Bitcoin (BTC) Daily Price Forecast – August 13

BTC/USD Medium-term Trend: Ranging

Resistance Levels: $6,500, $6,600, $6,700
Support levels: $6,100, $6,000, $5,900

Last week the overall trend of Bitcoin was bearish. The price of Bitcoin was above the $7,000 price level. The bears broke the $7,000 price level and were approaching the $6,000 price level. The assumption last week was that price is not likely to break the support level at $6,000. One of the reasons is that the level had not been broken since November 2017. On August 11, price tested the level at a price of $6,081.80 and pulled back.

Today, the BTC price is in a bullish trend at a price of $6,462.78 as at the time of writing. The BTC price is getting stronger as the bears were to defend the $6,000 price level. Traders are looking out for buy setups to initiate long trades. Nevertheless, the MACD line and the signal line are below the zero line which indicates a sell signal. The price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicates that price is in a bullish trend. The Relative Strength Index period 14 is level 54 which indicates that price is in a sideways trend zone.

BTC/USD Short-term Trend: Bullish

On the 1-hour chart, the price of Bitcoin is in a bullish trend. The MACD line and the signal line are above the zero line which indicates a buy signal. Nevertheless, the price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicates that price is in a bullish trend.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

Source:  https://bitcoinexchangeguide.com         

Weekly Trading Forecasts for Major Pairs (August 13 - 17, 2018)

   Here’s the market outlook for the week:

EURUSD

Dominant bias: Bearish

After consolidating in the months of June and July, 2018, the market has resumed its bearish journey, which it started in April 2018. Last week, price dropped roughly 200 pips, and it has dropped more than 1000 pips since April. This is a bear market and there is still a possibility of price going further downwards, reaching the support lines at 1.1400, 1.1350 and 1.1300. However, the further the market goes south, the higher the probability of a strong reversal.  

USDCHF

Dominant bias: Neutral

It is interesting that the bias on USDCHF remains neutral, just as it was last week. The neutrality in the market has been existing since June 2018. Normally, USDCHF should go upwards as EURUSD goes south, but the former has chosen to remain neutral as the latter goes south, hence showing the bulls’ apathy. Should EURUSD skyrocket (something that will eventually happen) there would be a smooth bearish movement on USDCHF.

GBPUSD

Dominant bias: Bearish

Last week, Cable shed close to 250 pips. In this month of August, Cable has shed roughly 350 pips and it has shed at least, 1600 pips since April 17, 2018. There is a Bearish Confirmation Pattern in the market, which points to the possibility of further bearish movements, as price targets the accumulation territories at 1.2750, 1.2700 and 1.2650. While price could reach these targets, it may not be able to go significantly below them.  

USDJPY

Dominant bias: Bearish

Unlike EURJPY and GBPJPY, USDJPY did not go significantly lower last week. One reason for this is that, USD is strong in its own right, and until it loses a considerable amount of stamina, a major slide versus JPY may not be expected. Nonetheless, there is already a “sell” signal in the market, and the signal may become more significant as price goes southwards, towards the demand levels at 110.50, 110.00 and 109.50.

EURJPY

Dominant bias: Bearish

This currency trading instrument went downwards by at least, 270 pips last week. Price tested the demand zone at 126.00 on Friday, and then closed slightly above the demand zone at 126.50. All this is happening according to the general bearish expectations on certain JPY pairs in the month of August; therefore the major target for the month is the low of May, which is the demand zone at 125.00. The instrument ought to remain bearish this week.

GBPJPY

Dominant bias: Bearish

This cross dropped by 350 pips last week. It has dropped close to 600 pips this month, and roughly 800 pips since July 16. There is a Bearish Confirmation Pattern in the market, which signals further downwards movement, especially for this week. Thus, a bearish target of at least, 200 pips is anticipated. But that does not rule out probabilities of occasional rallies, which should be transient in nature.

This forecast is concluded with the quote below:

“The less the trade becomes about us and the more about our rules and trading plan, the more we have steered ourselves towards achieving success in the markets on a consistent basis.” – Sam Evans

Source: www.tallinex.com

 Trading realities: http://www.advfnbooks.com/books/unlockpotential/index.html  

  

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Ethereum (ETH) Daily Price Forecast – August 9

ETH/USD Medium-term Trend: Bearish

Resistance Levels: $380, $390, $400
Support Levels: $350, $340, $330

Yesterday, August 8th, the price of Ethereum was in a bearish trend. The ETH price breaks out of the range-bound zone and it fell to the low of $ 354.54 as at yesterday. Now the bulls and the bears move in a sideways trend and neither of them have control over price. If the ETH price falls again, it will fall to the lows of  either $326.42 and $283. Traders are to look out for buy setups in anticipation of a bullish trend.

Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the price of Ethereum is below the 12-day EMA and the 26-day EMA which indicates that the bearish trend is ongoing. The Relative Strength Index period 14 is level 21 which indicates that the market is -oversold suggesting bulls to take control of the market.

ETH/USD Short-term Trend: Bearish

On the 1-hour chart, the price of Ethereum is in a bearish trend. The MACD line and the signal line are below the zero line which indicates a sell signal. Price of Ethereum is below the 12-day EMA and the 26-day EMA which indicates that price is falling.

The views and opinions expressed here do not reflect that of BitcoinExhangeGuide.com and do not constitute financial advice. Always do your own research.

Source: www.bitcoinexchangeguide.com

Litecoin (LTC) Daily Price Forecast – August 6

LTC/USD Medium-term Trend: Bullish

Resistance Levels: $75, $76, $77
Support Levels: $70, $69, $68

Last week, the price of Litecoin was in a sideways trend fluctuating between the levels $91 and $74. On August 4th, the LTC price broke the support level at $74. LTC price is out of the range-bound zone. Today, the LTC price has fallen to the low of $72.88 and had commenced a bullish movement. The cryptocurrency is now targeting the previous high of $91.

Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the price bars of Litecoin is below the 12-day EMA and the 26-day EMA which indicate that a bearish trend is ongoing. The relative strength index period 14 is level 47 which indicates that price is in the sideways trend zone.

LTC/USD Short-term Trend: Bullish

On the 1-hour chart, the price of Litecoin is in a bullish trend. The price bars of Litecoin is above the 12-day EMA and the 26-day EMA indicating that the bullish trend is ongoing. The MACD line and the signal line are above the zero line which indicates a buy signal.

The views and opinions expressed here do not reflect that of BitcoinExhangeGuide.com and do not constitute financial advice. Always do your own research.

Source: https://bitcoinexchangeguide.com