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.
The new week has started for the cryptocurrency market with a relatively positive mood. Almost all of the top 10 coins are under bullish influence except for Cardano (ADA) and Bitcoin SV (BSV).
Take a look at the key statistics for Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Binance Coin (BNB).
|
Name
|
Ticker
|
Market Cap
|
Price
|
Volume (24h)
|
Change (24h)
|
|
Bitcoin
|
BTC
|
$168 936 054 550
|
$9 162,61
|
$13 211 671 642
|
0.17%
|
|
Ethereum
|
ETH
|
$26 652 023 646
|
$238,32
|
$6 229 844 050
|
1.56%
|
|
Bitcoin Cash
|
BCH
|
$4 158 437 364
|
$225,18
|
$997 008 431
|
0.74%
|
|
Binance Coin
|
BNB
|
$2 814 884 615 | $18,10 | $203 584 317 | 1.59% |
BTC/USD
Over the weekend, the price of Bitcoin (BTC) managed to pierce the resistance of $9,200 several times, but only this morning did buyers manage to gain a foothold above the two-hour moving average EMA55.
Trading volumes are still at a low level, but if buyers increase their purchases, then a retest of resistance at $9,300 is possible. Strong bullish momentum will allow the breakout of this key level and test the dotted blue local uptrend line.
Bitcoin is trading at $9,189 at press time.
ETH/USD
On Saturday, buyers tried to break above the average price level. In small volumes, they managed to pierce the two-hour EMA55, but on Sunday Ethereum (ETH) rolled back to the support of $233.33.
At the Asian session, bulls formed an impulse slightly exceeding the average in terms of volume and broke through the EMA55 moving average. This morning, when volumes contracted, the pair is trying to gain a foothold in the side channel, using its lower border ($238) as support.
If buyers manage to break through the upper border of the sideways range ($242) through the day, the recovery may continue to the resistance of $247. The most likely outcome is the fixation of the Ether price in the sideways channel, in the area of the POC line.
Ethereum is trading at $238.86 at press time.
BCH/USD
Bitcoin Cash (BCH) has been trading in a sideways trend since the beginning of April. The coin may have already accumulated enough power for a sharp move.
On the daily time frame, the trading volume has reached its lowest levels and the likelihood of a quick drop is low. Bitcoin Cash (BCH) has retested the rising channel formed at the end of June, confirming the short-term growth potential. Based on these facts, buyers may bring the altcoin to resistance at $245 by the end of August 2020.
Bitcoin Cash is trading at $225.92 at press time.
BNB/USD
The Binance Coin (BNB) rate is almost unchanged over the last week. However, the bullish mood prevails over the bearish at the moment.
Binance Coin (BNB) has already begun to grow as it has gained enough strength in the accumulation period begun at the end of April 2020. The trading volume is also quite high, which means that growth may continue. If the market remains bullish, traders may expect BNB to trade around $20 and above in August 2020.
Binance Coin is trading at $18.09 at press time.
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at [email protected]