There’s no reprieve for the market, almost all coins trading in the red.
Today’s price analysis of five of the top six cryptocurrencies (Bitcoin, Ethereum, Ripple, Litecoin, and EOS) returns a bearish outlook in the short-term and medium-term.
BTC/USD declined below $6k once again as it failed to sustain momentum above that level. The pair ran into stiff resistance at $6,300 and broke below after a series of lower lows.
There are suggestions that news concerning double-spend flaws involving tether (USDT) could be a reason for today’s drop. It also comes at a time Wolf of Wall Street said Bitcoin was “dead”.
Bitcoin is trading at about $5,889 against the USD, 3% and 6.6% down over the last 24h and 7-day periods respectively.
Bitcoin prices have broken below June 28th range above its major support at $6,000. Trending below its 100 hourly SMA, BTC’s new trading range is at $5755 and $5904.
This forms its previous demand zone and we could see price consolidation. There’s a possibility selling pressure may see it break below and slide to the next support level at $5,650. If sellers fail to take control, then it could be signal the buyers.
ETH/USD is sliding fast, breaking below its major support at $415 to touch a new low of $405 (Kraken). It has hit a series of lower lows, making today one of the toughest this week.
The pair is trading at just below $409 in a descending channel. It is 5% and 15% in the red over 24h and 7-day periods respectively.
On the downside, ETH will rely on support at $406 and $400, and if the bears retake control here, it will open up $360.
The bulls have failed to take up an initiative, given negative news haven’t been that huge. Today’s decline, however, could be related to the general market reaction.
If the buyers re-enter the market, BTC/USD will find resistance at $421 and $438, which was yesterdays swing low range. Momentum dictates sitting tight till an upward is established.
Ripple has basically invalidated its hope of breaking above $0.50 with another steady decline. The XRP/USD pair is trading in a medium range between lows of $0.424 and low high lows of $0.450.
The pair is trading at about $0.43 at the moment and is 5.7% and 14.5% in the red over 24h and 7-day period respectively.
The immediate key support area is at $0.435, with $0.454 offering an upside supporting zone.
With a bearish trend very much on, XRP could continue down the channel, testing a break below $0.42 and underneath it, a risky move towards $0.40.
The coin is facing sustained selling pressure. XRP traders can take long or short positions if the coin does break out of the above range, putting stops immediately above or below the key support and resistance levels.
Our price analysis on June 27, 2018, indicated that LTC/USD could trade at a low of $73 if sellers continued to dictate sentiment.
That happened, as the pair traded in a range bound movement between a low of $72.50 and low high at $75.53.
Litecoin has thus broken below various support levels. It now trades at about $73.90, which is in the red 5.7% and 15.80% over 24h and 7-day periods respectively.
If the bears continue to take control, then LTC will likely hit the $70 support level by Saturday, June 30, 2018. Below that, it will rely on support areas at $68 and $66.
On the upside though, the bulls must seize the initiative and push it above the immediate resistance level at $74. 85. Above this, it will run into resistance at $77 and $80.
If LTC breaks below $70, buyers can take positions, as it will indicate a bottom is imminent.
EOS continues to face issues arising from its chaotic Mainnet launch a few weeks ago.
Governance issues keep creeping up and now Block.one, the developers of the platform wish to rewrite the constitution.
On the market front, the crypto has seen its value tank steadily and could soon be hitting the bottom.
EOS is trading at $7.34, which is still in the red at 6% and 20% over the last 24h and 7-day periods.
Both short-term and medium-term outlooks remain bearish. Today has seen EOS/USD trade in a wide range between new low at $7.03 and low high resistance level at $7.53.
It means you can trade, though the bears should be keenly watched.
If the downtrend continues, EOS will break below the immediate support zone and see two critical zones at $67.5 and $62.0 come into play. Below that, buyers can prepare for entry at $6.00.
On the other hand, if the bulls do marshal support and rally above the key resistance at $7.50, we could see it retest the $8.0 price area.
That, however, looks unlikely at the moment.