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Market data is provided by the HitBTC exchange.
If a class of assets does not fall heavily on unfavorable news but is mobilized on good news, it is an indication that the trend is bullish. Several reasons are attributed to the recent 40% increase in Bitcoin from the lows, but the most quoted was the possibility of a Bitcoin (BTC) exchange fund (ETF) within the next few weeks.
However, in the past three days, the US Securities and Exchange Commission (SEC) postponed a proposal and knocked one down.
While there are other proposals from the ETF pending with the SEC, the rejection of Bitcoin's ETF of the Winklevoss twins dampens the sentiment. The entity of the decline that follows this news will give us an idea if the trend has become positive or if the withdrawal from the lows was just a bear market rally.
Bitcoin bulls are optimistic about the future prospects of the currency. Mark Yusko, CEO and Chief Investment Officer of Morgan Creek Capital Management, has a target of $ 25,000 by the end of this year. He believes that the rally will continue and that Bitcoin could reach $ 500,000 by the end of 2024.
Similarly, Alexis Ohanian, a co-founder of the social media platform Reddit and a company VC Initialized Capital, recently reiterated his target year of $ 20,000 on Bitcoin and $ 1,500 on Ethereum.
Although we are also confident, we are much more cautious in our approach. We like taking one step at a time so you do not get carried away. The goal is to maximize profits for readers, taking the least possible risk.
BTC / USD
When a strong level of environmental resistance is resized, it is usually followed by a new breakout level test. Bitcoin completed a similar test of the $ 7.750 line. Previously this level acted as a strong resistance and will now act as a strong support.
A strong rebound from the level Support indicates that buyers were waiting for a dip to buy.The traders who were waiting on the sidelines to buy in a deeper drop remained. They might jump into the fray once the price continues its journey north.
So, if the bulls can come out of $ 8.566.4, the probability of a $ 10,000 rally increases, fueled by merchants who have lost the bus and feel excluded.
However, it may not be a one-way move , since the digital currency can withstand $ 8.888 and $ 9.375, therefore, we suggest traders to obtain partial profits at critical levels, scale above $ 8.566, partial profits can be booked closer to $ 8.400 and stops on long p the ositions that I am or starting at $ 6,650 can be raised to $ 7,400.
Our bullish view will be invalidated if the BTC / USD pair falls below $ 7.750.
ETH / USD
Ethereum has not been able to scale the 50-day SMA in the last three days. He is currently taking support from the trend line.
The pair ETH / USD has formed a small symmetrical triangle: a break in the triangle increases the probability of a breakout exceeding $ 500. On the other hand, if bears compel a collapse, the virtual currency may slide downwards for $ 404.  The trend line of the symmetrical triangle has been held since July 12, so we expect to rebound from it, so we suggest keeping the long position with the stop loss at $ 400.
XRP / USD  Ripple yes is consolidating between $ 0.4242 and $ 0.51978 for more than a month.Today, prices have remained around the bottom of the range in the last six days, which demonstrates a lack of purchases at these levels.
If the bulls do not impose a rebound greater than $ 0.47 within a couple of days, the XRP / USD pair could fall below $ 0.4242. Any breakdown of the interval will be a downward indicator, which may result in a decline to $ 0.33.
On the upside, $ 0.51978 will continue to represent a rigid resistance. If the bulls can push prices higher and consolidate near the top of the range, it will be a bullish signal. We wait for a break out of the action before proposing any operation on it.
BCH / USD
Bitcoin Cash failed to exit the bearish trend line over the past three days. This increases the probability of a break below the 20-day EMA, which currently serves as a strong support.
C & # 39; lower support at $ 745, below which the BCH / USD pair can slip to $ 670. On the upside, the $ 838.9139 – $ 934.2316 area will continue to act as a rigid resistance zone.
We propose to maintain the existing long position with stops under $ 650. We will close the position or we will follow the stops higher after a couple of days.
EOS / USD
EOS is extending its stay in the range of $ 6.8926 – $ 9.4456 We will not be able to find a commercial configuration on it until it stays within this range.
The first sign of a change in trend will be when the coppi will burst at EOS / USD and closes above the interval. The goal that follows this breakout is $ 11.996, but we expect a resistance to $ 11.64.
In contrast, if bears break below $ 6.8926, the fall may extend to $ 4.366, with less than $ 5.1 support. We maintain our purchase advice given in the previous analysis.
LTC / USD
Litecoin has consolidated into a narrow range of $ 80- $ 91 in the last ten days and in a wide range of $ 74,074 and $ 91,146 for more than a month
If the bulls run away from the $ 91,146 area , the LTC / USD pair will decline to $ 107, where it is likely to face severe resistance from the long-term downtrend line.
Cryptocurrency will become negative if bears impose a break below $ 74,074. a breakout from the range before it becomes positive, the more the price remains within the interval, the stronger the breakout will be.
ADA / USD
Cardano is struggling to get out of the resistance at $ 0.181617. It has formed a small downward triangle motif, which will complete at the close of $ 0, 153807. The downward target of this bearish model is $ 0.109567, which is close to the lows of June 29th. Therefore, we suggest following the stops on the existing long position at $ 0.14.
The ADA / USD pair will become positive if it exits the downtrend line and moves above $ 0.181617. Our first upside goal is $ 0.23.
Another possibility is that the virtual currency extends its consolidation between $ 0.15307 and $ 0.181617. However, due to the formation of a bearish model, we decided to reduce the risk by raising the stops higher.
XLM / USD
Although we had planned a rally at $ 0.38, Stellar could only reach $ 0.36 on 25 July
The fall from $ 0.36 has been stopped at the uptrend line, which is a positive sign. that the bulls make another attempt to come out of $ 0.36.On success, the XLM / USD pair can rise to $ 0.38. Investors can book partial profits between $ 0.36 and $ 0.38 and keep the rest with a trailing stop loss.
Our bullish view will be invalidated if bears break below the uptrend line and the 20-day EMA Investors can lift stops on existing long positions until a little less than 20 days EMA
IOTA / USD
The bulls are losing momentum on IOTA because they are making maximums lower after each subsequent withdrawal from critical support at $ 0.9150.
During the current attempt to recovery, the bulls failed to secure a closure over the 20-day EMA, which led to the formation of a downward triangle, which will close below $ 0.9150. The resulting decline may extend to $ 0.5175 with intermittent support to Therefore, we recommend a stop loss of $ 0.8850 on the existing long position
The IOTA / USD pair will show the first signs of recovery if it can sustain above the downtrend line and will gain momentum above $ 1.33.
TRX / USD
Tron is currently facing a stiff resistance in the 50 days of SMA and he's downtrend line.The interval is squeezed between the downtrend and $ 0.031.
We will probably witness an outbreak or break of this narrow range. If the bulls come out of the downtrend line , a rally is likely to be $ 0.056 with lower resistance to $ 0.044 and $ 0.052.  If bears break below the lows of July 12, the TRX / USD pair may fall to $ 0.0228. We will wait for a new configuration for purchases before suggesting any exchanges on it.
Market data is provided by the HitBTC exchange. The analysis charts are provided by TradingView.