Analysis of rates of major cryptocurrencies on July 29, 2018

The past week was marked versatile dynamics on the market of cryptocurrencies. Many altcoins have not shown the desire to catch up with the «big brother» — bitcoin. However, the third week of the «digital gold» holds primacy in growth. This, in turn, says about the speculative interest of traders and investors to buy scriptactive.

The question arises: what drives market players to buy bitcoin, if throughout the week there was no news that could push the market up? On the one hand, it is a strong cheap popular ceptability c good growth potential, and on the other — the raging debates about ETF related to bitcoin. The last argument in the case of a positive outcome may seriously affect the course of trading on the cryptocurrency market and cause new highs.

With regard to the capitalization of the stock market, in the past week already had passed $300 billion, which is an encouraging signal. At the moment the mark is around $297 billion, and this suggests that the interest of market participants to purchase the cryptocurrency has not yet been exhausted.

Now technical analysis:

BTC/USD H4: a new range

Bitcoin (BTC) is kept steadily in an upward trend. Next «step growth» «digital gold» — the range in the range of $8870 to $7840. The limiting level is the support at $7840 — history of trades shows that the price chart has repeatedly tested the value. However, after a small correction bitcoin could not go below this level, which is a positive signal, as the buying interest from the point of view of technical analysis is still big enough.

In addition, it should be noted that there is still a reserve to the next level in the neighborhood of $8870. The breakout of this mark will allow to consolidate in a higher trading limits.

Wave analysis shows the movement of bitcoin within the stretch of wave 3. It is not excluded that the pulse peak may coincide with the resistance in the neighborhood of $8870.

Adverse scenario under the impact of negative news is the return in the previous trading frame $7845 — $7150.

ETH/USD H4: in the triangle

The ether (ETH) could not overcome a strong resistance level at around $490. Throughout the week there was a diverse trading dynamics that hints at the uncertainty of the bulls. In addition, it is clear that the ether is in the triangle, thus underlining the weakness of the buyers or their uncertainty. At the same time, despite the temporary pause in the growth of broadcast, digital currency is still not part of the decreasing trend is an encouraging factor. In case of positive scenario (increase) the breakdown level of $490 will give a signal to the exit of the triangle pattern and consolidation in the higher range with the goal to $540.

As for the Elliott wave theory, the impulse within the wave 3 can be seen after exiting the triangle.

The negative scenario is the drawdown to support at the level of $400.

LTC/USD H4: still in trend

Litecoin (LTC) demonstrates lethargy trading, is within a rising trend. However, the price chart is near the important resistance level around $88. In the event of a breakdown, will be a good signal to buy with purpose to the next level at around $102. In this case, it will rebound from the support level of a rising trend, and technically it will be an additional signal in favour of growth.

Supports the wave structure of the pulse in part b 1 and the correction in the form b 2. The next pulse needs to be part of subwave 3. If the implementation of a positive scenario with a breakdown level at $88, then, will be the continuation of a new phase of growth.

The negative scenario is a break of support near $80 and the achievement of at least the level of $72.

XRP/USD H4: sideways

At this time, ripple (XRP) litecoin was worse, the limiting level is around $0.4239. Like litecoin, the cryptocurrency is trading sluggish with no major purchases and sales. At least litecoin still holds within a rising trend and hints at the rise — ripple shows movement sideways.

In the case of demand RIPL is expected to reach the resistance at around $0.5045 followed by fixing in a higher trading limits. In this case, it is possible to expect development of the third impulse wave according to Elliott wave theory.

XMR/USD H4: strong trend support

 

Monero (XMR) could not overcome strong resistance, and then turned to support at around $133. It is important to note that in the case of the next wave of growth, monero can break the resistance level at $147, because cryptocurrency is within a rising trend.

As for the Elliott waves, we still have reason to talk about impulse movement. If a new purchase, then wave 3 can reach such levels as $147 and $178. If the news background will be negative and create pressure on the most capitalized of the coin, then, monero will be able to test support around $113.

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