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The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and every commercial move carries risks, you have to do your own research when you make a decision.
Market data is provided by HitBTC.
Update: OKB, which was a sponsored part in this section, has been removed.
The total market capitalization of crypto-currencies rose from more than $ 380 billion on June 26 to less than $ 300 billion, showing that the sharp recovery from the lows has taken a break. Although the unveiling of the Balance project on Facebook has boosted crypto-currencies, its recent opposition for several quarters has led to the creation of profits.
Although several altcoins have had a difficult time and have given up most of their accumulated gains over the last few weeks, Bitcoin is still promising. Therefore, we consider this autumn as a buying opportunity. However, we do not suggest buying when the trend is down. Traders can wait for the price to stop falling and form a short-term fund before taking long positions.
The rally that follows the current correction phase will clearly separate the winners from the losers. We suggest that traders look to buy crypto-currencies that have stood above their strong supports and are quick to bounce back from the fall. Let's see if we spot trading opportunities among the top five performers of the last seven days.
BTC / USD
A number of big names spoke against Bitcoin (BTC) last week. The most important statement was made by US President Donald Trump, who stated that he was not a fan of Bitcoin and other crypto-currencies, saying that 39, it was not money, but of great volatility and its value was "based on exaggerated considerations". The community considered this statement to be very positive, as it gave the asset class wide publicity and showed that it had become so important that the US president was going to comment on it.
Fed Chairman Jerome Powell said that no one was using Bitcoin for payments and that it was only a "speculative reservoir of value comparable to gold". The European Central Bank also expressed opposition and said that Bitcoin was not a currency, but a volatile asset. he did not intend to add Bitcoin to his reservations.
Chamath Palihapitiya, CEO of social capital venture capital, said Bitcoin was the best protection against the traditional financial system. In the same way, Grayscale Bitcoin Trust has recorded a considerable influx of funds. This shows that if the central banks and world leaders continue to voice their opposition to Bitcoin, it finds a place in the portfolio of large investors. So, should traders buy now or wait for lower levels? Let's find out.
The BTC / USD parity rebound hit a barrier of $ 13,156.96 and then declined. He can now correct the first support of $ 9,781.81, the 38.2% Fibonacci retracement of the recent rally. If this support holds, it will indicate that the bulls are not willing to wait for the lower levels to buy, which is a positive sign. The next rebound is likely to retest $ 13,973.50.
On the other hand, if the declines lower the price below $ 9,871.81, the next support is at the 50% retracement level of $ 8,604.80. The 20-week EMA is also close, so we expect a rebound from one of the media.
As the RSI is still in overbought territory, the duo might not be in a hurry. It could consolidate for a few weeks before resuming the rise. We will wait for the price to complete the correction and show signs of reversal before suggesting an exchange.
LINK / USD
Chain Link (Link) has announced a collaboration with IoTeX in the field of Oracle research and development to provide real data to blockchain applications. He has also linked with Ampleforth and Neblio over the past seven days.
The sharp rise in the LINK / USD pair could not last more than $ 4. Over the last two weeks, the pair has been corrected to 2.60 USD, which is just above the 50% Fibonacci retracement level of 2.44465 USD. As the RSI is still deeply in overbought territory, we expect the price to fall into a range for a few weeks.
Contrary to our hypothesis, if the digital currency plunges below 2.4665 USD, the digital currency can fall to 1.9671 USD, which corresponds to the Fibonacci retracement of the rally to 61.80%. A break in this support will be a negative gesture. We suggest traders to wait for the formation of a clear range before initiating long positions.
XMR / USD
Although Monero (XMR) dropped more than 10% in the last seven days, it was the third best result. He has been a consistent artist in recent weeks. Can it continue its momentum and progress or will it enter a corrective phase? Let's look at the graphics.
Contrary to our hypothesis, the rebound of the pair XMR / USD hit a wall at $ 108,840. The price fell sharply and restores critical support to $ 81. It's a bearish sign. The moving averages and the horizontal support are at this level, so we anticipate a strong defense of the bulls. If successful, we could witness another attempt by the bulls to propel the prize to $ 120.
However, if the digital currency falls below $ 81, it can go to the next support at $ 60.147. Both moving averages are stable and the RSI is close to the midpoint, suggesting a short-term consolidation. Traders can keep the stop loss on long positions at $ 78.
BNB / USD
Binance, the world's largest exchange of cryptocurrency, has announced the launch of margin trading with its 2.0 platform. Although margin trading is risky, with proper risk management, it can be a boon for the experienced trader. Novices, however, should stay away from margin trading. The stock market announced that it would support additional pairs on its Fiat-based trading platform in Singapore. His research group said combined mining could mitigate the effects of sluggishness on Bitcoin and Litecoin. How does the Binance Coin (BNB) charter look?
The BNB / USD pair continues to be strong with moving averages up and the RSI still in positive territory. The bulls held the first support of $ 28.7168 during the week, which is also a positive sign. They will now attempt a recovery from current levels. If support is maintained, the pair could remain tied to the beach for a few weeks.
However, if the rebound goes out and the pair plunges below $ 28.7168, it can correct the uptrend. The 20-week EMA is also at this level. We therefore expect bulls to defend this support. Traders can monitor this level closely and initiate long positions on a strong rebound, but must stay clear if this support cracks.
XLM / USD
Stellar (XLM) climbed back into the list of the top 10 market capitalization crypto currencies last week. The winners of the first Stellar Community Fund were announced on July 9th. Can the digital currency keep its place in the top 10 or will it correct itself and lose its place?
The XLM / USD pair fell to the low end of the $ 0.0850 – $ 0.1550 range. The 20-week EMA has started to drop and the RSI is back in negative territory, suggesting that the bears are back. A breakdown of the range may lead to a new test of the minimums. The pair will become very negative if the declines lower the price to new annual lows.
However, if the price bounces above support of $ 0.085, bulls will try to push it back to the top of the range, at $ 0.01450. Traders should wait for the price to skyrocket before entering a trade.
Market data is provided by HitBTC.
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