Weekly Cryptocurrency Price Analysis: Bitcoin (BTC), Ethereum, EOS, Litecoin, and IOTA
The influence of Bitcoin (BTC) cannot be understated. So far it is down eight percent week over week but stable in the last day. Encouragingly though, our bullish stand is still valid. On the other hand, we shall quickly shift to bearish should IOTA, Litecoin and EOS prices break below key support lines confirming the trend resumption phase of that bear break out pattern which came in force after the second week of June.
Bitcoin (BTC) Technical Analysis
- UK customers can now buy Bitcoins using the Sterling Pound (GBP). By doing so, CoinBase customers in the UK will get a reprieve from the $12 SEPA fees-when they fund their account via the Euro. Besides they will get access to the UK’s Faster Payment System ensuring same day deposit and withdrawals. Hopefully, this will spur crypto adoption in the UK, the fifth largest economy in the world.
Starting today, Coinbase customers in the UK will be able to seamlessly move GBP in and out of their accounts using the Faster Payments service. In most cases, this will mean almost instant access to funds. 🇬🇧https://t.co/67DMjc6y89
— Coinbase (@coinbase) August 1, 2018
- After Cameron and Tyler Winklevoss backed Bitcoin Exchange Traded Fund (ETF) was rejected by the Securities and Exchange Commission (SEC), one of the regulator’s commissioners- Hester Peirce- dissented the decision saying there was no need of disapproving the ETF. In her argument, she insisted that the ETF was in full compliance with the SEC’s actions and that the SEC based their decision based on potential manipulation of Bitcoin price, an area the SEC had “no jurisdiction to deliberate.”
- Andrew Yang, the US Presidential Candidate vying through the Democratic Party accepts crypto donations. On July 24 he posted a tweet saying he will be accepting Bitcoin, Ethereum, and other ERC-20 based tokens.
Regardless of the past few day losses, our Bitcoin sell conditions are yet to be met. As a matter of fact, our overall Bitcoin (BTC) trade plan is on course and valid.
From previous Bitcoin (BTC) technical analysis, we had projected Bitcoin (BTC) prices to find support anywhere between $6,800 and $7,200, key support lines. So, since we are out of this trade after our stops at $7,800 were hit, I suggest staying put and buying on dips anywhere inside our buy zone.
Safe stops should be below $7,800 with targets at $8,500, $10,000 and later $12,000 as per our previous Bitcoin (BTC) trade plan.
Ethereum (ETH) Technical Analysis
- Alphapoint powered DCEX exchange based in San Francisco is yet another cryptocurrency exchange that is availing trading pairs with XRP as base. At the moment, traders can choose from 15 listed cryptocurrencies including Ethereum. Even though operations are yet to begin and we don’t know the launching date, account registration is ongoing.
Today we’re very excited to announce the launch of @dcexofficial, powered by @AlphaPointLive. DCEX is the first-ever digital currency exchange to utilize $XRP as its exclusive base currency.
Read more here on our blog: https://t.co/YGnzPcvxrR #fintech #XRPCommunity #blockchain pic.twitter.com/HRKcoPjkSH
— AlphaPoint (@AlphaPointLive) July 30, 2018
- Samurai & J Partners Co. Ltd is another Tokyo Stock Exchange-listed Japanese company that offer special crypto loan programs accepting Ethereum, Bitcoin, and Bitcoin Cash as collateral. With the new arrangement, crypto holders can borrow a maximum of $2.7 million per year and pay interest ranging from seven percent to 15 percent.
- Safety is paramount and Binance being one of the largest centralized crypto exchange takes that seriously. To boost fund security, Binance announces their acquisition of Trust Wallet. Trust Wallet is open source, decentralized and used to store ETH and related tokens.
— Binance (@binance) July 31, 2018
Like Bitcoin, Ethereum (ETH) is down 13 percent in the last week and trading near the main support line at $400 after breaking from inside the intra-range wedge on July 31.
Because of these downturns, our last Ethereum (ETH) trade plan is still solid and for official shorts, prices need to close below $400.
By doing so, traders would be free to short ETH on pullbacks knowing that the retest phase is complete after $550 retests mid last month.
Afterward, my recommendation would be to sell on highs with targets at 2018 lows at $350 and later $150.
EOS Technical Analysis
- Poloniex, which is owned by Goldman Sachs backed Circle, has announced support for EOS with withdrawal and deposits possible. Even though this is exciting news, the exchange said they won’t be supporting any EOS air drops or deposits of any ERC-20 tokens.
— Poloniex Exchange (@Poloniex) August 1, 2018
- FCoin is also offering support for EOS and beginning today, traders can trade the EOSUSDT pair.
- Huobi is yet another exchange that will allow traders to trade EOS.
EOS is now open for trading on Huobi OTC!
— Huobi Global (@HuobiGlobal) August 1, 2018
Our EOS trade plan is pretty straightforward and for simple reasons. From previous EOS price analysis, we note that EOS is ranging and trading within a tight $2 range with limits at $9 and $7.
Following the last few days slump, EOS is down 20 percent for the week and could close below $7, triggering sell traders.
If that happens with remarkably high volumes then we could sync in with the trend resumption phase of a bear break out pattern set rolling after the close of June 22 bear bar.
In that case, I recommend selling on every retest of $7 with stops at $8 and first bear targets at $4-2018 lows.
Litecoin (LTC) Technical Analysis
- Mati Greenspan, a Market Analyst at eToro says there is a big Litecoin (LTC) undervaluation. Points out the coin’s high average daily trading volumes and daily active users.
- com, which rebranded from Monaco, is the latest exchange to support Litecoin. Once their MCO Visa Card supports Litecoin, users would freely spend their Litecoins.
- Charlie Lee is the advisor of HTC Exodus, the first smartphone that’s compatible with cryptocurrencies. Exodus will natively support Litecoin and allow for Lightning Network (LN) transactions from within it secure wallet.
Met the HTC Exodus team last week and was really excited to hear the phone will support LTC and Lightning Network on Litecoin natively! I will be an advisor as I see having a secure crypto phone that makes LN simple is needed for mass adoption.
P.S. No, they will not remove BTC. https://t.co/WQcygPVst0
— Charlie Lee [LTC⚡] (@SatoshiLite) July 30, 2018
The depreciation is gradual but with every lower low, LTC edges closer to $70, our main support line.
Referring to previous Litecoin (LTC) technical analysis, we notice that despite these price swirls, LTC prices are trading inside of a consolidation with upper and lower limits at $90 and $70 respectively.
Until market participants meet our trade conditions, I suggest staying neutral. We shall keep in mind that any close below $70 would be supportive of June 10 bears and traders would capitalize on that, selling with first targets at $50 with stops just above the break out candlestick.
IOTA (IOT) Technical Analysis
As long as BTC is sliding, odds are, IOTA shall continue to bear the brunt of sellers. Thus far, IOTA is down three percent and retesting our main support line.
However, from the look of things, we might see IOTA prices trading below 2018 lows and sell trigger line before the week ends.
In line with our previous IOTA trade plans, break below 90 cents necessitates sellers to short on highs with first targets at 65 cents.
Regardless of current sentiment, should there be support-which is pretty hard, then close above the descending wedge at $1 would be a launching pad for bulls aiming at May and June highs.
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.