There’s a correction.
All traders and investors have been looking for Stablecoin to weather the storm. One of these Stablecoins has been USDT.
USDT is still trading higher than usual.
If you trade on exchanges against USDT, pay close attention to the fact that USDT is trading higher than the dollar.
Since the last review, the whole crypto market has been swept by correction. BTC price has plummeted from $2,700 to $1,700 in just one day.
Currently, we see a market restoration and trading at around $2,200.
Huge and fast growth is impossible without any correction since many market players prefer to fix their incomes.
Also due to the correction, a strong global support zone has become visible.
BTC/USD is showing really good levels.
- Global support level is around $1,800. It is a very strong level and if volatility remains - this zone is an excellent opportunity for nice looking buys.
- Supposed resistance zones are placed at levels $2,300, $2,500, $2,700. Most likely the zone between $2,300 and $2,500 will turn out very strong and without great fundamental news, bulls will have a tough time hitting that level.
- Based on the fundamental news, we can assume that the coming month will likely show a decrease in volatility and accumulation of charge before the SegWit battle in August. Despite the signed agreements, unexpected scenarios are likely enough.
Only a single idea for now, buys around $1,800 to $1,900, with $2,300 goals.
Despite obvious signals, it is not recommended to short, since it is trading against the trend.
ETH has faced correction with the whole market. However, Ethereum has not only recovered its positions, but also showed a significant growth and secured itself behind a strong resistance zone of $200.
The $200 resistance zone is now a support zone. Retests of this level have already taken place and it has shown itself strong.
Ideas are the following:
- During the next retest, buys with a stop below $200 will be a good deal. It will be a bull signal and it is likely that ETH will show new peaks of $250 and higher
- If otherwise, a fixation behind the support zone will happen - it will be a signal for volatility decrease and new channel formation. In this case, watch for the price at a potential level of $185.
Considering the trend, the most likely turn of events is new highs.
One should also not forget about the fundamental news. If you trade this pair, it may be useful to follow Vitalik Buterin’s Twitter, his announcements can strongly influence the market. It is especially crucial in the current situation when Ethereum reaches new highs every day.
Out of obvious risks, only infrastructure ones can be singled out:
- Gas price
- Possible bugs
Gas price is essential right now. The way it turns out can highly influence Ethereum price in the future.
After the last review, LTC has not changed much. Correction along with the market and fixation behind a strong support zone at $23.
LTC is a really good asset for technical analysis since we can see a classic support zone of $23 and a classic resistance zone of $36.
Right now buys with selling goals above $30 look like a good deal.
Price fixation below $23 is unlikely.
If the price reaches $30 to $32, one should consider the volumes. It will probably not draw a clear signal for the third time, so we should look at the situation more flexibly.
It’s always a good idea to follow the market to be able to react in time.