Bitcoin, EOS, Ripple, Stellar Lumens and DASH Technical Analysis July 6th

Encouragingly, most coins including Bitcoin, Stellar Lumens and EOS are likely to close as bulls at the end of the week. That would not only mean completion of key reversal pattern but would signal a bottoming market due to last week’s pin bar confirmation. As such, my stand on most coins even Bitcoin is to wait for clearance and that happens only when key resistance lines have been broken.

Let’s have a look at these charts:

Bitcoin (BTC) Technical Analysis

Bitcoin BTC Daily Chart July 6
Click here to see the full size Bitcoin BTC Daily Chart July 6

According to the Chinese CCID, Bitcoin is on a free fall, just like its price. It was listed as the thirteenth most desirable coin in the world with Ethereum and EOS covering the top spots when it comes to applicability, technology and creativity but is now at nineteenth. From a neutral stand point, this doesn’t make sense because if it wasn’t a creative and a useless public blockchain then it surely won’t be in the top spot. There is good news though. It is now emerging that the CCID is not after all a ratings company but simple a technical assessment index. Elaborating this, the Dr. Songtau Pu said their model assess the blockchain while there is a dedicated team that tabulates their respective data.

On to the charts and Bitcoin prices are stable oscillating within a tight trade range. In fact, in the last day alone, it is down two percent but still within July 2 bullish candlestick and below our main trigger line at $6,800. According to our previous trade plans, we shall remain neutral until after buyers push above $6,800 or even $7,000, recovering June 22 losses before we recommend buying on dips on lower time frames. At the same time, should bears decide to continue with their run breaking below $6,000, then we shall trade with it and aim for $3,000 with stops at $6,500.

EOS Technical Analysis

EOS Daily Chart July 6
Click here to see the full size EOS Daily Chart July 6

Depending on where you stand, your opinions stand. It doesn’t matter if you think Dan built a master piece or another centralized data base. Everyone has their own interpretation of stuff but what we do know is that there are a lot more going on at EOS than at any other public blockchain out there.

Many even think EOS is layer 3.0 of the internet now that we shall have projects and dApps launching on it in the coming days. Stemmit 2.0, a decentralized social network stands out and so several DEXs. The question is: Will EOSIO come to age and handle these? Remember, they are intensive and most likely going to clog the network. So, will EOSIO scale as they say they will on paper? Let’s wait and see.

Like most coins, the trend is bearish and really, buying the dips is akin to catching a falling knife especially in a trend that’s so easy to see. It’s what we are doing right now and it’s risky. On the flip side, the rewards might be worth the try more so if EOS buyers weather through the RAM politics and help push EOS above $9, our buy trigger. Before then, we stay neutral know that any depreciation below June lows and $7 would likely lead to bears testing $4.

Stellar Lumens (XLM) Technical Analysis

Stellar XLM Daily Chart July 6
Click here to see the full size Stellar XLM Daily Chart July 6

What catches my attention is July 2 candlestick confirming that double bar bullish reversal pattern we saw on June 29-30. Here, we notice that the past three candlesticks have been moving horizontally but still within July 2 bullish candlestick. This is a classic effort vs result scenario panning out and it’s a go for buyers.

However, despite the predisposition, we would like to see higher highs printing first above 23 cents or the past three days highs confirming trend continuation. When that happens, we recommend loading longs with stops at 17 cents and bull targets at 50 cents. On the reverse side, any collapse below June 29 lows means sellers are in charge and we shall sell the bear break out on every pull back in lower time frames.

DASH Technical Analysis

DASH Daily Chart July 6
Click here to see the full size DASH Daily Chart July 6

Technically, we are trading a bear break out on the daily chart of DASH. For clarity, June 10 bear candlestick breaking below $270 at the back of strong bear volumes is important for our analysis. After this break below, DASH prices continued with their slides and despite efforts by buyers, prices didn’t break above $270 but instead oscillated within a range and slipped to current levels.

In line with these developments, buyers would only be in charge if they push above $270, previous support now resistance and that’s why it’s our official buy trigger. If not and there is rejection at that level, then we shall short in lower time frames and trade the second wave of sell pressure-the trend continuation. So, because of this, I recommend staying neutral for the time being of course until after our trade conditions are met.

Ripple (XRP) Technical Analysis

Ripple XRP Daily Chart July 6
Click here to see the full size Ripple XRP Daily Chart July 6

Of late, Ripple the company have been on the receiving end of comedians keen of getting cheap air time. Allegedly, they have been dishing out money from the east to west coast of America as they try to raise awareness that XRP is more than just a speculative item. It can actually be used for the benefit of adopting companies.

Yes, it’s understandable that XRP is their liquidity tool as Brad puts it, but the real deal is if Banks and even companies would use it for cross border transaction. But, the fact that it’s not compulsory for companies to use it for remittance purposes makes it hard for Ripple who instead goes to long lengths pushing for adoption.

Back to price and XRP prices are trading at the edge. In line with our previous trade plans, buyers should first confirm that bullish engulfing candlestick of July 2 and add more. Ideally, our buy triggers stand at 50 cents and should there be gains above that then we recommend buying on dips on lower time frames with targets at 70 cents. Before then, we suggest staying neutral because any push below 45 cents cancels this bullish price forecast. In that case, sellers should aim for 15 cents as they unload XRP on retests.

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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