Stellar (XLM) Expected To Rally Hard If Golden Cross Comes To Fruition

Stellar (XLM) in on the verge of seeing a big move to the upside should the price succeed in triggering the most anticipated golden cross. Traders and investors became more interested in this cross after Stellar (XLM) got listed on Coinbase. The daily Stochastic RSI forr XLM/USD shows that the price has ample for a rally towards the 200 day EMA. However, it is not likely to break above it in the near future. That being said, we have seen the 200 day and 50 day moving averages draw closer over the past few months. If the price continues to consolidate, we could see this cross over happen in the months ahead. This will be very helpful for the future of Stellar (XLM) as it will put it on the spotlight. Most people in this market couldn’t care less about the underlying technology; all they care about is a way to make money.
If Stellar (XLM) is a high achiever during the next bullish cycle, it is going to have a very high rate of success and it could see the same kind of growth that Ripple (XRP) saw during the last hype cycle. Stellar (XLM) also has a far better chance of adoption and acceptance compared to Ripple (XRP). The recent Coinbase lisitng will definitely help a lot long term. Its strategic partnership with IBM is going to help even more and as time goes by, we could see Stellar (XLM) be used as a payment gateway for different online services and ecommerce stores. Let’s face it, Bitcoin (BTC) could one day be digital Gold but it was never meant to be digital money. We do not use Gold to pay for bills or services; we use paper money. That paper money will eventually be replaced by crytptocurrenceis like Stellar (XLM) that are faster, cheaper, easily storable and transferrable.

The daily chart for XRP/BTC shows that Stellar (XLM) has plenty of room to rally against Bitcoin (BTC). The least we could expect is a retest of the 38.2% Fib retracement level. It will not be easy because the price will have to breach both the 50 day and 200 day moving averages before it can get to the 38.2% fib level. The Stochastic RSI on the daily time frame shows that the price has ample room to pull it off.
RSI on the daily time frame is also ready to take off as the price is ready to shoot up against Bitcoin (BTC) if it continues to linger on for the next few days and weeks. Stellar (XLM) is likely to be one of the few coins that could lead the charge in case of a short lived altcoin season. Ripple (XRP) has clearly lost its bullish charm over the past few weeks and months and it is clear that Stellar (XLM) would be the biggest beneficiary of this transition. As people continue to see cryptocurrencies as more of a revolution against big banks and financial institutions, coins like Stellar (XLM) will rise in demand against Ripple (XRP) and will also have a better chance of mainstream adoption and recognition.
Source: Crypto Daily

Could Bitcoin (BTC) Rally Towards $6,000 Before The Weekly Close? 

Bitcoin (BTC) is at a very interesting point. On one hand, we have the possibility of a golden cross that could make the price fly straight towards $5,800-$6,000. This golden cross has a high probability of coming to fruition now that the price is trading above the 200 day moving average. The 50 day and 200 day moving averages are very close and soon as the cross over happens; we could see the price shoot towards the major resistance zone around $5,800-$6,000. The Stochastic RSI on the daily time frame shows that the price could make a final move to the upside to test the resistance zone. In order for BTC/USD to begin its next downtrend, it would be very healthy for the price long term to test this zone now.
The price does not even have a major resistance in its way to stop it from a retest of this strong resistance zone. However, there is one problem and that is that this move is far too obvious. The majority of people in this market whether they are bullish or bearish are expecting this to happen. A lot of bears are waiting for the price to test that zone so they can short sell whereas a lot of bulls are waiting for the price to hit $5,800-$6,000 so they can sell. In my opinion, if the price does end up testing this zone, it will quickly result in a sharp pullback and the weekly candle would leave a long wick to the upside as it retraces. If the price does not have the strength to rally strongly towards this major resistance zone, we could see it crawl up towards it in the weeks and months ahead.

