worst-performing major cryptocurrencies. It did not participate in the recovery and has fallen sharply when the sentiment turned negative. The next supports on the downside are at $0.27795 and below it at the yearly low of $0.24508. 

XRP/USD

Both the moving averages have turned down and the RSI is close to oversold territory. This suggests that the bears are in command. A breakdown to new yearly lows will be a huge negative for the cryptocurrency.

However, the XRP/USD pair has not closed (UTC time frame) below $0.27795 since mid-December last year. Hence, we anticipate buying close to the support. Any attempt to recover will face stiff resistance at the 20-day EMA. We will wait for buyers interest to return in the pair before recommending a trade in it.

LTC/USD

Litecoin (LTC) has broken down of the ascending channel. It is currently bouncing off the next support of $83.65. The 20-day EMA is sloping down and the RSI is in oversold territory, which suggests bears are in the driver’s seat. If the digital currency breaks down of $83.65, it can drop to $66.

LTC/USD

Conversely, if the LTC/USD pair bounces off $83.650 and re-enters the channel, it will be a positive sign. Any recovery will face selling at the 20-day EMA. We will wait for the price to sustain inside the channel before suggesting a trade in it.

BCH/USD

Bitcoin Cash (BCH) is in a downtrend. It is trading inside a descending channel. The 20-day EMA is sloping down and the RSI is close to oversold territory, which suggests the bears are in command. 

BCH/USD

The bulls are currently attempting to keep the BCH/USD pair inside the channel. If successful, the price can move up to the resistance line of the channel. A breakout of the channel will be the first sign of a trend change. However, if the price breaks down of the channel, the next support is at $227.70. If this support also cracks, the correction can reach $166.98. 

EOS/USD

EOS plunged below the first support of $4.4930 on July 14 and has bounced off the support at $3.8723. Both the moving averages have turned down and the RSI has dipped into the oversold zone, which shows that sellers have the advantage. 

EOS/USD

If $3.8723 fails to provide support, the next stop might be $3. On the other hand, if the EOS/USD pair bounces off $3.8723, it can move up to 20-day EMA, which is likely to act as a stiff resistance. If the next pullback to $3.8723 holds, we might suggest a trade in it. Until then, we remain neutral on the cryptocurrency. 

BNB/USD

The pullback in Binance Coin (BNB) reversed direction from the 20-day EMA and broke below the critical support of $28.7168. Currently, bulls are attempting to hold the uptrend line. Both the moving averages have completed a bearish crossover for the first time in 2019. This signals a likely change in trend. 

BNB/USD

If the BNB/USD pair breaks down of the uptrend line and the descending channel, it will turn negative and can drop to the next support at $18.30. Conversely, if bulls defend the uptrend line, it will try to move up to the resistance line of the descending channel. A breakout of the moving averages will indicate strength. Though it has been one of the outperformers, we will wait for it to resume its up-move before proposing a trade in it.

BSV/USD

Bitcoin SV (BSV) broke below the descending channel and the critical support of $134.360 on July 14. When the price easily breaks through important support levels, it shows that sellers are in a hurry to get out and buyers are not willing to step in. This is a bearish sign. 

BSV/USD

Both moving averages have completed a bearish crossover and the RSI has dipped into oversold territory. This shows that bears are in command. 

There is a minor psychological support at $100 and below that at $93.680, which is the 78.6% Fibonacci retracement of the rally. If both these supports give way, the BSV/USD pair can plummet to $50.030, a full 100% retracement of the rally. Any attempt to recover will face resistance at the 20-day EMA, which is sloping down. 

TRX/USD

Tron (TRX) plunged below the trendline of the ascending channel on July 14. This is a bearish sign because this is the first instance when price has broken down of the trendline since the end of November last year. The 20-day EMA is sloping down and the RSI has dropped close to the oversold zone. This suggests bears are in command. 

TRX/USD

The next support is at $0.022 and if that breaks, the fall can extend to $0.017. However, before that, we expect a retest of the breakdown level. If the bulls can push the price back inside the channel, the current breakdown will be considered as a bear trap. Nevertheless, if the price fails to stay inside the channel and turns down, it will confirm a downtrend. We will get a clear picture within the next few days. Until then, we suggest traders remain on the sidelines.

XLM/USD

Stellar (XLM) dipped below $0.085 but found support closer to $0.080. Hence, it might remain range-bound between $0.08 and $0.145. Both the moving averages are sloping down and the RSI is close to the oversold zone. This shows that bears have the upper hand. 

XLM/USD

If the XLM/USD pair plunges below $0.080, it can retest the lows at $0.072545. A breakdown to new yearly lows will be very negative. However, with the $0.080–$0.085 support zone holding, bulls will try to keep the pair inside the range. The first resistance on the upside is at the 20-day EMA. A breakout of it will be a sign that the bulls are back in the game. Therefore, we suggest traders wait for the price to bounce off the support and rise above 20-day EMA before initiating a long position.

