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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 is provided by the HitBTC exchange.
On August 22, the US Securities and Exchange Commission (SEC) rejected 9 new fund proposals traded on the exchange with Bitcoin (ETF), but – perhaps surprisingly – the news did not cause a market crash, as happened in similar cases first. This shows that very few purely speculative positions had been built that provided for the approval of an application by the ETF
Another negative news concerning China which further strengthened its restrictions on the trading of cryptocurrencies is was also taken by traders. When a class of assets maintains its support levels even after several negative news, it shows that the bears are losing their grip. Some even expect a turnaround on Bitcoin.
On August 23, the SEC stated that it will review its previous decision on the waste of the ETF. However, the probability of a different decision is low. Brian Kelly, a crypt analyst with CNBC, predicts that Bitcoin ETFs will see the light of day only by February 2019.
Excluding August 14, the total market capitalization of cryptocurrencies has exceeded $ 200 billion. This shows that the sale has eased and that the bulls have gradually begun to accumulate around current levels.
So, is this the right time to start cherry picking? Let's find out.
BTC / USD
Bitcoin made lower falls in 2018, but has yet to fall. It largely held the February 6th low of $ 6,075.04. A couple of failures below this level have not been sustained and prices have returned quickly.
The bulls broke out from the descendent model of the triangle at the end of July, but they could not sustain the higher levels and the price was again resized triangle. Currently, the bulls are still trying to get out of the triangle, but they are facing a stiff resistance near the $ 6.580 mark. The 20-day EMA is also at this level.
If the bulls climb the levels of $ 6,600, the rally is expected to extend to $ 6,955.79. The 50-day SMA is just above this level and has flattened, so it will act as a great resistance.The BTC / USD will become positive and will gain momentum only above this resistance Until then, a trading range range between $ 5,900- $ 7,000 can be expected.
Cryptocurrency will become negative if it falls below $ 5,900, down from $ 5,450 and beyond to $ 5,000.
Since the $ 5,900 level has not been spread this year, we suggest traders to hold long positions, and if the bulls will not exceed $ 7,000 next time, we recommend closing the position because we could have the opportunity to reacquire at the lower levels.We should get a qu I'll be better in the next two days.
ETH / USD
Ethereum struggled to rebound from recent lows. He has not even returned to the 20-day EMA, which shows a lack of purchases at current levels.
Both moving averages are Downhill and even the RSI is in negative territory, indicating that the trend is declining, if bears break below $ 249.93, the downward trend can extend up to $ 200.
The ETH / USD pair will become positive if the bulls unlock and stay on the 50-day SMA We could propose a long position first if we find a reliable purchase pattern.
XRP / USD
Ripple is an underperformer, having lost about 90 percent of its value from its all-time high, even if it has returned from $ 0.24508, it is difficult to find buyers at higher levels.
The pair X RP / USD will show some signs of strength if the bulls will rise above the 20-day EMA, the downtrend line 2 and the 50-day SMA. The trend will change after the price drops from the downtrend line 1.
On the downside, $ 0.24001 is the critical support to watch out for. We believe that virtual currency will spend some time in a basic scheme, before going up. Traders should wait for the formation of a reliable purchase configuration before starting any long position.
BCH / USD
Bitcoin Cash has tried to hold on to the $ 500 level in the last ten days, but the purchase continues to dry up above the $ 600.
Every pullback will have to face a stiff resistance to the 20-day EMA and to the 50-day SMA, while the BCH / USD pair will show the first signs of recovery if it keeps above the downtrend line
Downward, if bears break under $ 500, a new test of the lows of 14 August will be on the cards. If this level breaks, the next stop is $ 400. We suggest traders to wait for purchases to resume before starting any long position.
EOS / USD [19659009] The bulls are trying to hold on to the critical support for $ 3.8723, however, I am unable to push EOS above the moving averages, which shows that the ers sales are still in charge.
XLM / USD
Stellar is not convincingly distributed of the $ 0.184 level since mid-December last year, revisited this level three times in 2018 and the previous two occasions caused a rebound, so as long as the bears do not break and support below the support, we expect them to hold Therefore, we maintain our purchase recommendation date i l August 15
The couple XLM / USD has consolidated between $ 0.184 and $ 0.25 since August 5th. A break out of the range has a target of $ 0.3157505, which is also close to the downtrend line. the next target is $ 0.36.
If bears break below the interval, virtual currency can reach the target of $ 0.11812475.
LTC / USD
The bulls are trying to stop the decline on Litecoin. last 13 days, the price has been locked within the range of $ 49.318- $ 62.319.
A breakdown of the interval will resume the downward trend and has a model target of $ 36.317, with less than $ 40 support. [19659004] bulls manage to escape the interval, the LTC / USD pair can move to its target of $ 75.32. Since the 50-day SMA has not been scaled back since May 16 of this year, we will have to wait for the price to remain above it and the bearish trend line before it becomes bullish.
Currently, virtual currency is in a non-trading zone.
ADA / USD
Even after a decline of 93% from its daily high of $ 1.396281, Cardano is struggling to find buyers. Slanting downward moving averages and weak reading of RSI show that sellers still have an advantage.
The ADA / USD pair has been traded in the $ 0.083192 – $ 0.112598 range over the past ten days.A breakdown of the range may result in a decline to $ 0.078, although
On the upside, there are a lot of resistance between $ 0.111843 and $ 0.14. We will become positive after the price stays above the 50-day SMA.
XMR / USD
Although Monero is in a downtrend, it has reached critical support around $ 81, which took place from 23 August to 6 November last year, before the upward trend began, so we expect bulls to strongly defend this level.
On the upside, the first sign of a change in trend will be when the bulls are successful in downsizing above the long-term downtrend line. Until then, traders should stick to other cryptocurrencies that are showing strength.
IOTA / USD
IOTA is falling. Both moving averages are sloping and the RSI is in the negative territory, which shows that the sellers still have the upper hand.
In the last seven days, the IOTA / USD pair traded in a range of $ 0.4628 – $ 0.5750, with a target of $ 0.3506, with a lower support than the August 14 low of $ 0.4037. [19659004] If the bulls are able to escape the interval and the 20-day EMA, a $ 0.6872 rally is probable, the move to the top may extend up to 50 days for SMA at $ 0.82, we therefore keep the purchase recommendation indicated in the previous analysis Only traders with a high risk appetite should try this trade.
Market data is provided by the HitBTC exchange. the analysis is provided by TradingView.
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