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Market data is provided by the HitBTC exchange.
Trading cryptocurrencies can be extremely risky, but equally rewarding, especially for someone who is on the right side of the markets. While a buy and hold strategy is profitable when the trend is decidedly bullish, it is a better strategy to enter and exit positions when the price is within a range.
We believe that Bitcoin has formed a minimum around the $ 6,000 mark for this year, but we do not expect a vertical rally from current levels, unless the world sees a real trade war between the two major economies .
In the meantime, we continue to see opposing views on the future perspectives of cryptocurrencies. Pantera Capital Bitcoin Fund, which has recently had its fifth anniversary, has set a target of $ 21,000 for the end of this year and $ 67,500 for the end of the year 2019. On the other hand , Nobel laureate economist Paul Krugman believes that "a total collapse" "Of cryptocurrencies" is a real possibility. "
As we keep track of such stories, we believe in the study of the cards to form our opinions, so let's see what is in store for the next few days.
BTC / USD
Ideally, if the trend is strong, we want to see the first maintenance of the support line, which in this case was $ 7.750. As Bitcoin broke under this support, it shows that the sellers are overpowering the buyers.Today, the bulls are trying to defend the 20-day EMA, which is the next major support.
Any 20-day EMA breakdown will result in a decline to $ 7,200 and below $ 6,800. Therefore, we had suggested exceeding the stops on the existing longest positions at $ 7.400.
On the upside, $ 7.750 will once again serve as a strong resistance, above which the move can extend up to $ 8.400.
The BTC / USD pair will remain strong as long as it continues to trade above the 20-day EMA.
ETH / USD
Ethereum broke the trend line on July 30 and quickly fell to critical support for $ 404.99. Currently the bulls are trying to defend this line.
Any recovery on ETH / USD pa ir will face resistance from both moving averages, which they have refused.
On the downside, any interruption of the $ 404.99 line may result in a fall to the next support at $ 358. Therefore, we suggest closing the long position if the price drops to $ 400.
XRP / USD
Ripple again gained strong support at $ 0.4242 for the fourth time since June 29. We like the way in which RSI has formed a positive divergence. Currently, the bulls are attempting to bring the rebound above $ 0.47
If successful, the XRP / USD pair can go up to $ 0.51978. The area between $ 0.51978 and $ 0.56270 should act as a stiff resistance. The trend will change once the price stays above the long-term downtrend line for a couple of days
Any break of the $ 0.4242 level will indicate weakness that can lead to a steeper fall The next major support visible on the chart is much lower than $ 0.24.
BCH / USD
Bitcoin money fell below the moving averages and the intraday low of 21 July. This increases the possibility of a fall in the trend line and below that to $ 670. As a result, in our previous analysis we had recommended following the stop loss to $ 740, which had risen t today.
Both moving averages they are more or less flat right now, which shows that distance training is likely, unless bears fall below $ 650.
On the upside, the BCH / USD pair will show signs of life above $ 838 , 9139 but will only become positive above $ 935. We suggest traders to wait for the creation of a new purchase configuration before starting any long position.
EOS / USD
EOS has been stuck in a range of $ 6.8926 – $ 9.4456 as of June 23. We waited to buy the breakout of this range, but instead of going up, the price fell to the bottom of the range.
A breakdown of the range gives the EOS / USD pair a lower target of $ 4,396.9 However, it is unlikely to be a drastic drop, as there is support for $ 5.1.
The 20-day EMA is turning down, which demonstrates greater selling pressure but the RSI still shows a positive divergence, so short-term traders can buy closer to the bottom of the # 39; interval and record profits on a move up to the top of the interval.
Others should wait for the virtual currency
LTC / USD
From the top of the range to $ 91,146, Litecoin corrected until the end of the range. range to $ 74,074. This is the third time that cryptocurrency reaches these levels since June 24th.
EMA of 20 days has subsided after remaining flat in recent days, which is a negative signal.The 50-day SMA continues to decline.This shows that bears have an advantage A breakdown from the range has a target of $ 57.  If bears defend the support lines and start a rebound, the LTC / USD pair can reach the top of the range at $ 91.146 current levels and sell on any rebound.We will wait for a break out of the range to support for a couple of days before recommending a purchase.
ADA / USD
The long existing position on Cardano was closed at $ 0.14 on July 31. We suggested closing the position because the breakdown from the descending model of the triangle has a target of less than $ 0.109567.  Currently, the bulls are defending the $ 0 level, 13 and both moving averages have leveled, which increases the probability of forming an interval. However, if bears break below $ 0.13, the digital currency may fall to $ 0.12 and below $ 0.111843.
On the upside, the ADA / USD pair will become positive above $ 0.181617. We will wait for a new purchase configuration to be formulated before suggesting any purchase requests.
XLM / USD
The bulls failed to defend the 20-day EMA and Stellar returned to the support line at $ 0.2544. To keep the risk under control, we had suggested closing the positions below the 20-day EMA, which was just above our suggested purchase.
The XLM / USD pair is currently in the line of $ 0.2544 and both moving averages have flattened out, increasing the likelihood of consolidation around current levels. Once we know the limits of the interval, we will try again to buy it near the bottom
If bears break below $ 0.2544, the next support is at the 50-day SMA, below which the decline may extend to $ 0.184. We are expecting a new purchase configuration to be formulated before to propose any operation again.
IOTA / USD  IOTA has corrected support at $ 0.9150 for the fourth time since June 22. In doing so, it has formed a bearish downward triangle model, which will be completed in case of failure and will close below $ 0.9150.
After recommending to close 50% of the existing long position around $ 0.98, we suggest traders keep stopping at $ 0.8850 on the remaining position.
TRX / USD
After failing the 50-day SMA and the downtrend line, TRON moved to critical support at $ 0.03275.
If this support breaks down , the TRX / USD pair may fall to $ 0.028 and below long-term long-term support to $ 0.022806.
On the upside, a breakout of the bearish line will be the first indication that buyers will return. at that time, it is better to stay on the margins.
Market data is provided by the HitBTC exchange Analytical charts are provided by TradingView.