Market data is provided by the HitBTC exchange.

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Tether (USDT) Passes EOS & Binance Coin: Bitcoin Dumps to $10,000

Tether Returns to the Top of the Crypto Market as BTC Dips

EOS and Binance Coin have just been passed by Tether (USDT) on the de-facto cryptocurrency leaderboard. As of the time of writing this, the stablecoin is the 6th largest cryptocurrency, sporting a market capitalization just shy of $4 billion, with BNB and EOS (in that order) fall in line after it.

USDT’s ranking surge, which comes as the asset was 8th largest for weeks on end, comes as Bitcoin has dumped, as have all altcoins. The leading cryptocurrency is down 11% in the past 24 hours, finding itself trading at $10,000. Due to the severity of this dump and the rationale of investors in this budding market, altcoins have dumped even harder, with Ethereum posting a loss of nearly 20% — returning the levels it was trading at in October of 2018.

Both Binance Coin and EOS are down around 11% in the past 24 hours, both managing to somehow match and trace the performance of Bitcoin.

While USDT’s return to the upper echelons of the cryptocurrency market could be seen as decidedly bearish, there may be a silver lining. You see, over recent months, analysts, namely Filb Filb, have begun to observe a correlation trend between the number of USDT in circulation and the price of Bitcoin. As USDT enters the market, so does BTC. Fundamentally, this makes sense.

As Kraken’s Jesse Powell explained in an interview with TD Ameritrade, the influx of USDT is an extension of the amount of money flowing into the cryptocurrency space.

With money obviously being injected into this market via Tether, and thus through exchanges like Binance, there is a chance for a recovery from the current levels of $10,000.

Binance Coin Falls Amid Positive News Flurry

Binance’s collapse comes as the crypto startup has seen a flurry of positive news. As reported by Ethereum World News previously, Binance launched margin trading for eligible, KYC-verified users of the exchange.

Per a blog post detailing the new product, this new product is part of Binance’s “effort to help push the industry forward and freedom of money”. Per a quote from the exchange’s beloved CEO, Changpeng “CZ” Zhao, the introduction of margin trading will also help his startup accommodate both “advanced institutional traders and retail traders” under one single roof, this being Binance.com.

To use this new system, which only is supported on some Bitcoin, Ethereum, Binance Coin, Tron, and Ripple’s XRP trading pairs for the time being, users will need to transfer their funds between their primary Binance wallet and their new margin wallet.

Binance is soon expected to launch futures trading, making it one of, if not the first startup to delve into spot, futures, margin, and decentralized trading.

That’s not all. CZ revealed just recently that Binance will be burning more of its BNB than expected, meaning that from a supply-demand economics perspective, the asset could perform better should demand persist.

Title Image Courtesy of Andrew Neel Via Unsplsah

The post Tether (USDT) Passes EOS & Binance Coin: Bitcoin Dumps to $10,000 appeared first on Ethereum World News.

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Price Analysis 12/07: BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, TRX, XLM

Bitcoin has risen after Trump’s negative tweets. Can it continue its move up or will it reverse direction? Let’s look at 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.

United States President Donald Trump bashed both Facebook’s Libra and Bitcoin in a series of tweets on July 11. However, the interesting thing is that unlike the U.S. stock markets, which respond sharply to Trump’s tweets, the crypto universe was unaffected. 

Many believe that the statement from Trump is a strong positive. According to them, it gave free publicity and also underlined the importance of cryptocurrencies. Coinbase CEO Brian Armstrong considered it an achievement and said that it showed how cryptocurrencies were resilient and refused to be brought down even by global powers.

While testifying before the Senate Banking Committee, Federal Reserve Chairman Jerome Powell said that cryptocurrencies were created to replace reserve currencies, but that has not happened yet. He said that Bitcoin was “a speculative store of value like gold.” 

On the other hand, Bank of England governor Mark Carney recognized the issues Facebook’s Libra is trying to address and also outlined the difficulties the project might face. Billionaire entrepreneur Mark Cuban, however, did not have much positive to say about Libra, calling it a “big mistake.” 

BTC/USD

Bitcoin (BTC) has formed a symmetrical triangle, which usually acts as a continuation pattern. It is currently attempting to take support at the 20-day EMA. If the support holds, the bulls will attempt to break out of the triangle. On a close (UTC time frame) above the triangle, the cryptocurrency can rally to $17,852.50. 

BTC/USD

On the other hand, if the BTC/USD pair breaks down of the symmetrical triangle, it can plunge to $6,047.50. However, it is unlikely to be a straight fall because there is strong support at $10,934.45 and below it at the 50-day SMA. A breakdown of the 50-day SMA will signal a deeper correction.