The weekly timeframe is where things get the most interesting. If we look at this chart for BTC/USD, we can see that the price has already closed the last two candles below the 50 week EMA. However, the previous week did saw the price rise way past the 50 week EMA before it ended up closing below it. We could see the same thing happen this time or in the next few weeks. The price could rise towards $5,800-$6,000 and face a strong rejection leading to a close below the 50 week EMA. Normally, we would not discount the possibility of the price piercing straight through the $6,000 mark and beginning the bull market from there, but this time the circumstances are different.
First of all, the price is heavily overbought on the weekly time frame which means we are going to see a sharp move to the downside sooner or later. This decline will have to be steady and it will last over a period of weeks or months till Bitcoin (BTC) finds its true bottom. Second of all, every market cycle in the history of Bitcoin (BTC) has taken longer than the previous cycle. Some people like to associate Bitcoin (BTC)’s market cycles with halvening but that is not true. There is no such thing as four year cycles. As time goes by, Bitcoin (BTC) cycles will keep on taking longer than before as the rate of growth and decline will slow down as the market cap of Bitcoin (BTC) rises.
Source: Crypto Daily

Ripple (XRP) Falls Below 50 Day EMA Lowering Probability Of A Golden Cross

Ripple (XRP) has declined below the 50 day exponential moving average and has once again shown extreme weakness in the face of oversold trading conditions on the daily time frame. The 1D chart for XRP/USD shows that Ripple (XRP)’s Stochastic RSI is near oversold territory on the daily time frame. The RSI has also found support atop a long term trend line that extends back to December, 2018. Normally, this would mean that Ripple (XRP) is in a good position to stage an effective comeback from current levels but the price action this time is very weak and it appears that Ripple (XRP) is in no position for a trend reversal. The probability of a golden cross formation has now declined further as the price has plunged below the 50 day EMA. If the price closes below this level, we might see it eventually decline below the symmetrical triangle.
The cryptocurrency that saw a major spike in interest around mid-2017 and most of 2018 is all of a sudden forgotten. The Ripple community on Twitter is still very active but the lack of activity on other forums has given critics the opportunity to bash Ripple (XRP) every now and then. Even Ripple (XRP)’s listing on Coinbase did not have the effect that most anticipated. For months, people talked about how Ripple (XRP) could fly to the moon if it gets listed on Coinbase. Some even said maybe Coinbase was under pressure from the crypto community that a Ripple (XRP) listing could lead to Ripple (XRP) becoming the largest coin by market cap. However, Ripple (XRP) got listed on Coinbase and nothing changed. It didn’t even climb to second spot which it did during the last few months of 2018 when it outperformed Ethereum (ETH).

For long term believers in Ripple (XRP), there is still a lot of hope. Even though the hype might have died down for now but that could be a blessing in disguise for savvy investors looking to accumulate long term. The daily chart for XRPUSDShorts shows that the number of margined shorts for XRP/USD has a lot of room for decline. The Stochastic RSI shows that this decline could lead to Ripple (XRP) seeing massive spike in its price as the sell pressure subsides. However, it is important to realize that as the cryptocurrency market prepares for the next decline, Ripple (XRP) is unlikely to be a lone survivor and will most likely face the same outcome which is why we could see XRPUSDShorts rise before the ultimate decline.
Ripple (XRP) is still one of the few cryptocurrencies with an actual use case. This gives it a major edge over most cryptocurrencies in terms of adoption. That coupled with availability and access on multiple exchanges and platforms like Coinbase will make it much easier for investors to buy and hold this cryptocurrency during the next hype cycle. While Ripple (XRP) may not be the shiniest cryptocurrency anymore, it still has a lot of room for growth and is very likely to cross the $5 mark during its next bullish cycle.
Source: Crypto Daily

Ethereum (ETH) Bears Ready To Take Control As Price Fails To Breach $170

Ethereum (ETH) is likely to retrace to the bottom of the ascending channel it has been trading in as the price has failed to breach the $170 mark. Stochastic RSI on the 4H timeframe is now in overbought zone and signals a pullback in the near future. The price shot up after find support at a newfound trend line but it has now seen a loss of bullish momentum which means we could see a sharp decline soon as the price falls below the 50 EMA on the 4H time frame. If ETH/USD falls below this channel, we could see it decline all the way to December, 2018 lows. Such a decline would pave the way for Ethereum (ETH)’s ultimate decline to a price of $60 or lower to find its true bottom and put an end to the ongoing bear trend.
So far, the odds of a decline below $160 are higher than that of a rise towards $200. This is because we have yet to see genuine bullish interest return to the market. Most of the pumps and dumps we currently see are fueled by algorithms and bots that profit off overly ambitious retail traders with poor risk management techniques. As long as most of these quick buck artists are around, the price is not going to see a trend reversal. Every time, the price rises to a certain levels, traders will dump to make a quick profit or to break even. We have seen this happen in the past and there is no reason to assume this time will be different. In fact, we expect most of such short term buying and selling to go on for so long that mainstream investors will end up losing interest in the market.

