o3n [ozone] blockchain layer

Blockchain source

Menu
  • Cybersecurity services
Menu

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, August 29

Posted on August 29, 2018 by nbelov

Cryptocurrencies are rebounding across the board with the total market cap growth of $30 billion, but this might actually be a time for caution.

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 total crypto market capitalization has grown by about $30 billion in 15 days. This shows that the market is rebounding from its lows. Failure of the bears to break below the $5,900 mark in Bitcoin in the past few days has encouraged some buying by the bulls.

Various investment firms are launching new products in a bid to attract institutional players. This confirms demand from the larger market participants. However, it is too early to announce the start of a new trend.

Last time, the bulls were too eager to call a bottom and proclaim the end of this bear phase, but cryptocurrencies quickly gave up all their gains and plunged to new lows.

During the decline, Bitcoin managed to sustain above its critical lows, but most of the top altcoins broke below their support levels and made new year-to-date lows. Therefore, we want to wait and watch for the next few days before proclaiming the start of a new uptrend.

BTC/USD

Bitcoin broke out of the 50-day SMA on August 28, which is a positive sign. However, the question now is: can the bulls sustain above the 50-day SMA? If the bears sink the price and keep it below $6,955.79, the current breakout can be considered a bull trap. The critical support on the downside is the 20-day EMA.

The next couple of days are critical as they will give us a better idea of whether the bottom is in place or this is just a dead cat bounce.

BTC/USD

If the BTC/USD pair sustains above the 50-day SMA, out next target is a rally back to $8,566. However, it is unlikely to be a straight dash.

The pullback will face resistance at $7,198.3, which is the 50 percent Fibonacci retracement of the decline from $8,496.53 to $5,900.06. Above this, the next resistance is at $7,504.68, which is the 61.8 percent retracement.

Traders can hold their long positions with the suggested stop loss. We shall book partial profits and trail the stops higher if the pair moves up. We should get a better clarity within the next couple of days.

ETH/USD

Ethereum is not participating in the current pullback. It has not even risen above the 20-day EMA, which shows that the buyers are not keen to jump on it.

ETH/USD

The 20-day EMA is flattening out but the 50-day SMA is still sloping down. The trend will remain a downward one for as long as the ETH/USD pair keeps trading below the downtrend line and the 50-day SMA.

We shall wait for the cryptocurrency to form a reliable buy setup before suggesting any trades on it.

XRP/USD

Ripple has broken out of the 20-day EMA, but is facing resistance at the downtrend line 2. The 20-day EMA has turned flat but the 50-day SMA is still sloping down.

XRP/USD

Above the downtrend line 2, the XRP/USD pair is likely to face a stiff resistance at the 50-day SMA. If the bulls break out of the 50-day SMA, the pullback can extend to $0.5. The short-term traders can stay on the long side, but the positional traders should wait for the trend to change before initiating any long positions.

If the bears can defend the 50-day SMA, the virtual currency can remain stuck inside the range of $0.3–$0.4 for a few more days.

BCH/USD

Bitcoin Cash has pulled back to the 20-day EMA but the recovery lacks momentum. The buying has been weak and is likely to face resistance at the $600 mark. Both moving averages are still sloping down, which shows that the sellers are still in command.

BCH/USD

The BCH/USD pair will pick up momentum if it scales above the downtrend line and the 50-day SMA. If the bulls sustain above the 50-day SMA, the rally can extend to $900.

On the other hand, if the bears fail to break out of $600, the cryptocurrency can remain range bound between $500 and $600.

EOS/USD

EOS broke out of the 20-day EMA and the overhead resistance at $5.65 on August 28. It has extended its pullback and is close to the 50-day SMA, which might act as a stiff resistance.

EOS/USD

The EOS/USD pair has not broken out of the 50-day SMA since June 10. Therefore, if the bulls can sustain above this level, it will indicate a probable change in trend.

The traders can initiate a long position on a close (UTC time frame) above the 50-day SMA with a stop loss of $4. The targets on the upside are $9 and $11.5.

Our bullish view will be invalidated if the virtual currency turns down from the 50-day SMA.

XLM/USD

We have been bullish on Stellar for the past few days because it has held above the year-to-date lows in the recent downswing. As it has not broken down of $0.184, it still remains inside the large range of $0.184–$0.47766719.

XLM/USD

The 20-day EMA and the 50-day SMA both have turned flat as the digital currency has been stuck inside a tight range of $0.184–$0.24987525 since August 5.

The trend will change when the XLM/USD pair breaks out of the range. Though the up move can face resistance at the downtrend line, we have suggested a buy because a breakout after a long consolidation is likely to be strong enough to carry the pair to the $0.35 mark.

If the bulls fail to scale the overhead resistance, the range bound action might continue for a few more days.

LTC/USD

Litecoin has broken out of the 20-day EMA but is finding it difficult to sustain above the range. The pattern target of a breakout of the range is $75.32, but we anticipate the 50-day SMA and the downtrend line to act as a strong resistance on the upside.

LTC/USD

Currently, the 20-day EMA has turned flat, but the 50-day SMA is still sloping down. As the LTC/USD pair has been in a strong downtrend, we believe traders should wait for it to change its trend before buying into.

If the bears push the prices back below the 20-day EMA, the virtual currency will continue to trade in the range.

ADA/USD

Cardano has broken out of the 20-day EMA but is facing resistance at the downtrend line. A break out of the $0.111843 levels has a pattern target of $0.14044 but if the bulls fail to break out of the overhead resistance, the digital currency will extend its stay inside the trading range of $0.083192–$0.111843.