Currently, the 20-day EMA has flattened out and the RSI is just above 50. This points to consolidation for the next few days. We will suggest a long position after a breakout from the triangle.

ETH/USD

Ether (ETH) broke down and closed (UTC time frame) below the 50-day SMA on July 11, which is a bearish sign. The bulls are currently attempting to rise back above the 50-day SMA. A breakout of the moving averages can result in a rally to $320.840. 

ETH/USD

Conversely, if the ETH/USD pair reverses direction from the 50-day SMA or the 20-day EMA, it can correct to the next support at $226.58. The 20-day EMA has started to turn down and the RSI has dipped into negative territory. This suggests bears have an advantage. We will wait for the correction to end before recommending a trade in it.

XRP/USD

Ripple (XRP) has broken down of the critical support of $0.35660. This is a bearish sign. The next support is at $0.27795. The 20-day EMA is sloping down and the RSI is in the negative zone, which suggests bears are in command. 

XRP/USD

The XRP/USD pair is among the weakest major cryptocurrencies because it has quickly given back all the gains of the recent recovery. This shows a lack of buyers at higher levels. The bulls will now try to push the price above the $0.35560–$0.37835 resistance zone. If successful, the pair might enter a range. However, if the price turns down from the overhead resistance, we can expect a deeper correction. 

LTC/USD

Litecoin (LTC) is attempting to hold the support line of the ascending channel. Both the moving averages have completed a bearish crossover and the RSI is close to the oversold zone, which shows that bears have the upper hand.

LTC/USD

If the recovery stalls at $111.8994 or close to the 20-day EMA, bears will attempt to sink the LTC/USD pair below the support line of the channel. If successful, the next support is way lower at $66.

On the other hand, if bulls scale the pair above the moving averages, a rally to $140.3450 and above it to the resistance line of the channel is likely. We will wait for bulls to ascertain their supremacy before proposing a trade.

BCH/USD

Bitcoin Cash (BCH) plunged below the support line of the channel on July 11. This is a bearish sign. The moving averages have also completed a bearish crossover and the RSI is near the oversold territory, which suggests that the bears have the upper hand.

BCH/USD

We now expect bulls to attempt to push the price back into the channel. If the price rises above the moving averages, it will show that the current fall was a bear trap. However, if the price fails to rise into the channel, the BCH/USD pair is likely to correct to $280. If this support also cracks, the next level to watch on the downside is $227.70. 

EOS/USD

EOS is attempting to hold the $4.4930–$3.8723 support zone. It is currently trading inside a descending channel. The 20-day EMA is sloping down and the RSI is close to the oversold zone, which suggests that the bears have the upper hand.  

EOS/USD

A bounce from the current levels is likely to face resistance at the 20-day EMA. If that level is scaled, it can move up to the resistance line of the descending channel. Contrary to our assumption, if the bears sink the EOS/USD pair below the support zone, it can drop to $2.20. 

BNB/USD

Binance Coin (BNB) has bounced off the critical support at $28.7168. This is a positive sign as it shows that bulls are keen to buy at strong supports. The pullback will face resistance at the moving averages. 

BNB/USD

A breakout and close (UTC time frame) above the moving averages can carry the BNB/USD pair to lifetime highs. However, both the moving averages have completed a bearish crossover for the first time this year, which is a negative sign. 

If the pair fails to make a new high and reverses direction, it is at risk of forming a head and shoulders pattern that will complete on a breakdown and close (UTC time frame) below $28.7168. Hence, we will watch the price action for the next few days before suggesting a long position in it.

BSV/USD

Bitcoin SV (BSV) plunged below the first support of $172.910 on July 11. The price is currently attempting to take support closer to $152.015, which is the 50% retracement level of the recent rally. If the price bounces off the support, it will attempt to climb back above $172.910. Above this level, it might reach the resistance line of the descending channel. 

BSV/USD

Both moving averages are on the verge of completing a bearish crossover, which suggests bears are back in action. If the support at $152.015 cracks, the next support is way lower at $134.360. We will wait for the price to stop falling and signal a turnaround before suggesting a trade in it.

TRX/USD

Tron (TRX) held the trendline of the ascending channel on July 11 and is currently attempting to bounce off it, which is a positive sign. During previous instances, the digital currency stayed near the trendline for a few days before starting a move upwards, hence, we will watch for a couple of days before proposing a trade in it.  

TRX/USD

The recovery will face resistance at the 20-day EMA and above it at the downtrend line. If the TRX/USD pair breaks out of these resistances, it can rally to $0.040 and above it to the resistance line of the channel.

Our bullish view will be invalidated if the price turns down from the overhead resistance and plummets below the trendline of the channel. In such a case, a drop to $0.022 and below it to $0.017 is possible. 

