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Market data is provided by the HitBTC stock exchange.
In a joint statement, finance ministers and central bank governors of the G20 said that "technological innovations, including those that underpin crypto-assets, can bring significant benefits to the financial system and the economy in general." This statement suggests that central banks are warming up with the new technology. However, they also warned regulators to monitor the risks in cryptoactive "related to protecting consumers and investors, combating money laundering and terrorist financing."
With Facebook likely to announce details of its encryption project in a few days, we believe the downside is limited in the short term. However, if the project disappoints, we may see a decent size correction in crypto-coins that can be used as a buying opportunity. If the details positively surprise markets, we can see a peak in most of the major crypto-coins that can be used to ease positions because we do not expect a repeat of 2017. If the project meets expectations, even then we might see a correction.
What cryptocoins look good for a short term operation? Let's find out
BTC / USD
The bulls failed to push Bitcoin (BTC) above the 20-day EMA on June 7 and 8. Currently, the price has bounced back in the neckline of the head and shoulders (H & S) and is trying to climb the MME for 20 days. This is a positive sign.
The 20-day EMA is flat and the RSI is just above the center. This points to a short-term consolidation. The range could be between $ 7,413.46 and $ 9,000. If the bulls raise the price above the 20-day MME, it is likely to rise to $ 9,000.
However, if the BTC / USD pair reverses the direction of the head's resistance and falls below the neckline, it will complete a head and shoulders pattern that has a target of USD 5,371.12. The pair is unlikely to reach such a low level. There are strong supports in the SMA of 50 days and below 5,900 USD. We expect purchases to emerge at these levels of support. We do not currently have reliable purchase settings.
ETH / USD
Ethereum (ETH) is limited by classification. Currently dropped to the bottom of the range of $ 225.39 to $ 280. The bulls are trying to recover to $ 225.39. If successful, the price will try to rise to the top of the $ 280 range and the consolidation could be extended by a few more days.
The 20 day EMA is flat and the RSI is close to the center. This suggests a balance between bearish and bullish. If the ETH / USD pair breaks the interval and the 50-day SMA, a fall to $ 167.20 is possible.
Short-term traders can expect the pair to break and remain above the EMA of 20 days for about 4 hours before buying with a stop loss of USD 220. The goal is to post the benefits near the top of the range. Operating within the range can be volatile, so keep the position size only around 30% of the usual.
XRP / USD
Ripple (XRP) left the symmetric triangle on June 9. The breakdown of this standard has an objective of USD 0.2641. However, the bulls are trying to push the price back into the triangle. If successful, the break will be considered a bear trap.
If the price can not move back to the triangle, it may shift and fall to the next critical support of $ 0.35660. We expect a strong buyout at this level, but if this support also breaks, a drop to $ 0.27795 will be on the cards.
Our downside view will be invalidated if the XRP / USD pair rises and remains above the symmetric triangle trend line. This will prolong the stay within the triangle. The 20-day MME and the RSI are approaching mid-point, suggesting consolidation.
The trend will become positive in a pause and close (UTC time) above the triangle. For now, traders can hold the stop loss at the position bought at $ 0.35. Let's increase the stop loss at the first available opportunity.
LTC / USD
Litecoin (LTC) is trending up. The price tries to exit the uplink resistance line. A break may bring the price to the target of the USD 158.91 standard. If you cross this level, the next level to watch is USD 184.7940.
If the bulls can not push the price above the channel, the LTC / USD pair can continue to climb within the channel. The momentum will be weakened after the 20-day MME interval and the trend will fall if the price drops below the critical support of $ 91.
Operators can closely observe the price action near the channel's resistance line. If the pair fails, the stops can be further tightened. For now, we suggest keeping the long positions remaining at 98 USD.
BCH / USD
Bitcoin Cash (BCH) is in a weak bullish trend. The 20-day EMA is gradually inclined and the RSI is near the center. This suggests that the bass players are trying to gain advantage. A 50-day SMA fall and the channel support line will indicate a change in trend.
