Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, August 20

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

In 2018, every consecutive fall of the crypto markets was followed by a very weak recovery. This is in stark contrast to 2017, during which every fall was followed by a ‘V’ shaped recovery. The total market capitalization of all cryptocurrencies is hovering close to the $215 billion mark, after having dipped below $190 billion on August 14.

The next trigger is likely to be the U.S. Securities and Exchange Commission (SEC) decision regarding the Bitcoin exchange-traded funds (ETFs). If a new ETF proposal gets rejected again, we might witness another downward move.

On the other hand, if an ETF proposal is approved, the crypto markets might jump higher, signaling the formation of a bottom.

Let’s see which digital currencies are comparatively safe and can thus be bought into.

BTC/USD

Bitcoin (BTC) has been forming a higher low for the past five consecutive days, but on the upside $6,617.5 has been acting as a major roadblock. Currently, the 20-day EMA and the downtrend line have all converged close to $6,617.5, therefore we anticipate a strong resistance at this level.  

BTC/USD

If the bulls succeed in sustaining above the overhead resistance, the probability of a move back to $8,566 increases because the failure of a negative pattern is a bullish sign.

Therefore, we suggest buying above $6,750 with the stop loss at $5,900. Please use 50 percent of the usual allocation for this trade. We shall add the remaining 50 percent if the BTC/USD pair sustains above $7,000.

If the bulls fail to break out of $6,617.5, a few more days of consolidation are likely. The virtual currency will become negative only below $5,900.  

ETH/USD

The pullback щn Ethereum (ETH) has hit a wall and turned down from $321.1. Currently, the bulls are trying to defend the $280 line.

ETH/USD

If the ETH/USD pair sustains above the support zone of $277 – $280, the bulls will make another attempt to break out of $323.33. If successful, the upward move can reach $358, which might act as a stiff resistance.

If the bears break below $277, a retest of the August 14 lows will be on the cards. Both moving averages are sloping down and the RSI is close to the oversold territory, which shows that the sellers still hold the edge. Therefore, we shall wait for the trend to change before suggesting a trade on the pair.

XRP/USD

Ripple broke out of the 20-day EMA on August 17 but could not sustain the higher levels. It dropped back below the moving average on August 18 and has since then been trading below it. It has a slew of resistances until it breaks out of the 50-day SMA.

XRP/USD

The pullback of the past few days has corrected the deeply oversold condition of the RSI. If the bulls break out of $0.37390, the XRP/USD pair can extend the pullback to $0.5.

If the bears sink the virtual currency below $0.31214, the decline can extend to $0.29088 and thereafter to the intraday lows of August 14. If we get a reliable buy setup, we might consider suggesting long positions close to the $0.38 mark.

BCH/USD

Bitcoin Cash pulled back into the range on August 17 but faced a strong resistance at the 20-day EMA. Currently, the price has again corrected close to the critical support of $537.8221.

BCH/USD

If the bears sink the BCH/USD pair below $537, a retest of the August 14 lows is possible. On the other hand, if the bulls succeed in holding above $537.8221, another attempt to break out of the 20-day EMA is likely.

On the upside, a break out of the 50-day SMA and the downtrend line will indicate that the bearish momentum is waning. The first resistance is in the zone of $880 – $891. If this level is crossed, the next target is $1,200.

We shall wait for the prices to sustain above the downtrend line before recommending any trades.

EOS/USD

The 20-day EMA continues to act as a stiff resistance for EOS. However, it has not given up much ground in the past two days, which is a positive sign. We also like the way the bulls defended the critical support of $3.8723. This shows demand at lower levels.

EOS/USD

If the bulls break out of the 20-day EMA, a rally to the 50-day SMA, followed by a move to $9 is probable. Therefore, we propose a long position at $6, with the initial stop loss at $4.8. The traders can raise the stops to break even if the EOS/USD pair struggles to break out of the 50-day SMA.

On the downside, if the bears break below $4.8121, a decline to $4.4036 is possible.

XLM/USD

Stellar is finding it difficult to break out of the $0.25 level. It turned down from $0.24684115 on August 18. It might now correct to $0.205.

XLM/USD

A break out of the $0.25 level can carry the XLM/USD pair to the downtrend line where it might face resistance. We retain the existing buy recommendation made on August 15.

