Bitcoin develops its uptrend as a reserve crypto while other cryptos are in deeper correction
Hello to all my readers. This is Andrew Strogoff again and we are going to take off with our cryptocurrency analysis. Unfortunately, we still have to wait for the targets to be reached. I established them on Friday, but Ethereum, Ripple, EOS and NEM still avoid to meet them.
However, Bitcoin seems to take force. This let me say reserve cryptocurrency goes higher and higher establishing new heights. I think the main reason is the runaway of investors from altcoins into Bitcoin.
As for the news, there are a couple of events I would like to share with you. The first one is the ban of mining that is going to be launched in Xinjiang Uyghur autonomous Chinese province on September. China is known for its banning of crypto-related activities. However, the government states that the Blockchain technology is promising.
The US Chamber of Commerce recommends the SEC to hold ICO’s by the throat meaning some more serious measures are required to regulate this industry.
Bitcoin (BTC/USD) the lonely hero in this cryptocurrency industry, price analysis, July 24
Bitcoin is the only currency pair that develops its uptrend from the top 20 currently. I think that this is due to the runaway from the altcoins as there is a huge money inflow into BTC/USD. I think that the currency pair is likely to develop its uptrend in the nearest future and may take the altcoins aboard.
My targets were reached again, but I think that BTC/USD aims for higher targets currently. The currency pair has tested the resistance area at $7,734 and went higher. It aims at the next resistance area at $7,949, where my green rocket is.
Why do I think Bitcoin looks promising currently? The first reason is that BTC/USD is the lonely gainer. The currency pair benefits from altcoins deeper corrections as investors are running away from other cryptos. Moreover, there are no reasons for the market to fall.
Ethereum (ETH/USD) still needs some more fuel to fly, price analysis, July 24
The currency pair developed its deeper than expected correction on Monday frustrating my expectations. I saw ETH/USD rising after testing the support area at $453.24. However, ETH price went upwards and retreated from the resistance area at $473.39
What are my next thoughts on the currency pair? I think Ethereum is going to resume its uptrend in the nearest future. This kind of range fluctuations between the two levels in coming to the end already. I also think that ETH/USD is likely to reach the next resistance area at $500.36 in the next couple of days.
What do I see currently on the four-hour chart? There is a kind of bullish hammer candlestick pattern, which I suppose is a signal indicating the price may grow in the nearest future. However, the price resides slightly below $453.24 level and needs to go above before developing upside progress.
Ripple (XRP/USD) has a deeper than expected correction, price analysis, July 24
Ripple goes in the opposite side from my targets but I still believe XRP/USD is going to reverse in the nearest future to reach the goals I have set on Friday. The currency pair develops a deeper than expected correction, but I think it is near its end.
As far as you can see, the currency pair is close to its local lows meaning we can see a reverse soon. I am far from thinking that the crypto market is going to develop downtrend as there are no reasons for it. New Chinese bans have almost no impact on price as market participants have an immunity to it already.
As for targets, I still think that the currency pair is going to reach $0.5088 in the nearest future. However, this task is a bit hard currently as Ripple needs to break through several resistance areas, which are on the way to my target.
EOS (EOS/USD) has longer correction, price analysis, July 24
EOS flats between the two levels but I personally think that the currency pair is likely to resume its growth in the nearest future. EOS/USD has almost reached the support at $7.65 on Tuesday. The correction still develops but it is going to end on Tuesday, I think.
My EOS targets are the same as I see the currency pair to go upwards and to reach the resistance area at $9.56 in the nearest future. However, the currency pair will have to break through several resistance areas before my aim will be touched.