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Market data are provided by the exchange HitBTC .
Institutional investors and the approval of an encrypted exchange of the Securities and Exchange Commission (SEC) of the United States are the two possible triggers that could increase the recovery of cryptocurrencies.
The SEC has decided to postpone the decision on the implementation of the Fx of Direxion Bitcoin until September. However, many encrypted enthusiasts hope that the application presented by the money manager VanEck and SolidX could see the light in the coming weeks.
While these applications are pending, the Bitwise asset manager of San Francisco jumped into the fray with a proposal from an ETF that tracks a basket of 10 cryptocurrencies. While others are applying for ETFs only for Bitcoin, the Bitwise HOLD 10 Cryptocurrency index would monitor more cryptocurrencies, collectively covering about 80 percent of the total market capitalization.
So with these positive expectations, can we see a repeat of the rally of the last year? Unlikely.
We believe it will be a slow climb to the top with several pit stops in the middle. Therefore, traders should not become greedy and should book partial profits at regular intervals. Let's look at the important levels to pay attention to.
BTC / USD
Bitcoin broke out and closed above the bearish line of the descending triangle on July 23rd. The following day, it exceeded $ 7,750 and reached $ 8,500 as projected in our previous analysis
If the bulls provide support for the trend line or $ 7,750, we are likely to see another break attempt on $ 8,566.4. the virtual currency fails to rise again above $ 8,500, traders can book partial profits close to $ 8,400.
In contrast, if the bulls break above $ 8,500, the digital currency can reach $ 10,000. remaining long began at $ 6,650 and exceeded their stops er to $ 7200. This will make the trade risk free and will collect some of the card's profits.
The momentum weakens if bears will sink prices below $ 7.750.
ETH / USD
The withdrawal on Ethereum hit a 50-day SMA check-point. Currently, prices have been corrected for the 20-day EMA, which should offer support. Below this, the trend line is the next support.
If the pair ETH / USD breaks below the trend line, it can slip to $ 440 and below that to support below $ 404.99 A break of this support can extend the fall to $ 358. Therefore, we suggest to keep the stop loss on the long position at $ 400.
On the upside, a break of the $ 500 line will increase the probability of a rally to $ 600 with a resistance lower than $ 550.
XRP / USD
Ripple is looking weak while continuing to trade close to the critical support line of $ 0.4242. This shows that buyers are not eager to own it even at these levels.
An analysis of the $ 0.4242 will be a negative development as it can lead to a rest decreases to $ 0.33.
On the upside, the $ 0.51978 – $ 0.5627 zone will continue to represent strong resistance. We will become positive on the XRP / USD pair once sustained over $ 0.5627. Until then, we recommend to stick to other cryptocurrencies that are showing positive momentum.
BCH / USD
Although the Cash Bitcoin closed above $ 838,9139 on July 24, it could not extend its earnings. It is currently facing resistance to the downtrend line
Moving averages are nearing completion of a bullish crossover, which is a positive sign. On the other side of the coin, we expect strong support at the 20-day EMA If bears break under the 39; EMA of 20 days, the BCH / USD pair can slip up to $ 670.
The coin will earn more than $ 935.
Since the price is above the two moving averages, we suggest you keep the positions Existing lengths with stops of less than $ 650.
EOS / USD
EOS continues to consolidate between $ 6.8926 and $ 9.4456. If the bulls come out of this range, they will indicate the beginning of a new trend with a immediate goal of $ 11.64. If this level is exceeded, the move to the top may extend rsi for $ 14.
Following the breakout from the range, if the EOS / USD pair struggles to exceed $ 11.64, the long position should be closed.
Our bullish view will be invalidated if the virtual currency breaks by $ 6.8926.
LTC / USD
Litecoin continues to trade within the range between $ 74,074 and $ 91,146. Attempts by the bulls to leave this area have been hampered by bears in the last two days.
EMA 20 days is gradually increasing, but the 50-day SMA continues to fall, the first bullish signal will be a breakout and will close above $ 91.146, which can bring the LTC / USD pair to the head endurance at $ 107.
long-term downtrend line is close to $ 107, which will act as a strong resistance
Therefore, we will become bullish on the digital currency only after sustaining over $ 107. Until then, we suggest traders to stay on the sidelines .
ADA / USD
Cardano consolidated between $ 0.153807 and $ 0.18617 in the last four days.We anticipate a breakout or breakdown of this interval within the next couple of days.
A breakout can bring the ADA / USD pair to $ 0.23 and a break can lead to a new minimum test at $ 0.13.
As moving averages completed a bullish crossover, we suggest keeping the long position with the recommended stop loss.
XLM / USD
Stellar has consolidated near the resistance of $ 0.31312212 over the past four days and has not lost much land, which is a positive sign.
A breakout of more than $ 0.31312212 can bring the XLM / USD pair to $ 0.38 where we expect another round of earnings, so investors should book partial profits close to $ 0.38 and draw stops on the remaining positions to secure the expected profits. Our final goal is a new test of $ 0.477
Our bullish view will be invalidated if bears defend $ 0.31312212 and push prices below $ 0.2544, so we suggest investors to follow their stops on the long existing position higher than slightly less than the 50-day SMA
IOTA / USD
Bears tried to sink IOTA below critical support at $ 0.9150 on July 24th, but the bulls defended the line $ 0.90.
The resulting pullback from the support line is facing a 20-day resistance to EMA. Once this level has been exceeded, a 50-day SMA move will be on the cards.
The IOTA / USD pair will face strong resistance to the downtrend line of the descending triangle and above $ 1.33. The trend will change if the price is kept above $ 1.33.
The RSI has formed a positive divergence, which is a bullish sign. long position with stop loss at $ 0.8850.
TRX / USD
Although Tron fell below $ 0.03275 on July 24th, remaining above the July 12th low of $ 0.03100749. However, the pullback continues to resist the 50-day SMA.
The RSI has formed a positive divergence, which increases the probability of a rally to $ 0.056. The move will be confirmed once the TRX / USD pair explodes and stays above the 50-day SMA.
The bullish view will be invalidated if bears support below $ 0.031. We will wait for a purchase configuration to be formulated before suggesting a trade on the pair.
Market data are provided by HitBTC exchange. Analysis charts are provided by TradingView.