This week was characterized by low market volatility hence, a relatively quiet market across all pairs, hope you held your positions? Remember “patience” is a crucial trait for every trader/investor.
Here are two fundamentals that filtered in this week. The United States Securities and Exchange Commission (SEC) again postponed its decision on a bitcoin exchange-traded fund (ETF) proposal till August 19.
In Iran, a popular peer to peer exchange has put a halt on trading Bitcoin in Iran, possibly as a result of the US-Iran trade ban. This possibly stalled this week’s Bitcoin bullish run. Notwithstanding Bitcoin maintained its bullish momentum with the price ranging between $7200- $8100 with an increase in market cap to $141B from $126.7B, and a daily trading volume above $500m. From a fundamental perspective, this indicates a strong bullish sentiment.
On the technical analysis angle, the 1-hour charts have shown a clear price consolidation, and we expect a possible breakout in any direction soon but most likely bullish.
Ethereum gained the most this week. The price hit a high of $302 earlier this week and slipped back to consolidation.
Ethereum price action has shown a clear consolidation on the one-hour time frame while the bullish momentum is has been maintained as seen on the higher time frames. Ethereum’s current price ranges between $234- $252 with a daily trading volume above $170m.
Ethereum’s bullish sentiment is still intact and we expect a continued bullish run with a breakout from the current price range as more buyers enter the market.
This week there was no major fundamental information for XRP, although, there was a lot of trading activity.
From the technical analysis standpoint, XRP is exhibiting a pullback to the demand zone after last week’s bullish rally.
This week the price action has consistently gained shallow demand from our dynamic demand zone (support) between $0.36453- $0.38234, which is short-lived as shown in our chart on the 4-hour time frame, though we expect the price to get to a strong demand zone at $0.32564
We are still in the bullish territory as proven by the price action on the charts of the higher time frames and by the unaltered fundamental analysis.
Litecoin has made a late time bullish run this Friday taking the price close to its all-time high and is currently trading above $100.
From the technical analysis, the price action has been consolidating on the four-hour time frame, the bears were previously in control after the penultimate bullish run until the price action hit the demand zone between $85 -$87 again with a subsequent bullish rally today. We expect the price action to make a pullback on hitting the supply zone at $102 but if it breaks through the supply zone we expect a retest.
Disclaimer: This article is provided for information purposes only without regard to any particular user’s investment objectives, financial situation, or means, and Quidax is not soliciting any action based upon it. Before making any decision or taking any action regarding your finances, you should consult a qualified Financial Adviser.