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Altcoin Sellers cleans $ 42 billion in 10 days
Straight from EOS, Bitcoin Cash, Monero and even Stellar Lumens – which has been largely bullish a couple of weeks ago, continuing erosion. In fact, some like Bitcoin Cash are now under the key multi-month support lines and may suffer accelerated losses this week.
Let's take a look at these graphs:
EOS technical analysis
In evidence
Dan Larimer, CTO and designer of the EOSIO network is proposing new ways to reduce what he calls the "cost of capital of the use of the network and of the resources of the CPU". At present, EOSIO is charging all the costs of starting and running a dApp on the owner and with a billing of a maximum CPU time of 400 mS, it is quite steep for those wishing to run on the network. However, Dan's proposal to delegate or rent the network bandwidth is also specified in the EOSIO white paper and is therefore not new. To complete this, the next phase will be to create an efficient rental market with deep liquidity and easy price matching.
EOS – Explanation of the CPU and the NET rent proposal by Dan Larimer! https://t.co/NGonUNTgOC through @youtube
– EOS Community Forum (@eosforumorg) 5 August 2018
Technical analysis
Now, as far as action on EOS prices is concerned, the odds are that we could see a violation of our main support and sell triggers for $ 7 today.
The reason for this trend is simple: week on week, for example, EOS has decreased by 17%. In addition, when we take a top-down approach, last week the bearish conclusion concluded that it is likely that the probabilities of confirmation of our previous EOS technical analysis will break out.
Then again, note the proximity between the current spot prices in the last days and the main support line at $ 7. If things stay the way they are, then we could see a close under $ 7. Later, we can start shorting EOS with the first goals at $ 4.
Technical analysis of Ethereum (ETH)
Highlights
- BitHumb has resumed deposits and withdrawals of Ethereum (ETH) and eight other coins. This happens after the hackers have eliminated more than $ 25 million of user funds in the third week of June.
[Re-Notice] The resumption of deposit / withdrawal services for 9 types of cryo-currencies before
• List of cryptocurrencies (9 in total)
: BTC, ETH, ETC, XRP, LTC, BCH, ZEC, QTUM, MITH• Opening hours: 4, Aug (Sat) 2018 19:00 PM
▶ https: //t.co/iAJP9YkE0m
– Bithumb (@BithumbOfficial) August 4, 2018
- According to Vitalik Buterin, there is a positive development that shifts Hybrid Casper into Casper. The implementation of Casper will be part of the latest hard fork of Ethereum, Serenity, and once fully implemented, the PoS will be a fundamental consensus in the network. Then there will be two chains, the main chain of the PoS and the side chain of the prisoner of war for the deposits of spades that connect to the main chain through an intelligent contract.
Technical analysis
At the moment it is quite steep for Ethereum buyers. As mentioned above, sellers broke below the mid-wedge and with a new test of $ 400 and prices falling by 13% over the week, we could witness the performance of our official short films this week.
Note that in the weekly chart, there is a clear bearish bearish pattern that disrupts recent consolidation and confirms that the bear breaks out since 10 June.
Before long, the tests should be present in the daily chart and the signal will be a large candle holder with a high volume and a whole candle that will close below $ 400. Next, the objectives are constant as established in our past Ethereum plans (ETH ).
XRP technical analysis
In evidence
- Ripple collaborates with Raising Malawi in a humanitarian campaign that raises funds for unfortunate children. The Facebook campaign is under way to end at the end of this month.
- CoinBase is once again "in exploration" and this time XRP is included and could be part of the CoinBase Custodial Services. This service is specifically designed to meet the needs of financial institutions and hedge funds.
Technical analysis
If nothing else, XRP is still trending within a 10-cent trading range with clear support at 40 cents. Too, we remain optimistic while waiting for the much needed earnings XRP, the fall of five percent last week could further fuel sales pressures by pushing sellers to close below 40 cents for the first time in 2018.
According to our XRP business plans, if we see that this will happen this week, we will have to consider it a break below our sales trigger and confirm the repeat phase of the June 22 breakout pattern.
It must also signal the beginning of the recovery phase of the bear trend. So, as we reiterate, our first targets would be 15 cents with safe arrests between 50 and 55 cents.
Monero (XMR) Technical analysis
In evidence
- Hackers are now using a router, MicroTik to illegally extract Monero according to a report by Simon Kenin from Trust Wave. Trust Wave is approaching the fact that at least 200,000 MicroTik users in Brazil may have been affected by malware.
Monero's malware malware has infected more than 200,000 routers in Brazil. The MikroTik network devices have been infected and have been extracted with Coinhive. https://t.co/RbILAlfcDY #Monero $ XMR #Malware #cryptojacking #extraction #Brazil #router
– Coin Bureau (@coinbureau) August 6, 2018
- BitHumb has placed the listing of XMR on hold. Citing a large price gap of more than 10 percent between the BitHumb market and standard market prices would cause unnecessary volatility once normal services are resumed.
Technical analysis
At current prices, XMR is trading well below the 40-day support trend line and is at $ 10 from our main support line.
From the previous preview of Monero's price, $ 100 doubles as a minor support line and sells the trigger. Although at current prices I suggest taking shorts with a stop at $ 130, the execution of sales at $ 100 would be safer as our phase of recovery of the trend would be confirmed.
After all, the weekly chart is bearish and will not go against the trend when we aim for $ 70.
Technical analysis of Bitcoin Cash (BCH)
In evidence
We are no longer bullish #bitcoin $ BTC and downloaded all @ 8300 USD. We have also sold our farm. Why? We no longer want to participate in the most manipulated commodity in the world. Bitcoin is now just a shit show. Good luck! pic.twitter.com/habZvcdr1q
– ɃitPico (@bitPico) August 4, 2018
- Roger Ver continues with his evangelism claiming that Bitcoin Cash is the real Bitcoin as imagined by Satoshi. Indicates the Bitcoin white paper.
Technical analysis
Like most of the coins in question, not only is the Bitcoin Cash trend lower, but it is lower than the 30-day support trend line that cancels our previous Bitcoin Cash (BCH) trading plan.
If nothing else, we expect sellers to push down now that not only are prices below the 30-day support trend line, but they are also trading below the 12-month support trend line in the chart weekly.
For this reason, I recommend selling BCH at the current current price with a stop at the highs of August 4 to $ 750 with goals of the first bear at $ 600.
Bitcoin (BTC) Technical Analysis August 6 – Bitcoin ETF Approval Shortly?
Disclaimer: The opinions and opinions expressed are those of the author and are not investment advice. Trading any form involves risks, as well as your due diligence before making a commercial decision.
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