BTC, ETH, LTC: Price Analysis on July 6
Check the price analysis for Bitcoin, Ethereum and Litecoin.
The forecast concerning the BTC/USD trading pair has not altered much since the previous review.
We can observe the following trends:
- There is no volatility in the news.
- The $2,300 support zone has not been entered, despite numerous retest efforts.
- When monitoring trading book, it becomes quite clear that the $2,300 support zone has become crucial for wealthy investors.
- The overall volatility of the crypto market remains rather high.
These insights allow for the BTC forecast that is, in many ways, consistent with the previous one:
- $2,300 support zone is still strong, and the general uptrend will prevail. Buying off the targets of $2,700, the most obvious closest target, and $2,800, the second target from June’s high, seems reasonable. Likewise, wealthy investors are pumping $2,300, which might be a sign of good news for BTC.
- In case the price goes down, although it is unlikely from the current perspective, strongly monitor $2,300, it resembles a perfect buy zone.
We thus can conclude, that the market is anticipating some good news, that may result in further price rise.
Ethereum couldn’t reach the $310 resistance zone. Currently, we can observe smooth movement towards the $225 support level.
What to expect:
- Presumably, the support zone has moved to $250, which is suggested by the trading volumes. Nonetheless, the volumes are not high enough to indicate the support zone movement. That’s why, from the current perspective, the $225 support zone should be treated as strong, while $250 looks like a potential support level.
- Based on the technical analysis, the good buy price at ETH is $225. However, it is possible that the support level will not persist, we may see Ethereum price reaching the $150 point. Still, this scenario is hardly feasible, but one should keep this possibility in mind.
- News will generally play the most important role. In case they are neutral and the overall crypto market grows, we might see an increase at ETH/USD pair. This will result in ETH losing positions, while other cryptocurrencies will increase their capitalization.
- In case the $225 level proves to be strong, long positions with targets at $290 to $300 should be opened. This scenario seems to be the most plausible, based on the current market review.
- If the support zone moves to $250 without increases in trading volume, it is better not to make rush decisions on the market.
Still, the possibility of a negative scenario for ETH/USD is rather small.
The market is anticipating PoS, along with investors. Thus the price level below $225 seems to be unfeasible.
LTC is one of the growth leaders of the previous week.
Here is what’s going on:
- The forecast $36 to $48 channel has been relevant for a few weeks, and it has allowed to ‘reap the harvest’ for a rather long time, although not that long, compared to the previous channel.
- Due to the good news, the $48 support zone is likely to have been settled.
- Right now, there is no clear resistance zone yet. Potentially, it might be the $58 level.
- Presumably, further tests of the $48 support zone will be observed, and the price will hit $46 to $47 due to the volatility. Thus it’s better not to rush with decisions on the market. It is preferable to wait for the price to settle higher than $48 with the increase in trading volumes. It will yield a strong signal for opening long positions.
- LTC news is positive currently.
LTC is currently the fourth currency, in terms of capitalization and also hits the leading positions in trading volumes. An increase in liquidity always positively reflects on the cryptocurrency market. To recap, trading volumes are an extremely important aspect to consider.