Buy Pressure Wanes as Coins Register Limited Gains
Most coins under our review are yet to break above key resistance line. As a matter of fact, some as Monero and Bitcoin Cash for example are overwhelmed by sellers are look likely to reverse last week’s gains. Nonetheless, we shall take a conservative approach and wait for high volume, convincing break outs before make fitting trading decisions.
Let’s have a look at these charts:
Ethereum (ETH) Technical Analysis
- Ethereum and three other Smart Contract platforms most active in GitHub according to a report by DPRatings
- Transfer Go, a remittance company, will allow their customers to buy and trade Ether and three other cryptocurrencies. Becomes the first remit company in the UK to do so.
- Justin Sun claims Tron is “better” than Ethereum. Says it is 80 percent faster than Ethereum ahead of their secret project announcement and TVM launch
- Fomo3D, an Ethereum based dApp, trading volume surges 13,000 percent. Is it another scam?
Apparently, ETH price is moving inside that bearish candlestick of week ending June 24. While we recognize that ETH is slowly losing its bear momentum and giving way for buyers to make inroads, we need to see injection of bull pressure before we make any trading decision.
Technically, $550 and $400 are two price levels defining ETH price trading range. As we reiterate, unless ETH price close above $550, we shall remain bearish expecting sellers to follow through on June 20 bear break out candlestick.
Regardless, any collapse of price below $400 shall open doors for $350 or lower. However, before that happens, we remain neutral.
XRP Technical Analysis
- Bitrue is yet another cryptocurrency exchange that will make XRP the base currency for other trading pairs.
- Investors can buy XRP using 17 different fiat currencies including Polish Zloty from various exchange across the world. Most cryptocurrency exchanges offer support for the US
- John McAfee, the controversial Bitcoin evangelist says his $120 hardware wallet BitFi cannot be hacked.
https://t.co/da6l4vwjCU as we concluded, either "hack it or back it"
— Bitcoin Exchange Guide (@bitcoinsguide) July 29, 2018
It has been two months of energy sapping accumulation for XRP traders. While fundamentals remain fuzzy and inconclusive, there is an opportunity for buyers to reap good benefits when this XRP pent up finally opens up.
To sync with our prior XRP trade plan, our suggestion is that buyers can load up at current spot rates with stops at July 24 lows at 40 cents.
Remember, the longer the consolidation, the stronger the break out. Realistic first targets should be at 70 cents or June 2018 highs. In case our trade plan is nullified and XRP sellers tears 40 cents, then we shall trade with the trend and aim for 15 cents.
Bitcoin Cash (BCH) Technical Analysis
- Roger Ver is optimistic that up-to 70 percent of merchants in Cyprus will start accepting Bitcoin Cash.
- Fuzex causes outrage in the BTC community after announcing plans of supporting BCH and dropping BTC. Fuzex team says BTC transaction settlement speed is too slow and expensive.
The FuzeX debit card has dropped BTC and added BCH in its stead.
— Egon ⚡️BCH⚡️ (@Egon_01) July 27, 2018
Week over week, BCH price continues to shift from neutral to bullish. So far, it’s down two percent but still trading within July 24 bullish candlestick.
By this, it means there is a low level BCH accumulation simply because sellers are yet to reverse that precedence setting bullish candlestick.
In my view, unless we see decent gains that would help propel prices above $850, we shall retain a neutral but bearish view. It’s only after BCH close above that buy trigger line that buyers can begin to buy on dips preferably on the 4HR chart every time there is a retest of $850 with first targets at $1,300.
EOS Technical Analysis
- EOSDAQ, the first EOSIO based DEX will launch later this year
- Binance halts EOS deposit and withdrawal in response to EOS New York EOS transfer guide. EOS community accuses Binance of trying to corner EOS trading volumes and “keep” it for themselves.
- Brendan Blumer, the CEO of Block One elaborates Tweets explaining why EOS value cannot be mathematically affected by RAM and CPU tokens in circulation.
The RAM and CPU tokens just allow EOS token holders to get more of the resources they need; consider them temporary states of the EOS token itself. Mathematically, they don’t dilute the value of EOS at all
— BrendanBlumer (@BrendanBlumer) July 29, 2018
- EOS daily transactions continue to rise according to data from Blocktivity. EOS is now the second most active coin after Steem.
Overly, we expect EOS to gain ground and perhaps reverse May-June losses but before we begin searching for entries in lower time frames, traders are waiting on the sidelines for proper signals. While trading can go either way, buyers are pumped thanks to July 24 bulls and it is where EOS prices are currently confined.
As before, EOS buyers would be in charge once there is enough momentum for break and close above July highs at $9. Conversely, sellers would be snapping back to trend once there is a close below this $2 trading range should they drive prices below $7.
However, before any of that happens, let’s watch what market participants think of EOS value and stay neutral.
Monero (XMR) Technical Analysis
- Monero’s new GUI Lithium Luna now supports Ledger. The upgrade allows for binary file verification and has a new language.
Monero GUI 0.12.3.0 "Lithium Luna", which includes full and direct Ledger support, released! https://t.co/fzTiKmfiE8
— Monero || #xmr (@monero) July 26, 2018
Our Monero trade plan is clear, it is technically trading within a bear break out pattern which was set rolling by June 10 bear candlestick. In our past Monero technical analysis, we needed to see high volume thrusts above $150-our main resistance line before we initiate trades.
Now, because of these lower lows and rejection of bullish attempts, we shall consider this a retest and if sellers drive prices below $100 then we would have a bear trend resumption and in that case, our first bear targets would be at $70 and later $50.
In the meantime though, we shall take a neutral stand and wait for trend setting break out. It won’t matter the direction.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.