2018-9-21 18:52 |
The long term, range bound movements in Bitcoin, Bitcoin Cash, EOS and Monero isn’t good for bulls—of course not for short term bulls. More often than not, the strong market involvement and consequent depreciation of Sep 17 price action influences price action.
Of the five coins under review, Tron is already on the uptrend but its momentum sustenance is of great important to investors going forward.
Let’s have a look at these charts:
Bitcoin Price (BTC) Analysis Latest Bitcoin NewsThe open-ended nature of Bitcoin ledger is beneficial for regulators and on numerous occasions, it has been clearly demonstrated that banks are indeed the main perpetrators of money laundering and not Bitcoin as widely believed.
In fact, it has been reported that Danske Bank through its branch in Estonia is responsible for executing suspicious transactions between 2007 and 2015 which has now been showed were proceeds of criminals. The bank has been accused of laundering $234 billion. That’s $34 billion more than the total cryptocurrency market cap.
Complementing this are reports by Europol that Bitcoin are in fact not used for funding terror related activities. In a 78-page report titled Internet Organized Threat Assessment 2018, investigators concluded that banks are still the favorite corridors for terrorist to carry out their devastating attacks.
Bitcoin Price Prediction Daily Bitcoin Price Chart by Trading ViewAt current prices, Bitcoin is up four percent and trading above Sep 17 bear candlestick. Still, the three-month support line acting as the first level of support is buoying prices now that prices are $700 above the main support line at $6,000.
All in all, the side way movement of price isn’t helping day traders desirous of quick sharp movements in either direction.
Going forward and in line with our previous Bitcoin trade plan, caution should precede action and, in that case, we suggest both set of traders to initiate trades if and only if there are movements above $6,800 or $7,200.
Bitcoin Cash (BCH) Price Analysis Latest Bitcoin Cash NewsIt’s a hacker strike once more and this time round, a Japanese cryptocurrency exchange–Zaif will have to compensate users following the loss of $60 million worth of Bitcoin, MonaCoin and Bitcoin Cash.
Tech Beau the company that owns the exchange isn’t willing to comment on the hack further infuriating investors who now have solid reasons to believe that hack might after all be because of Zaif carelessness.
Zaif has a wide customer base and though not the largest exchange, it’s a go-to platform for traders wishing to investors on a variety of altcoins.
Bitcoin Cash Prediction Daily Bitcoin Cash Price Chart by Trading ViewThe ramification of the hack is yet to show on price and Bitcoin Cash prices are up 12 percent in the last day.
All in all, the reduction in volatility means our last price prediction holds true since BCH is literally trading within a tight $100 with strong support at $400 and bull triggers at $500.
Needless to say, the lack of consensus on upcoming Bitcoin Cash fork scheduled for Nov 18 could weigh negatively on price.
But before then, we recommend risk off traders to load on pull backs as risk off traders tap the overall resurgence in price.
EOS Price Analysis Latest EOS NewsBlock one did release the latest Version of the EOSIO blockchain—1.3.0.
The upgrade includes fixes to how full nodes syncs as the network expand by introducing Replay and Resync and introduction of Trusted Producer Light Validation.
On top of there is wabt, a set of WebAssembly tool.
EOS Price Prediction Daily EOS Price Chart by Trading ViewLike the rest of the markets, EOS is on a recovery path and in the last 24 hours, the coin is up 11 percent and trading above the $5.5, minor resistance level.
As reiterated in previous EOS trade plan, any move above $5.5 shall trigger short term bull traders eyeing $7.
These trades have been executed now that the whole market is on an uptrend with EOS long traders keen on reversing Sep 17 losses.
Safe stops should be at $5 but once prices edge past $7, bulls can load up with ambitious targets at $15.
Tron (TRX) Price Analysis Latest Tron NewsAfter getting the much needed support from Binance and Bittrex, Tron is now setting their eyes on Europe and looking to expand.
They recently got a boost from BitBay, the largest exchange in Poland where traders would exchange TRX with BTC, ETH and a couple of other coins as USD, Euro and Polish Zloty.
Tron Price Prediction Daily Tron Price Chart by Trading ViewExchange listing is obviously exposing TRX to extra liquidity and yesterday’s break and close above 2 cents was largely expected. From the chart, TRX added 11 percent and that was enough to confirm our previous TRX trade plans.
Then, our trading relied on how prices would react after consolidating following the whipsaws of Sep 17 and 18. It is now clear that that was the much needed follow through now that market participants are pushing TRX towards 3 cents and later 4 cents.
On the cautious end, counter trades that erase yesterday’s gain retesting supports at 1.8 cents might open a flurry of sell order driving prices towards Jan 24 lows.
Monero (XMR) Price Analysis Daily Monero Price Chart by Trading ViewEncouragingly, Monero buyers now have an upper hand now that they are trading above $120 activating short term Monero bulls aiming for $150.
Nonetheless, notice that while yesterday ended up higher, the fact that prices were loosely held within Sep 17 high volume bear bar is an indication of the underlying damping trend of the last eight months.
Currently, buyers now have the upper hand going into the weekend. Moving forward, bulls could thrust prices above $150 towards the $200. Considering the break out, safe stops should be at $110.
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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