The weekly chart for ETH/USD shows that Ethereum (ETH) might not take long to decline towards $60. In fact, the price has already run out of room trading within the bearish pennant and will soon have to break out of it. Even if there is a fake out to the upside which is very unlikely given the current near term outlook of ETH/USD, we will still see a sharp decline towards $60 in the weeks ahead. The price may end up falling quite lower than $60 but we expect it to close the week around that mark.
Ethereum (ETH) is currently trading way below its 50 week EMA and could end up closing the ongoing week below the 21 week EMA. If that happens, it will be the final nail in the coffin for ETH/USD wand we can expect the price to decline to the trend line support as early as next week. The more the price visits this trend line support, the higher the probability that it is going to eventually break it to the downside. Please note that our target of $60 per coin for ETH/USD is still a very conservative target considering the long term outlook of the cryptocurrency.
Source: Crypto Daily

Ethereum Classic (ETC) Risks A Fall Below $6 As Bullish Momentum Fades

Ethereum Classic (ETC) has been a good performer in the last few months contrary to investor expectations and past experiences. It seems that the new leadership under ETC Labs is doing enough to convince investors that the cryptocurrency has a promising future and it has here to stay despite the ETC Dev shutdown or the recent 51% attack. The daily chart for ETC/USD shows that it rallied better compared to most cryptocurrencies and doubled in price from its December, 2018 low. That being said ETC/USD has faced a clear rejection at the top of the ascending channel it has been trading in for the past few months. The price now trading below its 200 day EMA and is ready to decline towards the bottom of the ascending channel.
The daily RSI also shows that the price is near overbought territory and will now have to decline to the bottom of the ascending channel. However, the Stochastic RSI tells a different story. It shows that the price may not decline directly towards its trend line support because there is still ample room for a retest of the trend line resistance. For this to happen, the price would have to climb above the 200 week EMA but so far it does not seem likely. If the price closes below the 21 day EMA, we could see Ethereum Classic (ETC) decline sharply towards the bottom of the ascending channel. So far, it is holding well above that level and has already closed yesterday’s daily candle above it. ETC/USD might trade sideways for a few days but sooner or later, it will have to either break past the 200 day EMA (bullish) or break below the 21 day EMA (bearish).

The daily chart for ETC/BTC shows that Ethereum Classic (ETC) just like Ripple (XRP) has yet to break out of a large symmetrical triangle against Bitcoin (BTC). This triangle extends to the beginning of 2017 and shows how long Ethereum Classic (ETC) has been in a bear market against Bitcoin (BTC). A break above this triangle is going to be very bullish for Ethereum Classic (ETC) and could mean that the cryptocurrency is ready to experience its best days of growth in the near future. Ethereum Classic (ETC) was left to die when most developers and miners switched to the newly forked Ethereum (ETH).
It is thus no surprise that the cryptocurrency had been performing poorly for the most part. However, now that the new leadership of ETC Labs seems determined to bring new Dapps to the blockchain, we could see Ethereum Classic (ETC) account for the growth it has missed out on all these years which means now would be a good time to start accumulating Ethereum Classic (ETC) for long term. It is still a good deal at $6 per coin but investors would be better off waiting for the price to decline in the weeks ahead before buying. As with all long term investments, the best course of action is to dollar cost average.
Source: Crypto Daily

Ethereum (ETH) Climbs Above 21 Day EMA But Price Remains Vulnerable

The price of Ethereum (ETH) continues to remain very vulnerable despite the fact that the price has now made a successful rally past the 21 day EMA. The bears have regained control once again and the bulls are afraid to step up. The Fear and Greed Index is back at 50 (Neutral) from 60 (Greed) yesterday. This goes now to show that the bullish euphoria that led to the series of rally over the past few months is finally coming to an end as most traders and investors anticipate a major decline in the weeks ahead. The daily chart for ETH/USD shows that the RSI is now trading atop its trend line support and if the bulls fail to regain control soon, we could see a sharp decline that might end up seeing the price break straight below its trend line support.
Ethereum (ETH) has formed a bearish pennant that it has yet to break out of. If and when the price breaks out of this bearish pennant, it will decline significantly towards its true bottom. This decline is expected in the next few months which could push the price of Ethereum (ETH) below $60 per coin. We have already seen that the market still reacts strongly to even the slightest of bad news which means there are still plenty of weak hands and quick buck artists around. In order for the price to stage a trend reversal, we will first have to see most of these weak hands forced out. The price cannot rise while traders and investors who are unnerved by a few dollars move to either side are still around. There was a time when most traders were talking about selling their houses and their kidneys to buy Ethereum (ETH) if it ever falls to $400 per coin. Now, it is trading below $200 and nobody wants to pick it up.

