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The market data is provided by the HitBTC exchange.
The current hot debate is whether bitcoin will continue to rally while altcoins release. Many have been pronounced in support of the largest cryptocurrency, as it maintains its market dominance over 62%. Although bitcoin is the undisputed leader, it is unlikely that it will remain the only crypto competition that will see a sharp rise in prices.
We believe that after the last rally, bitcoin will breathe while traders shift attention to the altcoins. However, unlike the previous beef market, this time, it will distinguish between altars, depending on the uses. Therefore, a few altcoins can surpass, while others continue to struggle to move.
Traders should not buy tokens that have greatly corrected the hay in the hope that the price will also recover. Their prices are near low for a reason. A better approach is to buy cryptographic baskets that have begun to move as it shows the trader's interest in them. Let's look at the top five artists over the past seven days and analyze charts.
XMR / USD
Monero (XMR) has risen by 8% over the past seven days, and is the best performer among the top 20 best-selling cryptographic courses. If market sentiment improves, can it continue its upper edge in the next few days? Let's look at the charts.
The sharp falls in XMR / USD- The couple from close to $ 120 a week before finding buyers for the critical support of $ 81. This is a positive sign because it shows that bulls are eager to buy dips, this is the third time that $ 81 has been holding since mid-May This is now the new floor for the couple.
Both moving averages are on the verge of a bullish crossover on weekly charts, showing that the trend is changing, and traders should use dips to buy.
Cryptocurrency is likely To trade between $ 81 and $ 150 over the next few weeks, when the range is high, traders can start long positions at today's levels and keep a close stop just under $ 78. The goal is a $ 150 rally. At $ 120, we expect it to be crossed risk to reward the relationship. Our view will be void if bears drop below $ 81. The next downside support is $ 60.
BTC / USD
With reimbursement in prizes, bitcoin (BTC) bulls are again safe. Sky-high targets are back on the table. Anthony Pompliano, co-founder of the Morgan Creek Digital Assets Encryption Fund, expects bitcoin to hit $ 100,000 by the end of 2021. Pompliano has spoken and invested 50% of his wealth in bitcoin.
A report by Binance shows that the relationship between bitcoin and altcoins has declined from 0.73 in the first quarter of 2019 to 0.61 in the second quarter of 2019. In the current assignment, bitcoin futures volumes have asked. This shows that large traders invest in crypto competition. But institutional dealers are unlikely to continue buying spree as prices skyrocket higher. Therefore, we do not expect the rally to maintain. What is a good level to buy? Let's analyze charts.
The rise from Lows ended with BTC / USD couple making a gravestone doji in the week before, although the purchase was seen below $ 10,000, as suggested by us in the previous analysis, the failure shows to maintain highs in the week that traders are stuck at higher levels bending out If buyers do not break out and maintain the price above $ 12,000 next week, it will attract additional profit bookings that can pull the price below $ 10,000 again.
If the bears plummeted the price below 38, The 2% Fibonacci retracement level of $ 9,965.48, the price can extend the correction to $ 8,727.40, which is the 50% retracement of the last rally. A breakdown at this level can drag the price to the upcoming line. This line is why we are strong antic Ipate t to buy if the crypto course corrects to this level. As the trend has changed from down to up, traders should use these depths to buy.
Contrary to our assumption, if the bulls drive the price over $ 12,000, the digital currency can retrieve $ 14,000. A $ 14,000 breakout will resume the trend, but we give it a low probability of emerging in the short term. We believe traders should wait and buy dips instead of chasing higher prices.
BNB / USD
Binance plans to launch futures trading in bitcoin with influence of up to 20x. While influence can be useful to an experienced trader, it can easily ruin a novice trader, so use it well. The leading crypto exchange has exchanged sealing deposits and withdrawal addresses from Omni-based addresses to ERC-20 based addresses, which will become the standard ahead. Dogecoin (DOGE) rates spurted higher on the announcement that Binance will list it.
While most of the cryptographic curves are still far below their lifetime heights made in the previous bull market, the BNB / USD pair continues to trade near the height of life. The 20-week EMA slopes up and 50-week-old SMA also gradually turns up. This is a positive sign and shows that the couple are in a strong upset.
Any dive at high levels of support provides a low-risk buyer opportunity. The first downside support is $ 28,7168. If this support breaks, the harvest may extend to the uptrend line. The 20-week EMA is also close to this line, and we therefore expect strong purchases from this support. Traders can see the price action at the above levels and buy in a phased manner.
After the sharp upbringing from the lions, the number all currency will probably remain intermittent for a few weeks and consolidate the gains. The next leg of the move starts at a breakout and closes (UTC time frame) over $ 40.
ETC / USD
Recently, Atlantis's hard fork entered the test phase. The update is scheduled for September. ETC Labs and Metronome also announced that chainhop functionality had been enabled between Ethereum and Ethereum Classic (ETC) block chains. Although cryptocurrency was supported by positive news on the ground front, how does the chart look?
The recovery in the ETC / USD pair hit a wall close to $ 10,040. This shows surplus orders at higher levels. One less positive is that the bulls have kept the price over 20-weekend EMA during the withdrawal.
If the price goes back to the 20-week EMA, the bulls will again try to squeeze the price over $ 10,040 – $ 11,880 resistance zone. This will probably start a new appearance that can cost $ 15 and over $ 20. Traders can buy a portion of their added position size over $ 10,040 and put the rest on a breakout over $ 11,880.
Conversely, if the bear lowers the price during the 20-week EMA, the pair may drop to $ 5.22. Therefore, we suggest traders wait for the price to break out before starting new positions.
XR P / USD
Xpring, Ripple's Ecosystem Initiative, claims to have committed $ 500 million on XRP projects to over 20 companies since May last year. The goal is to support projects that create use cases for Ripple's XRP token. Let's see what chart projects.
The XRP / USD pair has been A laggard during the latest recovery in the crypto prices, the bulls have repeatedly failed to maintain the price above $ 0.450, showing a lack of demand at higher levels, and at the moment the pair is supporting nearly $ 0.370. The moving averages are also at this level. Therefore, this is an important support to watch out for.
If the price stops this support, the bulls will again attempt to scale over the overhead resistance zone of $ 0.450 to $ 0.5050. Expect the digital currency to start a new appearance and pick up momentum after maintaining over $ 0.5050.
However, if the price breaks below the moving averages, it may push $ 0.27795. A breakdown of $ 0.27795- $ 0.24508 support zone will be hugely negative for cryptocurrency. If the price I am stuck in the interval, we think the best approach is to stay neutral on it until it starts a new performance. Anyway, for traders who want to trade it, the best strategy would be to buy closer to the support and sell near the resistance.
The market data is provided by the HitBTC exchange.