Price analysis 07/15: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), EOS (EOS), Litecoin (LTC)
The overall market price outlook for BTC and altcoins appears weak as the bears continue to dictate movement. There's positivity however as Coinbase announced the possibility of adding five more assets to its premier exchange.
The overall market price outlook for BTC and altcoins appears weak as the bears continue to dictate movement. There’s positivity however as Coinbase announced the possibility of adding five more assets to its premier exchange.
Analysts too, continue to differ as to how low or high Bitcoin can go, though all agree the bearish trend will hold for a while.
The top crypto remains the most traded with a market dominance of 42.8%, with the entire cryptocurrency capitalization now at $254 billion.
Bitcoin Price analysis
Bitcoin prices continue to trade sideways as news emerge that Russian intelligence officers used Bitcoin funding to meddle in 2016 elections and a money launderer in Greece has been indicted on a $4 billion charge.
Bitcoin returned to a bullish sentiment and chart patterns indicate an uptrend could see it break above and test support at $6,500.
However, near-term support above $6,100 will provide much-needed support. On the upside, BTC has to clear above a major resistance at $6,400, which has stopped more upside today.
BTC/USD is trading just under $6,365 and saw its upward momentum capped at $6,403 near the 21-day moving average.
Earlier trading had seen prices touch a low of $6,192. However, the positive sentiment from Coinbase’s announcement has helped push the price up.
Intraday volumes have also risen and dropped with the price changes. Increased buying pressure saw volumes rise to $3.7 billion, but has since dropped to the current $3.3 billion as prices dropped.
BTC market dominance has increased slightly to $107 billion, about 42.8% of the global crypto market.
BTC is looking to test prices above $6,400 once more and has a green candle forming on the hourly charts.
If it consolidates, it could make for higher ranges. Any downward confirms the bearish trend.
Ethereum price analysis
Ethereum (ETH) off the market continues to gear up for greater usage and adoption. The platform now attracts some of the biggest mainstream companies in the ilk of Samsung and IBM.
Even though there’s more happening to suggest a better network is on its way, prices have remained quite volatile, much like the rest of the market.
ETH traded as high as $441, similar to July 13 prices, before dropping off lightly to hit $447.60.
A pullback resulted in an upside that has seen prices reach $455, its immediate resistance level now at $442.
The second largest coin has a market cap of $44 billion and a daily trading volume of over $1.35 billion (12.84% of global volume).
However, volumes too have dropped off from $1.51 billion yesterday to $1.45B and now just above $1.35 billion.
The ETH/USD pair could test prices above $455, however, it looks headed for a bearish breakout and must find support above $440 to see further upsides.
If the bears take control and break the major support at $430.04, it will fall to $419 and below that, April low around $396. Buyers need to initiate long trades to stem bearish trendline.
Ripple (XRP) price analysis
Ripple isn’t one of the 5 assets being explored by Coinbase for listing on the platform, and despite efforts by the Ripple Labs team, the XRP/USD pair remains one of the worst performers in the market.
Ripple has been in a general downward trend since April, with its price dropping from a high of $0.96 to the current levels just under $0.445. it has lost over 50% in the last 3 months.
XRP/USD rose to a high of $0.448 before declining to touch a low of $0.433. Intraday price rallies, however, ran into multiple resistances at $0.439 and $0.440.
The short-term outlook remains bearish and buyers must keep sellers at bay at $0.434 and seek to break above $0.441 to see further growth towards major resistance at $0.52.
Failure to prevent a downside will see the coin open up support at a new low near $0.424.
Trading volume for the 3rd ranked XRP currently sits at $151 million, being a global index of just 1.46%.
Its intraday volumes have also fluctuated as prices rose and fell, selling pressure opening up more declines.
Although the coin may end up gaining short-term, the more realistic picture is further declines in tandem with the general market.
Bitcoin Cash price analysis
Bitcoin Cash has gained about 2.90 percent over the last 24 hours against both USD and BTC and has slightly recovered from July 13 declines that had seen prices hit $690.
The intraday price movement included a series of upwards, hitting a daily high of $721.42 against the USD.
After trading in a range early in the morning, BCH broke above $700 and has the buyers consolidating above that level.
At the moment, BCH/USD is exchanging hands just above $720 and could hit the earlier high past $731. Further upsides could see it rally to $750.
Despite the green trend on the hour-to-hour charts, BCH is still in bearish conditions and could test its major support at $690 and below it $679.
Bitcoin Cash has a market cap of $12.0 billion and a current intraday trading volume of $290 million.
The pair’s trading volume has also dropped from about $305 million, dictated by the market sentiment and sellers taking a back seat.
EOS price analysis
EOS is still the worst performer on the market among the top ten coins trading in the red at -19 percent for the last seven days.
The coin is looking to recover lost value though, with good news coming in the form of an Everipedia airdrop to EOS holders.
There’s also positivity seeping in with CEO Dan Larimer proposing three solutions to handle the problem of RAM usage and prices.
EOS currently trades at just over $7.30, having risen to a high of $7.51 during early Asian trading hours.
EOS/USD could rise to test $8.00 again but must consolidate above the immediate resistance at $7.10 as seen on the intraday trading charts.
Nevertheless, the bears are still very much in place and declines below to the major support level at $6.90 can’t be ruled out.
EOS has a current trading volume of $472 million, which accounts for 4.56% of global crypto liquidity. Most of it is traded on Binance, OKEx, and Huobi in the EOS/USDT pair.
Litecoin price analysis
There’s no major news affecting or pushing Litecoin today and thus the market sentiment could be responsible for price movements.
However, there appears to be a slight positive out of a news that payment processor 34 Bytes has added Litecoin to its stable.
LTC prices have remained volatile and traded lower for much of this morning. It’s so despite an upside that saw it break above $79.50.
Even though it declined to touch a low of $76.75, the LTC/USD pair rallied to break above $78 comfortable. The bulls have, however, been weak and prices could turn bearish any moment.
LTC is currently exchanging hands just above $78.00 and may drop as the bears seek to take control.
The major resistance is at around $80.00, a break above Monday morning would offset the losses suffered in the week.
On the downside, LTC will rely on major support at $76.80 and $75.50.
A total of about $213 million worth of LTC has been traded, accounting for over 2.17% of global intraday trading volume. Litecoin has a market cap of $4.4 billion and is ranked 6th on CoinMarketCap.