Investors have been keenly watching market trends as a dreadful 2018 continues to ravage prices and destroy dreams.
The last few weeks have been anything but pain for most of the crypto enthusiasts who had bought assets and had short-term strategies.
For those who are long holders and those seeking an entry point, there was nothing as welcome. It offered a chance to move investments or buy in at low prices.
The massacre hasn’t ended yet, but the seasoned investors have been quick to say that things will take an upturn sooner rather than later.
Price volatility is part and parcel of cryptocurrency and it’s likely that an underperforming digital asset gains unprecedented growth in a few weeks time.
In fact, the strategy has been that taking long positions and HODLing represent the best chance to reap big benefits from uptrend when markets rally. It’s thus easy to assume that Bitcoin and the rest of the market will turn bullish at some point in coming days.
All coins in the top four on the market have had to endure a tough run. Even sprinkles of good news here and there haven’t lifted sentiment.
However, the strengths of these projects suggest that the best is yet to come. Here, let’s have a look at what the market says in terms of price movements.
Bitcoin prices have been confined within the June 14 price range for the last couple of days. However, today’s indicators point at attempts to break above that tight range.
BTC/USD is currently above the intraday high of $6707 on June 14 as it trades at $6718. This represents a +3.5% gain over the last 24 hours.
If prices consolidate above this level, then it could experience a pullback to its 20-day EMA. Both moving averages are however in a downward slope and the coin appears ready to make for the resistance levels at $6,800.
If it breaks above this level, it could indicate that the leading crypto is in the build-up of a short-term bullish momentum.
A sustained upside would bring in a major resistance at $7,700 levels. If the bulls sustain that, then BTC/USD could be testing the next resistance levels at $8,500.
On the flipside is that failure to consolidate above current prices retains the major support zone at $6,000. Bitcoin prices are still very fluid at the moment, thus caution is of the essence.
Ethereum is currently trading above the low price levels of June 13 when it hit $459. It could be about to break above the June 9 range.
As it stands, ETH/USD is in the middle of momentum build-up. Currently, at $518, Ethereum is trending towards $526 and may retest prices above $600 soon.
The immediate resistance levels remain at $540. However, the last time ETH/USD broke above this level, it failed to consolidate the bullish momentum. It thus means that prices could yet enter a downward channel.
If that hurdle is cleared, Ethereum could move towards the 100-SMA at $550. Above this level, the next major resistance will be at $628 and then $700.
If that fails to clear, ETH could immediately fall into selling pressure, opening up the descending momentum and $460 as the next major support area
Over the last few days, XRP/USD has been in a steady downward trend. The bearish trendline persists and its 20 day and 50-day moving averages consolidate this trend.
Furthermore, the RSI (14) indicates oversold conditions. It thus suggests that an imminent reversal could be possible if bulls master enough support.
At the moment, Ripple is in need of support at $0.5. Below this price level, XRP/USD has a wide supporting range of $0.5 to $0.45. At the moment it appears the bulls are preparing to try and push to prices above this level.
XRP/USD is +2.9 percent higher over 24 hours and could break above $0.54 if the upside momentum is sustained. Further upside movements could see it gun for $0.70.
If the market fails to hold up at this price, then the coin will likely depreciate to the next major support area, dropping below the major support area. The prices could fall to the downtrend line. Beyond this point, there’s only more doom at $0.24.
Bitcoin Cash is one of the coins that have shown marked resilience over 2018. However, it has lost value just like any other coin.
At the moment, BCH/USD has some solid support within the June 13 trading range. It is attempting to break above $890 and possibly make for the next major resistance level at $960 and $1000.
It’s trading +4.67 percent higher over its prices on June 18, 2018, but still short of the June 10 intraday prices.
The latest attempt is facing major resistance and it could retrace to the level below current prices. The BCH/USD pair has had periods where it entered trading ranges, and it either breaks above or below.
If the coin breaks above its 20-day EMA, then prices could rally to $1,000 before the next resistance at $1,200 and $1,500.
If it fails to sustain momentum, BCH could break below $860 and find support at $832 and $817.