Chart for ETH/BTC (1D)
Sentiment whether positive or negative does not take time to change. Fundamentals on the other hand take time to change. Ethereum (ETH) might have its problems but it is still a wonderful project with a lot of long term potential. As the cryptocurrency market evolves, we will see a lot of big corporations start adopting Ethereum (ETH) one way or the other. Most big corporations like Amazon and Microsoft are already interested in Ethereum (ETH) but they do not want to associate themselves with it while it is in experimental phases.
Cryptocurrencies might have created a lot of buzz and hype the past few years but we are still in experimental phases. Ethereum (ETH) may succeed or it may not which is why it is not unreasonable to see that people do not want to pick it up at current prices just yet. If it was not an experiment, it would not have lost more than 90% of its market cap to a bear market. So, while Ethereum (ETH) is a good project with a lot of future potential, it is important not to confuse its price with the technology.
Source: Crypto Daily

Ripple (XRP) Primed For A Major Pullback As Price Remains Vulnerable

Ripple (XRP) is primed for a major pullback as the price remains very vulnerable. The 4H chart for XRP/USD shows that the price has continuously faced rejection at the 50 EMA and is now likely to decline towards its trend line support. For weeks now, Ripple (XRP) has been stalling a break out of the large symmetrical triangle it has been trading in. The 4H chart shows that there is still plenty of room for XRP/USD to keep on stalling a decisive break to the upside or downside as the price remains range bound. Interest in Ripple (XRP) seems to have declined since the beginning of the year and most analysts are bearish on the future outlook of Ripple (XRP).
The cryptocurrency had a good opportunity to break out against Bitcoin (BTC) in the past few weeks but it failed to capitalize on that. Ripple (XRP) still remains heavily oversold against Bitcoin (BTC) on the weekly time frame but XRP/BTC shows no signs of a recovery. There is news of the cryptocurrency being plagued by fake trades. We have seen proofs of that in the past as well but it did not stop investors from buying and holding XRP. This time however, the buying interest in Ripple (XRP) seems to be fading away probably because investors fear that banks could issue their own digital tokens and there would be no use left for XRP. Even companies like Paypal, Visa or Mastercard might eventually want to issue their own digital tokens at some point. So, although Ripple (XRP) is massively oversold from a technical analysis standpoint, it does not seem such a lucrative investment anymore from a fundamental analysis standpoint.

Ripple (XRP) is yet to break out of a yearlong symmetrical triangle. The way in which the price breaks out of this triangle will have important consequences and will determine the future outlook of Ripple (XRP) for the months ahead. The price is currently trading between the 50 day EMA and the 200 day EMA. A lot of investors were expecting to see a golden cross on XRP/USD which is why they accumulated in anticipation of such a bullish development. However, so far the probability of that happening is quite low and the price looks more likely to break below the 50 day EMA than to break above the 200 day EMA.
The daily Stochastic RSI is near oversold territory which means we might see one strong move to the upside to retest the 200 day EMA. However, it is very unlikely for XRP/USD to break above the trend line resistance. Even though Ripple (XRP) remains massively oversold against Bitcoin (BTC), it is still overbought against the US Dollar (USD) on the weekly time frame like the rest of the market. This is why we could see the price of Ripple (XRP) decline in dollar value in the weeks ahead even if it manages to hold its ground against Bitcoin (BTC).
Source: Crypto Daily

Ethereum (ETH) Likely To Revisit 200 Day EMA Before Its Next Big Decline

Ethereum (ETH) is on the verge of another major decline as the price fails to break out of the bearish pennant it has been trading in since the beginning of the year. However, the way the Stochastic RSI has cooled off on the daily chart for ETH/USD hints that we might see a false break out that could see the price revisit the 200 day exponential moving average and possibly break slightly above it to mislead traders into thinking the price has broken past a critical resistance. However, it will most likely close below the 200 day EMA leaving a long wick to the upside. This happened back in October, 2018 before a major decline. The price rallied above the 21 day EMA and left a long wick to the upside when it ended up closing below the 21 day EMA after the fake out.
As long as Ethereum (ETH) trades between $100 and $200, we are going to see a lot of such fake outs and shake outs. This is the ideal range for market makers to profit off wannabe traders who are looking to hit it big on one or two single trades. The price is overbought on the 4H time frame but the daily Stochastic RSI still has ample room for a rally to the upside. This has now made the whole setup as confusing as the market makers want it to be. Most of the traders and analysts have turned bearish all of a sudden and they are expecting a sharp decline to the trend line support. However, the fact that the daily Stochastic RSI is now near oversold territory suggests that the decline is not going to be this straightforward. In fact, we could expect a lot of confusing moves in the short term that is going to unnerve both the permabulls and the newfound bears.

