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Market data is provided by the HitBTC exchange.
Turkey is facing a crisis while its national currency is plummeting. The 10-day volatility of the lira against the US dollar exceeded that of Bitcoin (BTC). President Recep Tayyip Erdogan has urged the people of Turkey to exchange their dollars and gold for the lira, reports The Guardian.
However, it seems that the most thoughtful Turkish citizens exchange their lira with Bitcoin, as evidenced by an increase in the volume of trade through the exchange of cryptocurrencies in the country, according to Forbes.
Although absolute volumes are still low, the crisis has still demonstrated the importance of cryptocurrencies, which due to their decentralized nature can not be controlled by governments and central banks. A recent study by Yale Aleh Tsyvinski's economist said that an optimal portfolio should park at least 6% of its Bitcoin funds.
Although the overall sentiment in the encrypted world is still bearish, market participants continue to prefer Bitcoin, which has increased its dominance to over 51 percent.
So, will Bitcoins abandon the ground or pull out the bulls? What do the charts foresee? Let's have a look.
BTC / USD
Bitcoin has been trying to rise in the last two days, but is facing strong selling pressure near the $ 6,500 mark. This indicates a likely consolidation between $ 5.910.65 and $ 6.500 for the next few days. We will remain positive on the pair until it stays above $ 5,910.65.
Bitcoin will gain strength once sustained above the downtrend line of the descending triangle, therefore we retain the call to purchase made in our previous analysis.
Our bullish view will be invalidated if the BTC / USD pair drops to less than $ 5.910. next downside support is $ 5.450 and below $ 5,000.
The 50-day SMA has remained unchanged in the last few days, which increases the probability of consolidation in the short term, while the EMA in the fall of 20 days shows that the bulls will make another attempt to break the support zone.
The next two days are crucial and will give us a better picture of the next move. [19659008] ETH / USD
The last days have seen a strong fall on Ethereum and the bears I'm not in the mood to loosen my grip. The withdrawal attempt on August 12th was accepted with a new sale and the bears resumed the downward trend
The RSI continues to decline deep into the oversold territory without a trace of buy support, increasing the likelihood of a fall to the next support at $ 280. [19659004] There are no trades to be done before the ETH / USD pair stops falling and reverses the direction. The first sign of strength will be if the bulls manage to survive beyond the 20-day EMA for three days.
XRP / USD
Ripple has continued his journey south to the main support of $ 0.24001. In the last two days, the bulls are trying to maintain the line by $ 0.288, but the recovery was weak, indicating a continuation of the decline.
The only thing in favor of de The bulls are that CSR is deeply oversold, which suggests that the sale has been exaggerated and a pullback is due. Any corrective gathering will have to face a 20-day rigid resistance and above the 50-day SMA resistance.
It's not a good trading strategy to try and grab a falling knife. We will wait for the decline to end and for a minimum to be formed on the XRP / USD pair before recommending long positions on it.
BCH / USD
As expected, Bitcoin money fell close to the critical support of $ 537.8221 on August 11th. We had expected strong support at this level, but the withdrawal attempt was ultimately weak. Unless the bulls quickly scale the $ 620 level, a break of less than $ 537 is likely.
The next downside support is $ 400, below of which the BCH / USD pair can go down to $ 300. As the RSI has been in the oversold area in the last days, we expect buyers will have to take action at current levels
$ 620 and the 20-day EMA will act as strong bullish resistance and we will wait for a new bullish model before proposing long positions.
EOS / USD
EOS has tried to keep the $ 4.8 line in the last two days, but the pullback lacks strength, which demonstrates the lack of interest in buying at this level, increasing the probability of a decline to $ 3,88723.
Both moving averages are falling and the RSI has been in the oversold area over the last few days, which shows that the sellers have an advantage.Any pullback attempt will encounter a stiff resistance to the 20-day EMA.
We expect strong support in $ 3,88723 – $ 4,3996. We will wait for buyers to return before suggesting any exchange on the EOS / USD pair
XLM / USD
Stellar rebounded to critical support at $ 0.184. demand at lower levels.The pair is included in the range of $ 0.184 – $ 0.477.
The XLM / USD has reached almost 20 days of EMA, which is likely to act as a rigid resistance: both moving averages are flattening, indicating a consolidation in the short term.
If the price remains above moving averages, a rally towards the bearish trend line is likely, we are bullish on the digital currency and we will recommend an exchange as soon as we identify a reliable buying situation.
Our bullish view be denied If bears support prices below $ 0.184.
LTC / USD
Litecoin has plummeted to an intraday low of $ 55 on August 11, just below our $ 57 target. The next level to keep an eye on is the support zone $ 48 – $ 52.
The RSI has entered oversold territory, so it is not possible to exclude a distress manifestation.Each pullback will have to face a stiff resistance to the 20-day EMA and to the above the 50-day SMA The LTC / USD has not broken out of the 50-day SMA since May 16 of this year, which shows that it has dealt with the sale on every little pullback.
We'll have to wait until the decline will end and the chart will form a fund before suggesting any trade on it.
ADA / USD
Cardano has remained clinging to the critical support with the skin of the teeth.A break of this can lead to a dip at the next support level of $ 0.078215.
Both moving averages are tilted downwards and the RSI is close to the oversold territory, which demonstrates that bears have an upper hand, downtrend line
D we will be positive on the ADA / USD pair if we support over $ 0.15 for a couple of days. Until then, we suggest traders to stay on the sidelines.
XMR / USD
Monero broke into the top 10 cryptocurrencies after much time, so we included it in our analysis.
The XMR / USD decreased to $ 87,023 on August 11, from where the bulls are trying to withdraw.
EMA 20 days will act as a rigid resistance, above which the upward move may extend to the bearish trend line, closer to $ 130.
On the downside, if the $ 87,023 level breaks, the fall may extend to the $ 78- $ 82 support zone.
Currently, virtual currency is in a downtrend, so we are not proposing a trade on it.
IOTA / USD
IOTA is in a trend Downwards, both moving averages are falling and RSI is in the oversold zone, which shows that bears are in charge, reaching a minimum of $ 0.5011 on August 11, where they are some purchases have been made.
The previous drops to the oversold area of the RSI have culminated in a pullback, so we asp let's see that the bulls defend the psychological support threshold of $ 0.5.
The potential recovery from the minimum tackle a 20-day rigid resistance at EMA and if that level is exceeded, the next resistance is $ 0.9150.
On the downside, if the IOTA / USD pair slips below $ 0.5, it can reach $ 0.45 and below $ 0.38. We will wait for the trend to change before suggesting long positions
Market data are provided by the HitBTC exchange. The graphs for the analysis are provided by TradingView.
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