Hello,Before I start, I would like to underline, that not all of my targets were reached this week. Those who follow my daily reviews know that I have higher targets that are still a bit far from the current price.
I still believe that the crypto market is going to burst in the nearest future, but currently, it is consolidating. We have almost the same situation on the daily charts. The lonely gainer of this week is Bitcoin, who managed to reach new tops while the other cryptos remain flat.
What are the most interesting news and events of the past week? I want you to pay attention to some releases that may attract your attention. The first one is related to Bitcoin. The number of ATMs that offer cash for Bitcoins becomes significant as you may find such ATMs in the US, Europe and even Africa. This is a good news even despite the fact that is has no direct effect on the price.
McAfee still tries to attract attention to himself as he launches his own website on market capitalization. The website is the direct competitor of Coinmarketcap, but I don’t understand, however, what is the reason to create it?!
Another interesting news comes from AMD as hardware giant reports the decline of GPU miners’ sales in Q2. The company reports low demand and is not planning to capitalize on Blockchain in Q3.
US regulators still want to seize the crypto market by the throat as CFTC is seeking how to improve monitoring and controlling of digital coins.
Cryptocurrency rates
Before I get down to the charts, I would like to give you some more interesting data related to cryptocurrencies. Below you can find the Top 5 cryptos according to their volumes (for the past seven days):
Bitcoin (BTC)
Tether (USDT)
Ethereum
EOS
Bitcoin Cash
The next list relates to the biggest gainers of the past 24 hours:
PIVX (71st place in the Top 100) added more than 20 percent.
0x (23rd place in the Top 100) added more than 10 percent.
Komodo (60th place in the Top 100) added more than 10 percent (but a bit less than 0x).
Aelf (62nd place in the Top 100) added more than eight percent.
DigiByte (32nd place in the Top 100) added more than eight percent.
Now I want you to pay attention to the biggest losers of Saturday:
MOAC (69th place in the Top 100) loses more than six percent.
ChainLink (98th place in the Top 100) loses nearly four percent in the past 24 hours.
Mithril (43rd place in the Top 100) loses more than two percent.
DentaCoin (84th place in the Top 100) loses almost two percent.
Nebulas (68th place in the Top 100) loses around one and a half percent.
And finally, the biggest gainers and losers of the week. Here they are:
Grimcoin (1104th place) added almost 255 percent.
DMarket (220th place) added 237 percent.
Refereum (241st place) added more than 214 percent.
Trident Group (1301st place) added more than 158 percent.
Artex Coin (1384th place) added more than 137 percent.
Bitcoin (BTC/USD) downside correction is almost done
Bitcoin has added more than 10 percent in the past seven days. The currency pair is the lonely gainer of all those I describe in this review. BTC/USD had a correction this week but I think it is going to resume the uptrend in the nearest future.
btc
Now I want you to pay attention to the daily chart. BTC price jumped over the resistance area at $7,767 and moved higher. However, on Wednesday the uptrend was stopped as the correction started. BTC/USD has tested the support area at $7,767 from above and jumped off it.
I think that BTC/USD is ready to resume the uptrend and to reach my targets on the daily chart. I believe Bitcoin is able to touch $8,962 in the nearest future. Moreover, the correction is over and I hope this will happen during the week.
As for the bearish scenario, I see no reasons for bulls to let bears take control of the market. This correction towards the support area at $7,767 was a good attempt, but it is done already and BTC price goes upwards.
Ethereum (ETH/USD) no gains no losses
Ethereum had no gains and no losses in the past seven days. The currency pair stays within a range and has no tendency currently. However, I believe that bulls are likely to take control in the nearest future and to start the uptrend.
image
Now let’s see what is going on the daily chart. Ethereum stays below the resistance at $495.89 but I think that this is temporary as ETH/USD shows some signs of further downtrend. There was a couple of support are tests, but bulls were able to hold their lines.
My targets for the Ethereum are the following– I believe that the currency pair is going to reach the resistance area at $569.72 in the nearest future. Can bears turn the situation in their favor? I don’t think so, but they may have enough power to push ETH/USD to the closest support area at $427.24.
Ripple (XRP/USD) no serious movements last week
Ripple has made almost no gains or losses in the past seven days. XRP price is close to the support area and the June-July lows. I think that bulls are going to take control soon.
ripple
Let’s see what is going on the daily chart. XRP/USD is close to the $0.4372. As you can see, my targets are far from there and they are unreachable for the next week. However, I think that XRP price will choose the upside direction. I believe that XRP price is going to hit
My targets are above this level. I think XRP/USD is likely to reach the resistance area at $0.6563. However, as I have mentioned above, this target may be reached in a couple of weeks at least. As for the bearish scenario, it is less probable as we are close to a very strong support area.
EOS (EOS/USD) flat trading, new gains are on the way
EOS has small gains in the past seven days. There is no trend currently as the currency pair stays within the range. It is close to the resistance area and I think we are on the eve of serious upside movements. Anyway, I believe the uptrend is the most probable scenario for the nearest future.
eos
The currency pair is close to the resistance area at $8.95 currently. I think that it is going to test this level in the nearest future. My targets are higher as I think EOS/USD is able to reach the next resistance at $10.79.
However, there is another scenario where the currency pair is going to reach the support area before EOS starts off..jpeg)