Weekly Crypto Technical Price Analysis — Bitcoin, Ethereum, Bitcoin Cash, OmiseGO, EOS, Litecoin, Ripple
By — Nirmal Ranga
You get recessions, you have stock market declines. If you don’t understand that’s going to happen, then you’re not ready, you won’t do well in the markets. — Peter Lync
The previous week performance resembles the picture above where traders and investors tried hard to defend their major levels of support, and despite positive fundamental factors ruling the cryptocurrency market, Bears still found a reason to push the markets down by constant selling on smaller resistant levels.
The current market has run into the “no-trade” zone with rising instability of any particular trend to be established. We saw some really positive factors that swirled around the cryptocurrency markets in the previous and current week.
With major financial institutions and investment banking firms thinking over their entry into the the world of blockchain and cryptocurrency trading, the rising interest of Institutional Investors have given a hint of little speculation that might have triggered panic in the current market situation.
The one-line activity monopoly of buying cryptocurrency is interrupted with introduction of derivatives based on the underlying flag-bearer asset Bitcoin.
Well, the above hypothesis is also supported by observations of the internet security expert John McAfee who is expecting a start to the bull-run soon which would be led by institutional investor pumping in billions on the respective drop points in this present crypto-space.
At the time of writing, Bitcoin trading at $7,649 is representing a fall of over 3% in last 24-hours.
Mentioned in our previous analytical report, we mentioned about BTC showing the signs of gaining a bearish momentum and the respective fall of 5% was duly followed, once the important neckline support of $7,800 was broken.
Currently, the dark clouds over the flag-bearer currency are still hovering and BTC is expected to be under constant selling pressure unless now the resistance range of $7,800 — $8,100 is crossed over.
With moving averages sloping down, the Bears have opened up correction possibility to $7,000 and $6,400 levels. Currently, there is no trade setup that BTC allows to follow and traders should be on the sidelines unless a proper level for entry opportunity truly exist.
Conclusion : BTC is under the bearish zone and will continue to slip down and only a breakout above $8,100 will get BTC back in the pull-back momentum which again should face due resistance close to its exponential moving averages.
To read the complete report, visit the blog our website.
About Author — Technical/Derivatives Analyst & Crypto-Currency Expert with a decade of Professional Experience having expertise in Equities, Commodities, FOREX & Crypto-Currency Markets. Connect with him onLinkedIn and follow him on Twitter.
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Author: Zebpay Bitcoin And Cryptocurrency Exchange”