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Price Analysis: BTC, ETH, XRP, LTC, BNB, ADA, EOS

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Bitcoin trading

Price analysis shows that during the second quarter of this year, Bitcoin (BTC), gold, crude oil, and the US stock market rose sharply. This shows that investors’ appetite remains strong as they believe the central bank will continue to maintain the money supply.

As seen in  Zimbabwe, monetary easing may be a short-term solution, but if monetary policy is not relaxed at the right time, it can damage the economy in the long term.

Sam Stovall, the chief strategist at CFRA Research, said the third quarter was historically the weakest quarter in the US stock market. If history repeats itself and the correlation between Bitcoin and the S&P 500 index is still high, the price movement of Bitcoin can continue for several weeks.

BTC/USD

BTC/USD Daily Chart
Source: Tradingview

The bears cannot take advantage of the downward trend on the rising triangle trend line on June 27, as there is no follow-up Bitcoin (BTC) that falls below $8825. This indicates that short sales are at a low level.

The bulls are currently trying to push the price back over the trend line. Even if they are successful, they are subject to shock resistance on the 20-day exponential moving average ($9,314) and the 50-day simple moving average ($9,428).

A break above the 50-day moving average indicates a stronger signal and could attract further purchases and eventually rise to $10,000.

If the BTC/USD pair falls from the upper resistance level, the view is invalid. In this case, the bears will try to drop the price below $8,825, and if it is successful, it can drop to $8,638.79 and $8,130.58.

ETH/USD

ETH/USD Daily Chart
Source: Tradingview

Price analysis shows that the $216.06 recovery has hit the 20-day EMA ($230), which is likely to become a resistance level. If the bull pushes Ether (ETH) above this resistance level, it can recover to $253.56.

Conversely, if Ethereum deviates from the 20-day EMA, $216.006 may be retested. A break below this support level may result in a lower correction to $200 and a break below $176.112.

The 20-day moving average is flattening out and the relative intensity index has risen to the center, showing that the balance between supply and demand is maintained. This can cause the ETH/USD pair to fluctuate for a few days before the bulls push the price above $253.56 and resume the upward trend.

XRP/USD

XRP/USD Daily Chart
Source: Tradingview

XRP’s relief rally cannot be extended beyond $0.18, indicating a lack of higher-level buying support. If the bears cause the price to drop below $0.173278, the recent low of $0.169012 may be retested.

Both moving averages are declining, and RSI has been trading near the oversold zone, indicating that the bears have an advantage.

A break below $0.169012 could pull further sales, which could pull the price down the support channel of the downtrend channel. A break below the channel can exacerbate sales and lead to a drop to $0.14.

If the bulls can push Ripple (XRP)  over the descending channel, this bearish view will fail.

LTC/USD

LTC/USD Daily Chart
Source: Tradingview

Price analysis shows that in the past three days, Litecoin (LTC) has been trading in a narrow range of $40.5 to $42, showing that the bulls are trying to push prices up. The 20-day moving average ($43) is falling and the RSI is in the negative zone, indicating that the bears have the upper hand.

If the bears cut Litecoin (LTC) to below $41, there will be a new retest of $39. A break below this important level of support could herald the start of a new downward trend. The short-term target is $35, below $32.50.

However, if the buy rallies and the bulls can push the price above the two moving averages, they can recover to the resistance of $39-51. After LTC/USD breaks through this area, the next trend can begin.

BNB/USD

BNB/USD Daily Chart
Source: Tradingview

The bulls are trying to get Binance Coin (BNB) back to the upper resistance level of $15.72. Above this level, the rebound could hit the barrier of the 20-day moving average ($16).

If BNB drops  from the current level or the 20-day EMA, the bears will try to lower the price below the immediate support level of $14.80. Below this level, it can drop to $13.65.

However, if the buyer can push the price above the 20-day moving average, they can move up to the 50-day moving average ($16.54) and then to $18.1377. After BNB/USD breaks the broad range of $13.65 to $18.1377, the next trend could begin.

ADA/USD

ADA/USD Daily Chart
Source: Tradingview

Cardano (ADA) broke the symmetrical triangle and upper resistance of $0.0901373, indicating that the upward trend is resuming.

The target for the triangle breakout is $0.10686, but the possibility of a target short is unlikely as the short could try to stop the upward trend at $0.10.

However, since both moving averages are falling and the RSI is close to the overbought zone, the bulls still have an advantage.

If Cardano (ADA) falls below $0.0901373, this view will be invalid.

EOS/USD

EOS/USD Daily Chart
Source: Tradingview

Although the bulls bought stocks that fell sharply on June 27, price analysis they are still working hard to push EOS up, indicating that the purchase has dried up to a higher level. In the past three days, prices have consolidated near the support level of $2.3314.

If the price doesn’t go up, the bulls can lose interest and drop the price further to $2.1926.

The 20-day EMA ($2.49) and the RSI below 40 indicate a short-term advantage. If the bears can drop EOS below $2.1926, the decline can widen to $1.80.

If the EOS/USD pair recovers from the current level and exceeds the moving average, this bearish view becomes invalid.

The views and opinions expressed here are only those of the author and do not reflect the views of Lightblocks as a body.

Lightblocks will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts, and buy/sell signals.

Every investment and trading action involves risks. You should do your own careful research before making a decision.

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1 Comment

1 Comment

  1. Ndianabasi Tom

    02/07/2020 at 11:51 am

    I hope BTC stabilizes at $10k soon

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