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Market data is provided by the exchange HitBTC . At the beginning of the year, the total capitalization of the cryptography market had increased above the $ 825 billion, and many expected it to reach trillions of dollars during the year. But at the close of this edition, on June 25, the market capitalization is 236,000 million dollars. It is not surprising that interest in cryptocurrencies has decreased. Current investors are experiencing huge losses while new investors are waiting for prices to go down further to enter. Unless fresh money starts coming in, the trend will not change. Institutional actors are likely to enter when the market stabilizes and shows signs of bottoming out. As it is a volatile asset class, it will not be long before the trend changes from bearish to bullish. Todd Gordon, founder of TradingAnalysis.com, believes that the pain in the short term is not over yet, but he expects Bitcoin to rise above $ 10,000 for 2019. Brian Kelly, founder and CEO of BKCM LLC, said CNBC that Bitcoin 'is not dead' and urged investors to look at the long-term prospects of cryptocurrencies while investing. We still believe that most of the major cryptocurrencies are in a sinking process and offer a good buying opportunity for long-term investors. Let's see if there are business opportunities today.BTC / USD
The bassists managed to break the $ 6,000 levels on June 24, however, they could not maintain those levels. Bitcoin it recovered quickly from intraday lows and closed above the $ 6,075 level.
We like the positive divergence in the RSI. This points to the likelihood of a relief surge, which will be confirmed once the pair BTC / USD leave the EMA of 20 days. The first upside objective is a move to $ 7,700, above which the rally can be extended to $ 8,500. Therefore, we recommend a long position in a close above the 20-day EMA. The initial loss limit can be maintained at $ 5,900. We are trying to catch the fund here, that can be risky. Therefore, please keep the size of the position only 40 percent of the usual. Our bullish outlook will be invalidated if the digital currency rejects the superior resistance and falls below $ 5,900.
ETH / USD
Ethereum It fell to a low of $ 421 on June 24, but the bulls managed to go back and close above the $ 450 level.
The pair ETH / USD It is trading above its April lows, which shows superior performance. The development of the bullish divergence in the RSI is another positive signal. The digital currency should gain momentum once it leaves the 20-day EMA. Therefore, we suggest a long position in a break and close (UTC) above the 20-day EMA. The SL can be maintained at $ 420. Our bullish view will be invalidated if the bears break the $ 420. In this case, Ethereum could fall to levels of $ 358.
XRP / USD
Thus, Ripple It quotes precariously near its main support at $ 0.45351. He broke below this level on June 24, but managed to close (UTC) above him.
Unless the bulls force a quick recovery, the pair XRP / USD It will be vulnerable to another sale attack by the bass players. Below $ 0.45351, the next support is only $ 0.24. We will be positive in the digital currency if it exceeds $ 0.56270. Such a move will confirm that the markets have rejected the lower levels twice, increasing the likelihood of a double bottom formation.
BCH / USD
Bitcoin Cash broke below critical support of $ 736.0137 in intraday trade on June 24, but managed to close (UTC) above it.
Today, bulls try to retreat, which could cause resistance in the bearish trend line. If it crosses, the next obstacle will be the 20-day EMA. The pair BCH / USD it usually enters a small period of consolidation before embarking on a new upward movement. We have to wait a few days and then recommend a long position if we find some reliable pattern in development. On the downside, any break of the $ 683 levels can sink the digital currency to $ 619.7510.
EOS / USD
EOS It seems weak. It fell to an intraday low of $ 6.8926 on June 24, where the purchase arose. Bulls are currently trying to push prices above the $ 8 level.
The RSI is close to oversold levels; therefore, a backward movement is possible. On the positive side, the pair EOS / USD has resistances in the bearish trend line two, the EMA of 20 days and the SMA of 50 days. On the other hand, the digital currency can go down to 5.9610 dollars. We will wait for a new purchase configuration to be formed. Until then, we believe that operators should remain on the sidelines.
LTC / USD
Once Litecoin broke below the levels of $ 107,102, we had forecasts that could plummet to $ 75,131. On June 24, it fell to a low of $ 75,405. Where will it go from now?
Below $ 75, the next support is $ 67. The RSI is in oversold territory; therefore, we anticipate a rebound of the support zone from $ 67 to $ 75. The first sign of strength will be when the pair LTC / USD break and stay above the bearish trend line and the 20 day EMA. As it has broken a bearish pattern, we have to wait for it to show a sustained buying interest before suggesting any trade.
ADA / USD
The bulls are struggling to defend critical support of $ 0.13 in Cardano . A break of this level in a closing base (UTC) can sink it to $ 0.078215.
The RSI has entered oversold territory, suggesting that the sale has been excessive. However, we do not recommend long positions until the pair ADA / USD stop falling. During the previous fall to the levels of $ 0.13 in March this year, the digital currency had taken about 21 days to hit rock bottom. The trend had changed when the price burst and remained above the 20-day EMA. Therefore, it is better to wait for the bulls to stay above the EMA of 20 days before proposing any operation.
XLM / USD
The 24th of June, Stellar It fell below the critical support of $ 0.184 in intraday trade, but managed to close (UTC) above it. Even in March of this year, the digital currency had broken below support during intraday trade on some occasions, but always managed to close above $ 0.184.
The first sign of optimism during the previous fall in March was when the bulls managed to close above the bearish trend line and the 20-day EMA. The RSI is in excess of sales, which increases the probability of a rebound. However, we believe that the pair XLM / USD it will offer an attractive opportunity to operate only after it is above the downward trend line and the 20 day EMA. Until then, it will remain volatile. We will have to reevaluate our opinion if the bears secure a close below $ 0.184 and stay there.
IOTA / USD
IOTA broke momentarily below the support at $ 0.9150 on June 24, but recovered quickly and closed (UTC) above him.
Today, the bulls are trying to rebound at $ 0.9150, which is a positive sign. However, after such a sharp drop, we will not become optimistic with a positive close. We must wait for the pair IOTA / USD break both the 20-day EMA and the bearish trend line before proposing long-term operations. Our bullish outlook will be invalidated if the bearish break and close below $ 0.9150.
TRX / USD
We believe that Tron It is quoting within a wide range. He is currently trying to form a double bottom close to the levels of $ 0.03738021.
If you leave the EMA for 20 days, you can go up to the levels of $ 0.052 where you will face the resistance of the bearish trend line. We like the positive divergence that develops in the RSI. However, we will wait until the pair TRX / USD show some purchase interest. If the pair goes bankrupt and closes below $ 0.037, the uptrend will be invalidated.
Market data is provided by the exchange HitBTC . The graphs for the analysis are provided by TradingView . .
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