Crypto Frontline

Bitcoin

Source: dailyfx.com

We have managed to anticipate again the price movement as you can see in our last weekly crypto analysis. The head and shoulders pattern worked out perfectly, with the bulls breaking impulsively above the neckline, located at 6,800 area. For the past few days, the Bitcoin price entered in a consolidation phase, which we expect to continue next week.

Sellers seem to be active around the 7,600 area, so bulls will have a hard time breaking above that zone. Even though Bitcoin gained more than 20% in value this week, it should not be wise to consider that a new bull run will certainly happen. Strong sellers could again resume the downside on rallies and push the price lower.

If the buyers won’t be able to break above the 7,600 in a strong fashion, we expect the price to consolidate next week between the neckline and the above-mentioned resistance.

Ethereum

Source: dailyfx.com

The price of Ethereum did not have the same performance as Bitcoin, and almost all the weekly gains had been erased until the time of writing. However, the price is located inside an upward channel and since no downside break had occurred, it is very likely that a new wave on the upside could follow.

If the conditions won’t change and sellers won’t be able to break the channel to the downside, we suspect the price could continue on the way up, towards the 546 key resistance area. We suspect stronger sellers would be parked there, but we have a lot of ground to cover in the meantime.

On the other hand, a breakout below the upward channel will open more room towards the 410 level, where the current bullish consolidation structure had started.

EOS

Source: dailyfx.com

One of the most promising cryptocurrencies in 2018, EOS had been under heavy pressure in the last few months, following a record-breaking ICO that lasted an entire year. However, since the end of June, we see a consolidation structure in play, with the price stuck in a range formed by the 6.90 level on the downside and 9.40 on the upside.

We currently see two rejections off each line, so there’s no dominant side leading the price. We suspect the price action will continue to trade inside the range for the following week if no significant news shows up.

Until a clear break above or below the channel takes place, traders should play on both sides of the market, with the top and bottom of the structure being significant levels to step in.

Over the middle to long-term, we suspect the upside breakout is more favorable, as we expect the EOS price to recover in the next few months.

Briefings about ICOs

According to icowatchlist.com, Ubex is an active ICO that uses Artificial Intelligence in order to revolutionize online advertising and get ads to the right people. The project will run until August 13^th, but at the time of writing, it had already raised 75% of the hard cap.

In terms of upcoming ICOs, Codex Protocol is a decentralized registry for unique assets which makes use of the blockchain technology to verify and authenticate ownership of prized assets.