Bitcoin and Altcoins Price Analysis on July 26

0
3517

Bitcoin price appears to face support at the channel bottom, which could likely cause a rally continuation. Meanwhile, ethereum failed to hold above major supports against the US Dollar and bitcoin. It is trading below the $468 support with a bearish angle. Let’s catch up with market information today.

BTC/USD

The uptrend is more likely to resume than to reverse as the 100 SMA is above the longer-term 200 SMA. However the price of bitcoin fell below the 100 SMA dynamic inflection point, which signals some bearish pressure is coming. The 200 SMA lining up with a former resistance around $7,500 indicates a pullback.

The price could continue to bounce up to the nearby resistance levels marked by the Fibonacci extension tool if support holds. The 38.2% to 50% levels are around the mid-channel area of interest, with the latter lining up with the swing high around $8,500. If the bulls gain energy enough, it could push the price to the 61.8% extension at $8,645 or the 78.6% extension at the channel resistance. The full extension is placed at $9,126.80 above the top of the channel.

$19.95
2 new from $19.45
as of November 16, 2018 9:07 pm
Amazon.com
Free shipping

RSI heading higher signals that the bears are taking break while the bulls are coming back. Stochastic is also in oversold territory to reflect weaker bearish pressure and a return in bullish momentum once the oscillator starts moving higher.

View:

  • A bounce in price may happen as it is testing the ascending channel support.
  • This is in line with a number of other inflection points that might be enough to keep losses in check.
  • If the bulls hold, the price could test the Fibonacci extension levels.

BCH/USD

The price started a downside move as it broke the $850 and $840 support levels. It even dropped below the 50% Fib retracement level of the last leg from the $770 swing low to the $878 high. More importantly, bitcoin cash stayed below the 100 hourly SMA after breaking a key support at $825.

The hourly chart of the BCH/USD pair indicated a crucial bullish trend line was formed with support at $840. The pair is currently trading below the $800 level and is testing the 76.4% Fib retracement level of the last leg from the $770 swing low to the $878 high. More losses towards the $780 support area can happen if the bears pull the price back in bearish zone.

$7.95
1 new from $7.95
1 used from $20.62
as of November 16, 2018 9:07 pm
Amazon.com
Free shipping

Chart indicators show that the price is clearly under pressure below $825. The broken support at $825 and the 100 hourly SMA is likely to hold as resistances, which keep the price from moving up.

View:

  • The bulls fail to hold, which causes the price to drop below the $825 support.
  • The hourly chart of the BCH/USD pair indicated a crucial bullish trend line was formed with support at $840.
  • The pair is now back in a bearish zone with an immediate support near the $780 level.

ETH/USD

Ethereum struggled to hold gains and dropped below a key support at $468. It fell to the 50% Fib retracement level of the last leg from the $446 swing low to the $486 high. More losses cause the price to drop and stay below the $468 support and the 100 hourly SMA.

The hourly chart of the ETH/USD pair indicated a key bullish trend line formed with support at $476. Ethereum price tested the next support at $462. The 61.8% Fib retracement level of the last leg from the $446 swing low to the $486 high also acted as a support. It is preparing for the next move as it is consolidating near the $462 support area. If the bulls push the price above the $468 and the 100 hourly SMA, there will be more gains towards $480-482 resistance area.

$21.95
1 new from $21.95
as of November 16, 2018 9:07 pm
Amazon.com
Free shipping

Chart indicators show that the price is finding support near the $460-462. The bears will pull the price below the $450 support if they successfully drag the price down below the $462 support.

View:

  • The price recently broke a key support near $468 against the US Dollar.
  • The hourly chart of the ETH/USD pair indicated a key bullish trend line formed with support at $476.
  • Ethereum is now trading well below the $468 support and the 100 hourly SMA.

XRP/USD

The bulls fail to push ripple above the $0.4675 and $0.4700 resistance levels. There was an important hurdle near the $0.4700 resistance level yesterday. A downside move started as it broke the $0.4600 support. It also broke the 50% Fib retracement level of the last wave from the $0.4375 low to the $0.4700 high.

The hourly chart of the XRP/USD pair showed a break below a connecting bullish trend line with support at $0.4620. The pair stayed below the $0.4600 support and the 100 hourly SMA. It even spiked below the 61.8% Fib retracement level of the last wave from the $0.4375 low to the $0.4700 high. If the price decline lower, it will face a barrier at the $0.4500. There is currently a tiny range in trading near the $0.4500 level. On the upside, more gains will be capped by a previous support near $0.4620 and the 100 hourly SMA.

$19.95
1 new from $19.95
as of November 16, 2018 9:07 pm
Amazon.com
Free shipping

Chart indicators indicate the price is trading in a range between $0.4450-0.4700. In the near term, to gain traction, the price must move above the $0.4700 resistance. If the bulls fail, more losses towards $0.4200 seem likely to happen.

View:

  • The bulls fail to break the resistance at $0.4675.
  • The hourly chart of the XRP/USD pair showed a break below a connecting bullish trend line with support at $0.4620.
  • The pair is now trading well below the $0.4600 support and the 100 hourly SMA.

TRX/USD

The price seems likely to break the support to decline lower as the 100 SMA is below the longer-term 200 SMA. It currently testing the 100 SMA dynamic inflection point and it seems to be holding as support, though. The bears are likely coming back slowly as the gap between the moving averages is narrowing. An upward crossover could even draw buyers back in.

RSI is heading down to indicate that the bears could come back to pull the price to the bottom of the triangle around 0.0350. Stochastic is also heading south so the price could follow suit. However, the oscillator is also closing oversold levels to indicate bearish exhaustion. The price moves higher could bring bullish pressure in, which lead to a test of the resistance at 0.0380.

A decline as same height as the triangle pattern, from 0.0310 to 0.0420, could happen if the price drops below the support. Similarly a break above the top could lead to a rally of the same size.

View:

  • The price formed a symmetrical triangle pattern.
  • If it jumps above the top, a test of support could likely happen soon.
  • Technical indicators suggest that there’s a chance for support to break and lead to a selloff.

ADA/USD

Cardano failed to gain traction and formed swing highs near $0.1800, $0.1780 and $0.1750. The price dropped and broke a short-term support at $0.1700. It even closed below the $0.1680 level and the 100 hourly SMA. Decline was capped by the level near the $0.1600 support.

The price of cardano is currently consolidating above the $0.1600 support with bearish signs were seen. On the upside, an initial resistance is near the 50% Fib retracement level of the last decline from the $0.1755 high to $0.1601 low.

The hourly chart of the ADA/USD pair indicates a key bearish trend line formed with resistance at $0.1720. The trend line resistance is close to the 76.4% Fib retracement level of the last decline from the $0.1755 high to $0.1601 low. More importantly the 100 hourly SMA is also close to $0.1710.

Chart indicators show that price may correct higher towards the $0.1700 and $0.1720 resistance levels. The bulls will have to struggle to break above $0.1720 resistance. More losses towards the $0.1500 level seem likely to happen if the bears pull the price below the $0.1600 support.

View:

  • Cardano traded near a key support at $0.1600 against the US Dollar.
  • The hourly chart of the ADA/USD pair indicates a key bearish trend line formed with resistance at $0.1720.
  • More losses will extend if it drops below the $0.1600 support in the near term.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.