Receive all Cointelegraph news immediately in Telegram.
Analysis on the demand and supply for BTC, ETH, XRP, LTC, ETC, June 24
After a sharp rise from $2,600 to $2,900, Bitcoin price began to form a wave of flat down. The premise of the correction will not take place was seen on July 22. The sharp increase in demand at the peak of the uptrend became an excellent opportunity for major sales.
The flat wave from $2,900 will be completed if there is a turn upwards to $2,780. At this point, most sellers will indicate themselves. Therefore, if the advantage goes to the side of buyers, there will be a reversal.
Ethereum price will also form flat. The growth turned out to be short-term and his structure was broken. The breakdown at $220 area, where the demand increased along with growth, confirms the previous statement. Thus, Ethereum could not settle.
Analyzing the volumes, activity and traders’ pending orders, you can select a level of $230. It is a turning point; if the demand is higher, a reversal wave will form. Otherwise, the fall will continue.
The greatest demand for Ripple price is $0.19 over the last few days. However, the increase in supply around $0.20 does not allow the price to move higher.
As you can see, after the several waves of the flat to $0.19, the demand is falling. This indicates that if the advantage does not pass to the buyer’s side, then Ripple price will undergo a deeper fall. The most likely point for the reversal of the entire downward structure is at $0.197 area. A turn up in this area will prove the offer is going down.
Litecoin price is forming a short-term downward trend. A significant increase in demand at the peak of this trend, $43.7, indicates a possible end of a downward trend, compared with the previous peak formed on July 21.
For confirmation, it is necessary for the downward trend structure to break down from $47. If the demand is more than the supply, the price will form a reversal wave at $45 area. It means that after the rise to this level the flat begins, it will show the strength of the buyers. In this scenario, short-term growth can reach a target of $47.
Ethereum Classical is currently traded at the lowest border of the $15.6 to $17 flat. After an unsuccessful growth attempt, the price couldn’t settle and the rate collapsed, triggering the current flat.
ETC is traded at a highly volatile area, as this level is essential to most buyers, which is backed by the price. But judging by the demand, the number of buyers is falling. This can provoke a deeper fall. For more confident growth, the ETC exchange rate needs fix at $16.5 area and form a turn-up.
Follow us on Facebook
For updates and exclusive offers, enter your e-mail below.
Thank you for contacting us! We will reply to you as soon as possible.
Thank you for your interest in our franchise program.
We are considering your request and will contact you in due course. If you have any further queries, please contact: