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Bitcoin Cash, Binance Coin, Stellar, NEO – Weekly Price Prediction and Forecasts
Bitcoin Cash, Binance Coin, Stellar, NEO – Weekly Price Prediction and Forecasts

Bitcoin, Litecoin, Monero, NEO to Develop Their Midterm Decline, Bulls Frustrated

  • George Shnurenko
    📈 Price Predictions

    Bitcoin started today’s session in positive mood, but it changed after the Shooting Star candlestick appeared

Bitcoin, Litecoin, Monero, NEO to Develop Their Midterm Decline, Bulls  Frustrated
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All the reviewed cryptocurrencies went downwards in the second half of the day, marking the inability of bulls to gain momentum. The bears resume their market domination and seem to have enough power to develop this midterm downside tendency further towards the closest local support areas, which will be described here later.

BTC/USDD:\Пробы пера\sergeytn\08.05\btc hourly.jpg

Bitcoin started today’s session in a positive mood, but changed it later after the Shooting Star candlestick signal appeared, allowing the currency pair to reach the upside trendline first and then to break it out and to reach the support line (9,200 area).

BTC/USD continues to fall currently and seems to aim the next support (8,900 area). There is another scenario as well. BTC/USD may start a correction now to reach the resistance level (9,200 area). Anyway, BTC/USD seems to follow its downside trend line, which was tested today.

It is important to mention that the trendline coincides with the lower border of the Ichimoku Cloud. The price jumped off the indicator as well making the signal to fall even stronger.

LTC/USDD:\Пробы пера\sergeytn\08.05\ltc hourly.jpg

The currency pair followed Bitcoin in its downside tendency and went downwards, breaking out the upside trend line. LTC/USD fluctuates close to the support line (160.00 area). Bulls have lost their chance to support the uptrend as bears gained momentum and changed the scenario.

The price is still below the downside trend line, started on May 5th, 2018. LTC/USD was close to this line today but failed to test it. As for the Ichimoku indicator, the price was close to the lower border of the cloud but failed to test it as well.

LTC/USD is close to the support currently and the fluctuations a quiet. There are two possible scenarios on the way. Litecoin is able to either start a correction here (which is more likely to happen) or to resume its decline. The second scenario needs volume to break out the support line.

XMR/USDD:\Пробы пера\sergeytn\08.05\xmr.jpg

Monero still follows its morning scenario as the currency pair reached a very important support within 220 area. The support was established in April 2018 after the price skyrocketed from 200 to almost 230.

XMR/USD was inside the Ichimoku cloud today, but left the formation and accelerated its decline. The price broke out the previous support (228 area) and went downwards even further. There is a sort of a correction currently. The evident scenario is that Monero will try to return towards 228 area in order to test it. However, you need also to be prepared for further bears’ attacks. The price may fall below 200 in this case within several days.

NEO/USDD:\Пробы пера\sergeytn\08.05\neo.jpg

The currency pair went downwards following Bitcoin and other coins from the review. It still goes along the midterm downside trend line from May 6, 2018. The short-term upside trend line was broken out today and NEO fell down without any obstacles.

There was an attempt to test the lower border of the Ichimoku cloud, but the price jumped off this formation and touched the support line (76.00 area). Currently, NEO/USD is more likely to start a correction at least and to go towards the downside trend line or even the lower border of the Ichimoku cloud. The less likely scenario for NEO/USD is to develop its downside tendency by breaking out the current support line (76.00 area).

👉MUST READ Different Types of Cryptocurrencies, Explained

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New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?

New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?
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After trying to retain the position above $4,000, Bitcoin seems to be stuck. What to expect from BTC during the following weeks? What’s the best time to invest in Bitcoin? Let’s try to figure it out with tradingview users: they will provide their BTC price predictions and opinions about investment strategies.

Bitcoin has to break another resistance

Both shortage and resistance breaking are possible for BTC

Bitcoin price chart from DianKemala

This BTC price chart clearly explains the influence of the Fibonacci level on its price. Traders saw a big bearish candle 2 days ago, but bears stopped at $3,936 and started performing a sideways consolidation pattern.

Bitcoin failed to break the Fibonacci resistance zone (4004 - 3986), which isn’t a bullish sign, but we have another resistance above at $4,038. If Bitcoin is able to break up this resistance, the bullish period will continue. The important support before the bearish period is around $3,936. If this support breaks down, expect a bearish target at $3,860, or maximum at $3,780. 

Will BTC get back to $3,600?

$3,600 level is ideal for investments

Bitcoin price chart from MarcPMarkets

We are watching the BTC market trying to overcome 4K resistance level with varying success. According to MarcPMarkets, the current BTC trading environment does not offer an attractive reward/risk for putting any new money to work.

All risks should be properly assessed. The low 4K area is still the range resistance, while the lower 3K area is the range support. In the green box, you can view the potential reward, while the red box represents the potential risk. Why would we put on any new swing trades at range highs when chances are the price is more likely to test much lower levels in the short term? 

Candlesticks or RSI are not the only signals of upcoming BTC fall. The fact that price is beginning to show signs of structural weakness confirms our reasoning that staying out of any new swing trades near the range highs is the best choice for now. Support levels begin around the high 3600s and continue through to the 3450 levels. That might be the ideal time for investments.

Although supply may be slowly removed from the market, it will take some time before the effects play out. So we will continue to wait for two particular scenarios: 1) price retraces toward the lower part of the range for a reversal to go long; or 2) price breaks beyond 4150 and provides a momentum continuation pattern for a long.

BTC is ready for capitulation

 BTC movement is around the corner

Bitcoin price chart from DataPatron

During several months Bitcoin was consolidating in a tight range between $3,300 and $4,400. Now it seems to be completing sideways mission, and long term volatility promises a serious movement that’s around the corner.

I am almost sure another red leg symmetrical to the previous one (from 6 to 3k) is before us.

All in all, Bitcoin is in a broader recovery over the long term, but the short term is just not in a position that offers attractive reward/risk. Consider an investment in BTC, if it hits the $3,600-3,700 bottom line in a few weeks.

BTC/USD price chart on TradingView

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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