- July 11, 2018
- Posted by: ADMIN
- Category: market analysis
There have been many comparisons between Bitcoin’s plunge in 2014 to its current correction. However, we believe that the recovery will not be similar because four years back, the leading digital currency had little reach outside of its core supporters, whereas, in 2018, it is being covered extensively by the media.
Still, the influx of institutional money, whenever it happens, will be a major event and will cause a lot of upheavals in the price of different cryptocurrencies.
What does our analysis forecast? Let’s find out.
Despite the surge of ETH/USD from $408 on 28 June with current price at $454.50 (08:42 UTC), we still see a possible slide to $362.49 where it’s now finding support.
Breaking that may push the price lower to $278, or even regrettably to $178. On the positive side, we still expect a reversal at the $362 support level which will healthy for the ecosystem and prevent a panic selloff.
Similarly to ETH/USD chart pattern, BCH/USD price reversal on 28th June has the market currently at $740 (08:55 UCT). Together with analyst obsession that Bitcoin cash is over hyped, price is still expected to slide to previous support level at $606.
a break in this region could send the price as low as $505 and even worse, to $295 (long term). On the positive side, a reversal from $606 can see the price surging to $1200 and possibly $1800 towards month end.
The bulls have manage to defend the march support level at $0.1737. Though prices haven’t moved much further, it is of most significance as a break in the support can trigger a psychological mass selloff.
RSI (14) indicates an over sold market. A bull reversal can see the price surging to April’s high of $0.45. Still super bullish on this project.
The ONT/USDT had a surge due to their mainnet launch yesterday.
Chart pattern still indicate a downward turn in the next 1-2wks with a support point around or just below $4.00.