BTC: After a continuous rally with expanding volumes in the past 2 sessions, BTC moves back above MA 5 and a minor correction is initiated from the resistance at $8,700. Judging from the volumes and momentum, however, strength from bears keeps weakening, indicating that the short-term uptrend remains intact. Please note that any adjustment to price during uptrend after sharp dips is normal, there is no need for investors to worry about another wave of downtrend. The market just can’t keep dipping all the time and it will remain under the control of bulls before momentum from bears grows strong in the short term.
No more bearish news comes from G20 summit for now, technical factors will dominate the market as fundamental factors remain stable and neutral. Price will keep moving sideways for another 1-2 days after a continuous rally. We can wait for the counterattack by bulls.
ETC: Though ETC bounces with low volumes and weak momentum, strength is considerable, indicating the lack of profit-booking orders. We guess that part of positions set up by main funds are locked at higher prices, judging from the price action today, however, they show no intention to set those chips free. We can just wait for the very moment.
NEO: Momentum pulling price down is relatively limited, price action will be correlated to that of BTC in the next 1 - 2 days before NEO bounces again.
XRP: It takes a long period before price climbs again after chips taken by main funds are completely dumped. We’re afraid main funds have not initiated the process of accumulating chips judging by the current situation, which may explain the reasons why bounces are weak and dips are deep. Only when price dips to a reasonable level will main funds start accumulating chips. But the long-term value of XRP can’t be denied.
BCH: BCH lacks the bullish momentum to push price up as it struggles to move upwards. It’s less likely for BCH to be delisted, but we have to wait till next bullish period before price bounces again. Patience is what it takes for investors to compete with main funds.
EOS: EOS dips with expanding volumes today without even testing the resistance, indicating a weak control over the market by main funds. If EOS continues dipping like this, double-bottom formation will be formed along with how BTC moves, which, however, is just a temporary floor before price dips again.
Disclaimer: The information contained herein is not guaranteed and is strictly for information purposes only. It does not constitute any trading proposal and will not be liable for any loss based on the information herein.
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