Home Analysis Crypto Weekly Byte: Bears Are Back

Crypto Weekly Byte: Bears Are Back

August 06, 2018 12:33
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After enjoying stable markets for a couple of weeks, the entire crypto market took a significant hit as Bitcoin’s priced came falling down. The market fell down from a high of $300 Billion to $250 Billion in just one week, wiping out $50 Billion. Right now, the entire market cap is at $258 Billion. Bitcoin dominance also fell down from 48.44% to 47.38%. However, recovery may be close because Bitcoin has stopped falling.


Bitcoin saw a huge crash, going from $8,300 to $6,900, losing $1400, or 17% of its value. Our stop-loss at $8,100, $7,800, and $7,200 for both short-term traders and long-term traders were broken. However, we may have hit a new low once again, giving us more buying opportunities. Bitcoin is currently hovering above $7,000. Set buy orders now, with stop-loss at $6,850 and set sell orders at $7,500 and $8,200. The buy recommendation is for both short-term and long-term traders. However, long-term traders can continue holding for sell orders at $10,000.


Though we believed Ethereum had bottomed out at 0.056 BTC, it went down further to 0.054 BTC before rebounding. Short-term traders were able to make a successful trade by buying in at 0.057 BTC and selling them at 0.058 BTC. However, trading Ethereum right now is still risky because it has not been following trends against Bitcoin. Currently, Bitcoin is a better hedge than Ethereum for both short-term and long-term traders.


As Bitcoin went down, Ripple moved in the opposite direction and hit both our targets from previous week’s recommendation. We’d asked our readers to set buy orders at 55 sats and set sell orders at 57 Sats and 59 Sats. Ripple is currently trading at 60 Sats. Ripple may have hit a resistance at 62 Sats. Make sure it manages to break this resistance before new buy orders. Short-term traders can set buy orders at 62.5 Sats, with sell orders at the next resistance, 67 Sats. Long-term traders can stay away from Ripple for now.

Bitcoin Cash

Our previous week’s recommendation went through, with a buy order at 0.1 BTC and selling it at 0.108 BTC. Right after that, as Bitcoin went down, Bitcoin Cash went to a low of 0.095 BTC before rebounding. Bitcoin Cash is currently trading at 0.1 BTC. Short-term traders with an appetite for high risk trades can set buy orders now with stop-loss at 0.098 BTC and sell orders at 0.108 BTC once again. Long-term traders should stay away from Bitcoin Cash till we see significant trend reversals.


Litecoin also saw a small crash as Bitcoin went down. However, there was a huge rebound after that, meeting both our buy recommendation and sell recommendation in just two days. Short-term traders can execute buy-orders right above the resistance at 0.0107 BTC and sell them at multiple zones: 0.011 BTC, 0.0112 BTC, and 0.0116 BTC. Litecoin is very volatile for long-term traders. However, they may hold a small bag with low stop-loss at 0.0085 BTC.


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