Weekly Cryptocurrency Price Analysis: Bitcoin, Bitcoin Cash, Ethereum, NEO, and XRP
What’s important is that Bitcoin (BTC) is trading above $8,000 and June highs. If BTC adds to their gains and cue in with last week’s trend, then we might see Ethereum, XRP and Bitcoin Cash following suit. Remember, most of these coins are trading within a bear break out patterns and for nullification of this trade pattern, buyers need to thrust and close above specific resistance levels.
Let’s have a look at these charts:
Bitcoin (BTC) Technical Analysis
- Bats B2X Exchange application for Winklevoss Bitcoin Trust ETF rejected but Bitcoin bulls are resilient and are up eight percent on a weekly basis.
- Vitalik concerned about the proliferation of Bitcoin or Ethereum backed ETF than the actual development of making cryptocurrencies mainstream.
- 26 percent of young American investors know what cryptocurrencies are but 1 percent actually hold Bitcoin according to a report by Wells Fargo Survey.
- A multinational payment provider, TransferGo now allows their customers to buy and sell cryptocurrencies including Bitcoin.
Now @TransferGo becomes first remittance company to launch #Cryptocurrency trading, allowing customers to purchase and sell #Bitcoin, #BitcoinCash, #etherium, #Ripple & #Litecoin. #DigiFinanceCAPA @daumis2475 @MarkOmingo
— Digital Finance CAPA (@DigiFinanceCAPA) July 29, 2018
Not only are Bitcoin bulls resilient enough to absorb sell attempts, but the fact that there is a marked increase in trading volumes says a thing or two about buying momentum. In any case, our Bitcoin trade plan is pretty straightforward.
Those who were net long should lock in some profits at or around $7,800 while those searching to buy can do so in two ways.
First, they can set limits above July 24 highs at $8,500. Alternatively, they can look to buy on dips with ideal load zone around July 24 lows at $7,800 and $8,000. Targets are constant at $10,000 and May highs at $11,800.
Ethereum (ETH) Technical Analysis
- DP Ratings, an independent cryptocurrency rating agency, says Ethereum and five other smart contract platforms are most active in GitHub.
- A Tron Virtual Machine that is compatible with Ethereum’s shall launch on July 31. Compatibility allows dApp developers to easily switch camp should they have reasons to.
- Constantinople, an Ethereum implementation code, is under test-net with full activation set for October. Constantinople will be the second major Ethereum blockchain improvement meant to make the system more efficient and transactions cheap. It’s the second phase of network improvement following Byzantium activation in October 2017.
Ethereum Starts Testing Code for Hard Fork Constantinople!
GONT is hard fork of Ethereum, which interprets the task of shading more widely, through the introduction of an alternative service gas. The output of Constantinople confirms that GONT is moving in the right direction.
— Gont World (@GontWorld) July 30, 2018
As prices taper, ETH traders are finding more reasons to hold off and in the process validating our last ETH trade plan.
In line with our Ethereum (ETH) technical analysis, bulls would only be in the lead should we see high volume price break out from this wedge and horizontal consolidation at $550.
If not, then we shall consider recent price action as retests and we anticipate further depreciation set in motion by June 10 bear candlestick.
Safe sell triggers would be on the lower limit of our trade range at $400 and so before any of our trade conditions are met, we shall retain a neutral stand.
XRP Technical Analysis
- Charlie Lee, the founder of Litecoin, endorses XRP saying it is Diamond while his coin, Litecoin is Silver.
- Ripple executives are “thrilled” now that regulators are interested and getting into space. They insist regulation means there would be enough safety nets for investors. Ripple advocates for regulation and was amongst the first company to get the New York’s Bitlicense.
- SBI Group and owners of SBI Holding’s VC Trade announce a 60 percent savings in Forex spreads. SBI Group are investors in Ripple and work closely for the adoption of Ripple technologies across financial institutions in SE Asia.
So far, XRP prices are still moving in a tight 10 cent trading range. From the charts, this accumulation has been going on for more than 35 days now.
Therefore, while we remain upbeat expecting buyers to break above 55 cents as laid out in our last XRP trade plan, odds are we might see sell trend continuation as set rolling by June 22 bear break out below 55 cents.
Regardless of our projection, we must see reasons enough to sell or bull as we sync with what market participants think of XRP valuation. Bull and bear first targets would be at 70 cents and 15 cents respectively.
Bitcoin Cash (BCH) Technical Analysis
- Will traders buy or dump BCH to mark their one year anniversary?
- Vijay Boyapati, an ardent BTC supporter says Bitcoin Cash is a “devil’s spawn” with low, unsustainable hash rates.
There is no much change when it comes to the realignment of candlestick patterns. While recent Bitcoin Cash price action is still confined within July 24 bulls, we are yet to see conclusive high volume break above $850 validating our Bitcoin Cash price forecast as laid out before.
Because of this, we might be seeing the third phase of a bear break out pattern that would only be true should there be reversals below $750.
Either way, we remain neutral with bullish expectation as BCH lags BTC which is already trading at a two-month highs.
NEO Technical Analysis
- Red Pulse, a project that runs on the NEO blockchain, divulges more details regarding their RPX to PHX token switch.
- NEO 3.0 upgrades will introduce efficiency and are tailor-made for large enterprises. Top priority will be to make the network scalable, increase network throughput, introduce better APIs for smart contracts and pricing models.
I thought this was a great discussion, particularly the divisibility discussion.https://t.co/CglD3EGm7G
— Dylan Grabowski (@GrabowskiDylan) July 29, 2018
Overly, NEO is stable and there has been no registry of strong gains. Week over week, NEO is down three percent but we could see further losses as sellers sync with July 12 trend direction.
Even though the market is stable and towing in with BTC gains, any break below $30 would see NEO testing $25 and later $12.
On the flip side, buyers would be back if they break above $40 as stated in our previous NEO trading plan.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
Dalmas is a Cryptocurrency News Writer and Analyst. He’s passionate about blockchain technology and the potential of cryptocurrencies.