Hi there. Andrew Strogoff is with you again and we are going to dive into the crypto analysis right now. As you may see, there was almost nothing interesting on Wednesday as the currency pairs that I review here are in correction. However, this correction is almost done and I believe that we are on the eve of another bullish run in the nearest future.
What is going on in the crypto world? Nothing to change the price significantly, but some events are worth your attention. Google integrates Ethereum into their cloud platform. The community is excited about this news as it gives more perspectives to the Ethereum platform as well.
Another interesting news comes from the US. 2020 US presidential candidate started to accept donations in cryptos meaning Bitcoin and “friends” have wider adoption currently and may have larger support in future especially if Andrew Young becomes US President.
Bitcoin (BTC/USD) refueling stage is almost over, new upside burst is on the way, price analysis, July 26
Bitcoin has lost almost two percent in the past 24 hours. The currency pair is in its correction phase currently but nearly ends. I believe that BTC/USD is going to resume the uptrend in the nearest future.
Bitcoin has almost reached the resistance area at $8,560 on Wednesday but retreated from there as bulls were unable to run the currency pair higher. Moreover, BTC/USD has started a correction and reached the support area at $8,193. Bears are unable to develop this correction and I think the uptrend is likely to resume on Thursday.
My targets are the same as I think Bitcoin is likely to develop the uptrend targeting the resistance area at $8,824. This is my target for the next couple of days. However, BTC/USD needs to break through the resistance area at $8,560 first.
I think many of you are wondering whether the downtrend is possible? The probability of this scenario is low, I suppose. The uptrend seems to be strong.
Ethereum (ETH/USD) correction stops as bulls are ready for an assault, price analysis, July 26
Ethereum has lost a little in the past 24 hours, but the uptrend is still actual. There was a correction on Wednesday but it almost over and the currency pair is ready to resume the uptrend. Anyway, I believe that bulls are going to double their efforts in the nearest future to break bears resistance.
Ethereum has reached the support area at $473.39 on Wednesday within the correction framework but failed to move lower and I see a good sign here. Bulls have build a wall at this level, which supported the currency pair from further decline.
What my targets are? I think that ETH/USD is going to reach the resistance area at $500.36. The currency pair is able to move even higher, but let’s be realistic. We have to test July’s highs first before the price will be able to go higher.
Ripple (XRP/USD) is ready to resume the uptrend, price analysis, July 26
Ripple corrected on Tuesday and consolidated on Wednesday with almost no gains no losses. I think that the currency pair is ready to resume the uptrend in the nearest future. Bears seem to be unable to change the situation in their favor.
We have reached the support area at $0.4495 again on Tuesday, but bulls counterattacked and gained momentum. XRP price is above this support area currently. My targets are well above at $0.5088. I believe that we are going to have the uptrend resumed in the nearest future.
However, the price has to break through the closest resistance at $0.4744 before reaching my target. Can bears revert the situation? I am far from thinking this. Bulls are strong currently and are able to gain new aims.
EOS (EOS/USD) ends correction, new targets on the way, price analysis, July 26
EOS corrected on Wednesday and almost reached the support area at $8.29. There were almost no gains no losses in the past 24 hours. I think EOS/USD is ready to resume the uptrend in the nearest future and we will see some new big upside movements.
EOS is trading between $8.29 and $9.03 currently but EOS price is likely to resume the uptrend in the coming hours, I believe. My targets are set at $9.56 resistance area but we have to break through the resistance at $9.03 before going higher.
Are bears able to change the situation? I don’t think so. They are weak currently and have no power to push EOS/USD lower.
NEM (XEM/USD) resumes the uptrend as there are almost no obstacles on the way, price analysis, July 26
NEM looks very promising on Thursday. The currency pair had a downside correction on Wednesday and seems to resume the uptrend currently. Bears have almost no chances as they lost control over the market.
NEM has almost reached the resistance area at $0.1883. The uptrend seems to be resumed and my targets are still the same. I believe XEM/USD is likely to reach $0.2082 in the nearest future. There are no candlestick patterns currently, but I see HL which means the currency pair goes upwards.