Crypto Frontline

BTCUSD Coinbase

Source: tradingview.com

Bitcoin continues to be in correction mode as the sellers managed to keep the price action below the key $11,700 area. A series of lower highs confirms the selling pressure had increased and we could witnessed fresh interest to sell in the following days.

We suspect the price will weaken again towards the $10,000 psychological area, which is where the 4h chart 200 moving average is also located. A strong breakout below that zone could be a dangerous signal for the buyers, but we think selling will be contained.

Just a breakout above $11,700 and above the short-term descending trend line could mean buyers resumed impulsively and in this scenario, we could witness a new retest of the $13,500 resistance. At the present time, this looks like the less-likely event, since sellers are the ones in control for the time being.

ETHUSD Kraken

Source: tradingview.com

Ether continues to be subdued, as the price action looks weaker as compared to Bitcoin. Our key resistance area between $300 and $322.6 held nicely so far and we’ve seen selling emerging at both ends of the zone.

Sellers kept the price action below the key resistance, which means they are the ones more favored, at least at the time of writing. Only a strong breakout above $322.6 could signal that the current 2019 highs might be revisited again.

On the flip side, the 4h chart 200 moving average proved to be a valid support on July 2^nd, which means we’re stuck between the resistance area and the 200 MA. A breakout below the moving average will a strong signal that a much deeper counter trend move lower is about to take place. We should first see how whether it will provide support, as it had done several times in the past few months.

BCHSVUSDC

Source: tradingview.com

Since the end of May, Bitcoin SV had been locked in a range between $175 and $252.5, without any significant breakouts occurring on either side of the structure. Since the market respected the range with so precise accuracy it means there had been strong activity on both sides of the market.

At the time of writing, the price action seems poised to revisit the bottom side of the range, which is where we could see whether the structure will hold, or we’ll witness a breakout. In case the lather scenario occurs, it could unlock further weakness, potentially driving Bitcoin SV towards the $118.6 support level.

If the range will continue to hold, we could see a new accumulation of buyers and the Bitcoin SV edging higher towards $252.5 again. Given the overall weakness from the market, we think there’s a 55% probability we’ll see choppier activity around the bottom of the range and an eventual breakout low thus becomes more likely.

Briefings about ICOs

On July 8^th, the Pcore ICO will end as the company wants to create a P2P invoice discounting platform integrated with the blockchain technology, combining transparency, trust, speed, and security.

Akropolis in an IEO that will start on July 16^th, in order to create and end-to-end pensions and savings protocol that acts as a decentralized marketplace and data exchange for the pensions sector.