The correction in the crypto market, especially in the Bitcoin rate, the Ethereum course, and when the XRP exchange rate continues to increase, and once again proves how well Technical analysis works. The Top 3 Coins get their price targets. An Update.
In order to give an Overview of the Top 3, here are the developments of Bitcoin, Ethereum and XRP price will be presented. We also take, if possible, on prior rate analysis and look at what has happened since then.
This was not a good week for the Top 3! Bitcoin fell below US $ 7,000, Ethereum fell to the low of the beginning of June, and Ripple managed to reach the previous year’s minimum. Certainly, the postponement of the SEC’s decision and the Statements made by Jamie Dimon, at least with regard to Bitcoin. We analyze the Top 3 crypto currencies in a little more detail.
Since the last Update a week ago, the price of Bitcoin to 1,000 U.S. has issued Dollar. The unchanged forecast arrows even coincide in time. The breakout above the down trend was a false breakout and thus, the Bärishen variants from the last analyses were enabled. With the current downward movement of the Bitcoin exchange rate on the short-term upward trend. The daily candle closes at the current level – BTC/USD 6.487 US Dollar – is this undercut. The cloud of the Ichimoku Kinko Hyo indicator can support the Bitcoin-price up to 6.370 US Dollar. Afterwards, she is seen as a form of resistance to. The sell signals using the moving averages already since 7.600 dollars active.
The current fraction of the short-term uptrend has no stock. Within the Day the courses start to recover, the daily closing price takes place immediately on the upward trend or not. Again, the medium-term downward trend, currently at 7.140 the US Dollar and the trend is falling – and overcome. The next hurdle is then in its 7,700 US dollars.
In order to activate the larger buy-signal the Bitcoin have to the 7.961 US-Dollar brand on a sustained basis to overcome The objectives are unchanged:
- 9261 US Dollar
- 9726 US dollars
- 11540 US Dollar
The false breakout above the medium-term downward trend shows more effect. The cloud of the Ichimoku Kinko Hyo indicator provides support to the 6.370 US-Dollar brand. Below, this is to be expected with an intensification of the downward movement. By the break of the short-term upward trends in the since weeks announced course is run target at 6,000 US dollars. Under 5.877 US Dollar losses rate up to 5.428 US Dollar.
Ethereum has abandoned the presented support area (418 – 471 US dollars). Through the Course of the setbacks of the last few days, the condition for the sale was fulfilled signal. This went hand in hand with an Ethereum-rate 405 US dollars. Last week, the clouds lower edge of the Ichimoku Kinko Hyo indicator has already provided a perfect “Short entry”. Already last week it was already pointed out, that the power of Ethereum is not sufficient even to beat this.
The price reached the target on the bottom – 365 US dollars – can be used as a support. There are no courses will be generated by 338 US dollars. The Ethereum course can re-conquer the 405 US dollars, and rises above the resistance area. Courses 471 U.S. Dollar, the chart image is to bright in the short term. The course surpasses the short-term downward trend, currently at 478 U.S. Dollar falling. A rate increase of about 520 US dollars, a buy-signal from the point of view of the Ichimoku Kinko Hyo indicator.
Greater potential for Recovery comes only with a price increase of about 684 US dollars. The upcoming goals Up:
- 897 US dollars
- 1021 US dollars
currently, it is not tangible. Should, however, remain long-term in mind.
Ethereum continues to show significant weakness, and the 338 dollars will be undercut. By this movement, the course will be activated goal at 241 US dollars.
Especially in the case of Ripple or XRP, I sat last week, very far out of the window and in the analysis of a “multiple announced sell-signal” is spoken. The course enabled the bearish variant with the break below the 0,43-US-Dollar-brand. Apparently, this is now, and here, too, the course is well taken goal to the bottom. The break of the medium term uptrend has accelerated the downward movement. The price of Ripple was not the last few weeks, so weak that a start-up of the clouds was the lower edge of the Ichimoku Kinko Hyo indicator.
A soil formation with Ripple is already on the level to be 0.34 US dollars. The objective of the course on the bottom at 0.30 US dollars will not be reached. The short-term downward trend, currently at $ 0.42, tendency strongly falling – is outbid. The price will increase above the resistance area extending to 0.46 US-Dollar. Also, the course can overcome the medium-term downward trend, next target price is the upper edge of the Ichimoku Kinko Hyo indicator. This is currently at 0.56 US Dollar falling.
The major buy-signal is also removed at this Coin very far from each other. But retains its validity. About $ 0.75, the following objectives are available:
- Of 0.93 US Dollar
- 1.15 US dollars
- US $ 1.37
Ripple continues and reaches the target on the bottom at 0.30 US dollars. This brand is not sufficient for a recovery of the exchange rate is a rate of loss threatens to 0.24 US dollars.
The conclusion of the last update a week ago a went to the dangers on the bottom. The Top 3 Coins by market capitalization – is to defend it not succeeded, the relevant brands and, accordingly, the current correction was not a Surprise. Bitcoin-price and Ethereum course have gone through the objectives of the first course, the Ripple rate is still air down. Once again, the courses do not run synchronously, therefore, you should look straight at the Ripple rate in the smaller unit of time, whether a reversal takes place.
In the text there was also the reference to a “Short entry”. How exactly does that work and how to make in a bear market with falling rates of money, I’ll introduce you to soon.
Disclaimer: The presented on this page, rate estimates do not constitute buy or sell recommendations. They are merely an assessment of the analysts.
Images on the Basis of data from bittrex.com and bitfinex.com at 09:40 am 08. August created. USD/EUR exchange rate at the time of writing: 0.86 Euro.
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