Prices for Bitcoin (BTC) and the rest of the market continue to hold onto gains made in the last couple of days.
As that happens, many in the industry hope the much awaited institutional money does come sooner.
Even then, bulls are optimistic a boom is still on in 2018. Here is the price analysis for BTC, ETH, XRP, BCH, and XLM today.
The market is trending slightly towards the bears on the hourly charts. BTC/USD needs the bulls to maintain a presence or else the bears may retake control.
Bitcoin’s pullback from lows of $5,900 last Friday took it above $6,600 on Monday.
The pair has traded in a tight range, between $6,539 and $6,675 (data feed Coinbase). Bitcoin has broken above the pivotal $6,450. However, the current momentum is weak.
The 50SMA on the bi-hourly chart shows that its immediate support is at $6,600. On the upside, the bulls can push it to test the 200SMA resistance at $6,773. Above that, it will meet stiff resistance at $7,000.
The BTC/USD market looks likely to form a series of lower highs and could break from its recent trend.
If the bears retake the initiative, then BTC/USD could retrace to the $6,530 support area and below it $6,450.
Ethereum has failed to sustain the momentum that saw it break above multiple resistance levels over the last couple of days.
BTC/USD is range bound and is trading between $467.62 and $487.44 as indicated on Kraken.
Like Bitcoin, there’s a threat from the bears who could wrestle control and see Ethereum decline. The short-term outlook appears to suggest the bulls are weakening.
However, if the bulls close above $478 (20-day EMA), then we can see it break above $500. It could then open up a rally to $530. Near-term, ETH will rely on the movement of Bitcoin.
if the top crypto maintains a bullish run, then it could avoid retracing below. If the pair declines below $450, it could open support at $421 and $400.
Ripple hasn’t had enough momentum to see it consolidate above $0.50, having hit $0.52 before a pullback saw it decline. The pair is struggling to break above.
For XRP to break above and sustain any move above the 20-day EMA, it will require that buyers re-enter the market.
If that doesn’t happen, XRP/USD will remain vulnerable to exposure to selling pressure. The near-term outlook shows that we could see a renewed push, but buyers must consolidate.
Relative Strength Index is now pointing towards overbought conditions, signaling that we could see sellers retake control.
However, the bulls are holding on and if it manages to break above $0.50, it will meet resistance at $0.525 and $0.540. On the downside, there’s a major support area at $0.4750 and $0.454. XRP remains bearish medium-term
Bitcoin Cash managed to rebound above $700 on Monday and has rallied break above several resistance levels.
First, it broke above $750 and then bounced sharply to hit a higher high at $831.30. That has seen it break free of the downtrend line.
The 20-day EMA, however, presents immediate resistance, though the bulls have held position well.
The bullish trend can push it towards $900 and above it another major resistance level at $934.
The hourly charts signal that the sellers are trying to retake the position. If the bulls cede control to the bears, BCH/USD may be in danger of declining to $700.
Below it there’s the June 29 lows at $657.8.if that happens, the pair will have hit bearish momentum.
The XLM community has high expectations as it has been over much of the year. Stellar (XLM) bounced superbly from a low of $0.167 to break above $0.20 on Monday.
The bulls have pushed it higher to reach today’s high price of $0.221. Even though the coin hasn’t seen too much in terms of trading volume, it will likely continue the uptrend short-term.
XLM/USD has broken out of the descending channel. However, lack of support above the pivotal may see it decline.
In fact, the pair hasn’t been able to break above the 20-day exponential moving averages.
It, therefore, may find it difficult to sustain growth above the current price levels. If it does, it will face resistance at $0.25 and $0.30.
On the downside, support area will be at $0.16767780 and $0.184. Any further decline will mean it descends into bearish momentum.