ADA/USD

While the 50-day SMA is still declining, the 20-day EMA has turned flat, which confirms that the near-term selling pressure has subsided.

The trend in the ADA/USD pair will change if it breaks out and sustains above the 50-day SMA. We shall wait for a new buy setup to form before proposing any trades on it.

IOTA/USD

IOTA has pulled back sharply in the past two days and has reached the 50-day SMA. The zone between the 50-day SMA and $0.9150 might act as a strong overhead resistance. Therefore, we suggest traders book partial profits on the long positions recommended in the previous analysis at $0.82.

IOTA/USD

We don’t want to book profits on the complete position because if the bulls succeed in breaking out of the strong overhead resistance, a rally to $1.24 is probable.

If the IOTA/USD pair turns down from the current levels, the zone between $0.5750 to the 20-day EMA might act as a strong support.

XMR/USD

Monero broke out of the 20-day EMA on August 27 but is currently facing resistance from the horizontal line at $109.22. Even if the bulls scale this level, the 50-day SMA and the long-term downtrend line will invite selling.

XMR/USD

The first sign of a change in trend will be when the bulls scale above the downtrend line because the XMR/USD pair has turned down from this resistance on three occasions.

We suggest traders buy a small position on a close above the long-term downtrend line. We don’t recommend to use more than 30 percent of the usual allocation because the pair might spend some time in a range, forming a bottom before embarking on an uptrend.

The initial stop loss can be kept at $90, which is just below the 20-day EMA. The first target on the upside is a rally to $150.

Our bullish view will be negated if the bears push prices below the 20-day EMA. In such a case, the consolidation is likely to continue for a few more days.

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

Source: Cointelegraph https://cointelegraph.com/

Recent Posts

  • Blockchain in Education Market Expected to Witness a Sustainable Growth Over 2029 | Sony Global Education, odem.ioÂ, Open Source University – Designer Women – Designer Women July 1, 2022
  • Ripple: Government of Colombia Set to Utilize XRPL Blockchain for Land Registry – U.Today July 1, 2022
  • Blockchain Identity Management Market 2022-2028: Featuring Key Players Amazon Web Services Inc., Microsoft, IBM & Others – ResearchAndMarkets.com – Business Wire July 1, 2022
  • $23.3 Billion Global Web 3.0 Blockchain Market Growth with GAGR of 41.6% 2022-2028 | The Benefits such as Improved Privacy & Secure Network Driving the Market – GlobeNewswire July 1, 2022
  • Blockchain Bites: A$DC used in Carbon Credit purchase; Three Arrows to be liquidated in BVI; Laying the first blocks of US crypto regulatory reform; Hong Kong to licence VASPs and regulate market conduct – Lexology July 1, 2022
  • Minima's cooperative Blockchain network reaches 120000 complete nodes – IBS Intelligence July 1, 2022
  • 'Global Economy Can Be Fixed By Digital Transformation And Blockchain Technology' – Entrepreneur July 1, 2022
  • Global Blockchain Technology in Healthcare Market Report 2022-2027: Rising Application of Blockchain in Healthcare Claims and Billing Driving Growth – ResearchAndMarkets.com – Business Wire July 1, 2022
  • Laura K. Inamedinova on Maximizing Press for Blockchain Projects – Crypto Mode July 1, 2022
  • Coinbase denies reports of selling customer data to the US government July 1, 2022
  • Not giving up: VanEck refiles with SEC for spot Bitcoin ETF July 1, 2022
  • Bitcoin price: June close barely beats 2017 high as Coinbase Premium flips positive July 1, 2022
  • Key Takeaways | Crypto, Smart Contracts and Blockchain—Execution and Innovation – Lexology July 1, 2022
  • MakerDAO members shoot down proposal for more centralization July 1, 2022
  • OwlTing enlists Dow Jones database to enhance blockchain transaction security – DIGITIMES July 1, 2022
  • Multisigs mean funds in bridges are 'one small slipup' from being hacked July 1, 2022
  • Hundreds of Bored Ape owners sign up to hire out their NFTs to brands July 1, 2022
  • Better days ahead with crypto deleveraging coming to an end: JPMorgan July 1, 2022
  • Ethereum fork a success as Sepolia testnet gears up to trial the Merge July 1, 2022
  • Worst quarter in 11 years as Bitcoin price and activity plunges July 1, 2022
  • Societe Generale – FORGE selects METACO to manage blockchain asset capabilities – CryptoNinjas July 1, 2022
  • BnkToTheFuture unveils 3 proposals to rescue Celsius from oblivion July 1, 2022
  • EU agrees on MiCA regulation to crack down on crypto and stablecoins July 1, 2022
  • Kalima – A new way to collect, protect and monetize data using Blockchain for IoT – CryptoNinjas July 1, 2022
  • FTX Abandoned Discussions to Celsius Network Acquisition – Report – Blockchain.News July 1, 2022
  • Xinghuo BIF and Zetrix Jointly Introduce Web3 Services: Blockchain Identity/Verifiable Credentials and Contract Signing – GlobeNewswire July 1, 2022
  • Rewards4Earth plans to roll out crypto rewards to 1000 sports clubs in Australia July 1, 2022
  • Klever goes live with Mainnet of its native blockchain – FinanceFeeds July 1, 2022
  • CoinAgenda Announces First Round of Speakers for Ninth Annual Las Vegas and Sixth Annual Puerto Rico Web3, Blockchain and Crypto Conferences – GlobeNewswire June 30, 2022
  • Blockchain.com Cooperating With Investigations Into Three Arrows – Bloomberg June 30, 2022

Ad

Ad

©2022 o3n [ozone] blockchain layer | WordPress Theme by Superbthemes.com