Bitcoin and the altcoins remained calm during the weekend as the volatility was low, cryptocurrencies still go towards their goals but without huge fluctuations.
Interesting news comes from the Bitcoin community where half of its Lightning Network capacity was reached by just one person. But overall the news background has been calm over the weekend as there were no events that are able to provoke significant volatility growth.
As most of the cryptos went slightly upwards, one of the second-tier coins has shown huge growth. KickCoin (KICK) shot up 21 percent as somebody is buying this coin big way. The company is hiring all over the globe now, with open positions including EOS developers (KICK is an ERC20 token so currently, it’s working on Ethereum). Reportedly KickCoin may be listed on a large crypto exchange soon.
Bitcoin (BTC/USD) price analysis, July 16
Bitcoin has added less than two percent in the past 24 hours but looks bullish. BTC price went upwards during the weekend and continues its upside correction. BTC/USD failed to reach June lows and seems to target new tops.
The currency pair has tested $6,071 support area on Friday but retreated from there and went upwards later according to our forecasts. BTC/USD has successfully tested the resistance area at $6,329 and went above this level. The currency pair remains above in the moment of writing targeting the next resistance.
What is the main scenario for today? We stick to the same targets that we have established on Friday. BTC price can reach the next resistance area at $6,510 on Monday-Tuesday. However, if bears take control of the market, they will be able to break through the support area at $6,329 targeting the next support at $6,071. This scenario is less probable.
Ethereum (ETH/USD) price analysis, July 16
Ethereum has added almost three percent in the past 24 hours as the currency pair stopped to decline and started its bullish correction. ETH/USD failed to reach June lows and went upwards instead meaning bears are losing control over the market.
Ethereum tested $431.42 support area several times but failed to break through it. The currency pair went upwards during the weekend and reached our targets at $453.24. The currency pair is currently fluctuating close to this resistance.
We can see a bullish flag pattern forming on the four-hour chart. If it works, the currency pair will be able to jump over the resistance area at $453.42 and move higher, targeting new resistance at $473.39. This is the main scenario for today.
If buyers fail to drive the currency pair higher, we think ETH/USD will retreat towards the closest support area at $431.42 at least.
Ripple (XRP/USD) price analysis, July 16
Ripple has added less than two percent in the past 24 hours. The currency pair reached June lows on Friday but failed to establish new ones and reversed. The currency pair seems to develop its bullish correction in the moment of writing.
Ripple has tested the support area at $0.4232 but retreated from there. The currency pair went upwards and reached the first resistance area at $0.4495 during the weekend. XRP/USD stays close to this level in the moment of writing.
We can see a bullish flag pattern on the four-hour chart which forms below the resistance area at $0.4495. It may result in further growth towards the next resistance at $0.4744. This scenario is the most probable for Monday-Tuesday.
However, if bears regain control over the market, they will be able to push the currency pair lower targeting the support area at $0.4232.
EOS (EOS/USD) price analysis, July 16
Almost five percent added in the past 24 hours! EOS is the gains leader of Monday. The currency pair established new lows from June but retreated from there and went upwards during the weekend. We think that bulls are able to develop this upside correction.
EOS has tested the support area at $6.65 on Friday but failed to break through this level. The currency pair retreated and went upwards. EOS/USD reached the resistance area at $7.10 but EOS needed two attempts to jump over it. The currency pair stays above this level currently.
As for the scenarios, the main is bullish for Monday as we have a bullish flag pattern on the four-hour chart. This means that the currency pair is able to reach the closest resistance area at $7.65 at least. However, we think that targets for Monday-Tuesday are higher at the next resistance at $8.29.
An alternative scenario is possible if bears take control of the market. We think that they will try to gain July lows at the support area at $6.65.
NEM (XEM/USD) price analysis, July 16
The currency pair failed to reach June lows and went upwards during the weekend. NEM has added more than two percent in the past 24 hours. XEM/USD is likely to develop its bullish correction in the next couple of days.
XEM/USD has tested the support area at $0.1539 but failed to decline further and retreated. The currency pair went upwards but failed to test the resistance area at $0.1682 as well. We have a clear bullish flag pattern, which may be a sign of further growth.
We have set bullish targets at the resistance area at $0.1873 for the next couple of days. This is the main scenario according to our view.
Dan Burgin
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov