Bitcoin, EOS, Litecoin, Stellar and Tron Technical Analysis July 4th

BitMain Who “Owns” Bitcoin – Now a EOS Block Producer

There are bits of bull pressure deterrence but still most coin prices are stable. Leading the pack is Bitcoin (BTC), maintaining prices above $6,000 and Tron which despite delays of exchanges is holding on at around 4 cents. In both cases, prices are down in the last day or so and as long as they trade above key support lines, our bull price projection is valid.

Let’s have a look at these charts:

Bitcoin (BTC) Technical Analysis

Bitcoin BTC Daily Chart July 4
Click here to see the full size Bitcoin BTC Daily Chart July 4

Well, it’s a convenience for many when a high volumes cryptocurrency trading exchange as Binance halts operations. It’s a bother especially for those who want to withdraw fiat from them but for the sake of the exchange’s security and routine maintenance, Binance did suspended trading activities.

It raises eyebrows though and hawk eyed crypto police did notice a range of abnormal activities shortly before the exchange said they were suspending trading. A cool 7,000 BTC were moved out of Binance while there were claims that the SYS blockchain has experienced a protocol level attack and hackers allegedly withdrawing 1 billion SYS coins exceeding the total supply of that blockchain. Syscoin total supply is 888 million and how hackers mined 1 billion coins in a single block screams the blockchain was compromised. And it wasn’t a 51 percent attack.

Encouragingly though, BTC prices are trading above $6,000 for the third day in arrow despite these events. That’s important and this means our initial trade plan is still valid for those who entered long after July 2. Technically and for risk-on traders, buy triggers at $6,800 are yet to be hit and before then, it’s a matter of waiting to see if buyers would add on to their longs.

EOS Technical Analysis

EOS Daily Chart July 4
Click here to see the full size EOS Daily Chart July 4

A 51 percent attack strikes fear to any investor who has a portion of PoW coin. Bitcoin and ETH are some coins who uses the PoW consensus algorithm. While PoW is secure and is Sybil resistant, BitMain is said to control more than 45 percent of the BTC network hash-rate and are now making inroads at EOS. By receiving enough votes from EOS coin owners, BitMain will be one of the 21 Block producers or super-nodes tasked with validating and securing the network. This new development is worrisome because at the moment, BitMain would now have reasonable control of 30 percent of the top 10 high liquid coins in the world including Bitcoin Cash whose hash rates they have arm twisted.

EOS is up 15 percent in the last week. Despite this, it’s finding strong resistance at $9, a level which buyers must close above to validate our buys. Ideally, this minor break out and July 2-3 confirmation should happen with high volumes meaning buyers can from there begin buying on dips in lower time frames. Before then, conservatives should be on the sidelines waiting for our trading conditions to be met though aggressive traders can begin loading up at current prices with stops at $7.

Litecoin (LTC) Technical Analysis

Litecoin LTC Daily Chart July 4
Click here to see the full size Litecoin LTC Daily Chart July 4

CoinBase breathes life to Litecoin and a host of other coins available for purchase at their platform. Coincidentally, most of those coins have endorsement from the SEC and are technically utilities meaning the SEC has no power to oversee them. This is positive and with the recent CoinBase Custody service, institutional players might be open to cryptos once more helping channels billions into Litecoin knowing that there is some sort of a safety net or a fall back plan in place.

As it stands, LTC is basically moving with a $5 trade range and squarely within July 2 high lows. This is typical technical formation following periods of rapid expansions meaning the revival of LTC is still valid. However, like before, what we want to see is the activation of our buys at $90. Once we see up-thrusts above that buy-trigger, LTC bulls would be technically in charge as laid out in our previous trade plans.

Stellar Lumens (XLM) Technical Analysis

Stellar XLM Daily Chart July 4
Click here to see the full size Stellar XLM Daily Chart July 4

Regardless of this resistance for further gains, the general crypto sentiment is still positive. It’s easy to see why. Stellar Lumens is still 12 percent up in the last week but is down seven percent after printing above 20 cents, our buy trigger line. Because of our trade conditions, we recommend buying on dips with stops at 15 cents of there about. If not and assuming Stellar Lumens (XLM) sellers press higher and break below 15 cents, then this trade plan would be invalidated and we shall begin selling with bear targets at 8 cents as set before.

Tron (TRX) Technical Analysis

Tron TRX Daily Chart July 4
Click here to see the full size Tron TRX Daily Chart July 4

As we have come to realize, with solid data backing this assertion, is that mainnet launches are not as easy as pitched. Recent launches at EOS and Tron have gone on to show the entrenched complication around such activities. Of the more than 30 exchanges supporting the TRX coin, only six are live with the noteworthy exception of Binance restricting TRX withdrawal. Luckily though, there are no security flaws reported and Super Representative election is ongoing as initially planned. Tron has also locked up 33.25 billion across 1,000 different addresses within their mainnet and they plan on releasing a search tool for transparency purposes.

Back to price and TRX is trading within a tight trade range capped by July 2 high low. While our long trades are live courtesy of that bullish engulfing candlestick propelling prices from June lows, odds are we are likely to see further gains in coming days. Therefore, in line with our trade plan, my suggestion is to look for buying opportunities in lower time frames with stops at 3.3 cents or June 29 lows. Targets are 5 cents and later 8.5 cents or May highs.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

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