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Market data is provided by the HitBTC exchange.
The total capitalization of the crypto market has grown by about $ 30 billion in 15 days. This shows that the market is rebounding from its lows. The failure of bears to break under the $ 5,900 sign in Bitcoin in recent days has encouraged some purchases from the bulls.
Various investment companies are launching new products in an attempt to attract institutional actors. This confirms the demand from the largest market participants. However, it is too early to announce the beginning of a new trend.
Last time, the bulls were too eager to call a fund and proclaim the end of this bear phase, but the cryptocurrencies quickly abandoned all their earnings and dived to new lows.
During the decline, Bitcoin managed to stay above its critical lows, but most of the top levels broke below support levels and made new lows since the beginning of the year. Therefore, we want to wait and wait for the next few days before proclaiming the start of a new uptrend.
BTC / USD
Bitcoin broke out of the 50-day SMA of August 28, which is a positive sign. However, the question now is: can the bulls sustain above the 50-day SMA? If bears sink the price and keep it below $ 6,955.79, the current breakout can be considered a bull trap. Critical downside support is the 20-day EMA.
The next two days are critical as they will give us a better idea of whether the fund is fine or this is just a rebound of a dead cat.
If the BTC / USD remains above the 50-day SMA, the next target is a rally back to $ 8,566, however, it is unlikely to be a direct dash.
The pullback will face resistance at $ 7.198.3, which is the retracement 50% Fibonacci decline from $ 8,496.53 As of this, the next resistance is $ 7,504.68, which is the 61.8 percent retrace.
Traders can keep their long positions with stop loss suggested. We will take partial profits and we will follow the highest stops if the pair goes up We should get more clarity within the next two days.
ETH / USD
Ethereum is not participated in the current pullback. not even climbed above the 20-day EMA, which shows that buyers are not desires eroded to jump on it.
EMA 20 days is flattening, but the 50-day SMA is still falling, the trend will remain depressed all the time the ETH / USD pair continues to be traded below the downtrend line and the SMA at 50 days.
We will wait for the cryptocurrency to form a reliable purchase configuration before suggesting any negotiation.
XRP / USD
Ripple EMA of 20 days has broken out, but is facing resistance to the line bearish trend 2. The 20-day EMA has become flat but the 50-day SMA is still downhill
Above the downtrend 2, the XRP / USD pair is likely to make a 50-day rigid resistance to SMA, if the bulls leave the SMA 50 days, the withdrawal can extend to $ 0.5. Short-term traders may remain on the long side, but positional traders should wait for the trend to change before starting any long position.
If bears can defend 50-month SMA, virtual currency can stay locked within the range of $ 0.3- $ 0.4 for a few more days.
BCH / USD
Bitcoin Cash has returned to the 20-day EMA, but the recovery lacks momentum. The purchase was weak and is likely to withstand the $ 600 threshold. Both moving averages are still sloping, which shows that the sellers are still in charge.
The BCH / USD pair it will gain momentum if it climbs above the downtrend line and the 50-day SMA If the bulls sustain above the 50-day SMA, the rally can extend to $ 900.
On the other hand, if the bears can not exceed $ 600, the cryptocurrency can remain between $ 500 and $ 600.
EOS / USD
EOS broke out from the 20 days EMA and environmental resistance at $ 5.65 on August 28th. extended its pullback and is close to the 50-day SMA, which could act as a stiff resistance.
The EOS / USD has not broken out of the 50-day SMA since 10 June. Therefore, if the bulls can sustain above this level, it will indicate a probable change in trend.
Traders can begin a long position on a close (UTC time frame) over the 50-day SMA with a stop loss of $ 4. The upside targets are $ 9 and $ 11.5.
Our bullish view will be invalidated if the virtual currency falls from the SMA to 50 days.
XLM / USD
We have been bullish on Stellar for the past few days because it has kept its lows since the beginning of the year in the recent downswing. Since it is not decomposed by $ 0.184, it still remains within the broad range of $ 0.184- $ 0.47766719.
EMA of 20 days and the 50-day SMA have both become flat as the digital currency has been stuck in a narrow range of $ 0.184- $ 0.24987525 since August 5.
The trend will change when the XLM / USD pair exits range, even if the up move can withstand the downtrend line, we have suggested a purchase because a breakout after long consolidation is likely to be strong enough to bring the pair to the mark of $ 0.35.
tori fail to scale environmental resistance, the action related to the interval could continue for a few more days.
LTC / USD
Litecoin broke out of the 20-day EMA but is finding it difficult to support above the interval The goal of the breakout pattern of the interval it is $ 75.32, but we expect the 50-day SMA and the downtrend line is a strong bullish resistance.
Currently, the 20-day EMA has become flat, but the 50-day SMA is still falling, as the LTC / USD pair is in a strong downtrend, we believe traders should wait for their tendency to change before ; purchase.
If bears push prices back below the 20-day EMA, virtual currency will continue to trade in the range.
ADA / USD
Cardano has interrupted the transaction. 20-day EMA but facing resistance to the downtrend line.A break of $ 0.111843 has a target of $ 0.14044, but if the bulls fail to exit resistance, the digital currency will extend its stay within the trading range of $ 0.083192- $ 0.111843.
While the 50-day SMA is still in decline, the 20-day EMA has become flat, which confirms that the short-term sales pressure has decreased.
The performance of the ADA / USD pair will change if it breaks out and will remain above the 50-day SMA. buys setup to formulate before proposing any operation on it.
IOTA / USD
IOTA has withdrawn abruptly in the last two days and has reached the 50-day SMA. The area between 50-day SMA and $ 0.9150 could act as a strong environmental resistance, so we suggest traders to record partial profits on the long positions recommended in the analysis prior to $ 0.82.
We don & # 39 I do not want to reserve profits on the full position because if the bulls manage to shake the strong air resistance, a rally is likely to be $ 1.24
If the IOTA / USD pair falls from current levels, the area between $ 0 , 5750 for the 20-day EMA could be a valid support.
XMR / USD
Monero came out of the 20-day EMA on 27 August but is currently facing a resistance from the horizontal line to $ 109.22 Even if the bulls climb this level, the 50-day SMA and the long-term downtrend line will invite you to sell.
We suggest traders to buy a small position on a close above the long-term downtrend line. We do not recommend using more than 30% of the usual endowment because the pair could spend some time in a range, forming a fund before embarking on an uptrend.
The initial stop loss can be kept at $ 90, which is just below the 20 day EMA. The first upside target is a $ 150 rally.
Our bullish view will be denied if bears push prices below the 20-day EMA, in which case consolidation is likely to continue for some days . 659059] Market data are provided by the HitBTC exchange. Analysis charts are provided by TradingView.