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Market data is provided by the HitBTC exchange.
The market capitalization of cryptocurrencies has once again risen above the $ 215 billion mark. A resilient bitcoin was the main reason for the pullback. If the leader holds on, investors gain confidence and start entering the markets.
Crypto hedge fund Pantera Capital is looking to raise $ 175 million for its third venture capital fund. Previously they had raised $ 13 million in 2013 for the first fund and $ 25 million for the second. This shows that the demand for cryptocurrencies and related investments is still alive.
Although the decline was presumably caused by the ESA's rejection of the ETF proposal, some experts still hope to see a Bitcoin ETF in the near future. Others however, are not enthusiastic about Wall Street money entering the cryptic world. They believe that money managed by Wall Street will cause more problems.
Cryptocurrencies are currently withdrawing from their lows. So, traders should start buying at these levels or wait? Let's find out.
BTC / USD
Bitcoin continues to operate in the $ 5,900.06-$ 6.617.5 range. Currently, the bulls are making another attempt to get out of this range. Above the interval, the virtual currency may again face the 20-day EMA resistance, the downward trend of the downward triangle and the 50-day SMA.
In the last seven days, the bears have repeatedly lowered their prices by the sign of $ 6,617.5 if the bulls eventually scale it, the momentum will bring it over the 20-day EMA and the descending trend line of the descending triangle. [19659004] Therefore, we maintain the purchase recommendation provided in the previous analysis.
Our assumption of a bull's move will be invalidated if the BTC / USD pair breaks by $ 5,900. Another possibility is that the price remains within the interval for a few more days, forming a fund.
Because prices are in a range, false breakouts are possible So we have suggested buying only if we find the price pending for four hours, if prices retire after a breakout and show weakness, long positions should not be taken.
As always, traders should follow the highest stops if the position moves in their favor.
ETH / USD
Ethereum is struggling to stay above $ 300. Over the past two days it has retreated from this level.
Both moving averages are downhill and the RSI is still in the oversold area.This shows that the bears still have a high hand.The pullback will face the sales pressure at the 20-day EMA, which is close to the previous support of $ 358 which will now act from resistance
If the ETH / USD pair is kept above $ 358 for three days, it will signal a probable change of trend.
XRP / USD
Ripple has been profoundly overstepped and is currently in a pullback that can bring it to the bearish trend line 2 where we expect strong resistance.
The XRP / USD pair is one of the worst performers among the best crips tovalute. So, we do not recommend buying the first pullback from the lows. The trend remains bearish with both moving averages still in decline.
It has a slew of aerial resistances that will act as an obstacle, attracting the sale. Thus, it is only suitable for very short-term traders who can quickly enter and exit positions.
Swing traders or long-term investors should wait for the pair to complete a background model and then buy it. Until then, it is better to stay with outperformance.
BCH / USD
After failing to exceed the $ 537.8221 level over the past three days, Bitcoin Cash is still trying to scale environmental resistance and RSI is trying to get out of the oversold zone.
We currently do not find no purchase configuration, therefore, we are not
EOS / USD
EOS has finally made a move today, having struggled to rise in the last two days.Mobile averages are sloping and the RSI is still in the negative territory, which shows that the sellers have an advantage.
Any recovery will have to face the 20-day EMA resistance and the 50-day SMA resistance. The bulls did not break out of the 50-day SMA from 9 June. So, a break of it will indicate strength.
In April of this year, the EOS / USD pair only gained momentum after breaking the 50-day SMA. Thus, we could suggest long positions after the price is kept above the 50-day SMA. If a new installation develops first, we will consider it.
XLM / USD
Stellar extended his stay in the range between $ 0.184 and $ 0.25. The withdrawal on August 13th and August 15th, both had to be sold at the 20 day EMA.
Previously, in mid-April and mid-July of this year, the XLM / USD pair regained momentum after closing (UTC period) over the year. 20-day EMA
Currently, the 50-day SMA is flat and the 20-day SMA is down: if the bulls burst by $ 0.25, the probability of a rally towards the line increases. bearish trend at $ 0.32 recommendation given in the previous analysis
LTC / USD
The withdrawal attempt on August 18 met with sales at higher levels but Litecoin maintained the $ 54 level in the last two days.
L & The 20-day EMA will be the first hurdle, over which, the pullback may extend to $ 80. The 50-day SMA and the downtrend line are both close to $ 80, quind i expect the bears to defend this level strongly.
RSI is trying to get out of oversold territory, which is a positive sign. All these indications indicate a corrective rally, but we do not find any reliable purchase configuration, so we are not recommending a trade on the LTC / USD pair.
ADA / USD
Cardano is struggling to rebound the lows. This shows that the bulls are in no hurry to buy even at these low levels.
On the upside, the area between $ 0.111843 and $ 0.13 will act as a rigid resistance The 20-day EMA is down, but the SMA 50 days is flattening. the ADA / USD pair could enter consolidation for the next few days.
If prices are higher than $ 0.111843, show that the selling pressure has decreased. We will have to wait for a new purchase configuration before recommending a trade on it.
XMR / USD
Monero has retired in the last three days and is close to the 20-day EMA in which he may face resistance.
If the scale of the bulls exceeds the 20-day EMA, recovery can continue up to $ 120 mark.Also the long-term downtrend line is close to $ 120, so we expect to sell at this level.
Next decline in value of $ 76,074 will confirm whether a fund has been made or the current withdrawal is only a bear market rally.
Currently, we do not have any upside on the XMR / USD pair, therefore, we suggest traders to wait a few days
ETC / USD
Ethereum Classic found a place in our analysis by taking tenth place, while its price has not increased, it has declined less than other cryptocurrencies.
The ETC / USD pair has remained above the $ 13 level since April of this year. While bears broke under this support on August 13, prices quickly rebounded, after taking support near the $ 9.5 sign
This shows that buyers are recovering the digital currency with abrupt jumps. The 20-day EMA is down, but the 50-day SMA has been flat since July. the virtual currency could remain between $ 13 and the downtrend line
We do not find a strong purchasing approach, therefore, we are not recommending a trade on it.
Market data is provided by the HitBTC exchange. Analysis charts are provided by TradingView.
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