Ethereum, Ripple, Bitcoin Cash, EOS, Monero Technical Analysis July 9th

Most coins under our radar are on a recovery path as they sync with BTC price action. For our previous buys to hold true then we must see gains above key resistance lines and that’s exactly what is panning out in Ethereum (ETH) and EOS. EOS-RAM price relation puts EOS bulls at a tight position and so far they are trending below $9, a buy trigger and immediate resistance line.

Let’s have a look at the charts:

Ethereum (ETH) Technical Analysis

Ethereum ETH Daily Chart July 9
Click here to see the full size Ethereum ETH Daily Chart July 9

Interesting times in the crypto space as far as banks and exchanges are concerned. Now, as a fun fact, do you know that it is emerging that regulated banks in South Korea could after all hold more cryptocurrencies than the country’s largest crypto exchange by trading volume, BitHumb? Well, since the latter is publicly listed, holdings and other related data are readily available and by Dec 2017, they had around $8 billion in cryptos.

Now, considering the recent slide, that valuation may have taken a hit with analysts estimating them at around $1 billion. In comparison, banks have a whopping $2 billion. Now, as they plan to make in-roads by providing better services as virtual Bitcoin vaults, their holdings may increase going forward. This is interesting and may subtly show how banks interested with crypto assets changing the existing narrative that they are too volatile for investment and are a “fallacy”.

Overly, we remain upbeat about Ethereum and its future potential. On the price charts though, we are net neutral despite weekend’s events. Notice that we also have an evening star bear reversal formation in a generally bearish trend but happening inside a mini-ETH revival. What we need, as laid out before are gains above $500, our immediate resistance line and buy trigger to activate our longs. If not, and sellers push below $430, we shall take shorts and sync with bears with targets at $350.

Ripple (XRP) Technical Analysis

Ripple XRP Daily Chart July 9
Click here to see the full size Ripple XRP Daily Chart July 9

Think about it: The Society for Worldwide Interbank Financial Telecommunication or SWIFT has been around since 1973. That’s 45 years of service and many think it’s time they give way to emerging technologies despite bank’s position. Ripple technologies: xRapid, xCurrent and their innovative XRP are timely solutions addressing emerging demand from customers. That of speed and xRapid integration surely solves this.

With XRP as a liquidity tool, there won’t be latency and regardless of location, settlement takes just 3 seconds or less with negligible fees. That’s not all, it has been proven that institutions using Ripple shall save on costs unlike those using SWIFT. SWIFT charges exorbitant fees and takes at-least two days to settle.

Safe the good vibes around XRP, we must acknowledge that is has been in consolidation for the better part of the year. So, as it stands, our main support is 45 cents which doubles up as April lows.

Technically, XRP prices are bearish and for sells to be live, prices must break below 45 cents. Thereafter, we shall trade with the trend selling on every pull back with targets at 15 cents and stops at 50 cents. On the flip side, for buyers to be in charge then we must see a break above 55 cents and consolidation in line with our previous trend. From there, we shall buy on dips with targets at 70 cents and later $1.

Bitcoin Cash (BCH) Technical Analysis

Bitcoin Cash BCH Daily Chart July 9
Click here to see the full size Bitcoin Cash BCH Daily Chart July 9

Edward Snowden leaks allowed us to take a snapshot of how deep government surveillance is. It was a good thing because after the after math increased calls for privacy and that’s what Bob Wallet is trying to do. It’s obvious that companies like Chainalysis often monitor public blockchain and they work with different government bodies. Bob Wallet will make their work hard by obfuscating movement of funds from BTC and BCH blockchains to their wallets. At its core, it wants to make private transactions private and it’s a good thing because initially blockchain was meant to be anonymous.

Like XRP and ETH, BCH is in range mode even though there was that rebound off $600 or April lows. In our analysis, we shall remain neutral even though we had that jut on July 7. For assurance, prices should edge above $850, triggering our buys and perhaps jump starting a recovery. In the meantime, let’s wait on the sidelines because should there be sells below $630 and $600, we might see sellers testing $300.

EOS Technical Analysis

EOS Daily Chart July 9
Click here to see the full size EOS Daily Chart July 9

Security and voting were some of the challenges users faced once the EOSIO blockchain went live. While we understand their dPoS consensus algorithm couldn’t function well without continuous voting, there was not initiatives by block producers to develop easy voting tools until now. Yes, we had greymass during EOS coin staking but with CypherGlass initiative, Lens, will allow voters to easy choose their preferred block producers ensuring continuity and responsibility within the network. This voting tool is easy to use, intuitive and secure for your private keys.

First, EOS is in a down trend and secondly, any appreciation of EOS coin will be detrimental for RAM prices. There is a direct correlation between the two and that’s important. So, considering the politics, it’s likely that EOS prices may slide to tame rocketing RAM prices. We are already seeing that. Notice that in the last six days or so, prices have been in consolidation, failing to break above $9, a minor but important resistance line. As we have said before, any break and close above $9 shall trigger our buys meaning we shall go ahead and buy on dips with targets at $15. On the flip side, EOS sellers should be in charge once they collapse below $8 or July 2 lows. That means, our sell targets would be $4 with stops at $9.5.

Monero (XMR) Technical Analysis

Monero XMR Daily Chart July 9
Click here to see the full size Monero XMR Daily Chart July 9

From our previous XMR analysis, our buys are still true thanks to the consolidation happening within July 2 high lows. Even though my ideal buy recommendation would come to pass once prices surge above $150, my suggestion considering current price action is to remain neutral until we see convincing moves negating our buy projection or complementing it with gains above $150 accompanied by strong volumes.

Bitcoin (BTC) Technical Analysis July 9th, Is Regulation Good for Crypto?


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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