Just as other cryptocurrencies, BTC was subject to the overwhelming correction. At one moment, BTC experienced a harsh fall with a clear $1,800 to $1,900 support zone. However, trading volumes were insufficiently high to settle, suggesting a fast rebound, which effectively took place.
What we observe on the market
Global $1,850 support zone
Currently, the $2,300 resistance zone is being retested
Provided the price settles down above $2,300, it will imply an alteration in the local downtrend, which we could see over the last 10 days
Volatility level is anticipated to remain high
The closer we are to August, the higher the volatility is. It is getting harder to make predictions for the future.To recapitulate, the scenarios suggesting BTC testing $1,850 zone again and then retreating to $2,300 are plausible. Nevertheless, shorting BTC after a good retest of $2,300 is extremely risky. Still, opening long positions with a short stop-loss is not a good idea either, given the volatility levels we now observe.
At the current market, it might be a good idea to buy drawdowns and trading market’s FUD. However, potential stop-orders should be long enough.
The market in July to August will inevitably be affected by SegWit. Will it be implemented or not? Will there be a hard fork?
As for SegWit perspectives, you may see them on the picture below.
The miners are massively signaling their support for SegWit. To get a more profound grasp of the situation, it is advisable to monitor BTC prices and news. Perhaps, it will allow unearthing some insights that might be reflected on the current BTC infrastructure.
After the retest of the $225 resistance zone, ETH fell to $137, regaining its position in the light of a last days’ growth. Currently, it is testing the $225 resistance zone again.
At the moment, technical analysis at ETH plays somewhat of a secondary role. Bad news seems to play a more crucial role right now.
Needless to say, these factors will drive the market price.
That is why it is very likely we will see the tests of the $137 support zone. In turn, purchases from that level might in perspective yield good return.
To buy when the price settles higher than $225 and retests is also a reasonable idea. However, one should remember that any bad news might tamper the investors’ confidence easily breaking the support zone, which will result in big price movements.
Currently, the most plausible scenario for ETH is to remain out of the market, anticipating how the price will react to the upcoming news.
LTC demonstrated positive dynamics last month. At the day graph two key points could be seen:
The support zone at $35
Peaks at $35
Given the fact that there is no negative news for LTC and it is a beneficiary of any BTC news, many investors unraveled a good hedge at LTC, regarding the general hassle at the crypto market and BTC in particular. Litecoin seems like a good purchase with long-term targets.
In the short-term, an uptrend remains with a $48 target.