The market saw multiple surges last week, taking the total market cap from $253 Billion to a high of $280 Billion. The increase of $27 Billion is a 10% jump in one week. The market spiked multiple times throughout the week, and most of them were due to Bitcoin. However, towards the end of the week, Ethereum also started reacting positively to the market. The most significant spikes happened on Monday (July 2nd), and on Sunday (July 8th) where there was an increase of 5% each time in just few minutes.
These are early indicators that we may be in the verge of a bull-run. However, we’ll have to wait for further indications for a bull-run like late 2017.
There are multiple reasons why the market, which has been in a downtrend for most of 2018 is suddenly surging. One reason could be because of Trump’s trade war which is set to intensify in the coming weeks. Cryptocurrencies thrive on economic instabilities. Bitcoin surged during Brexit and the last time China devalued Yuan. We may see more investors coming into cryptocurrencies in the coming days from all over the world as other countries retaliate to US’s tariffs.
Bitcoin saw multiple spikes throughout the week, with the price going to a peak of $6,800. We had asked our readers to buy at $6,300 and sell at exactly $6,800. Investing $1,000 in that trade with leverage could’ve yielded upto $8,000 in profits.
$6,800 is still a very strong resistance. Immediately after crossing that point yesterday, it has fallen back and has not crossed ever since. Bitcoin is currently trading at $6,695 and the closest support is only at $6,500. Wait for Bitcoin’s price to touch this support, or cross the resistance at $6,800 to buy-in once again.
Ethereum’s movement against Bitcoin has been bullish, but it has been unpredictable for leverage trades. Now is a good time to buy for both short-term traders and long-term traders with support at 0.07 BTC and sell price at 0.08 BTC. However, we would not recommend a high leverage for short-term traders. If possible, do not use leverage. We expect Ethereum’s horizontal movement to continue.
After reaching a peak of 78 Sats, XRP took a significant beating against Bitcoin and fell down to 70 Sats. There’s a good support at 70 Sats and is currently trading at 71 Sats, making it a good point to buy. Shote-term traders can set a tight stop-loss at 69 Sats. Profits can be taken at 72 Sats, 74 Sats, and 80 Sats depending on the leverage used.
The Bitcoin fork saw a significant fall this week going from 0.124 BTC to 0.108 BTC. Bitcoin Cash is currently trading at 0.111 BTC. With the resistance trend line fast approaching the support at 0.11 BTC, we may see a trend reversal soon. Watch out for a confirmation before placing buy orders. The next support is only at 0.108 BTC. If the trend reversal is successful, set sell orders at 0.121 BTC.
Litecoin saw a drop of 10% last week, going to a peak of 0.0135 BTC and falling to 0.012 BTC. Litecoin is currently trading at 0.0122 BTC. We would not recommend entering Litecoin yet because we may be in a free-fall. The next significant support is only at 0.0098 BTC which is not ideal to make trades. However, we expect a new support to be formed in the coming days after which we may consider trading.