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.
Cryptocurrency prices are plummeting across the board. At the time of printing, all the first 10 coins are in red. Excluding Stellar and Bitcoin, everyone is down more than 7%. When a class of assets enters a protracted phase of the bear, such falls are to be expected because the sentiment is fragile and any negative news can cause panic among traders.
The previous collection attempt in July was abandoned after the US Securities and Exchange The Commission (SEC) rejected the proposed Bitcoin exchange fund (ETF) presented by the Winklevoss twins.
Today's fall gained momentum following reports that Goldman Sachs interrupted his plans to open a cryptocurrency exchange. The bank, however, still wants to move forward with its cryptocurrency custody product for institutional clients.
Many had relied on large institutional actors to provide support for encrypted prices, but there seems to be a delay in their entry until they improve the regulatory environment.
Bulls could compensate for this news and stop the fall, which would be a positive sign that confirms demand at the lower levels. However, in a more negative turn of events, the price may continue to fall and make a new minimum. The image will be clarified in the coming days.
In the meantime, let's examine the price charts and evaluate the damage caused by this sudden drop.
BTC / USD
In our previous analysis we mentioned that Bitcoin could face a resistance closer to the $ 7504.68 level. Therefore, we have advised traders to protect their long positions by raising their break evenings. The entity of the fall, however, surprised everyone.
The price has plummeted to low of $ 6910.91 today, where some purchases have emerged but the bulls are finding it difficult to push much higher prices.If the price remains below the 20-day EMA, it will indicate weakness.The pair is currently at a Critical level.The action in the next two days will give us a better idea of what to expect.
The BTC / USD will gain strength if the bulls defend the 20-day EMA and push prices above $ 7413 , 46.
ETH / USD
The symmetrical triangle of Ethereum has been resolved on the downside, resuming the downward trend. The pattern goal of the breakdown is $ 192.93.
A Currently, the bulls are trying to defend the low of August 14 to $ 249.93 bu the formation seems negative.
The 50-day SMA is down and the 20-day EMA has also declined, which shows that the sellers return to the driving seat.
The ETH / USD pair will gain strength only after the break of the downtrend line and the 50-day SMA. Until then, all rallies will be sold. Therefore, traders should avoid bottom fishing at current levels.
XRP / USD
Ripple is decomposed into the interval, which is a bearish sign. The price can now test the August 14th low of $ 0.24508, which is an important support.
EMA 20 days, which had flattened earlier, it was turned off again and the 50-day SMA continues to decline, which shows that sellers have returned to short-term order.
The trend will remain firm until the break-up of the XRP / USD pair compared to the 50-day SMA and the bearish trend line, traders should remain on the sidelines and consider long positions only in the event of a breakout and close (UTC time zone) above $ 0.37390
BCH / USD
Bitcoin liquidity declined dramatically by the 50-day SMA The 20-day EMA failed to provide bearish support.
The BCH / USD pair can correct t or strong support zone of $ 473.9060- $ 500. If the support is valid, the virtual currency can begin to consolidate. However, if bears break below $ 473.9060, the fall can extend to $ 400 and over $ 300.
The first sign of strength will be a breakout and close (UTC time frame) over the 50 day SMA. Until then, traders should avoid starting any long position at the lower levels.
EOS / USD
EOS returned to the support level of $ 5.65, after failing to support the 50-day SMA. If the media breaks, the virtual currency may fall to the trend line and below the support zone of $ 4.5- $ 4.8.
If the $ level 5.65 is worth, the bulls will try again to overcome the 50-day SMA.The EOS / USD pair will start if it claims over $ 6.8299.
Traders who have started long positions on our purchase recommendation may record a loss on 50% of the position at current levels and keep the stop loss on the rest at $ 4. for the next two days and then decide whether to hold the position or close it
XLM / USD
Stellar has held more than $ 0.184 since mid-December. Previous attempts to stop this support have failed – twice, cryptocurrency took about 20-25 days in consolidation, before starting a move.
 The current consolidation lasts for a month, if the bulls come out of the resist enza, a move to $ 0.3157505, followed by a rally at $ 0.35 is likely.
If the XLM / USD pair breaks by $ 0.184, it will become very negative and may fall to $ 0.11812475 and fall.
Therefore traders should only start long positions if the current consolidation breaks.
LTC / USD
Litecoin has steadily reached new lows since the beginning of the year by the break of the $ 107,102 level. The bulls had formed an interval after falling to $ 74, but could not get out of the 50-day SMA. Subsequently, the pair broke down and made a new intraday minimum of $ 49,466.
Currently the LTC / USD has lowered again compared to the 50-day SMA and the downtrend line. The bulls are trying to defend the $ 62,319 levels If this level breaks down, the virtual currency can retest the lows of $ 49,466.
If the support is valid, the cryptocurrency will try again to overcome the 50-day SMA. This will be the first sign that the sale has ceased.
ADA / USD
Cardano had a strong downward trend, losing about 94% from its daily intraday high of $ 1.39281 to the daily minimum of $ 0.083192 on August 14
A breakout from the range has a target of $ 0.140494. However, the trend will only change when the digital currency It forms a series of higher highs and higher lows.We will wait a new uptrend to start before suggesting any operations on it.A range analysis will renew the downward trend, which has a target of $ 0.054541. .
IOTA / USD
IOTA has refused the 50-day SMA, with support for $ 5,750, which should In contrast, a decline of $ 0.4628 is likely.
The pair IOTA / USD will show the signs of a reversal of tendency if the bulls leave the resistance zone from $ 0.8152 to $ 0.9150.
Traders who started long positions following our previous recommendation may record profits on positions partial to current levels and keep the rest with the firm loss at $ 0.46 Our upward target goal is a move to $ 1.24.
XMR / USD
Monero refused head resistance to $ 150. Strong support for moving averages and $ 109,220 – this support breaks down, virtual currency can drop to $ 81.
If the bulls successfully defend the line $ 109.22, the XMR / USD pair may again try to break the habitual resistance to $ 150. The trend will change if the bulls can hold over $ 150 for three days.
Traders who are long on our recommendation can keep their positions with the stop loss at $ 90.
Market data are provided by HitBTC exchange. The graphs for the analysis are provided by TradingView .