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Market data is provided by the HitBTC exchange.
Bitcoin can witness a searing rally in the remainder of the year? Tom Lee, head of research at Fundstrat Global Advisors, certainly thinks so and has his reasons. It is still confident that the leading digital currency can reach $ 25,000 by the end of the year.
However, we have kept all the fact that people hoping to repeat the previous year's rally will be disappointed. With a number of traders faltering under huge losses, it will take a great deal of effort to turn the feeling around.
A commercial war between the two major economies of the globe, or a currency crisis could certainly provide a great boost, but we believe that the resumption of cryptocurrencies will be gradual and take time. Some of the major cryptocurrencies are showing signs of exhaustion.
We find what looks good to bring the recovery higher.
BTC / USD
Bitcoin is the only virtual currency among the top 10 that has been trading on the 20-day EMA over the past three days. On August 24, the price broke out again from the downtrend line of the descending triangle, which is a bullish signal. This shows that buyers are gradually returning to these levels. The 20-day EMA is slowly underway while the 50-day SMA is flat.
The critical level to watch the upside is $ 6,955.79, while the 50-day SMA is close to this level. If this critical resistance is exceeded, the BTC / USD pair will increase momentum and rise to $ 8,566.40 if the bulls fail to climb the level of $ 7,000, the digital currency will still take some time in a background formation, suggesting traders to keep their long positions with an agreed stop loss.
negative side, the support zone Criticism to watch is $ 5,900- $ 6,000 If this breaks, lower levels of $ 5,450 and $ 5,000 will become a reality.
ETH / USD
Ethereum has been trading near the $ 280 level in the last seven days. last two days, the intraday range has shrunk dramatically. This low volatility phase does not it should last a long time. [1965] 9004] Any attempt to Upward pullback will face a stiff resistance to the 20-day EMA and beyond the downtrend line.The ETH / USD pair will show signs of a trend change if it exceeds $ 358.
We will wait for the price falls from the SMA 50 days before suggesting a long position.
XRP / USD
The range in Ripple has shrunk in the last three days.The market participants are not interested in nor purchase sale at these levels.This balance is unlikely to continue for long
A 20-day EMA breakout will likely bring the c Opposes XRP / USD to 50-day SMA at $ 0.40, with less resistance to the downtrend line 2. Over the 50-day SMA, the downtrend line 1 is the next major resistance point: Short-term traders can get by on this trade pullback, but only with a smaller position size because the trend is still declining.
On the downside, any interruption of the $ 0.30 line will result in a drop to the August 14th low of $ 0.24508. We will wait for a purchase configuration to be formulated before recommending any position.
BCH / USD
Bitcoin money was traded in a narrow range of $ 513.60- $ 544.5476 for the previous four days: it is unlikely that such a small, long-range action will continue for a long time.
The BCH / USD pair it will break out or stop abruptly within this week.On the upside, once above the 20-day EMA, the bearish line will act as a stiff resistance.Once the bulls rise above the downtrend line, A rally of up to $ 900 is probable.
If bears break below the support zone of $ 473- $ 500, a new $ 400 value will be in the cards .We expect the price to close (UTC timeframe) above the downtrend line before suggesting any long positions.
EOS / USD
The bulls have held EOS above $ 4.50 in the last 10 days but have failed to exceed the EMA by 20 days.
The zone between the 20-day EMA and $ 5.65 could offer a stiff resistance, above which a rally is likely the 50-day SMA .
We will become positive for the EOS / USD pair after the bulls have closed (UTC time frame) over the 50-day SMA. As a first entry point, we might suggest starting a small position if the bulls burst by $ 5.65 by force Until then, we suggest that we stay on the edge.
XLM / USD
Stellar continues to trade near the bottom of the segment. the consolidations ended with an upward break.
If the bulls manage to out of the current consolidation, it is likely that you move to the downtrend line.The move up will gain momentum after breaking this resistance.More than the XLM / USD pair remains within the range, breakout will be stronger
Therefore, we suggest starting a long position at $ 0.25 if the price keeps the level for about four hours.The initial stop loss can be placed at $ 0.18, which can be towed higher when the digital currency approaches the downtrend line
We suggest to use only 50% of the regular allocation.The rest of the position can be added if the price is kept above the line downtrend for a couple of days.
Our bullish view s will be invalidated if bears sink the price below $ 0.184.
LTC / USD
Litecoin has been traded within the range in the last 16 days. The previous attempt to create a fund failed on August 7 when bears broke below the $ 74- $ 94 range.
Bears benefit from moving averages Continuing to go down, any upward movement will encounter a stiff resistance to $ 62.319, the 50-day SMA and the downtrend line
The LTC / USD pair will show the first signs of recovery when it breaks out of the downtrend line and we will wait until the trend changes before suggesting long positions. 19659007] ADA / USD
Cardano continues to operate in the range of $ 0.083192 and $ 0.111.843. It has not seen a huge interest from buyers as it is still below the 20-day EMA, which is tilted downward.
The bulls face environmental resistance between the 20-day EMA and the SMA of 50 days. Each of these levels can lower the price.
Therefore, we will only become positive for the ADA / USD pair after sustaining over $ 0.13 for around three days. Until then, we suggest traders to stay on the sidelines.
XMR / USD
Monero is trying to rebound from the strong support level of $ 81. The 20-day EMA, the 50-day SMA and the downtrend line will act as a rigid upward resistance .
The XMR / USD it did not break out of the long-term downtrend line in 2018. So a breakout of this will indicate a probable change in We can suggest a long position once the price is kept above the downtrend line
Ideally, after such a prolonged recession, we would like to see a few days of accumulation close to current levels, changed from down to su
IOTA / USD
After consolidating in a narrow range for about 10 days, IOTA is trying to exceed 20 days EMA. If successful, it should go to $ 0.8872 and then to 50-day SMA.
Given that the price has remained above the interval and the 20-day EMA in the last hours, traders can buy the IOTA / USD pair at current levels with the stop loss at $ 0.46.
On the other hand, if bears sink prices below $ 0.46, the pair may fall to $ 0.4037.
Market data is provided by the HitBTC exchange. Analysis charts are provided by TradingView.
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