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Crypto Frontline

Weekly Crypto Analysis August 5-11, 2019

Weekly Crypto Analysis August 5-11, 2019

Weekly Crypto Analysis August 5-11, 2019
August 04
06:38 2019

 

BTCUSD Bitstamp

Bitcoin technical analysis

Source: tradingview.com

The price of Bitcoin managed to rebound around the $9,100 support and then edge higher towards the 4h chart 200 moving average. Currently sitting around the $10,650 area, there seems to be much weaker selling activity around the MA, which could point for some further gains. Still, Bitcoin continues to trade inside a downward channel and until the buyers will break impulsively on the upside, a resumption of the bullish trend continues to be under question.

If the break on the upside will materialize, Bitcoin’s next significant target could be $13,800, where the current 2019 high is located. On the other hand, if the price action will become choppier around the top line of the channel and selling will gradually increase, we could see Bitcoin edging lower towards $9,100 again. After many months, the price broke below the 4h chart 200 MA and the damage had been done.

ETHUSD Kraken

ETH technical analysis

Source: tradingview.com

ETHUSD volatility had been weak for the past week, as the price still struggles to remain above a trend line that goes back to December 2018. Despite their successful activity, buyers do not seem to be in a comfortable position as the long-term price action structure communicates that we’re in a consolidation move since mid-July. Given that prior to that we had a very impulsive selling move, we could witness a new surge in volatility in the days or weeks to come.

Although some price action expects will say the coin is in a good position, given that it managed to remain above the trend line, at a particular point in time trend lines fails and this one is not an exception. We still believe Ether could visit the $187 in the not-too-distant future and it could point for further losses, in case buyers won’t be active around that zone.

XRPUSD Bitfinex

XRP technical analysis

Source: tradingview.com

The price action context for XRP shifted dramatically since mid-June when we thought that the coin could be up for a bullish parabolic turn. Everything changes once the price broke below the 4h chart 200 MA and below the 38.4 cents support.

As it was expected, the price reached the floor located around 29.4 cents, which had managed to cap selling for the entire 2019. At the time of writing, the price seems to weaken again, which means it might head towards the key support. That could turn out to be a good buying opportunity, in case no impulsive breakout below the 2019 lows occurs.

We suspect XRP will trade in a range between 29.4 cents and 38.4 cents, as the crypto remains one of the calmest large-cap names.

Briefings about ICOs

Until August 15th, Migranet will continue to raise funds in order to build the first Immigration platform combining artificial intelligence, cryptocurrency, smart contracts, biometrics, and blockchain technology.

Geco.one will start to raise funds on September 1st, at it will attempt to launch a platform that enables people to invest in cryptocurrencies, through skilled and experienced traders. Clients will be able to entrust their funds through a service called PAMM account.

As we’ve talked recently, ICOs managed to raise approximately $2 billion during the first half in 2019, with private and retail investors still showing that there are some projects worth investing in.

https://t.co/2VetZgwqxj

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