Ethereum Shorts are also on the verge of a major decline which will have to coincide with a strong move up in Ethereum (ETH). The daily chart for ETHUSDShorts shows that the number of margined shorts has now declined significantly within the falling wedge but the Stochastic RSI shows that there is room for further decline. This decline would follow from most retail bears exiting the market which is where the professionals come in. As ETHUSDShorts decline further within the falling wedge, it become easier to break out.
As the number of margined shorts breaks above the falling wedge, the bearish momentum would rise aggressively which would reflect in the price action of Ethereum (ETH). The next two months are going to be critical for Ethereum (ETH) and we expect the market to experience maximum pain during that time. The price of Ethereum (ETH) is very likely to decline to $60 or lower during its next major decline that would see it find its true bottom before the beginning of the next bullish market cycle towards the end of the year. 
Source: Crypto Daily

Bitcoin (BTC) Bears Ready To Take Control After Months Of Indecision

Bitcoin (BTC) bears seem to be in a position of control once again after a long period of indecision. The daily chart for BTCUSDShorts shows that the number of margined shorts started to decline towards the end of last year. The price made a bullish recovery during that time and the bears were quick to lose sight of the big picture. Currently, BTCUSDShorts is resting on a strong trend line support and is expected to begin a new uptrend as early as next week. It is important to note though that Bitcoin (BTC) is now overbought short term (4H) and long term (1W) but not mid-term (1D). In other words, we could see the price fall in the next few days but it will have to rise again before the next major decline sets in.
All of these developments confirm our earlier view that the ongoing cycle has to be longer than the previous one. The price action clearly shows us that BTC/USD is unwilling to make a series of moves up and down in one go. Instead, it will keep on stalling every decisive move to the upside or downside as it has done in the past few months. The price could have just declined in the past few weeks and completed its correction. The weekly overbought conditions would have reverted to mean and the price would have been ready to begin a new bullish cycle. However, nothing of the sort happened because BTC/USD is not ready for another cycle yet. Retail bulls and bears both expect things to be easy and straightforward while the market makers intend to keep them thinking that way as they take the opportunity to swindle both of them.

For market makers, this is one of the best times to make money. The bears expect the price to fall straight towards $1,800 and the bulls expect the price to fly straight towards $8,000. In addition to that, there is a new class of neophyte traders emerging that seems to be complacent as well in addition to being inexperienced. Most of these traders will keep on speculating between $6,000 and $3,000 and this is where the market makers will make the most money. It is thus reasonable to expect that the price may continue to trade in this range for a lot longer than most of us anticipate.
The 4H chart for BTC/USD shows that Bitcoin (BTC) attempted to break past a critical resistance the past few days but it was in fact a fake out and the price started to decline sharply. Since then, the price has been consolidating and is now expected to make its next big move. The Stochastic RSI on the 4H chart hints that this move could be to the downside. However, the RSI leaves room for both possibilities. It would not be surprising to see the price flash crash to the 200 EMA on the 4H time frame and then rise towards $6,000. The price is unlikely to break past $6,000 if it ends up rallying that far and will ultimately have to decline in the weeks ahead. 
Source: Crypto Daily

Bitcoin (BTC) Appears Determined To Test $6,000 Before Its Next Major Decline

Bitcoin (BTC) has declined significantly in the past few days and the price is temporarily oversold on shorter time frames now. However, the big picture remains intact and BTC/USD will see a major decline in the weeks ahead. That being said, the manner in which the price has declined in the past 48 hours shows that it is preparing for a final move to the upside. The price is currently consolidating above a strong support as shown by the VPVR profile. This could pave the way for a rise towards $6,000 before Bitcoin (BTC) declines further. As long as the price continues to trade between $3,000 and $6,000, a lot of new traders are going to get hurt. This is because most of them expect the price to go up or down when it is never that easy or straight forward.
Trading Bitcoin (BTC) is a whole different game compared to what it used to be when a small number of tech geeks used to buy and sell it on Mt. Gox. Now, we have algorithms and bots that trade like institutions trade the stock market or the forex market. The fact that there is still a dire lack of regulation in this space gives the market makers more opportunities to give retail traders a run for their money. Traders are so fond of their little trend lines, moving averages and indicators that they forget about the one thing that matters the most and that is investing psychology. Like Sun Tzu says, “If you know yourself and you know your enemy, you need not to fear the results of a thousand battles”. The mistake most traders make is that they do not fully know their ‘enemy’.

