cryptocurrency-event-2018

There were hopes of the crypto market bottoming out after weekend’s injection of bull pressure. Then we saw liquid coins registering double digit gains but that seems to be fading out if we refer to current prices. Ethereum, for example, is stable in week over week basis while EOS is up two percent despite the quagmire around BP claims of insider trading of RAM.

Let’s have a look at the charts:

Ethereum (ETH) Technical Analysis

Ethereum ETH Daily Chart July 2
Click here to see the full size Ethereum ETH Daily Chart July 2

It’s no doubt that Ethereum blockchain was and remains to be a go-to platform for blockchain start-ups seeking for funding. This is all thanks to their generous fund raising models. We can draw examples from successful projects as Tron and EOS.

We now have VeChain, a smart contract platform whose major focus remains on business applications related to quandaries and tracking. They plan on migrating from Ethereum’s ERC-20 standards to their own mainnet by Mid-July.

Details are not in short supply. For example, VeChain will introducing two tokens: VeThor (Thor) which is similar to GAS. VET will be used for utilization and creation of smart contracts and VeChain tokens (VET), a medium of exchange. Before then, let’s see if this will affect the price of ETH in the medium term.

In a deep bear trend, we saw pockets of bull pressure on June 29 and 30. Then, we saw a complete double bar bullish reversal pattern with strong spike in trade volumes rejecting lower lows especially on June 29. Thereafter, there was a nice follow through on June 30 confirming that indeed prices were poised for more gains.

But here’s the caveat. Unless otherwise, this are more like pull backs and for confirmations, we need to see buyers pushing prices above $500 and even June 22 highs at $550. Before then, it’s rather we exit shorts and wait for see how prices would pan out in today. After all, any break below June29 lows at $400 would signal trend continuation and we shall recommend selling.

Ripple (XRP) Technical Analysis

Ripple XRP Daily Chart July 2
Click here to see the full size Ripple XRP Daily Chart July 2

We already know that Ripple seeks to provide a fast alternative for banks to transact on and save up-to 70 percent of their initial costs. It’s a perfect solution for forward thinking institutions but even at the peak of it, Ripple are said to be a security and centralized.

That’s why, despite FinCEN regulations, the SEC didn’t give it a “you are a utility” stamp. Now, to decentralize, they have added four more validator nodes to their UNL. This means these four third party validator nodes can vote on amendment since Ripple’s own validators stands at less than 80 percent as Ripple implements their Phase II of their decentralization strategy. 13 more Third party validators and we shall have a completely decentralized Ripple ecosystem as Brad Garlinghouse always asserts.

Though optimists think there is a reversal, XRP prices are relatively stable and down two percent in the last 24 hours. Yes, we have this nice rejection of lower lows right at the main support line at 45 cents. It also doubles up as April lows and most importantly 2018 lows. 45 cents is an inflection point in our analysis and here, any depreciation below June 29 would likely usher in sellers who might then push prices to 15 cents, our previous sell target. In any case, we remain bearish until after June 22 losses are reversed as bulls print above 55 cents.

Bitcoin Cash (BCH) Technical Analysis

Bitcoin Cash BCH Daily Chart July 2
Click here to see the full size Bitcoin Cash BCH Daily Chart July 2

Speed, low fees and expediency, those are what Bitcoin Cash seeks to represents. It’s no doubt they have been agitating for that since inception as they stretch for new system implementations. They have since forked increasing block size from 8 MB to 32 MB. What now remains is for BCH to move forward and be a medium of exchange.

To do this, the community has been discussing what they refer to as Zero Confirmation Transactions for merchants. These transactions are not registered on the network and as such, they are convenient for both participants as settlement is fast. However, while the approach is novel on its own, it is risky and could basically allow double spends.

Like BTC, BCH prices are trading at this year’s lows. They are at a precipice and fortunately, we saw some form of recovery over the weekend. Now, that doesn’t mean we automatically buy and chase the market because first and foremost, BCH are in a down trend. Instead what we should do is still hold on bearish preview until when bulls race above June 22 highs at $850.

Remember, June 22 candlestick is important as it set going the general trend of BCH and reversals of those losses shows the intention and strength of buyers. On the reverse side, our sells are still intact and should prices break below $600 as mentioned before, it’s going to be a long way down to $350.

EOS Technical Analysis

EOS Daily Chart July 2
Click here to see the full size EOS Daily Chart July 2

At EOS, nothing is as important as RAM. As it stands, there are 64 GB worth of RAM, a finite commodity that is needed for DApps and smart contract execution on the network. There have been allegations that Block Producers know how worthy RAM is and since they basically control supply, they are hoarding and speculating on it causing RAM prices to soar. This of course has been labeled as “insider trading” and counter-intuitive to what EOS was meant to be.

There are two key anchor point and price reference in our analysis. EOS prices on mid-March at around $4 and April peaks at $21 or so. Notice that since this race, sellers have been relentless in there drive and while we acknowledge that temporary EOS support at $7, we need to see stronger moves if indeed buyers are back as many say. For that to happen, we must see an up-thrust above $9 with strong volume spikes like those on June 29.

Monero (XMR) Technical Analysis

Monero XMR Daily Chart July 2
Click here to see the full size Monero XMR Daily Chart July 2

In our last analysis, we were net bullish Monero and we continue hold the same view. Note that while everything is panning out as planned more so after the weekend, XMR prices are relatively stable. If you did miss that call, you can begin loading up longs with stops at $100 or June 22 lows. Otherwise, should you want confirmations then wait until our buy trigger at $135 is hit. From there you can buy with targets at $300. That’s April 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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