Price Analysis Of July 2019: BTC, ETH, XRP, LTC, BCH, BNB, EOS, BSV, XLM, TRX
I can define the nature of the crypto trend is very sentimental. Even a hint of negative comment or rumor can result in a sharp falling of trend. And we all know that mass array towards the negative news rather than favorable news.
However, in the lower levels, we assume that the institutional players who had missed out a previous fall, they start buying this time.
The basics of cryptocurrency are improving with both the European Central Bank and the US Fed indication further rate cuts. We suppose that the launch of Bakkt’s futures platform will boost the sentiment and much likely to attract institutional players back once again. The early bird fund managers in this game are collecting lucrative benefits from their earlier Bitcoin investments.
We got reports from Bill Miller that the diversified fund with Bitcoin as returned 46% in the first half of the year.
You can manage to enjoy considerable returns to; all you need is some proper money management skills to generate massive profits. That will also encourage others to join.
In this article, we will discuss the price differences between various cryptocurrencies and the US dollar. Also, we will try to point out some possibilities of buying opportunity after the recent fall.
After staying in a $9,000 mark for the past week, bitcoin scaled $10,000 today. Though, the hostile selling close to 20-day EMS resulted in a fall from $10,000 to $9,472.62 within just 15 minutes. The moving averages have completed hostile crossover, which assures a change in sentiment from buying on drops to sell on rallies. We assume if Bitcoin falls to $9,080, which was the full-time scenario of the third week of July. We expect that will boost the selling and the price to fall to the next support zone of $6,933.90-$7,451.63.
However, even the drawback this month, the BTC/USD pair is way above than last year mark $3,236.09. Furthermore, we consider the recent fall as an excellent buying opportunity.
The bears are trying to decline Ether (ETH) below the uptrend line, if successful it can go down to $192.945, below which can fell into $150. The 20-day EMA is sinking, and RSI continues to market in the negative territory, which means that the bears are in control.
We assume on the contrary that the ET/USD pair may turn around the support levels and may rise of the overhead resistance of $235.70. Such changes will attract buyers resulting in the price to move up to 50 day SMA and above it. Therefore, we suggest marketers remain on the sidelines until the price reaches above $235.70.
XRP hadn’t moved above 20-day EMA since 27 June when it was falling. This is not a good sign, again this month we witness that price go down from 20-day EMA. This leads to a retest of the critical support of $027795.
Even before this support level as provided support in five times, any breakdown will activate many stop losses. Although there is support in $0.25408, it may not be able to hold, which leads XRP/USD pair to go down to $0.19. Thus long-term traders must keep the stop loss at $0.2750.
The downtrend of Litecoin is attempted to resume by bears. We believe it can decline to $76.7143-$83.650 support zone. If the bulls fail to protect this zone, the penalty can deepen to $58, which is a firm support zone.
Compared to our assumption, if the LTC/USD pair jumps off the support zone breaking the downtrend line, it will showcase strength. Until then, we suggest avoiding taking a new position, cause investing in a falling market can result in losing the trade.
On July 26 we saw bulls drove BCH above the resistance line of descending channel, but it cannot be scaled in 20-day EMA. The attracted selling result in price re-entered the channel, which is a bearish sign.
We assume BC/USD pair to break down to $282 if the support falls, the next level support will be $251.23. Also, we think we will have a clear view in a few days.
We will suggest traders wait till it recovers and climb back to 20-day EMA until then imposing any new trade can be risky.
BNB coin as break down the uptrend line once again. Its next support line is $24.1709. If this support also goes wrong, the fall can extend to $18.30. The 20-day EMA is going down, but the slant is not stiff. Which means the bears will have a minor advantage.
The BNB/USD pair had been a significant outperformer in the recent past. It has also fluctuated much less than other altcoins, which suggests that it is held by great hands who manage the uptrend to resume. Thus we remain positive on it until we spot a trend reversal. Until then, we think the traders should remain on the sidelines.
We believe EOS could not break out and sustain the 20-day EMA, hence a failure to scale 20-day EMA has selling attraction. The EOS/USD pair can now re-commence the channel, which is a positive sign. There is a minor support level at $3.8723. According to our assumption, if the price rebounds off $3.8723 and goes above $4.9; it will indicate demand at the lower level.
The way of least resistance in the downward is to stay below the sidelines. After struggling in the position above 20-day EMA, Bitcoin SV dropped below it. This leads to further selling. The traders have control as long as the price stays on the descending channel.
Currently, the bulls are trying to keep the price above the channel; which is close to $107. The correction in the pair may be seen once it breaks out the channel.
The XLM or Steller is facing selling at 20-day EMA; it can drop to the support zone of $0.072545-$0.076. If it goes below this, it can be critical for the traders. The crypto might fall to new low activating a start of a new downtrend. Our view on the pair that it will somewhat increase the possibility of staying the range, as the price is quoting in the yearly lows. We don’t think a trade will be a good idea.
The withdrawal in ADA strikes the wall at 20day EMA. The moving average is supposedly trending down, and the RSI remains in the negative zone. The price will probably drop to its next support zone; which is $0.036-$0.039. If it sustains there, the price may back to 20-day EMA.
However, the trend in ADA/USD pair remains low, so buying cannot be a bad idea as the bears cannot capitalize lower than the support of $0.0592761. It clearly shows buying at lower levels.