Our bullish view will be invalidated if the bears sink the digital currency below $0.184. We can’t find any buy setups for as long as the price remains inside the range of $0.25 – $0.184.

LTC/USD

Litecoin is in a downtrend as both moving averages are sloping down and the RSI is also in the negative territory. As expected, the bears are defending the 20-day EMA.

LTC/USD

If the bears break below the support at $49.466, the LTC/USD pair will resume its downtrend and reach $40.

The cryptocurrency will show first signs of a change in trend when it breaks out and sustains above the downtrend line. We suggest traders wait for the trend to change before initiating any long positions on the pair.

ADA/USD

After a strong support is broken down, it becomes a strong resistance. We can see that on Cardano, where the previous strong support of $0.111843 is now acting as a strong resistance.

ADA/USD

The 20-day EMA is sloping down, whereas the 50-day SMA is flattening. We shall turn positive on the ADA/USD pair only after it breaks out of the downtrend line and the 50-day SMA.

On the downside, any break of the August 14 lows can result in a retest of the long-term support of $0.078.

XMR/USD

Monero is in a downtrend as price is quoting below both moving averages and the long-term downtrend line. The bulls broke out of the 20-day EMA on August 18 but could not sustain the higher levels. For the past two days, the cryptocurrency has been consolidating close to the moving average, which is a positive sign.

XMR/USD

If the XMR/USD pair sustains above the 20-day EMA, a rally to the 50-day SMA is probable. On the downside, if the bears break below $94.3, a fall to $84 is likely.

Both moving averages are flattening out, which points to a consolidation for the next few days. We shall try to establish positions when we have a well-defined range. Until then, it is best to remain on the sidelines.

IOTA/USD

IOTA is in a downtrend with both moving averages sloping down and the RSI in the negative territory. The pullback is facing resistance close to the $0.575 mark.

IOTA/USD

If the bulls break out of the 20-day EMA, they can carry the IOTA/USD pair to the 50-day SMA, which is likely to offer a strong resistance.

On the downside, any break of the August 14 lows will increase the probability of a fall to $0.33. We can’t find a confirmation of a bottom yet, so we are not suggesting a trade on the pair.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

Despite Market Gains on the Day, Bitcoin Remains Below $6,500, Ethereum Loses $300 Support

August 19: The crypto market picture shows signs of recovery following last week’s major market crash, but momentum has not yet rallied sufficiently to indicate a categorical reversal of the bear market.

August 17 saw the first major attempt to reverse fortunes, but these gains have not been widely consolidated. At press time, Bitcoin (BTC) is trading below the $6,500 price point and Ethereum (ETH) has dipped below $300.

Most major of crypto assets are seeing modest to solid gains of 1 to 5 percent on the day, as Coin360 data shows, with some top 20 coins up as much as 16 percent.

Market visualization

Market visualization from Coin360

Bitcoin (BTC) is currently seeing almost no change over the past 24 hours at press time, trading at around $6,380, according to Cointelegraph’s Bitcoin price index. Yesterday’s bullish but short-lived spike upwards towards the $6,500 mark has failed to hold, and the coin has today seen a slide to as low as $6,330. While it has since stemmed its losses, Bitcoin has failed to break back above $6,500, seeing a jagged recovery to trade within the $6,400 range.

On the week, Bitcoin is now up just half a percent, but its monthly losses remain at a stark 14.56  percent.

Bitcoin’s 7-day price chart

Bitcoin’s 7-day price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) is trading just under $300 at press time at $395, up around 1.85 percent on the day. The top altcoin has staked a tentative and gradual ascent back up towards $300 over the past 24-hours, trading at $285 at the start of the period. Nonetheless, yesterday’s strong momentum to break above $310 has not been re-attempted today.

Ethereum’s losses on its weekly chart are at around 8 percent; on the month, the asset has plummeted by 37 percent.

Since crashing below $300 August 13, Ethereum notably continues to trade at a price point not seen since early November 2017.

Ethereum’s 1-year price chart

Ethereum’s 1-year price chart. Source: Cointelegraph Ethereum Price Index

Almost all of the other top ten coins on CoinMarketCap’s listings are in the green, with the exception of Stellar (XLM), and anonymity-oriented altcoin Monero (XMR), both down less than one percent.

