Bitcoin’s most sustained period of price stability in its history is about to come to an abrupt end, cryptocurrency experts have warned. Its prices have stabilized around $400 since October 2018 whereas equity markets have been tumbling, this may be a sign of relief to all the cryptocurrency investors and traders. Since June 2018, bitcoin is trading above $6000 per unit after the world’s most popular cryptocurrency fell from its respective all-time peak of $20,000. In the current year so far, its prices have touched a low of around $5,900 in June.
Nikolay Storonsky, CEO and co-founder of Revolut Ltd., a digital banking provider with a user base of two million, told that now the large institutions are showing little interest in the digital assets. Any new technology takes time to catch up and become relevant to anyone and it seems that Blockchain might take a little longer. One venture capitalist believes that with mass adoption of BTC, people will likely switch from fiat currencies.
The dip below $400 is showing lower levels. However, it is facing overhead resistance from both moving averages which indicates that buying dries up at higher levels. Positional traders should avoid trading when the ranger is tight and shrinking. A large well-defined range provides an opportunity to buy low and sell high, however, the BTC/USD pair is not allowing such an opportunity. If the bull pushes the price above $6,831.99, the currency is likely to invite short covering, propelling the price further to $7400 and above that to $8,400. On the other hand, if the bear breaks below the critical support of $5,900, it might result in panic selling dragging the pair to lower levels of $5000 - $5450. Therefore traders can keep the stop loss on their long positions at $5900.
ETH/USD
Ethereum isn’t showing any signs of a trend. The investors aren’t looking to trade at the current levels and the new money doesn’t want to enter until there is a trend. So the price the moving averages and the RSI are all flat. The 1st sign of trend will be it to escape the tight range of $188.35-$249.93. An upside breakout will indicate that the bulls have the upper hand and new uptrend is likely.
Ripple is finding sustenance just above the moving averages, which is a positive sign. The moving averages continue to gradient up, with the RSI in the positive territory. This confirms that the bulls have the upper hand in the short term.
Bitcoin cash has dragged back from the overhead resistance at $660.0753. If it breaks $500, the upward move will lose strength.
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