The daily chart for BTC/USD shows that the price has faced a strong rejection at the trend line resistance that extends back to the end of 2017. Interestingly though, the Stochastic RSI is now close to being oversold on the daily time frame. This means that Bitcoin (BTC) is more than ready for a strong move to the upside that could push the price towards $6,000 or higher. That being said, the daily RSI remains heavily overbought. Conditions are even more overbought on the weekly time frame which is why a fall back to the trend line support is inevitable. If the bears assume control around those levels, we could see a decline below $3,000.
We have mentioned in some of our previous analyses that BTC/USD market cycles have been expanding throughout history which is why the current bear trend is far from over yet. However, the majority of analysts and traders expect that a retest of the trend line support with a wick down to $3,000 would be the formal end of this bear trend. It would be important to keep an eye on S&P 500 around that time because if the stock market continues to decline till September, there is a high probability that Bitcoin (BTC) will decline as well.
Source: Crypto Daily

Ripple (XRP) All Set To Break Past 50 Day EMA As Price Finds Strong Support

Ripple (XRP) is all set to break past the 50-day1 exponential moving average as the price has now found a strong support around the $0.3236 mark. This is a very strong support that would be very hard to breach during the next downtrend which is why XRP/USD now has better prospects of breaking the symmetrical triangle it is trading into the upside. The VPVR indicator on the 1D chart for XRP/USD shows that the price will run into a strong resistance soon as it breaks out of the triangle. However, Ripple (XRP) is still quite oversold on both the daily and weekly time frames compared to most other cryptocurrencies. This is why it might have more room to rally short term as the price has already been oversold for far too long.
The cryptocurrency that used to be at the forefront of every rally has now seen a declining interest since the beginning of the year. That being said, Ripple (XRP) aficionados are still quite active on Twitter as before. The Ripple (XRP) community is still expected to see explosive growth long term as the cryptocurrency has a strong use case and a real shot at mainstream adoption compared to most other coins including Bitcoin (BTC). This is because Ripple (XRP) transactions are both faster and cheaper compared to other cryptocurrencies. It would thus not be surprising to see a large number of online retailers start accepting XRP during the next bullish cycle. Ripple (XRP) also has a lot of connections and partnerships in the financial industry which means it is in a better position to make deals with big corporations like Visa, Mastercard or Paypal for payment gateways.

Big banks and financial institutions like JP Morgan may issue their own cryptocurrencies but Ripple’s use case does not end there. In fact, companies like Visa and Mastercard could benefit a lot from its distributed ledger technology for online transactions. Cryptocurrencies like Ripple (XRP) are here to stay. The reason we have not seen a big move to the upside in XRP/USD so far is because Ripple (XRP) is already somewhat overpriced compared to other cryptocurrencies. The sweet spot for most investors and traders would be around $0.20 per coin which is very likely during the ongoing cycle.
Ripple (XRP) like most other cryptocurrencies has yet to find its true bottom despite more than a yearlong of bear trend that has seen the cryptocurrency lose more than 90% of its value from its all-time high. Certainly, the price cannot possibly decline 100% unless Ripple (XRP) is a scam. Even scam coins like Bitconnect did not decline 100% and still have some value. So, if anything this is a good time to be dollar cost averaging to buy Ripple (XRP) for long term. That being said, investors have to be mentally prepared for a sharp correction to the downside in the weeks and months ahead because we do not think Ripple (XRP) has bottomed yet.
Source: Crypto Daily