On the other hand, if the BCH / USD pair rises above the 20-day MME, the bulls will try again to push it to the channel resistance line. A break in the channel will increase the pair to $ 480. While positive, we did not find a reliable buying configuration, so we are not proposing a negotiation on it.
EOS / USD
EOS has been trading within the upstream channel, suggesting that the trend is bullish. However, the short-term trend weakened, as the price remained below the 20-day MME in the last 6 days and the RSI also dropped below 50. However, the average trend is still optimistic, since the 50-day SMA continues to rise.
If the EOS / USD pair reverts to the 50-day SMA and increases resistance of $ 6.8299, this will indicate strength. The next stop is the channel's resistance line and above $ 8.6503. Therefore, we maintain the purchase recommendation given in the previous analysis.
If the pair is unable to hold the 50 day SMA and the upline support line. This could result in a drop to $ 4.4930.
BNB / USD
Binance Coin (BNB) had a strong bullish trend. The current setback found support just below the 20-day EMA. This shows that the bulls are buying on low. A downtrend is likely to pick up the uptrend and push the price to record highs.
Short-term traders can buy if the price goes above $ 33 for four hours. The stop loss can be kept at $ 28. Please keep the position size at around 50% of the usual. If momentum recovers, cryptocurrency can even extend the increase to 46.1645899 USD. However, since it is a short-term operation, operators must maintain a higher stop-tracking to reduce risk.
On the other hand, if the BNB / USD pair is unable to stay above the downtrend, it may form a gap. The range support may be closer to $ 28, but we still do not know the resistance. If the pair falls below the SMA of 50 days, the trend will be negative.
BSV / USD
Bitcoin SV (BSV) is currently bullish. The bulls are trying to defend the Fibonacci retraction level of 38.2% from the recent rally. If successful, the criptomoeda can stay between $ 175 and $ 240 over the next few days. A near-maximal consolidation is a positive sign. This shows that the bulls are in no hurry to advertise profits even after a vertical increase.
The upward trend will be resumed when new highs are reached. Such a move may carry the pair BSV / USD USD 307,789 and above to USD 340,248.
However, if the pair falls below $ 175, it could drop to $ 152,015, which is the retraction level of 50% of the recent increase. A breakdown of this support will indicate a change in the trend. We did not find a trusted purchase setting, so we do not suggest an operation on it.
XLM / USD
Stellar (XLM) is struggling to maintain the strong support jump of 0.11507853 USD. This shows a lack of demand at the higher levels. If the bulls push the price above the EMA of 20 days, the cryptocorrência could be marketed within the range of US $ 0.111507853 to US $ 0.146861760 for a few days.
The XLM / USD pair will complete a reverse head and shoulders pattern in a range and close (UTC time) above USD 0.14861760, which has a minimum target of USD 0.22466773. That is why it would be preferable to put long positions. But if the bears shed the cryptourance below $ 0.111507853, it can be corrected to $ 0.08558676.
ADA / USD
The Cardano (ADA) is currently between the 50-day SMA and $ 0.10. Both moving averages are flat and the RSI is in the midpoint. This suggests a balance between buyers and sellers.
The bulls have been trying to keep the price above the SMA for 50 days during the last few days. Although the support was maintained, the criptomoeda could not sustain the rebound. This shows a lack of demand at the higher levels.
If the bulls increase the price above the EMA of 20 days, the ADA / USD pair could rise to 0.10 USD. A break and close (UTC time) above $ 0.10 will complete a rounding fund formation that has an objective target of $ 0.22466773 USD. That is why going with short breaks would be preferable. On the other hand, if the support in 50-day SMA yields, the digital currency may drop to 0.057898 USD.
Market data is provided by the HitBTC stock exchange. The charts for analysis are provided by TradingView.
CCN, an important encryption site, closes and cites the Google update for the loss of search visibility