Bitcoin, Ethereum, Bitcoin Cash, Ripple and Litecoin : Price Analysis, 2nd Week- 13th July

By — Nirmal Ranga

“A peak performance trader is totally committed to being the best and doing whatever it takes to be the best. He feels totally responsible for whatever happens and thus can learn from mistakes. These people typically have a working business plan for trading because they treat trading as a business.” — Van K. Tharp

The rising consolidation just above the recent low prices can be an indication that the cryptocurrency markets are preparing for creation of a bottom for the next bullish move. However the above can’t be validated given the rising acceptance for 2 weeks below the moving average indicators.

Tom Lee — Wall-Street strategist has given a price forecast for Bitcoin to be $20,000 by the end of 2018 on the theory of the cost of mining and rising difficulty over the same. On the other side, the Head of the Bank for International Settlements (BIS) continued the institution’s critical stance on cryptocurrency.

Pertaining to law — Malta passed three blockchain bills passing a regulatory framework and South Korea government drafts new blockchain classification standards. Whereas, RBI (Central Bank of India) has barred all regulatory body under it to support cryptocurrency dealings.

Having mentioned all of the above, it is very difficult to predict which side of the coin will be placed as results once the coin in flipped. Cryptocurrency markets have accumulated its own group of supporters and protesters around the globe but the fact to realise is — It has garnered enough attention to be form these groups. The rising awareness has brought all together rationality in cryptocurrency markets which is healthy for long-term objective.

Let’s look what we have in store for a trade set-up:

Bitcoin:

Bitcoin is representing a 0.2% gain in last 24-hours trading close to $6,250.

To read the complete report, visit the blog our website.

About Author — Technical/Derivatives Analyst & Crypto-Currency Expert with a decade of Professional Experience having expertise in Equities, Commodities, FOREX & Crypto-Currency Markets. Connect with him on LinkedIn and follow him on Twitter.