Tuesday, 17 July 2018

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Ethereum Price Analysis: ETH/USD Buyers in Control

Key Highlights

  • ETH price climbed above a few important resistance such as $450 and $460 against the US Dollar.
  • There is a new connecting bullish trend line forming with support at $464 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is following an ascending channel, but it could correct lower towards the $470 level.

Ethereum price is back in an uptrend against the US Dollar and Bitcoin. ETH/USD may perhaps correct a few points, but it is likely to accelerate further higher.

Ethereum Price Bullish Moves

Yesterday, there was a close above the $455 resistance in ETH price against the US Dollar. The ETH/USD pair gained nicely and later corrected a few points towards the $445 level. There was a test of the 38.2% Fib retracement level of the last leg from the $430 low to $456 high. Buyers appeared and pushed the price above the last swing high. More importantly, there was a break above a few important resistance such as $450 and $460.

A high was formed at $480.50 and the price is currently following a nice uptrend. It seems like there is a short-term ascending channel forming with support at $475 on the hourly chart of ETH/USD. Below the channel support, the 23.6% Fib retracement level of the last wave from the $443 low to $480 high is near $471. Moreover, there is a new connecting bullish trend line forming with support at $464 on the same chart. Therefore, there are many supports forming on the downside starting with $475 and up to $460.

Ethereum Price Analysis ETH USD

Looking at the chart, the price could correct a few points, but downsides are likely to be limited by the $464 level. On the upside, a break above the $480 high may perhaps open the doors for a push towards $500-510.

Hourly MACD – The MACD is slightly placed in the bearish zone.

Hourly RSI – The RSI is correcting lower from the overbought levels.

Major Support Level – $464

Major Resistance Level – $480

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Tron (TRX) Price Watch: Bullish Momentum Kicking Back In

Tron Price Key Highlights

  • Tron price recently broke to the upside of its falling wedge pattern to signal a pickup in bullish momentum.
  • Price is starting to trade inside a smaller rising channel and is currently testing the top.
  • There are more hints of bullish pressure but Tron price might need a pullback to gather more energy.

Tron made a bullish breakout from its falling wedge and is establishing a short-term uptrend channel.

Technical Indicators Signals

The 100 SMA is still below the longer-term 200 SMA for now but the gap between the moving averages has narrowed significantly enough to hint at a looming bullish crossover. This could bring more buyers to the game and sustain the climb, especially since Tron price is already moving above these dynamic inflection points.

However, RSI is already in the overbought region and slowly moving south so Tron price could follow suit. Similarly stochastic looks ready to head back down to signal a return in selling pressure.

In that case, Tron price could still make a pullback to the new channel bottom around 0.035 and the moving averages before resuming its climb. A larger correction could lead to a retest of the broken wedge resistance before more buyers join in.

TRXUSD Chart from TradingView

Cryptocurrencies got a collective boost from reports that BlackRock is seeking to invest in the space. CEO Larry Fink confirmed in an interview with Reuters that they formed a team to look into investments in the industry but clarified that they’re not seeing strong investor demand just yet.

Still, institutional interest appears enough to have lifted bulls’ spirits after three well-known economists blasted cryptocurrencies last week. This could sustain the positive sentiment to start the quarter and hopefully lift Tron price and the rest of its peers for a rebound.

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Bitcoin (BTC) Price Watch: Waiting for Reversal Confirmation

Bitcoin Price Key Highlights

  • Bitcoin price has completed its inverse head and shoulders reversal pattern and is now awaiting confirmation.
  • Price is testing the neckline at $6,800 and an upside break could spur a $1,000 climb.
  • Technical indicators are showing mixed signals but longer-term bullish momentum could start building up.

Bitcoin price is testing the neckline of its reversal formation and confirmation could lead to a climb to $7,800 and beyond.

Technical Indicators Signals

The 100 SMA is crossing above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. This means that there’s a stronger chance for the reversal to be sustained from here. Bitcoin price has also moved past the moving averages’ dynamic inflection points to signal stronger bullish momentum.

However, RSI is already indicating overbought conditions to show that buyers are feeling exhausted. Stochastic has also climbed all the way up to the overbought region to signal profit-taking and a likely dip. The moving averages could still hold as near-term support but a break below the right shoulder could signal a return in selling pressure.

A break past the neckline could lead to an uptrend of at least the same height as the chart formation. This spans $5,800 to $6,800 so the rally could last by at least $1,000 to take bitcoin price up to $7,800 or higher.

BTCUSD Chart from TradingView

Bitcoin price got a strong boost from confirmation that BlackRock is looking into investing in the cryptocurrency industry. CEO Larry Fink noted in an interview with Reuters that the company has formed a team to analyze the sector but clarified that they’re not seeing strong investor demand yet.

Still, this appears enough to revive investor optimism as institutional interest represents a lot of confidence in the industry. This comes after more conservative but well-known economists criticized cryptocurrencies for their anonymity and price volatility.

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