- July 11, 2018
- Posted by: ADMIN
- Category: market analysis
July had an early start rally that got investors energised for a while. The rally didn’t last long as we saw the market take a nose dive with more than $25b vanish from marketcap in 2 days.
With China’s central bank claims that the Yuan now account for less than 1% of cryptocurrency trades, and former chief economist at the International Monetary Fund (IMF) Kenneth Rogoff predicting that Bitcoin will fail as government increase regulation, the market is poised to a further slide. Investors now look back to the same question, “when will it bottom?”.
Lets see if the charts can provide significant clues.
Last 2 days of June brought about a sudden reversal in the market. First week of July pushed the price further as speculators on the futures market lined up with orders.
The bulls expected to push price to $500 but didn’t succeed as the bears returned sliding the price. Intersection between the 20-DEMA and 50-DEMA indicate a fall and price is expected to bottom at the support level of $362.49. Still eyes on BTC price as a plummet is mostly followed by alt coins.
BCH chart pattern looks much similar to ETH.
Prices are expected to hold at support level $606 Recent claims front BitPico “stress test” indicating node centralization which makes it easy to hack the network may send the price sinking. Still better to stay on the sideline.
The early July bull rally pushed the XLM/USD price pass the trend line . Despite the return of the bears in the market sliding the price again, stellarlumen holdlers are still enthusiastic .
The break in the upper trend line from previous analysis indicates the bulls are strongly defending the price from a psychological stand point. We still expect a fall from the current price($0.1879) but noting below previous support line given the overbought signal from RSI and current market conditions.
With the launch of the Ontology Main net 30th June, there was a sharp price surge. Ontology Hodler’s excitement didn’t last long as the bears returned, resulting in a continued down turn. The price continued to slide in the second week of July as Ontology issued the 2nd airdrop to Neo holders.
As predicted from the previous analysis, price have reached $4.00 and beyond now trading at $3.75. A break in price on the second trend line upward can push the price towards $4.50 on the short run while a downward break will send the price plummeting. Hence it is better to monitor further price movement before taking action.