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Market data are provided by the exchange HitBTC .
The encrypted world had cheered up the prospects for Bitcoin futures trading last year. However, the prices of the Bitcoin (BTC) were exceeded just when the CBOE futures (Chicago Board Options Exchange) began to negotiate. Although they are not directly responsible for the fall, futures traders have had an effect on the price, as they shorted the cryptocurrency when it was closer to its historical highs.
Therefore, it was no surprise that the markets were not thrilled after the Intercontinental Exchange (ICE) announced that it will launch the BTC futures contracts physically delivered this November.
Although these products may attract institutional investors, we have not yet seen any concrete evidence from institutions actively investing large sums in digital currencies. Until then, cryptocurrencies could remain in a range, suitable only for short-term trading. Investors will have to be patient with their purchases because this consolidation could continue for a few more weeks.
Let's see what the charts predict
BTC / USD
Bitcoin broke the descending channel on August 4 and fell below the downtrend line of the descending triangle, which is a bearish sign. In the last two days, the bulls have tried to hold the 50-day SMA. This is the final support below which a new $ 6,000 level test is likely.
Although the bulls defend the 50-day SMA, a rally will be an uphill battle because the BTC / USD pair will face a stiff resistance at $ 7,250 and beyond $ 7,750. [19659004] The 50-day SMA is flat, but the 20-day EMA has subsided, showing short-term weakness Unless the bulls make a quick recovery, the likelihood of a fall in $ will increase. 6,000.
There is no clear trend now, so it is better to stay on the sidelines. We will wait for a new configuration of purchases before recommending new long positions.
ETH / USD
Although Ethereum has dropped below the support of $ 404.99 several times in the last three days, it has always managed to close (UTC time frame) above it. However, the bulls could not push the higher prices, as the pai r continues to trade near the support line.
A tight consolidation down shows a very weak demand on the part of the bulls, such a formation usually causes a breakdown.The decreasing moving averages and the RSI in the negative territory also indicate a bearish move.The next bearish stop is $ 358.
Our downward view will be void if the ETH / USD pair stays above $ 425 for a couple of days.
XRP / USD
Ripple successfully maintained support at $ 0.4242 over the past six However, with both moving averages declining, bears try to break again.
If the XRP / USD pair remains below $ 0.4242 , may extend its fall to $ 0.37942 and subsequently to $ 0.32862.
Upward, the 20-day EMA and the 50-day SMA will continue to act as resistance. The only bullish signal on the chart is the positive divergence on the RSI. However, a trade can not be taken on this signal alone, unless the price also confirms a break .
BCH / USD
Bitcoin Cash broke the trend line on August 4 and failed to rise above it on August 5th. Now he can slip to his next support for $ 669,2524. , the next support zone is between $ 619,751 and $ 657.8.
Moving averages, which they had completed a bullish crossover only a few days before, they again refused, completing a bearish crossover, which shows that the sellers are in charge.
On the upside, the pair BCH / USD will face a rigid resistance to moving averages and above that to the downtrend line.
The digital currency will become positive if it breaks on $ 935. We will wait for the bulls to offer higher prices before suggesting any operation on it
EOS / USD
The bulls defended the level of $ 6.8926 in the last five days.The 20-day EMA, which had flattened out a few days earlier, again refused.The RSI is also in negative territory. that the probability of a failure on EOS is high Downside payment is at $ 5.1 and below $ 4.3396.
Any retreat from current levels will face a rigid resistance to the 20-day EMA and beyond that to the 50-day SMA The EOS / USD pair will only become positive in the event of a break and close above the $ 9.4456 level.
The RSI shows a positive divergence, we still have to see sustained purchases on the cryptocurrency, so we will have to wait for a break in the interval before proposing long positions.
LTC / USD
Litecoin broke the range and the critical support for $ 74,074 on August 4, but quickly returned to the range the next day.
The attempt to recover from de the bulls are facing a 20-day checkpoint. Currently, the LTC / USD pair dropped back to support at $ 74,074.
If bears claim less than $ 74 for three days, the chance of a fall to $ 57 will increase.
Because both moving averages are declining and Even the RSI is in negative territory, the path of lower resistance is downward. Our bearish point of view will be invalidated if the bulls push prices above $ 91.146. Until then, it is better to stay on the edge.
ADA / USD
Cardano found purchase support close to $ 0.12 on August 4, but the bulls were unable to sustain over the $ 0.13 line.
In the last four days, the price has been tightening to the mark of $ 0.13. A break below $ 0.12 may result in a new test of the June 29th low of $ 0.111843.
On the upside, the bulls will face a stiff resistance to moving averages and above the downtrend line [19659004] The 20-day EMA has dropped and even the 50-day SMA is down, even the RSI is close to the negative territory, the which proves that bears are currently leading.
We will wait for the ADA / USD pair to come out of $ 0.181617 before recommending any purchase.
XLM / USD
Stellar has supported SMA 50 days in the last two days.If the support breaks, the next bearish support is $ 0.184.
Even if the 50-day SMA is flat, the 20-day EMA has been deactivated and even RSI is in negative territory, demonstrating the fact that sellers have an advantage. resistance to the 20-day EMA.
There is no trend in the XLM / USD pair, so it is better to wait a few days and establish positions only when developing a strong purchase model.
IOTA / USD
There is a dispute between bulls and bears in the $ 0.9150 area. While the bulls were diving on 3 August, the bears defended the 20-day EMA and pushed prices below support on 4 August. On 5 August, IOTA closed the support right after a long day.
After three volatile days of trading, the IOTA / USD pair could enter a consolidation period between $ 0.7735 and $ 1.0269.
A break below $ 0.7735 will resume the downtrend and may result in a fall to $ 0.666, followed by $ 0.5721
If the bulls manage to push prices above the downtrend line, a $ 1.33 rally will be on the cards. We will wait for a new purchase configuration to be formulated before suggesting any exchange on it.
TRX / USD
Tron tried to maintain support at $ 0.0281344 in the last two days, however, he was not able to recover abruptly.
This shows a lack of demand at these levels. If the bulls do not push prices up in the next few days, the probability of a break below the support lines increases, the next downside target is long-term support of $ 0, 022,806.
Both moving averages are decreasing and the RSI is negative territory, therefore, bears hold the advantage: any recovery will have to face resistance to the bearish trend line. The TRX / USD pair will show signs of life only after claiming over $ 0.045.
Market data is provided by the HitBTC exchange. The graphs for the analysis are provided by TradingView.
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