After the consolidation of the BTC/USD, a new support level of $2,300 has been set up. This level has not been retested yet, so it cannot be regarded as strong. However, in case the correction does take place, traders will consider a strong buy opportunity from that level.
- In the case of a correction, you may consider buying close to the $2,300 area. If the level is retested, the price will likely settle and is unlikely to fall down. If this forecast proves feasible, the first target will be at the $2,700 level.
- It might be a good idea to closely and attentively monitor the $2,724 - $2,880 zone since the price fluctuations at these levels might result in a viable pattern.
- The network scaling issue is one of the crucial factors that will largely determine BTC price.
After a massive correction of the crypto market on June 16, ETH was exposed to another correction a few days ago. But, most clearly, these problems have been observed during the large ICOs, like the recent Status ICO, which clogged up the Ethereum Blockchain. The ETH website was down for periods of time due to the traffic problems.
On the market, ETH price instantly reacted to these congestion issues and started to drop.
- A clear support zone has been established at $310. It was visible during last week’s correction and is visible right now. From the technical point, it is a strong long signal with minimal targets at $360.
- There are several upcoming ICOs and the question is whether the ETH Blockchain can handle them.
Vitalik Buterin has not yet spoken on the issue. While there are clearly some problems, ETH price uncertainty will remain. Technically, ETH can be traded with a low stop from the support level of $310 but fundamental factors outweigh, suggesting refraining from the opening positions of the ETH/USD.
LTC exited the channel it was trading from the start of May and has reached new highs.
It has been renowned as a stable currency.
- The potential resistance zone is above $48.
- A clear support zone has not yet been established, but it is likely to be the $40 level.
- It might be a good idea to follow Charlie Lee’s Twitter.
Given the current volatility levels of the LTC/USD, resistance and support zones are relatively weak. Currently, there is the nascent establishment of strong channels, so successful traders might be waiting for a clear channel pattern with viable support and resistance levels.