In the context of the top twenty coins, IOTA (MIOTA), ranked 11th, has seen a bullish 11.6 percent growth on the day to trade at $0.53 at press time. Despite tumbling during the last week’s market-wide crash, the altcoin has now almost closed its losses on its weekly chart.

IOTA’s 7-day price chart

IOTA’s 7-day price chart. Source: CoinMarketCap

VeChain (VET), ranked 19th, has seen a sharp 16 percent spike to trade at $0.014 at press time, reversing its early evening tumble yesterday, August 16.

Tezos (XTZ), ranked 18th, has secured strong almost 4 percent growth on the day to trade at $1.37 at press time. Tezos’ weekly chart shows a strong week of gradual gains –– in contrast to the parabolic volatility that has characterized the attempted recoveries of other cryptos in the wake of last week’s market crash.

Tezos

Bitcoin (BTC) dominance –– or Bitcoin’s share of total crypto market capitalization  –– is slightly down on the week, now at 51.6 percent. BTC dominance has been on the rise as of mid-May. On August 14, its soared as high as 54.6 percent –– reflecting Bitcoin’s relative resilience as compared with the staggering price plummet of Ethereum and other altcoins.

1-month chart of cryptocurrencies by dominance

1-month chart of cryptocurrencies by dominance. Source CoinMarketcap

Total market capitalization of all cryptocurrencies is around $213.4 billion at press time, up from its tumble to under $189 billion August 13.

7-day chart of the total market capitalization of all cryptocurrencies

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

While the market remains shaky since crashing last week, new research from Bernstein analysts has this week suggested that revenue generated by cryptocurrency exchanges through transaction fees alone could more than double to hit $4 billion in 2018.

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, ETC: Price Analysis, August 17

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

The cryptocurrency market capitalization has risen above the $215 billion mark once again. A resilient Bitcoin was the main reason for the pullback. If the leader holds ground, the investors gain confidence and start entering the markets.

Crypto hedge fund Pantera Capital is looking to raise $175 million for its third venture fund. They had previously raised $13 million in 2013 for the first fund and $25 million for the second. This shows that the demand for cryptocurrencies and related investments is still alive.

While the decline was purportedly caused by the rejection of the ETF proposal by the SEC, some experts still hope to see a Bitcoin ETF in the near future. Others, however, are not keen on Wall Street money entering the crypto world. They believe that Wall-Street managed money will cause more problems.

Cryptocurrencies are currently pulling back from their lows. So, should the traders start buying at these levels or wait? Let’s find out.

BTC/USD

Bitcoin continues to trade within the range of $5,900.06—$6,617.5. Currently, the bulls are making another attempt to break out of this range. Above the range, the virtual currency can again face resistance at the 20-day EMA, at the downtrend line of the descending triangle and at the 50-day SMA.

BTC/USD

For the past seven days, the bears have repeatedly pushed prices down from the $6,617.5 mark. We believe that if the bulls finally scale it, the momentum will carry it above the 20-day EMA and the downtrend line of the descending triangle.

Therefore, we retain the buy recommendation provided in the previous analysis.

Our assumption of a bull move will be invalidated if the BTC/USD pair breaks down of $5,900. Another possibility is that the price remains inside the range for a few more days, forming a bottom.

As prices are in a range, false breakouts are possible. Hence, we have suggested buying only if we find the price holding for four hours. If prices retreat following a breakout and show weakness, the long positions should not be taken.

As always, traders should trail the stops higher if the position moves in their favor.  

ETH/USD

Ethereum is struggling to stay above the $300 mark. For the past two days, it has retreated from this level.

ETH/USD

Both moving averages are sloping down and the RSI is still in the oversold zone. This shows that the bears still have an upper hand. The pullback will face selling pressure at the 20-day EMA, which is close to the previous support of $358 that will now act as a resistance.

If the ETH/USD pair sustains above $358 for three days, it will signal a probable change in trend. We shall wait for a new buy setup to form before suggesting any long positions on it.

XRP/USD

Ripple was deeply oversold. It is currently in a pullback that can carry it to the downtrend line 2 where we expect a strong resistance.

XRP/USD

The XRP/USD pair is one the worst performers among the top cryptocurrencies. Hence, we don’t advise buying the first pullback from the lows. The trend remains bearish with both moving averages still sloping down.

