- July 13, 2018
- Posted by: admin
- Category: market analysis
Despite the bear slide this week, the bulls returned to turn on the green light in the end(at least for now). On the global view, US president Donald Trump has signed an executive order for the formation of a Department of Justice task force that will develop guidance and launch investigation for cryptocurrency fraud.
South Korea’s National Assembly is reportedly set to witness a whirlwind of legislative efforts around cryptocurrencies in the coming days. African blockchain and crypto businesses raising funding despite regulatory issues in some markets. Coinbase CTO Balaji Srinivasan warns crypto Bears to watch out, “It’s all just getting started”.
With mixed signal clouding the market, traders are looking for guidance on where the prices are herded.
Let’s Dive into the charts for clues.
With the bulls lacking strength to push bitcoin price to $7000, the king of cryptocurrencies has been found sliding again. A continuation in price fall during the weekend may find a support point at previous low around $5803.
A break from this support may send the king looking for cover at $5000 or just below. Though most investors wouldn’t want that, one of them namely Katy wood founder and C.E.O of Ark investment in an interview with coindesk, stated that its healthy for the ecosystem.
Looking at the price action today reminds me of the first analysis. Prices rallied during the short bull excitement but began to fall as the bears returned. Looking at the chart, prices are expected to find support at $405 as price may continue to fall during the weekend. A break at this support will send the smart contract platform token seeking support at $362.
Recently Joseph Lubin, co-founder of Ethereum , announced in the RISE conference held in Hong Kong, that the Ethereum blockchain has now entered the second phase of its development which will focus on the development of solutions like Plasma and Sharding.
Price pattern of BCH often seem same as the of ETH. The bears continue to slide the prices despite positive news that Robinhood’s zero fee crypto trading platform has added support for Bitcoin cash. As mentioned from previous analysis about the vulnerability of the network, this can also impact on a further price fall. We expect price to hold at previous support of $606.
Meanwhile Roger Ver is back again on twitter with attack on the Bitcoin network claiming that “Bitcoin Core and Blockstream have intentionally degraded the user experience of BTC and caused people to seek out other coins to use as a substitute”.
Stellarlumen’s bulls can be said to be one of the strongest in the long bear market. Prices haven’t gone below $0.1591 which is the lowest since the beginning of the year. The bulls are strongly and significantly defending the support level of $0.1737.
The question on Hodlers mind is, how long and strong can there hold on in a bear market that sends even the mightiest projects looking for cover? Recently, Stellarlumen has launched a project called Tempo, “A New Payment Network For Crypto-Fiat Trading”.
Neo with the recent bull rally gained a massive 33.8%. This we view as investors reaction to the Version 3.0 upgrade coming up soon. The development team reckons that this upgrade will be a full package. Erik Zhang, a developer at NEO was reported to have said that the new upgrade is going to be enterprise-ready and it will have the capability of handling large-scale scale applications. It claims that running smart contracts will be cheaper on the new platform.
With prices below $37 which was thought to be a significant support area , new support can be found around $27.26. A break at this support can send the price diving to $23 or even further to $15. With the Chinese government claims that the Yuan now account for less than 1% of cryptocurrency trades and other market sentiment, this can happen as soon as next month.
ETC is one of the project still holding firm, defying the Bears. With Coinbase announcement to start the process for listing ETC, there has being a strong hold, Prices drop synchronous with falling crypto marketcap but returns higher from the previous highs. Also, there is speculation of a surge should the SECs approve BTC ETFs.
Recent bear slide has pushed the price to $16 and may continue lower during the weekend but a bull rally is expected to push the price to $20-$21.
Price reacted according to previous analysis with a break downward from the second trendline which sent the price falling 16% and held at $3.15. But the price really recovered and rallied to $3.68 which is usual for ONT. Despite the release of the ontology mainnet and list for the first triones participants which confirmed a lock up of 12,653,398 ONT, price continue to slide.
Price may trade in a range but strong bear return can send it plummeting, with the next support level around $2.7-$2.5.