Michael Novogratz, person (who started a company) of the digital valuable thing management firm (large star system/large group of things) Digital, has (not very long ago) repeated his view that cryptocurrencies have hit a bottom and a rebound is due. He believes (more than two, but not a lot of) institutional players might invest in the market, boosting prices.
It, however, will be a slow grind higher. We have also been maintaining that the rally this year will be a gradual upward move, unlike the up-and-down increase seen in 2017.
Another billionaire (person or business who gives money to help start a business), Tim Draper is not bothered by the continuous decline in crypto, viewing it as a buying opportunity and sticking to his target of $250,000 by 2022. Relating to/about the news, the hack of a Japanese crypto exchange Zaif has not resulted in any panic selling, which shows that the bears are now unable to (take advantage of/make money from) bad headlines.
The U.S. Securities and Exchange Commission (SEC) has said it had not "reached any ends/end results with respect to any of the issues involved," with the Bitcoin exchange-traded fund (ETF) proposal supported by investment firm VanEck and (related to managing money) services company SolidX.
The Commission has requested further comments on the matter. This keeps the hope alive that an ETF might become a reality sooner than most expect.
When a valuable thing class doesn't fall on bad news but rises on minor positives, it points to/shows that the (people or businesses who give money to help start businesses) are looking for reasons to buy. So, which are the cryptocurrencies that are showing a bottom (creation and construction/ group of objects)? Let's find out.
Bitcoin has broken out of both moving averages. It should now move up to the downtrend line of the lowering/downward-moving/originating triangle, which will act as a stiff resistance. The cryptocurrency has turned down four times from this line, making a lower high on each occasion
The zone of $5,900-$6,075.04 has held five times since February of this year, making it a difficult/impressively strong support. The traders can wait for today's close (UTC) to be above $6,600 and buy 50 percent of the desired setting apart and distributing in the range of $6,600-$6,750.
We don't want to buy the complete setting apart and distributing at the current level because the downtrend line of the lowering/downward-moving/originating triangle can invite selling by the bears. However, as the prices have bounced off the lows, we want to start partial position because the stops are close by. The first SL can be kept at $5,900.
If the BTC/USD pair struggles to break out of the downtrend line of the triangle, the traders can trail the stops higher. We will add the remaining 50 percent of the position when the price sustains above the downtrend line. The targets are $7413.46 and $8566.4. Our excited and positive-thinking view will be(made worthless or meaningless) if the bears break the critical support zone.
BCH
he levels to watch out for on the upside are $660, and above that $880.
EOS
EOS has risen above both moving averages and the overhead resistance at $5.65. It can now move up to $6.8299.
XLM
Therefore, traders can enter long positions on a close above $0.255, with the stop loss at $0.18. The targets are $0.3157505 and $0.36.
LTC
The important level to watch on the upside is $69.279. If the LTC/USD pair breaks out of this resistance, it will complete a double bottom (creation and construction/ group of objects), which has a pattern target of $89.
Therefore, we suggest a long position on a breakout and close (UTC time frame) above $69.279. The first stop loss can be placed at $49 and raised later.
The 20-day EMA has turned up while the 50-day SMA has flattened out. The RSI has entered into the positive (land area owned or controlled by someone). These signs point to/show that the path of least resistance is to the upside. Therefore, traders can trail their stops on the long positions to $100. Let's reduce the risk on the trade.