XLM/USD

Stellar (XLM) has again made it to the top 10 cryptocurrencies by market capitalization, hence, it finds a place in our analysis. It is currently range-bound between $0.085 and $0.1450. The bounce from the bottom of the range will find stiff resistance at the 20-day EMA.

XLM/USD

A breakout of 20-day EMA will be the first indication that sellers are losing their grip on the XLM/USD pair. We will wait for the price to sustain above 20-day EMA before suggesting a trade in it.

Contrary to our expectation, if the pair turns down from the 20-day EMA, bears will again attempt to sink it below $0.085. If successful, a retest of the lows is probable. 

Market data is provided by the HitBTC exchange.

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Crypto Markets See Sharp Drop, Gold Is on the Rise

Cryptocurrency markets could not maintain their bullish trend from early trading, with most major coins seeing red today.

Wednesday, July 10 — Cryptocurrency markets have registered a sharp drop after Bitcoin hit the $13,000 price mark in the beginning of the day, according to data from Coin360.

Market visualization courtesy of Coin360

Bitcoin (BTC) is currently trading at around $12,092, having lost over 3.6% on the day, although in early trading today the BTC/USD pair reclaimed almost $1,000 in 24 hours. In terms of its weekly performance, Bicoin is up by 4.28%.

Bitcoin 7-day price chart. Source: Coin360

The second-largest cryptocurrency by market capitalization Ether (ETH) has come down by 6.34% over the past day and is trading at around $289 at press time. The leading altcoin has lost over 2.5% on its weekly chart. 

Ethereum 7-day price chart. Source: Coin360

Ripple (XRP) has dropped by 8.45% on the day to trade at $0.361 at the press time. Today marked the altcoin’s intraweek low at $0.353, while XRP’s highest price point was $0.406 on July 6.

XRP 7-day price chart. Source: Coin360

Among the top-20 coins, Chainlink (LINK) is the only cryptocurrency reporting gains, up by 1.22% to trade at $3.10. Cosmos (ATOM) and EOS (EOS), and have registered double-digit losses, down by 11.34% and 11.6%, respectively.

Today, Litecoin (LTC) creator Charlie Lee reflected on the possible implications for Litecoin’s mining ecosystem when the planned halving kicks in and current block rewards on the network are reduced by 50%. “When the mining rewards get cut in half, some miners will not be profitable and they will shut off their machine,” Lee said.

Total market capitalization of all cryptocurrencies is around $343 billion at press time.

Meanwhile, gold prices rose more than 1% today, according to CNBC. Spot gold gained 1.1% to trade at $1,413.20 per ounce. U.S. gold futures for August delivery rose 1.1% to $1,415.40 per ounce.

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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EOS Price Sighting Upside Break: BTC, ETH, XRP Climbing Higher

EOS Price Analysis Chart

EOS price formed a decent
support base above $5.700 and $5.800. EOS seems to be eyeing a strong upward
move above $6.100, while bitcoin, ETH, XRP and litecoin are currently rising
steadily.

Key Talking Points

  • EOS price is showing a lot of positive signs above
    the $5.800 support area (Data feed of Kraken) against the US Dollar.
  • There is a major breakout pattern forming with
    resistance near $6.050 on the 4-hours chart.
  • The price is likely to break the $6.050 and
    $6.100 resistance levels to start an upward move.

EOS Price Analysis

After a sharp decline, EOS price found support near the $5.520 level. Recently, it started a steady rise above the $5.800 resistance. Besides, there were decent gains noted in bitcoin, EOS, Ethereum and litecoin against the US Dollar.

EOS Price Analysis Chart

The chart above indicates that EOS price formed a decent support base above $5.700 and $5.800, but it is still well below the 100 simple moving average (4-hours).

The price settled above the $5.800 level and the 50% Fib
retracement level of the last slide from the $6.383 high to $5.520 low. However,
the price is facing a strong resistance near the $6.050 and $6.080 levels.

Moreover, there is a major breakout pattern forming with
resistance near $6.050 on the 4-hours chart. The 61.8% Fib retracement level of
the last slide from the $6.383 high to $5.520 low is also acting as a
resistance.

If there is an upside break above the $6.050 and $6.080
resistance levels, the price could climb further higher. The next key
resistance is near the $6.250 level and the 100 simple moving average
(4-hours).

Above the 100 simple moving average (4-hours), the next major
resistance is near the $6.600 level and a connecting bearish trend line on the same
chart. On the downside, there are many supports forming near the $5.800 level,
below which the price could revisit $5.500.

Overall, EOS price seems to be preparing for the next key
break above the $6.050 and $6.080 resistance levels. If it fails to climb
higher, it could decline again towards $5.500.

The market data is provided by TradingView.

The post EOS Price Sighting Upside Break: BTC, ETH, XRP Climbing Higher appeared first on Ethereum World News.

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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.