The bidding of the final week can be called a “bold attempt to grow,” because the crypt-runners continued to conquer new heights. Traders have been dreaming about them for a long time, especially those who adhered to one of the best strategies for today – “buy and hold”.
Crypto-assets showed a long-awaited correctional rollback, which may be completed in the coming days with a new wave of growth. The reasons for the disappointment were the news about a possible scam from the founders of the Bitsane exchange and the closure of the Indian trading platform Koinex due to a state ban. However, it should be borne in mind that the overheated market in this way could also show a technical correction.
Now the digital assets market has more reasons for growth, which may be renewed on the back of news about a very unexpected decision of the Chinese Government to recognize Bitcoin as a “safe haven” for investors and about the media cryptocurrency Libra from Facebook, which can be added to the listing on Binance . The latest news will contribute to the flow of funds from institutional investors, who, together with the bulls, will be ready to capitalize on the current decrease in capitalization.
Bitcoin (BTC)
The first cryptocurrency quotes showed a more powerful movement in a week on the informational occasion created in the form of the upcoming launch of the Libra coin, which only the laziest crypto enthusiast is not talking about right now.
A new maximum was recorded at around $ 14,000, and in the classic game of whales, an instant collapse occurred to strong support around $ 10,780 (50% correctional level along Fibonacci proportion lines) – $ 11,000.
A further breakthrough down to $ 10,000 and $ 9,500 as part of the 3 correctional Elliott wave is unlikely, although it seems possible. This will lead to an even greater set of buy positions for the bulls that have received the best chance to upgrade their portfolio. So it will be possible to transfer a part of the previously earned funds to altcoins or to open new long positions with an eye on intermediate levels of $ 13,000, $ 13,624, $ 14,300. The priority remains the target value of $ 15,000.
On the daily timeframe, you can note the preservation of the uptrend, so any concerns about the beginning of the current movement reversal stop immediately. Exiting the price above $ 11,800 will confirm expectations and will open the way to a cluster that has not yet been overcome, $ 13,100– $ 13,500.
A little later, by mid-July, it’s worth talking about the possibility of developing growth to horizontal resistances of $ 15,000, $ 15,360 and $ 16,200, calculated on the basis of Fibonacci levels. Already now you can set take profits on them and enjoy the new upward movement starting in the second summer month.
Ethereum (ETH)
Aether confidently developed the movement and achieved most of the goals that were set this month, reaching even the $ 364 mark. But the market initiative intercepted by bears allowed the latter to once again reach support at $ 280, where the median of the Bollinger Bands passes.
The priority remains the scenario with the ongoing implementation of the bullish divergence of the schedule and the RSI with a phased recruitment of new positions of bank capital, to which you can now begin to join part of their funds.
A confirmation signal of market recovery will be the exit above the cluster of $ 320- $ 340. After the quite expected update of this summer's high in the region of $ 364, it is worth counting on growth to $ 400 (23.6% fibo) and $ 420.
Bitcoin Cash (BTH)
Fork of Bitcoin against the background of growing demand for crypto assets in the entire market tried to show such a long-awaited growth and broke out, albeit briefly, beyond the limits of the Vympel consolidation model with $ 380 and $ 450 borders (38.2% expansion in Fibonacci correction levels).
At the moment, the trading idea is still relevant with the development of a new growing movement towards the first goals of $ 483 and $ 516 (61.8% expansion in Fibonacci levels). Saving the trend for the inflow of funds from large capital will allow the value of this asset to soar to the area of $ 562 and $ 600– $ 620.
Litecoin (LTC)
Lightcoin was also able to achieve only the first goal in the region of $ 148 and began to form a corrective decline towards the lower boundary of the “Uplink” technical analysis model (the faces are marked on the graph below in light green).
The current support is a cluster of $ 115– $ 121 levels, from which you can start making deals to buy a crypto asset, or wait for an accurate signal for the bulls in the form of care above $ 140. The previously presented goals in the form of $ 148 and $ 160 levels, as well as a cluster of $ 174–178 (calculated on the basis of proportions along the Fibonacci lines), remain relevant.
Ripple (XRP)
Ripple this week again shows one of the highest volatilities, which led to the goal of $ 0.55, although at the end of the week the price is already supported by a cluster of $ 0.40 – $ 0.41.
This attempt to go beyond the technical analysis of the Flag model was a confirmation for the expected strong increase of $ 0.5, $ 0.52, $ 0.5681 and $ 0.6, which may occur before the end of July.
Binance Coin (BNB)
Rumors about pre-launch projects from Changpen Zhao are pushing up the cost of Binance Coin . In recent weeks, this movement has been developing within the framework of the Andrews Rising Pitch model, and the current decline towards the Bollinger Band median may become tempting for bears before a beginning growing movement.
In the framework of the coming weeks, the idea of reaching the levels of $ 38.80, $ 40 and $ 43 will still be relevant.
The crypto market has partially lost its capitalization, but it didn’t even “winced” because the crypto industry will soon be ready not only to update the record values of 2017, but by the end of the year the expectation of achievement of historic highs on some assets becomes quite realistic, especially against the start trading cryptocurrency Libra from the social network Facebook.
Publication date 06/29/2019
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