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Market data is provided by the HitBTC exchange.
The cryptocurrencies have hit the bottom? This is the first question to make appear in every crypt-investor after the recent withdrawal from the minimum.
Arthur Hayes, a Bitcoin bull and co-founder of one of Bitmex's largest cryptographic exchanges, is not convinced that a fund has yet formed. He believes that the current pullback leg can reach any number between $ 8,000 and about $ 10,000 before plunging again. It assumes that the fund will be formed around the $ 5,000 level.
Boris Schlossberg of BK Asset Management, a well-known Bitcoin bear, said the current withdrawal could exceed $ 8,000.
As was the case for the past few weeks, it is difficult to resist writing on institutional investors. Fund for digital asset management Grayscale Investments stated that 56% of all new investments in their products in the first half of 2018 were carried out by institutional actors.
In fact, the total inflow of investments in June was one of the strongest fundraising periods Since 2013, Grayscale has stated in its first encrypted investment report.
So with all this institutional money flowing, is the cryptography market bottomed or is it a rebound from a dead cat? Let's find out.
BTC / USD
Bitcoin completed a reverse head and shoulder pattern on July 17 with a break above the neckline at $ 6,953.38. The goal of the model of this breakout is $ 7,996.11.
However, the BTC pair / USD has a strong resistance at $ 7,750, which acted as a major obstacle at the beginning of June. The downtrend line of the descending triangle is also near this level at $ 7,600.
Therefore, we suggest traders to obtain partial profits close to $ 7,500 and raise their stoppages on the remaining position which began at $ 6,650 a break.We recommend securing partial profits because Bitcoin will gain momentum once the bulls burst and close above $ 7.750 as this will invalidate a fall failure of a bearish pattern is a bullish signal with the next targets at $ 8,500, $ 10,000 and $ 12,000.
We believe the fund is at $ 6,000 – we expect a new $ 7,000 brand test in the next few days, but it should contain. The bullish cross r of moving averages increases our confidence, but unlike in 2017, it will be a slow climb to the highest levels this year
All of these forecasts are made on the basis of the current structure of the chart. If and when the charts change, we will examine our levels and review them accordingly.
ETH / USD
Ethereum came out of the $ 496.36 level on July 17 and July 18, but was unable to support it. However, it triggered our proposed purchase at $ 500.
The bulls have failed to defend the 20-day EMA, which increases the possibility of a fall to the bottom of the range at $ 404.99. a consolidation between $ 404.99 and $ 496.36.
The pair ETH / USD will gain strength only above $ 500. If the next rebound fails to overcome resistance, we may suggest closing the position without waiting that the stops are hit. For now, we suggest you keep your position at $ 400 stops.
XRP / USD
Ripple shot down by the 50-day SMA on July 18th, after a three-day rally. lost all of its earnings and is currently back at the critical support level of $ 0.45351.
If the XRP / USD pair breaks below $ 0.45351 , a new test of the $ 29 minimum of $ 0.42420 is likely. If this medium breaks down, the slide can extend to $ 0.33.
If the bulls manage to defend the support zone between $ 0.42420 and $ 0.45351, the virtual currency is likely to spend a few days in a range, trying to form a fund. [19659004] The first indication of a trend change will be when the price will keep above $ 0.563. Currently there are no purchase configurations on it
BCH / USD
Bitcoin money has risen above $ 850 on both July 17 and July 18, thus triggering our purchase recommendation made in the previous analysis. However, he could not stand above the 50-day SMA and has since been lowered. It has been interrupted below the downtrend line and is currently trying to get 20-day EMA support.
Both moving averages are they are flattened, which increases the likelihood of consolidation between the 20-day EMA and the 50-day SMA for the following days. [19659004Alrialzolazonatra$8389139e$9342316fillarefarecarrier:$BCH/USDwillincreasethesizeofa$1335-dollarcouponthatcanresultina$1200dollar
hold their long positions with stops at $ 650.
EOS / USD
EOS broke the 20-day EMA and the downtrend line but could not exceed the $ 9.4456 mark .
Bulls have failed to defend the 20 days EMA is falling, which increases the possibility of a collapse at $ 6.8926. [19659004] The EOS / USD pair will increase its strength once it has passed the resistance of overload at $ 9.4456. This gives an upward target of $ 15 with a resistance lower than $ 11.64.
Both moving averages are flattening, which indicates an action related to the interval for the next few days.
LTC / USD
Litecoin broke out of the top resistance at $ 91.146, down from the 50-day SMA. He is currently taking support from the 20-day EMA.
If the LTC / pair USD remains above $ 91.146, we anticipate a rally to $ 107. However, this is unlikely to be a straight move. The area between $ 102 and $ 107 will offer a stiff resistance. [19659004] If bears break under 20-day EMA, a new test of the level of $ 74,074 is probable.We expect the couple to spend a little time between $ 74 and $ 107 at a minimum, so we are not recommending any position purchase on it at the time.
ADA / USD
Our level of purchase proposed on Cardano was hit on 17 July and the operators who follow us may have entered long positions.
. Once the bulls claim over $ 0.181617, a $ 0.23 rally is likely. If the virtual currency will not move upward within a couple of days, we could support the closing of the long position.
XLM / USD
Stellar has experienced a strong rise from its lows in the wake of favorable news, triggering the purchase suggested in our previous analysis for investors. Although it broke out from the resistance at the head of $ 0.31312212 on July 18th and July 19th, it could not sustain the highest levels.
$ scale error 0.31312212 and a overbought reading on the RSI has attracted the booking of profits from short term traders: the pullback can drag the pair XLM / USD to $ 0.2544. Any interruption of this will be the first sign that the bulls are losing ground.
Moving averages are completing a bullish crossover, which is a positive sign. The next stage of the upward move will start when the price stays above the environmental resistance at $ 0.31312212.
Investors can keep their positions with designated stops, while traders should wait for the formation of a fit buy before starting any long position.
IOTA / USD
The bulls could not hold above the line trend bearish s u IOTA. and broken under both the downtrend line and the 20-day EMA.
The bulls are currently looking for to keep above $ 0.97, below that a new test of $ 0.9150 is probable.On the upside, the levels from $ 1.2579 to $ 1.33 will offer a stiff resistance.The IOTA / USD pair could remain between $ 0.9150 and $ 1.33 for the next few days
We suggest keeping the existing long position with the recommended stop loss.
TRX / USD
Recovery in Tron has exceeded EMA 20 days and the downtrend line, but hit a 50-day SMA wall.
The bulls could not provide support for the TRX / USD pair at the 20-day EMA, so a new test is underway. and the $ 0.03275 level. A break of this can drop the price towards the next support at $ 0.022806.
Even in February of this year, the recovery from the lows was not a straight line, the couple spent a couple of months in a gap before bursting. We also expect similar training close to the bass this time.
We will wait for a new configuration for purchases before suggesting a trade on it.
Market data is provided by the HitBTC exchange. Analysis charts are provided by TradingView.
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