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Market data are provided by the exchange HitBTC .
Only a few days ago we discussed whether cryptocurrencies entered a bull's phase. Now, after the recent price collapse, analysts are predicting a huge fall in Bitcoin (BTC).
Bloomberg Intelligence analyst Mike McGlone believes that Bitcoin will plunge to the average level of $ 4,000 last year.
Jeff deGraaf, responsible for technical research at Renaissance Macro Research has a more dire warning for Bitcoin bulls. He said that "once the top is complete", it could also mean "game-over" for Bitcoin. DeGraff is a highly respected voice in the technical analyst community, so his predictions should be kept in mind.
However, it is important to note that technical analysts can quickly change their opinion based on chart models. While it is useful to know their opinions, operations should only be taken based on the current graphical patterns. Furthermore, each position should be protected by a stop loss to protect the capital, if the markets were to meet our expectations.
BTC / USD
The bulls defended the critical support level at $ 6,075.04 in the last two days. Although this is a positive sign, a sharper withdrawal would have given us more confidence that the bulls are aggressively gaining at these levels. Since the recovery has been weak, we will have to rely on other signals to predict the next likely direction on Bitcoin.
Moving averages are about to complete a bearish crossover, which is a negative sign, while the RSI is close to the oversold territory, which shows the sale has been exaggerated and a pullback is likely.
Each pullback will face a stiff resistance to the downtrend line of the descending triangle and then moving averages.The virtual currency will show the first upside signs once sustained above $ 7,200.
There is a possibility that the BTC / USD pair will remain between $ 6,000 and $ 8,500. conclusion because the fund – about $ 6,000 – and the maximum – about $ 8,500 – has been held twice since May of this year, so aggressive traders can enter r long positions at $ 6,800 with stops below $ 5,900 and provides a rally for $ 8,500. This is u no risky exchange because we are jumping the gun, so we suggest using only 30% of the usual equipment. Positions can be added after the price has been above $ 7,200.
Our view of forming a range will be invalidated if bears drop prices below $ 5.900. Under such circumstances, the downward trend may extend to subsequent support levels of $ 5,400 and $ 5,000.
ETH / USD
Ethereum is struggling to rebound critical support at $ 358. On August 8, the decline to $ 346.35 was the lowest level since November 19 last year. The withdrawal on August 9th was insignificant as the price retreated from $ 370.39.
If bears push prices below $ 346 , the fall may extend to $ 280. Although the RSI is already in oversold territory, we are not confident about a rebound again because during the previous autumn to the end of March this year, the RSI had become deeply oversold before it a recovery.
The ETH / USD pair will become positive once the 50-day SMA is over.To date, we suggest traders to stay on the sidelines
XRP / USD
Ripple dropped to $ 0 , 32 August 8, just below the proposed goal of $ 0.32862. If even this level is interrupted, the next stop is at $ 0.24001.
Although the RSI is in a territory deeply hypervent, the weak attempt to withdraw on August 9 shows that buyers are in no hurry to buy the cryptocurrency.
We will have to wait for the XRP / USD pair to form a bullish model before becoming positive. The first sign of strength will be when the price is kept above the 50-day SMA.
BCH / USD
Bitcoin Cash reached a new low from the start of the year on August 8 when it fell to $ 564.9304. The withdrawal attempt on August 9th was in front of a checkpoint for $ 619.7510.
The BCH / USD pair can now retest support for $ 537.8221, which is the intraday low last November 8th of last year. This is an important support, so we expect a strong purchase in the area of $ 537.8221 – $ 619.7510. The pair will gain strength if the price is higher than $ 620.
Conversely, if the bears break below $ 537.8221, the currency may collapse to $ 400.
EOS / USD
After a failed attempt failed on August 9, EOS is likely to extend its move down to the next support zone of $ 3.8723 – $ 4.3396.
We like that the EOS / USD pair is still quoting well above its lows since the beginning of the year oversold levels on RSI indicate a probable rebound from the area between $ 3.8723 and $ 4,396. Expect a strong rebound before recommending any purchase of the couple.
Our bullish view will be invalidated if bears break and suffer less than $ 3.8723.
LTC / USD
Litecoin has retraced its path back to levels seen last year in mid-November of last year. This is a negative sign.
An attempt to retire on August 9th is faded to $ 65 and currently bears are trying to extend the decline to the next target of $ 57.
Between the end of September and the beginning of November last year, the LTC / USD has repeatedly found support close to $ 48 – $ 52. Therefore, we expect this area to act as a valid support during the current fall.
Any withdrawal will be dealt with a stiff resistance to the 20-day EMA and to $ 74,074. wait for the trend to change before suggesting long positions on it
ADA / USD
The pullback attempt on August 9 could not exceed the $ 0.13 line, the previous strong support will now act as a strong resistance .Unless Cardan rises rapidly above $ 0.13, it is at risk of decomposing $ 0.111843.
Below $ 0.111843, the level next pay attention is $ 0.078215. Any fall below this level will push the ADA / USD pair into an uncharted territory, which is a bearish signal.
We will become positive on the cryptocurrency after it stops falling, run away from the downtrend line and rises above $ 0.15  XLM / USD
Stellar rebounded sharply on August 9, which is a positive sign.This shows that the bulls are eager to own it on dips.  The $ 0.184 level is one to keep d & # 39; eye on the downside because it was held from December last year, even if it was broken on some occasions, the ors they could not support prices below $ 0.184.
If, contrary to our expectations, the cryptocurrency remains below $ 0.184, it will become negative and may fall to $ 0.09. As we are relatively bullish on the XLM / USD pair, we could suggest a purchase once supported above moving averages.
IOTA / USD
The oversold level on CSR has failed to attract buyers. IOTA continues to look weak on the rankings, with a likely fall in the $ 0.5721 target. If this level is interrupted, the next stop can be $ 0.5 – $ 0.52.
Historically, a level of oversold on the RSI led to a pullback.On the two previous occasions when the RSI was close to oversold levels, the IOTA / USD pair stayed in a gap for a few days before going up
So, if the bulls defend one of the above-mentioned support levels, the pair may attempt a retreat.Any recovery attempt will have to face strong resistance to the previous strong support of $ 0.9150.We will wait for a bullish pattern to develop before suggesting long positions.
TRX / USD
Tron is laboriously bouncing on critical support at $ 0.022806. Although bulls have defended support in the last two days, they failed to achieve a significant return.
Bears will now attempt to break support at $ 0.022806. If successful, the TRX / USD pair will become extremely negative, while the lowest levels to watch out for are $ 0.018297 and $ 0.01095383. However, both of these support levels are not very strong, so it is difficult to predict where buyers will go.
Our downward view will be invalidated if the bulls buy the decline below $ 0.022806 and push prices above $ 0.02801344. Long positions should be avoided until prices stabilize.
Market data are provided by the exchange HitBTC . The graphs for the analysis are provided by TradingView.