Bitcoin
Source: tradingview.com
Volatility had been low for the past week and the Bitcoin price had been consolidating between 6,627 and the 6,000 key support level. However, the move does not seem like an accumulation of buyers and we expect it to fade in the next few days.
At the present time, there is no news that could support the start of a new bull run, so we maintain our bearish view on Bitcoin. We suspect the price might break below the current yearly high and head towards the 4,500-5,000 area in the next few weeks.
On the downside, the 6,000 area and the 5,800 zone should be places where buyers had placed their orders, so some reactions might be seen around them.
On the upside, there are already three rejections off the 6,627 level, which means sellers are defending from a breakout and are winning the battle.
Ethereum
Source: tradingview.com
Ethereum had a better performance than Bitcoin for the past week, with a 20% rebound from the lows. Still, the cryptocurrency remains very depressed, but in the short run, buyers managed to drive the price back above the 277 key support level and managed to keep in above it until the time of writing.
As long as the bulls will continue to do that, we suspect the price might edge higher, towards 329 or even 362. On the other hand, a break and daily close below the 277 level will open more room towards 235 area.
Overall, the pressure should continue to mount on Ethereum, due to some fundamental factors, not just the bearish sentiment. Most of the ICOs are raising funds in Ethereum and they need to sell the coins after the campaigns end. That adds to the already high interest for selling, driving the price even lower.
Stellar
Source: tradingview.com
The entire market continues to track the Bitcoin performance and Stellar is no exception. If we look at the 4h chart, we see a rising triangle in play, with the buyers squeezing the sellers. Around the 0.24 the key resistance is located, with three rejections around it thus far. We expect the buyers to break above the level and drive the price towards 0.29, where the next important resistance is located.
So far, the upward trend line managed to keep the downside limited. In case a break below it will take place, sellers could potentially drive the price towards 0.19, where the current consolidation started more than a week ago.
Stellar continues to one of the most attractive cryptocurrency and its low price could make more buyers stepping in. We expect to see how the price will continue to develop in the next few days.
Briefings about ICOs
According to tokenmarket.net, the ENDO Protocol is a project that will raise funds until August 25th. It represents a decentralized and certified data verification solution, providing a ready-made solution for organizations.
In terms of upcoming ICOs, starting from August 20th, DESICO will start its raising campaign. It represents a platform designed to issue, buy and sell security tokens in full compliance with the law.
There are no comments at the moment, do you want to add one?
Write a comment