Sharp bullish view faded away as well as anticipation of the 9000 – 10000 highs. The 8500 price appeared too much to handle for bulls, and after a week of lateral struggle and couple of negative drivers from SEC and South Korea, Bitcoin eventually dropped down to the cornerstone support 7600, which coincides with the 100-days EMA at this moment. Though this correction does not change the overall bullish look, and only appears a 38% Fibo retracement for the July uptrend it overshadows the 10000 target and turns market into correction state within 7300 – 8500 boundaries. For the downward outlook: a crossover of the 7300 level will draw a Head and Shoulders reverse figure and will send the price to the 7000 level. For the bullish outlook, we will need to see a fast return above the 8000.
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While TRXBTC continues to draw a bearish pattern already reaching its April lows, its famous CEO Justin Sun reveals the secret project, the was a huge part of the hype around the coin at the beginning of 2018.
So, will it help the price to find a bottom or will Justin Sun just ruin BitTorrent for every pirate on the net 🙂
The correction undergoes in a gradually-lowering pattern, fluctuating between lowering upper bound and supportive 7850 – 8000 zone. Till now drawdowns below the 8000 level were bought back quickly, but still, the median of volumes comes closer to 8000 level by each day. Soon we will see if the price will take-off from the 8000 level to test 8200 and then 8500 or won’t be able to find enough support and draw below the 7850 level going into a deeper correction. So, important levels for today: 7850 – 8000 as a support, and upper bound of correction with 8200 as resistance.
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On Friday the price had almost restored its positions after the Thursday dive and spend the weekends in the narrow corridor trading around 8200 level. The Friday movement confirmed a stiffness of the 8000 support, also the fact that the price stays close to the upper resistance at 8500 makes more probable an upward rally if the market is triggered by the right news. For example, positive developments or comments regarding the SEC position on ETF’s. Essential boundaries for today: 8000 from below and 8500 from above. In case of upward impulse and breakthrough above 8500, we will await the next stop in the 9000 – 10000 zone. Read more »
After repeated refusals of SEC to launch bitcoin-ETFs (today SEC disapproved BZX order), BTCUSD started a correctional movement from the 8500 level, not reaching to the awaited 9000-10000 area. For now, correction goes in the acceptable boundaries, for 6000 – 8500 growth such a correction is entirely permissible. As long as the price will hold above 7600 level, we will wait for the recovery of the uptrend with a target at the 10000. If we will not see any significant volumes today, then the price is likely to remain within the 7850 – 8200 boundaries. Important fundamental factors will be further comments of SEC about ETF’s – CBOE ETF on SolidX will be considered on August 10. Read more »
Stellar is a platform that connects banks, payments systems, and people. Integrate to move money quickly, reliably, and at almost no cost.
XLMBTC is back on track, showing bullish figures and going UP.
Recap: Stellar is an open-source protocol for value exchange founded in early 2014 by Jed McCaleb (creator of eDonkey) and Joyce Kim. The Stellar protocol is supported by a nonprofit organization, the Stellar Development Foundation. At the time of launch, Stellar was based on the Ripple protocol. After making several changes to critical consensus code, the Stellar network forked… Read more »
As was expected, the overbought market did not manage to break 8500 level and went into a mild correction, establishing supportive 8200 level, where most of the supply (profit-taking) and demand (rally pursuers) finds a consensus for the second day. 7600 – 8000 zone and an upcoming meeting with the Bullish Trend Line should support the uptrend rally scenario, nonetheless even in such case we expect the movement to stop for the larger correction at the 10000 – 9000 zone. In case of downwards movement, support levels are 8000, 7600, 100-days EMA. Read more »
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EOSBTC has reached the strong technical support levels and gained positive support from Chinese Ratings once more. We are waiting for turnaround on current lows. Recent problems with mainnet launch and further controversy about EOS governance was holding the price in a downtrend. Read more »
BTCUSD is testing 8500 and aiming for the March hights at 8800. 9000-10000 zone should have a lot of selling orders for sure, especially considering the sharp growth from 6000 with almost no corrections, and 30% growth could be a good reason to take profits underneath the 10000. Nonetheless, this not denying eventual breakthrough of 10000 level, it just that market looks overbought at this point and will definitely show us a correction before moving above 10000. For now, the bullish scenario is the movement within the newly formed Bullish Trend Line and reaching the 9000 – 10000 zone. Nonetheless, the closest resistance is still 8500, and we did not see it breakdown yet, so it is possible to start a correction from 8500. 7600 – 8000 zone should play a support role for the bullish view of the market. Read more »