China's central bank has boasted that it has reduced Bitcoin trading in Chinese currency, renminbi from above 90 percent to just 1 percent of the world's total.
ETH/USD Though Ethereum broke above the intraday highs of July 3, the bulls could not sustain the momentum.
The digital currency turned down from $496.36 on July 8 without filling our buy recommendation at $500. If the bulls defend the 20-day EMA, the ETH/USD pair is likely to break out of $500 and rally to $550 and thereafter to $600. Therefore, we retain the buy recommendation provided in the previous analysis.
BCH/USD Bitcoin Cash is finding buying support in the zone of $700-$736. However, the buying dries up at higher levels, and due to that the bulls have failed to break out of the 20-day EMA. A breakdown below $700 will sink the BCH/USD pair to $657. On the other hand, if the bulls succeed in sustaining above the intraday highs of July 3, an upwards move to $934 and above it to $1,200 is likely.
LTC/USD Litecoin broke above the descending channel on July 7 but failed to scale above the 20-day EMA. This shows a lack of buying power even at these levels.
ADA/USD The bulls have been providing support at the $0.13 level but have failed to push Cardano above the 20-day EMA. We have been expecting the ADA/USD pair to trade in a large range of $0.13-$0.43.
If the bulls break out of the $0.225 level, the immediate target is $0.3, above which the rally can extend to $0.38 and $0.47.
The IOTA/USD pair will gain strength if it sustains above the $1.26 levels.
NEO/USD NEO dipped below the downtrend line on July 6 but found support at the 20-day EMA. The bulls are attempting to defend the support zone between $35.38-$37.97, the two being 61.8 percent and 50 percent retracement levels of the rally from the recent lows.
If the NEO/USD pair sustains above $41, a retest of the July 4 high of $48.9 is probable.
Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, NEO: Price Analysis, July 09
Published on Jul 9, 2018
by Cointele | Published on Coinage
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