Ethereum (ETH) Might Take A While To Drop Below $160

Ethereum (ETH) has faced a strong rejection at a critical trend line resistance which means the price is highly likely to decline in the weeks ahead. However, now that it has declined so sharply in such a short time, we expect the price to take a while to consolidate or rally before it can fall further. The 4H chart for ETH/USD shows that the price has ample room to rally considering that its Stochastic RSI is oversold short term and the RSI has found a trend line support that could see the price rally back towards the top of the symmetrical triangle in the days ahead. Ethereum (ETH) has seen a lot of positive developments recently which are likely to reflect in its price in the near future. The sentiment remains bullish despite the recent setback and the bulls could push the price back above $180.
The trading volume for ETH/USD continues to decline but investors are eager to accumulate for long term as the price is down more than 85% from its all-time high. For value investors that buy assets that are oversold, Ethereum (ETH) is one of them at the moment. That is not to say though that the price could not decline further. In fact, as mentioned in our previous analyses, we still expect Ethereum (ETH) to decline to $60 or lower in the weeks and months ahead. However, investors who are in it for the long term need to realize that this is still a good price to be accumulating for long term. It is never a good idea to go all in or all out in one go if you believe in an asset long term. The best course of action would be to dollar cost average different entries whether you are looking to long or short.

The 4H chart for ETH/BTC shows the price has now declined below the trend line support. The rising wedge has been broken to the downside and the price will now have to test the previous support line as resistance. It would be interesting to see how it plays out. If the price gets rejected at the trend line support turned resistance, we could expect further downside in the weeks ahead and traders would be better off entering short positions around that point. Please be advised though that shorting Ethereum (ETH) at this point is not much different than longing it around $15,000. This is why it is important to have controls in place to better manage risk.
Ethereum (ETH) has been through a lot of criticism lately. Regulatory bodies like the SEC have been cracking down on ICOs conducted on the Ethereum blockchain. Furthermore, the delay in PoS (Proof of Stake) transition has also been a confidence breaker for investors. The situation with PoS is not likely to get resolved soon which is why the price could see further decline. Investors may expect to see some big news or announcements that could trigger that fall. That being said, this is the time to be accumulating for long term and not selling if you believe in the long term potential of Ethereum (ETH).
Source: Crypto Daily

Ripple (XRP) Breaks Critical Trend Line Support Against Bitcoin (BTC)

Ripple (XRP) just broke more than a year long trend line support against Bitcoin (BTC) despite the fact that the price has been massively oversold against Bitcoin (BTC) for weeks now. This is very alarming and if BTC/USD continues to decline further, we could see Ripple (XRP) decline despite its long term oversold conditions. The price has now fallen below the Bollinger bands on the weekly chart and eyes further decline as the price is now trading below its trend line support. If XRP/BTC closes the week below this trend line, we could see it turn into a strong resistance and the price will have a tough time breaking past it in the future. It is important to note that XRP/BTC has already faced a strong rejection at its 50 week EMA and is expected to decline further.
As long as the price remains below the 50 week EMA, there is little to no hope of a trend reversal. In fact, if it closes the week below the current trend line support, we could see the price see significant further downside as it is visits this trend line as resistance in the weeks ahead. The weekly trading volume is on a steady decline and interest in the cryptocurrency is fading. Ripple (XRP) once used to be the coin that would lead most rallies during bullish comebacks. Now, it seems to be just another forgotten cryptocurrency that has had its days. Ripple (XRP) has been the face of bad news and negative developments since the beginning of the year. Although the cryptocurrency can be credited with having a proper use case unlike thousands of other coins, investors are still not very eager picking up Ripple (XRP) at current prices.

Ripple (XRP) has faced a strong rejection at the 50 week exponential moving average against the US Dollar (USD). The price has started to decline towards the bottom of the descending triangle. The Bollinger band is tightening signaling a strong move ahead. This move has a higher probability of pushing Ripple (XRP) above the descending triangle than below it. However, traders need to be careful as this could be a fake out as XRP/USD is still overbought on major time frames. That being said, Ripple (XRP) still has more room to run as it is less overbought compared to other cryptocurrencies and is about to break out of a yearlong descending triangle.  
The weekly chart for XRP/USD shows that price has demonstrated extreme weakness since the beginning of the year and sentiment towards Ripple (XRP) remains negative. This is why it might be a good time to start accumulating some XRP before the next minor rally to the upside. Ripple (XRP) like the rest of the market is due for a major decline in the weeks and months ahead but it is still in a position to stage a short term bullish comeback now that it has declined significantly in the last 24 hours.
Source: Crypto Daily

