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The market data is provided by the HitBTC exchange.
Update: OKB, which was a coin sponsored in this section, has been removed.
The total capitalization of the cryptocurrency market has been reduced below $ 300 billion to more than $ 380 billion on June 26. This shows that the strong recovery of the minimums is taking a breather. While the presentation of the Libra project of Facebook was a great boost for cryptocurrencies, the recent opposition to this from several quarters has led to the reserve of benefits.
While a number of altcoins have reached a difficult point and have given up most of their accumulated profits in recent weeks, Bitcoin still looks strong. Therefore, we see this fall as a buying opportunity. However, we do not suggest buying when the trend is down. Traders can wait for the price to stop falling and form a short-term fund before starting long positions.
The rally after the current corrective phase will clearly separate the winners from the losers. We suggest that merchants seek to buy cryptocurrencies that have remained above their solid supports and that recover quickly from the fall. Let's see if we detect any commercial opportunity in the five best results of the last seven days.
BTC / USD
A lot of big names spoke against Bitcoin (BTC) in the last week. The most important statement was that of the president of the United States, Donald Trump, who said that he was not a fan of Bitcoin and other cryptocurrencies because he believed that it was not money, it was very volatile and its value was "based on air". However, the crypto community took this statement as a great positive because it gave wide publicity to the asset class and showed that it has become so important that the president of the United States would comment on it.
Fed Chairman Jerome Powell said no one used Bitcoin for payments and that it was only a "speculative reserve of value like gold." The European Central Bank also expressed its opposition and said that Bitcoin was not a currency but a volatile asset, therefore, it had no plan to add Bitcoin to its reserves.
On the other hand, Chamath Palihapitiya, CEO of the social capital firm Social Capital, said that Bitcoin is the best coverage against the traditional financial system. Similarly, Grayscale Bitcoin Trust showed a considerable inflow of funds. This shows that while central banks and world leaders continue to express their opposition to Bitcoin, it is finding a place in the portfolio of large investors. So, should merchants buy now or wait for lower levels? Let's find out.
The recovery in the BTC / USD pair hit a barrier at $ 13,156.96 and fell from there. Now you can correct the first support of $ 9,781.81, which is the 38.2% Fibonacci retracement of the recent rebound. If this support is maintained, it will indicate that the bulls are not willing to wait for them to buy the lower levels, which is a positive signal. It is likely that the next rally will again try $ 13,973.50.
On the other hand, if the bears sink the price below $ 9,871.81, the next support is at the 50% retracement level of $ 8,604.80. The 20-week EMA is also close, therefore, we expect a rebound of one of the supports.
As the RSI is still in overbought territory, the pair may not accelerate. It could consolidate for a few weeks before resuming the upward movement. We will wait for the price to complete the correction and we will show the signs of a change before suggesting an exchange.
LINK / USD
Chain Link (Link) announced a collaboration with IoTeX in Oracle's research and development to provide real-world data to blockchain applications. He also tied Ampleforth and Neblio in the last seven days.
The strong rebound in the LINK / USD pair could not stay above $ 4. In the last two weeks, the pair was corrected at $ 2.60, which is just above the 50% Fibonacci retracement level of $ 2.4465. Because the RSI is still in the overbought territory, we expect the price to go into a range for a few weeks.
Contrary to our assumption, if bears sink the digital currency below $ 2.4665, it can fall to $ 1.9671, which is the Fibonacci retracement of 61.80%. A breakdown of this support will be a negative movement. We suggest that operators wait for the formation of a clear range before starting long positions.
XMR / USD
Although Monero (XMR) fell more than 10% in the last seven days, it was the third with the best performance. He has been a constant artist in recent weeks. Can you maintain the momentum and move forward or enter a corrective phase? Let's look at the graphs.
Contrary to what we assume, the rebound in the XMR / USD pair hit a wall at $ 108,840. The price has dropped sharply and is retesting critical support at $ 81. This is a bearish sign. Both the moving averages and the horizontal support are located at this level, therefore, we anticipate a strong defense of the bulls. If we are successful, we could see another attempt by the bulls to push the price to $ 120.
However, if the digital currency sinks below $ 81, it can fall to the next support at $ 60,147. Both the moving averages are flat and the RSI is close to the midpoint, suggesting short-term consolidation. Traders can retain the loss limit in long positions at $ 78.
BNB / USD
The world leader in the exchange of cryptocurrencies, Binance, announced the launching of the commercial margin with its 2.0 platform. Although margin trading is risky, with proper risk management, it can be a blessing for the experienced operator. Novices, however, should stay away from margin trading. The exchange announced support for additional pairs in its Fiat-enabled trading platform in Singapore. His research arm said that the merged mining can mitigate the effects of fading for Bitcoin and Litecoin. What does the Binance Coin (BNB) chart look like?
The BNB / USD pair continues to be strong with the moving averages on the slope and the RSI still in the positive territory. The bulls had the first support of $ 28.7168 during the week, which is also a positive signal. Now they will try a recovery of the current levels. If support is maintained, the pair could remain within a range range for a few weeks.
However, if the rebound disappears and the pair sinks below $ 28.7168, you can correct up to the line of the uptrend. The 20-week EMA is also at this level, therefore, we expect the bulls to defend this support. Operators can observe this level closely and start long positions with a strong bounce, but they should stay away if this does not work.
XLM / USD
Stellar (XLM) rose again to the list of the ten best cryptocoins by market capitalization in the last week. The list of winners of the first Stellar Community Fund was announced on July 9. Can the digital currency maintain its place in the top ten or will it correct itself and lose its place?
The pair XLM / USD has fallen to the bottom of $ 0.0850 – $ 0.1450. The 20-week EMA has begun to fall and the RSI is back in negative territory, suggesting that the bears are back in action. A breakdown of the range may result in a new test of the minimums. The pair will become very negative if the bears sink the price in new annual minimums.
However, if the price rebounds on the $ 0.085 support, the bulls will try to push it back towards the top of the range at $ 0.01450. Traders must wait until the price shows a strong rebound before making an exchange.
The market data is provided by the HitBTC exchange.