Bitcoin, Ethereum, Ripple, EOS, NEM Drop As Facebook Euphoria Disappears: Price Analysis, July 11
Bears again gain control over the market
Bears ruin bullish hopes as the price declined on Tuesday and went downwards. It seems like all top 20 altcoins test their June lows. Facebook euphoria disappeared and sellers regain control over the market.
There is some interesting and important news that we would like to mention. The first one comes from Bancor exchange. Famous trading platform was hacked. Around $24 mln in crypto was stolen. This news may cause the wave of sales in the crypto market.
Another interesting thing to pay attention to is the report, issued by crypto experts. They note that Bitcoin and other cryptos may become the next step of money evolution. Experts underline also that cryptocurrencies may become new mainstream payment method within the next ten years.
Bitcoin (BTC/USD) price analysis, July 11
Bitcoin loses more than five percent in the past 24 hours. The currency pair has broken the uptrend and targets its month lows. Sellers are controlling the market currently and are able to push BTC/USD even lower as we can see some upcoming bearish signals on the chart.
As for the current situation, Bitcoin successfully tested the ascending trend line from the above and went downwards. BTC/USD passed the closest support area at $6,510 and went even lower. Bitcoin reached the next support area at $6,329 on Wednesday.
We think that BTC/USD is likely to develop its downtrend in the nearest future as bulls have lost their control over the market. The currency pair forms a bearish flag currently, which means that the next target may be set at $6,071.
However, is bulls make an attempt to counterattack, they will be able to change the situation in their favor and reach the resistance area at $6,510 at least.
Ethereum (ETH/USD) price analysis, July 11
Ethereum went downwards on Tuesday as the currency pair has lost nearly seven percent in the past 24 hours. This is a bad news for buyers as Ethereum targets June’s lows currently. The uptrend was broken and we can see that Ethereum still has some potential to develop its downtrend.
The currency pair has made a breakout of the green ascending trend line without any troubles showing that sellers control the market currently. ETH/USD has broken through a couple of supports at $473.39 and $453.24 and $431.42.
We think that Ethereum is able to develop its downtrend in the nearest future. The currency pair is likely to make a breakout of the closest support at $431.42 and move lower, targeting the next support at $417.28 at least. There is a bearish flag on the chart, which is a signal for bears to develop their progress.
Is Ethereum able to go upwards? In case of good news or bulls regaining control. However, this scenario is less probable.
Ripple (XRP/USD) price analysis, July 11
Ripple follow the other major cryptocurrencies on its way downwards. The currency pair has lost more than four percent in the past 24 hours but shows some signs of further downtrend to develop. XRP/USD targets June’s lows and is able to reach them in the nearest future.
Ripple went downwards on Tuesday and crossed a couple of support areas at $0.4744 and $0.4495. The currency pair fluctuates below $0.4495in the moment of writing and we think that XRP/USD is able to reach the next support in the nearest future.
We have a bearish flag on the chart, which confirms our bearish thoughts. The currency pair is able to test the closest support area at $0.4232 in the nearest future. If bears are successful, they will be able to push XRP/USD even lower.
AS for the alternative, the less probable scenario is growth towards the closest resistance area at $0.4744.
Take a look at EOS (EOS/USD) and NEM (XEM/USD) Price Analysis, July 11