Bitcoin (BTC) Could Still Rally Towards $6,000 But It Is Too Far From Its Bottom

Bitcoin (BTC) broke above the ascending triangle yesterday to stage a fake out that trapped most aggressive bulls that were ultimately forced out of their positions when BTC/USD started to nosedive. The price has declined more than 6% for the day and could now find some relief as bulls FOMO back into the market to buy the dips. The Stochastic RSI on the hourly chart is now heavily oversold as the RSI has declined to a trend line support which means there is a high probability that the bulls could take control from here. That being said, the price is expected to consolidate for a while before it can make any moves higher. Bitcoin (BTC) still remains heavily overbought on larger time frames but the bulls could push towards $6,000 short term to test the previous market structure that the price broke in November, 2018.
It is extremely unlikely for the price to breach past $6,000. It will most likely be stopped around $5,800 or lower and would see a sharp rejection after that. However, that may not stop most bulls from entering aggressive long positions after the recent pull back. The Crypto Fear and Greed Index shows is now two points higher than yesterday which means the bullish euphoria could continue for a while and we may see the index reach February, 2018 levels or even higher if Bitcoin (BTC) continues to rally from here. Needless to say, that does not end too well for retail investors but it is not going to stop most of them from buying into the market expecting a rally to the moon. So far, the average bull is not convinced that this is not the bottom. A lot of people in the crypto community expect the price to just pierce straight through the previous market structure around $5,800-$6,000 and fly towards $8,000.

It is alarming to see that people are still this bullish even though Bitcoin (BTC) has been through more than a year of bear market by now. Those that are new to this space will think that the sentiment is always going to be this positive because Bitcoin (BTC) is a wonderful invention that could change the world forever. Well, if people cared so much about Bitcoin (BTC) how come BTC/USD fell from $20,000 all the way to $3,200? All of us know that major banks and hedge funds want a piece of Bitcoin (BTC). So, why did those people not FOMO into the market? Well, that is because they knew that the price will have to decline as it has in the past.
History may not repeat itself but it does rhyme. During the previous cycle, we saw the Mt. Gox hack happen which obliterated the positive sentiment. There was no reason to believe that Bitcoin (BTC) could survive the hacking and subsequent shutdown of an exchange that controlled 70% of its trading volume. Now, that points to two things. First, the sentiment has to be completely crushed before we see a trend reversal. Second, Bitcoin (BTC) will keep rising and falling as it has in the past but it is here to stay.
Source: Crypto Daily

Litecoin (LTC) Trading History Points To Sharp Pullback Ahead

Litecoin (LTC) is trading just below $90 having faced a strong rejection at a critical resistance. The price is now due for a major pullback and could retrace to its trend line support that it formed after breaching the downtrend resistance around the beginning of the year. This is the best bullish case there is for LTC/USD and under that case a sharp pullback is due before we see a continuation of this rally. This is considering we have already bottomed and the bulls are right that this is the end of the bear market. Even if we agree with that, there is no denying that the price is long overdue for a major decline at least to test the trend line support if not fall lower. The RSI and Stochastic RSI on the weekly chart appear to be in the same position as they were between May and September last year.
This means that even under the bullish scenario, LTC/USD is due for a sharp decline which could wipe out more than 30% of its market cap in the weeks ahead. Considering that the weekly Stochastic RSI has never been this overbought since the beginning of the bear trend, it is reasonable to expect that the price might end up falling a lot more. The weekly trading volume started to pick up since the beginning of the year but is now starting to decline. The Fear and Green Index shows that investors are now as confident as they were around February, 2018 when the bear market was just getting started. This means that the market has yet to inflict maximum pain to make most investors give up on Litecoin (LTC). That is when the majority dumps their coins as the market continues to fall and when it is all over, smart investors start buying when there is blood on the streets. 

Litecoin (LTC) has a major correction long overdue against Bitcoin (BTC) as well. The weekly chart for LTC/BTC shows that the price could decline to the bottom of the rising wedge in the weeks ahead as Litecoin (LTC) is now massively overbought against Bitcoin (BTC). It is important to note that LTC/USD has its halvening event in August which means the mining rewards will be cut in half and mining one Litecoin (LTC) will be twice as expensive which will make it worth at least double its price.
This is one of the biggest reasons we have seen a sudden rise in bullish interest in Litecoin (LTC). However, that seems to be price in now as a lot of investors have FOMO’ed in anticipating a rise leading to Litecoin’s upcoming halvening. This is why we expect the price to retrace heavily during the upcoming decline that might see most cryptocurrencies decline to new lows in 2019. Considering that major financial markets are marred by confusion and uncertainty at the moment, we expect the cryptocurrency market to decline even more aggressively when the S&P 500 starts to decline. Litecoin (LTC) and other mid to small cap coins are going to be hit the hardest when that happens.
Source: Crypto Daily