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cryptocurrency Analysis – July 31

Bitcoin began to fall once I try to overcome the $ 8,500 with force, unable to overcome this resistance the cryptocurrency began to seek support, broke the $ 7,800 without volume and approaches the 20-day moving average, where possibly rebound.

The MACD in weekly is giving sale just like the RSI. In the Bollinger Bands, a recovery of the channel is noted in the short term with possible bullish exit. The Bitcoin has a weak support in the 7,200 dollars, to break it will have to go to look for the 6,800 dollars in the short term. Up Bitcoin has a resistance in the $ 8,500 that exceeded it would enable the $ 10,000. We can come to think that this low is a simple profit taking.

Ethereum: The ETH cryptocurrency is possibly the most complicated since it can not overcome the long term bearish channel that it brings from the end of 2017 and the beginning of 2018. Ethereum is still seeking support, the strongest it has is in the 380 dollars If you break this support you will have to visit the $ 250. The monthly indicators are negative, RSI for sale and MACD also, in the short term Ethereum has a bullish divergence, the MACD about to give purchase and the RSI over selling.

Ripple and its digital currency XRP: Ripple continues like Ethereum in a long-term bearish channel, in the short term the ups are simple rebounds without volume. You have to exceed 65 cents to try to break the strong resistance you have in a dollar. The indicators show weekly sales but with possible upward divergence in the RSI due to the over-selling of the asset.

Bitcoin Cash: The cryptocurrency bounced very strongly in the $ 700 last week, leaving a very interesting support. At the moment is in the 773 dollars and his next resistance in the 800 (this is a psychological resistance) to overcome the 800 dollars may return to find the 870 dollars he lost these days. The MACD beginning to give purchase in the weekly chart and the RSI in oversold, possibly this is a profit taking that helps Bitcoin Cash can look for higher values.

What can we expect for the main cryptocurrencies? The bitcoin managed to get out of a bearish channel that it had been trading for more than seven months, but the other digital currencies are still falling, with less volume. The ideal would be that the Bitcoin return to pick up and boost the other cryptocurrencies. In September The Securities and Exchange Commission of the United States (SEC) has to publish its acceptance or rejection of five investment funds that plan to take out their ETFs so that institutional investors can invest in cryptocurrency, possibly if the SEC approves the five orders on the Bitcoin look for $ 10,000, where he has a strong psychological resistance, this price would enable the 12 thousand dollars. On the other hand, cryptocoins with less market capitalization can not get out of the bearish channel, the most significant case is Etheruem where the search for 200 dollars in the long term is seen.

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