The perspectives and opinions expressed here are only those of the writer and don’t necessarily reflect the perspectives of Cointelegraph.com. Every investment and trading proceed entails danger, you need to run your own research after making a determination.
The market information is supplied by the HitBTC exchange.
Panic has put from the cryptocurrency markets because investors dump their holdings in each moment, dreading even bigger losses. Usually, such advertising sprees finish with a base formation. The present sentiment from the crypto distance is precisely the contrary to what it had been in December 2017.
At the summit of the costs, the belief was that the electronic monies won’t fall and even when they dothey will rebound sharply. Thus, the only logical thing to do would be to purchase them in the prevailing cost or miss the ship. Experts in the crypto industry additionally fuelled the expectations using their outlandish targets.
Fast ahead to now. Most newbie traders that dreamt of large riches in crypto are rather left with enormous losses. A return to the all time highs is a target that’s almost been abandoned.
Many do not even feel that cryptos can point a good pullback. At this stage, crypto naysayers are likely add more fear by calling a deeper fall, or even worse, a whole collapse in electronic currencies.
We didn’t concur with the prevailing belief of dealers in December of all this past year, but have been proven right. Now we think that the time has arrived again to maneuver in the opposite way from that of all traders.
Can we’re proven incorrect? Therefore, if we advise that a long standing, we also propose a stop reduction to help safeguard the funding. We do not sit and dwell on it if our investigation is proven incorrect. As traders, we observe the graphs, form a fresh view and choose another trade once we locate a trusted setup.
So, what exactly do we see on the charts now?
Bitcoin dove under the 5,910. 65 mark on August 14, but just by a little margin. It found service at $5,900. Repeated tries by the bears to split the 5,900 amount have failed. This demonstrates that lower rates are bringing buyers, which can be a bullish signal.
Currently, the bulls are trying a pullback that’s very likely to face resistance at the zone of 6527. After this zone is reversed, the bears may attempt to shield the downtrend line and the moving averages but we think that the risk to reward ratio favors entering extended positions .
Why do we keep looking to buy when everyone else is currently bearish?
The bears have attempted four times to split the 6,000 line because February of the calendar year, but have so far neglected. The cost keeps bouncing this off service. This reveals that the buyers are amassing around the 6,000 mark.
Once that the bulls break from this downtrend line of the descending triangle as well as also the 50-day SMA, it’s very likely to pull short covering from the bears, which may propel the costs to $8,500 and greater.
Therefore, we propose entering extended positions if the BTC/USD pair sustains over $6,650 for four hours. The stop loss may be kept below $5,900. Please utilize 50 percentage of the customary allocation size for this particular trade. We will add the rest of the positions after the pair climbs over the 50-day SMA.
The risk to reward ratio is appealing, hence we propose purchasing the bounce off the $6,000 degree. If our premise is wrong, the stops will be struck and the rankings will be closed using a company loss.
After outperforming the market for the last couple of months, Ethereum was struck hard by the bears at the previous several days. The selling intensified following the graph broke under the important aid of $400 on August 7.
On August 14, the ETH/USD pair plummeted under the important support of $280 and dropped to an intraday low of $249.
Currently, the bulls are staging a wise recovery, which is very likely to face stiff resistance in the 20-day EMA and also at $358. On the disadvantage, when the bears split the 249. 93 lineup, the cryptocurrency can fall to another service at $200. Although that the RSI is oversold, we will await the sale to finish before trying a purchase.
Ripple has been a massive underperformer one of the bigger cryptocurrencies since it’s dropped more than 90 percentage of its value from its intraday high of 3. 317, attained on January 4 of the season.
We was projecting a goal of $0. 24001 about the XRP/USD set for the previous couple of times and on August 14 it reached an intraday low of 0.
The RSI is oversold, which points to a likely pullback. The first immunity on the upside are the 20-day EMA.
We indicate traders wait for the costs to stabilize and turn upwards before trying a purchase.
Bitcoin Cash couldn’t escape the selling pressure on August 13 and it broke under the service of $537. 8221 for the first time because November 8 of this past year.
The pullback in the lows is now confronting resistance at $537. The previous powerful support will now work as a resistance. If that the BCH/USD pair breaks under $473. 9060, it could decline into another service at $400.
On the flip side, if the bulls instantly push the costs above $538, it’ll be a sign that the markets have resisted the lower rates and also a pullback into the 20-day EMA is likely. We will wait for a brand new purchase set up to form before indicating any extended positions.
EOS found service near the line at $3. 8723 on August 13, as it fell to an intraday low of 4. The next service below $3. 8723 is 3.
The EOS/USD set was in such a company bear traction the bulls have never been able to break from their 50-day SMA because June 10. Therefore, in the event the purchase price sustains over the 50-day SMA for 3 times, it is going to signal a change in trend.
The RSI is deeply oversold, which raises the likelihood of a pullback. The 20-day EMA will supply a stiff resistance on any rebound from the present levels.
We will wait for a brand new purchase set up to form before indicating a long standing.
Even in this carnage, Stellar has held that the crucial service at $0. This is a favorable indication, which reveals a requirement at those amounts.
The XLM/USD set was trading within the array of 0. 25 because August 5. ) A break from the range is very likely to propel the costs towards the downtrend line at $0.
Therefore, we advocate a long standing on the set if the bulls maintain over $0. The stop reduction for the transaction could be held around the 0.
As the opinion is bearish, we propose initiating the situation with just about 50 percentage of the typical allocation. Our bullish view is going to probably be invalidated if the bears split below $0.
We expected the bulls to shield the service zone of $48 — $52 and that’s exactly what had occurred. On August 14, Litecoin dropped to an intraday low of 49. 466, where purchasing emerged.
The LTC/USD set was at the oversold zone because August 7, but the bulls have never been able to induce a meaningful pullback. This reveals continued selling from the bears.
Currently, the bulls are trying a pullback, which will face resistance in the 20-day EMA. We will await the buyers to reunite along with a base to form prior to suggesting a transaction on the set.
Cardano broke under the service of 0. 111843 on August 13 and dropped into an intraday low of 0. 083192, that is only over our expected aid amount of 0.
The collapse of the bulls to shield the 0. 111843 lines demonstrates that the sellers have a upper hand. The adverse momentum will reveal signs of waning when the bulls sustain over the downtrend line two.
The ADA/USD set will signify that a change in trend in case it sustains over $0. We may indicate a long position if it is over $0.
The incessant selling hauled Monero into an intraday low of $76. 074 on August 14, that is just under our called service zone of $78 — $82. If the bears maintain below $76, another support is far lower at $60.
Currently, the bulls are trying a pullback, which is very likely to face resistance near the 100 level. The 20-day EMA can be situated just above this amount in $106.
The XMR/USD set is at a transparent downtrend. We will await this to change before advocating any extended positions on it.
We anticipated the bulls to shield the emotional level of 0.5, but the sale hauled IOTA into an intraday low of $0. 4037, near our reduced target of 0. 38. If the 0. 38 amount fractures, the autumn could expand to $0. 3350.
The IOTA/USD set is in a downtrend however, the RSI has entered deep into the oversold territory. Both moving averages are sloping down along with also the 20-day EMA will function as a stiff resistance on any pullback.
We do not suggest purchasing on the first pullback in the lows. It’s better to await the set to affirm a base before risking a purchase.
Original post first appeared in https://cointelegraph.com/news/bitcoin-ethereum-ripple-bitcoin-cash-eos-stellar-litecoin-cardano-monero-iota-price-analysis-august-15