The views and opinions expressed here are solely by me. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The market data is provided by the HitBTC exchange.
At the start of the year, the entire crypto market capitalization had risen higher than $825 billion, and plenty of expected it to achieve trillion dollars during the year. but at press time, June 25, the market capitalization is $236 billion.
It is no surprise that interest to cryptocurrencies has reduced. the present investors are experiencing large losses whereas the new ones are awaiting costs to go even lower to enter. Unless fresh money starts to come back in, the trend won't change.
The institutional players are probably to enter once the market stabilizes and shows signs of bottoming out. Being a volatile asset category, it'll not take a long time for the trend to alter from bearish to bullish.
Todd Gordon, founder of TradingAnalysis.com, believes that the short-run pain is still not yet over, but he expects Bitcoin to rally higher than $10,000 by 2019.
Brian Kelly, founder and CEO of BKCM LLC, told CNBC that Bitcoin is ‘not dead’ and urged the investors to seem at the long-run prospects of the cryptocurrencies while investing.
I still believe that most major cryptocurrencies are in a bottoming process and provide a decent buying chance for the long-run investors. Let’s see if there are trading opportunities today.
BTC/USD
The bears succeeded in breaking below the $6,000 levels on June 24, however, they may not sustain those levels. Bitcoin quickly rallied from the intraday lows and closed higher than the $6,075 levels.
I just like the positive divergence on the RSI. This points to the chance of a relief rally, which can be confirmed once the BTC/USD combine breaks out of the 20-day EMA.
The first target on the upside is a move to $7,700, above which the rally can reach $8,500. Therefore, I suggest a long position on a close higher than the 20-day EMA. The initial stop loss may be unbroken at $5,900.
I am attempting to catch the bottom here, that may be risky. Therefore, please keep the position size solely 40 % of usual.
My bullish view are going to be nullified if the digital currency turns down from the overhead resistance and breaks below $5,900.
ETH/USD
Ethereum dropped to a low of $421 on June 24, however the bulls managed to pull back and close on top of $450 levels.
The ETH/USD pair is trading on top of its april lows, that shows its outperformance. The developing bullish divergence on the RSI is another positive sign.
The digital currency should gain momentum once it breaks out of the 20-day EMA. Therefore, I advise a long position on a breakout and close (UTC) on top of the 20-day EMA. The slide can be kept at $420.
My bullish view are going to be nullified if the bears break down of $420. during this case, Ethereum would possibly slide to $358 levels.
XRP/USD
Ripple is trading precariously on the point of its major support at $0.45351. It broke below this level on June 24 but managed to close (UTC) on top of it.
Unless the bulls force a fast recovery, the XRP/USD pair are going to be prone to another bout of selling by the bears. Below $0.45351, following support is merely at $0.24.
I shall turn positive on the digital currency if it scales on top of $0.56270. Such a move can ensure that the markets have rejected the lower levels double, increasing the probability of a double bottom formation.
BCH/USD
Bitcoin cash broke below the crucial support at $736.0137 in intraday trading on June 24 but managed to close (UTC) on top of it.
Today, the bulls are attempting a pullback, which could face resistance at the downtrend line. If it's crossed, following hurdle will be at the 20-day EMA.
The BCH/USD pair usually enters a small period of consolidation before embarking on a new up move. I'd like to wait for some days and then suggest a long position if I discover any reliable pattern developing.
On the downside, any break of the $683 levels can sink the digital currency to $619.7510.
EOS/USD
EOS is looking weak. It plunged to an intraday low of $6.8926 on June 24 wherever buying emerged. The bulls are presently trying to push prices above the $8 levels.
The RSI is close to the oversold levels; hence, a pullback is feasible. On the upside, the EOS/USD pair has resistances at the downtrend line two, the 20-day EMA and the 50-day SMA.
On the downside, the digital currency can decline to $5.9610. I shall wait for a new purchase setup to form. Until then, I believe that the traders should stay on the sidelines.
LTC/USD
Once Litecoin poor below the $107.102 levels, I had forecast that it might plummet to $75.131. On June 24, it fell to a low of $75.405. where will it go from here?
Below $75, subsequent support is at $67. The RSI is in a deep oversold territory; hence, I tend to anticipate a bounce from the support zone at $67-$75.
The first sign of strength will be when the LTC/USD pair breaks out and sustains on top of the downtrend line and the 20-day EMA. as it has broken down from a bearish pattern, I want to wait for it to exhibit sustained buying interest before suggesting any trades.
ADA/USD
The bulls are troubled to defend the crucial support at $0.13 on Cardano. a break of this level on a closing basis (UTC) can sink it to $0.078215.
The RSI has entered into the oversold territory, which suggests that the selling has been overdone. However, I don’t suggest any long positions until the ADA/USD pair stops falling.
During the earlier decline to $0.13 levels in March of this year, the digital currency had taken regarding 21 days to bottom out. The trend had modified once the price broke out and sustained on top of the 20-day EMA.
Therefore, I’d better wait for the bulls to sustain on top of the 20-day EMA before proposing any trades.
XLM/USD
On June 24, Stellar dipped below the crucial support at $0.184 in intraday trading but managed to shut (UTC) on top of it. Even in March of this year, the digital currency had broken below the support during intraday trading on some occasions however continuously managed to close on top of $0.184.
The first sign of bullishness throughout the previous fall in March was when the bulls managed to shut on top of the downtrend line and the 20-day EMA. The RSI is in the oversold territory, that will increase the probability of a bounce.
However, I believe that the XLM/USD pair can provide an attractive trading chance solely after it scales above the downtrend line and the 20-day EMA. Until then, it'll stay volatile.
I will need to evaluate our view if the bears secure a closing below $0.184 and keep there.
IOTA/USD
IOTA momentarily broke below the support at $0.9150 on June 24 but quickly recovered and closed (UTC) on top of it.
Today, the bulls are trying to bounce off the $0.9150 levels, that is a positive sign. However, after such a sharp fall, I shall not turn bullish with one positive close. I'd like to wait for the IOTA/USD pair to break out of both the 20-day EMA and the downtrend line before proposing any long trades.
My bullish view are going to be nullified if the bears break down and close below the $0.9150 levels.
TRX/USD
I believe that Tron is trading inside a large range. it's presently trying to make a double bottom close to $0.03738021 levels.
If it breaks out of the 20-day EMA, it will move up to $0.052 levels wherever it'll face resistance from the downtrend line.
I just like the positive divergence developing on the RSI. However, I’ll wait till the TRX/USD pair shows some buying interest. My bullish view will be nullified if the bears break and close (UTC) below the $0.037 levels.
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