It has a slew of overhead resistances that will act as a hurdle, attracting selling. Hence, it is suitable only for the very short-term traders who can enter and exit positions quickly.

The swing traders or long-term investors should wait for the pair to complete a bottoming pattern and then buy it. Until then, it is best to stay with the outperformers.

BCH/USD

After failing to climb above the $537.8221 level for the past three days, Bitcoin Cash is again attempting to scale the overhead resistance and the RSI is trying to exit the oversold zone.

BCH/USD

On the upside, the bulls will face strong resistance at the 20-day EMA. After this is crossed, the 50-day SMA and the downtrend line will act as the next roadblock.

On the downside, if the BCH/USD pair plunges below $473.9060, it can slide to $400. We will wait for the price to break out and sustain above both moving averages before turning positive.

Currently, we don’t find any buy setup, hence, we are not proposing any trade on it.

EOS/USD

EOS has finally made a move today, after struggling to move up for the past two days. However, both moving averages are sloping down and the RSI is still in the negative territory, which shows that the sellers have an upper hand.

EOS/USD

Any recovery will face resistance at the 20-day EMA and above that at the 50-day SMA. The bulls have not broken out of the 50-day SMA since June 9. Hence, a break out of it will indicate strength.

In April of this year, the EOS/USD pair picked up momentum only after breaking out of the 50-day SMA. Hence, we might suggest long positions after the price sustains above the 50-day SMA. If a new setup develops before that, we shall consider it.

XLM/USD

Stellar has extended its stay inside the range of $0.184—$0.25. The pullback on August 13 and August 15, both faced selling at the 20-day EMA.

XLM/USD

Previously, in mid-April and mid-July of this year, the XLM/USD pair picked up momentum after it closed (UTC time frame) above the 20-day EMA.

Currently, the 50-day SMA is flat and the 20-day EMA is sloping down. If the bulls break out of $0.25, the probability of a rally to the downtrend line at $0.32 increases. Therefore, we retain our buy recommendation provided in the previous analysis.

LTC/USD

The attempt to pullback on August 18 met with selling at higher levels but Litecoin has maintained above the $54 level for the past two days.

LTC/USD

The 20-day EMA will be the first hurdle, above which, the pullback can extend to $80. The 50-day SMA and the downtrend line are both close to $80, hence, we anticipate the bears to strongly defend this level.

The RSI is trying to exit the oversold territory, which is a positive sign. All these indications point to a corrective rally, but we don’t find any reliable buy setups, hence, we are not recommending a trade on the LTC/USD pair.

ADA/USD

Cardano is struggling to bounce off the lows. This shows that the bulls are in no hurry to buy even at these low levels.

ADA/USD

On the upside, the zone between $0.111843 and $0.13 will act as a stiff resistance. The 20-day EMA is sloping down but the 50-day SMA is flattening out. This shows that the ADA/USD pair might enter into a consolidation for the next few days.

If prices sustain above $0.111843, it shows that the selling pressure has reduced. We shall wait for a new buy setup to form before recommending a trade on it.

XMR/USD

Monero has pulled back for the past three days and is close to the 20-day EMA where it might face resistance.

XMR/USD

If the bulls scale above the 20-day EMA, the recovery can continue till the $120 mark. The long-term downtrend line is also close to $120; hence, we anticipate selling at this level.

The next decline to the $76.074 mark will confirm whether a bottom has been made or is the current pullback only a bear market rally.

Currently, we don’t have any bullish pattern on the XMR/USD pair, hence, we suggest traders wait for a few days.

ETC/USD

Ethereum Classic has found a place in our analysis by taking the tenth spot. While its price has not risen, it has declined less, compared to some other cryptocurrencies.

ETC/USD

The ETC/USD pair has been holding above the $13 level since April of this year. While the bears broke below this support on August 13, prices have quickly bounced back, after taking support close to the $9.5 mark.

This shows that the buyers are scooping up the digital currency on sharp dips. The 20-day EMA is sloping down, but the 50-day SMA has been flat since July. This shows that the virtual currency might remain range bound between $13 and the downtrend line.

We don’t find a strong buy setup, hence, we are not recommending a trade on it.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.