[ad_1]
The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the opinions of Cointelegraph.com. Every investment and trading move carries risks, you should conduct your research when you make a decision.
Market data are provided by the exchange HitBTC .
The total market capitalization of cryptocurrencies rose to around $ 266 billion from over $ 300 billion on 27 July. These price fluctuations are a common phenomenon on the cryptocurrency market. However, the UBS investment bank believes that instability is a major obstacle to bitcoins being treated as money.
Robert Sluymer, head of Fundstrat's technical strategy, told CNBC that if Bitcoin fails to hold the $ 7,400, a deeper correction to the $ 6,000 range is possible.
Because of the highly volatile nature of cryptocurrencies, the use of leverage can be a dangerous decision. An unidentified futures trader in the OKEx encryption has recently discovered it the hard way, when his long position led to a huge loss, which now will have to be partially offset by the counterparts. Although leveraged it is a normal trading loss, with the leverage effect this can become unmanageable and cause bankruptcy.
Therefore, we always advise our readers to take smaller positions when they buy closer to lows, in anticipation of a trend change, so that a small loss does not affect the wallet. Larger positions can be initiated when cryptographic markets are in a bullish phase.
Let's take a look at the charts to identify if the path of least resistance is up or down.
BTC / USD
Bitcoin plunged into a low intraday of $ 7,288.97 today, triggering our recommended stop loss at $ 7,400. The bulls defended support at $ 7,250 and did not allow the price to fall below the downtrend line of the descending triangle, which is a positive sign.
Currently, the 20-day EMA is flat and the 50-day SMA is occurring. it will trade in a downtrend channel for a few days and then go up: in that case, we can expect the BTC / USD pair to rise to about $ 9.600 – $ 10,000 after canceling $ 8566.4. [19659006] As the price starts to trade above $ 7.750, the probability of a breakout from the channel increases. Traders can buy on a close above the channel, keeping $ 7,200 as a stop.
On the contrary, if the bears sink the pair below $ 7,250, the 50-day SMA could act as a minor support, below which a new test of the $ 6,000 line will be performed.
We do not find
ETH / USD
Ethereum broke under the support of $ 404.99 and fell to a minimum of $ 397.84, triggering the ro stop loss suggested at $ 400.
The bulls reported the price at $ 404.99 – $ 496.36. This is a positive sign, which shows that the breakdown did not encourage the sale of panic by traders.
If the ETH / USD pair stays above $ 405 for a couple of days, it can gradually go up to $ 500.
On the other hand, if bears claim less than $ 400 for a pair of days, it is likely a decline to $ 358. The next two days will give us a better idea of the probable direction.
XRP / USD
Ripple remained stuck in a wide range of $ 0.51978 – $ 0.4242 from June 23 and in a narrow range of $ 0.4242 – $ 0.46898 from July 21st. The bulls have defended the $ 0.4242 mark in the last three days.
A breakdown of this range has a first target of $ 0.37942 on the downside and below the second target is $ 0.32862.
If the XRP / USD pair climbs above $ 0.47, a rally to the top of the range at $ 0.52 is possible, however, as long as the price remains within the range , it is difficult to predict the next probable direction.
Therefore, we suggest traders to expect a break above $ 0.56270 to sustain before entering long positions.
BCH / USD
Bitcoin Cash is finding it difficult to sustain the boun ce from the bottom of the segment. Currently, the price has dropped to the trendline support at $ 710. If this support breaks, a new support zone test is likely to be $ 619.751 – $ 657.8.
If the bulls maintain trendline support, a slight rebound may occur, which will face downward resistance.
As long as the BCH / USD pair remains above $ 620, we consider that a fund is forming: traders should expect a break from this formation before buying it.
EOS / USD
EOS held the range fund in the last two days. this may result in a decline of $ 5.1 and less than $ 4.3396.
If the bulls defend the bottom of the range, the EOS / USD pair may consolidate for a few more days in the range of $ 6.8926 – $ 9.4456.
While I am a good strategy to buy closer to the lows of the range and sell at the top of the range, we are not recommending a purchase because both moving averages have dropped. We would have potentially attempted to get into a long position if the moving averages remained unchanged.
LTC / USD
Litecoin is close to critical support at $ 74,074. The bulls have defended this level since June 24th. As a result, a break at this level will be a significant event that may result in a slide to $ 57, which is the next target of the bearish model
If the bulls defend the $ 74 line again, the LTC / USD pair will continue to trade. inside the interval, finally trying to climb to the top of the range for $ 91.146.
Moving downwardly moving averages show that the sellers are in charge and a breakdown of support is likely. [19659006] Trader should wait for the decline to finish before attempting any long operation
ADA / USD
Cardano continued his journey south after having demolished the descending model of the triangle
I is currently trying to get support for $ 0.1219. If successful, it may attempt to rebound above $ 0.13.
If bears break below $ 0.12, the ADA / USD pair may slip further to $ 0.111843. Traders should wait for purchases to emerge before attempting a long position.
XLM / USD
Stellar broke below the support line at $ 0.2544 and is finding purchase support closer to the 50-day SMA. If the bears break under the 50-day SMA, the slide can extend to the bottom of the range at $ 0.184.
If the bulls maintain the 50-day SMA and keep the rebound above $ 0.2544, the XLM / USD pair may remain tied within a few days, moving averages are flat, which also indicates probable consolidation.
We will wait for the interval is defined before attempting to buy close to the fund.
IOTA / USD
IOTA broke below the support at $ 0.9150 completing the descending model of the triangle.Our suggested breaks on long position remaining were activated on August 2, when prices fell below the June 29th low of $ 0.8851.
The IOTA / USD has fallen to a minimum of $ 0, 7735 today, where the purchase has emerged. Currently, the bulls are trying to push prices back above $ 0.9150. If successful, the pair may switch to 20-day EMA and above the bearish trend line
If bears defend air resistance, either at the 20-day EMA or at the line downtrend and still break below $ 0.9150, the virtual currency may fall to its next support at $ 0.666 and below that at $ 0.5721. We will have to wait for the price to remain above the bearish trend line before proposing any operation on it.
TRX / USD
Tron passed critical support for $ 0.03275 on July 1, after holding it for more than a month. Now he can move to the next support at $ 0.028.
If this support too Cracking, the next stage is long-term support of $ 0.022806. We expect this level to register.
Any recovery will now have to face resistance at $ 0.03275. The TRX / USD pair stops falling and forms a configuration of purchase before recommending a trade on it
Market data is provided by the HitBTC exchange Analytical charts are provided by TradingView.
[ad_2]
Source link
