The cryptocurrency market slowly gathered momentum during the past week, as the total market cap is now reaching towards the structurally important $150 billion. Also, Bitcoin’s dominance is shrinking signifying a rise in dominance of other cryptocurrencies including the stablecoins.
Also, the past week, the market was rocked with the fake crypto volume stories, saying 95 per cent of the daily traded volumes are inflated by the lesser known exchanges. Following which, Coinmarketcap also acknowledged the story and saying inaccuracies in volume.
Also for the Indian crypto space, the case in the supreme court continues to get dragged and now the next hearing is scheduled in July 2019, as requested by the government.
Going forward, the market is likely to continue gaining momentum but will continue to remain a difficult market to trade, given the uncertainties. Following is the technical analysis of five top cryptocurrencies and its expected move for next one week.
Currently, Bitcoin is trying to decisively break above the resistive $4100 level, that extends up to the $4200 level, from where the market has crashed earlier. A clear break out above the $4,200 level would open the doors towards the $4,500 level for Bitcoin.
Underneath, it is supported by 100 Day EMA slope and also the 50 & 20 day EMA slopes are trying to break from below, which of course is a bullish sign. In the event of a breakdown, $3,900 level is a strong support level that extends down to the $3,800 level.
Ethereum tried to break above from its consolidation range but failed and pulled back. The 38.2 per cent in the Fibonacci Retracement level and the 100 Day EMA underneath offering strong support to the ETH prices. The market needs to make a clear breakout from the $148-$150 range, in order to attract the interest of traders. If ETH prices break below the 38.2% or the $140 level, then it will reach down to its next major support at $135 level.
Ripple continues to struggle whole during the past week, failing to break above the 50 Day EMA slope. There is no specific indication that the market will breakout soon and likely to continue trading in a back and forth momentum. The $0.30 level underneath is a strong support point for the market and if it breaches then its likely to reach down to the $0.2830 level.
Litecoin continued to consolidate above the $60 level, showing signs of strength and also trying to gain momentum. Litecoin has been the best performing coin in the last two months, gaining over 100 per cent, and if it breaks above this consolidative range, then it can easily reach towards the $70 level, where it could experience a bit of resistance. The $57 level underneath is a strong support level, and if it breaches, then it can reach down to the $52 level.
The 100 Day EMA is now offering stiff resistance as seen in the daily chart and I think, given the bullish run the BCH counter in last one month, in which it gained close to 33 per cent, the indicators (RSI, Stochastic) are suggesting a breakdown in prices.
If the BCH prices break below the 50 Day EMA slope, then it can reach down to the $140 level or even $125 level.
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