The price action of Binance Coin, EOS, Ethereum & Litecoin, against Bitcoin. It's been a fantastic month for a number of altcoins. An ‘alt-season’ occurs when a number of altcoins quickly and astronomically rise against both the dollar and Bitcoin at once. Hello family, today we will talk about the movements of the following assets.
BNB / BTC
Binance Coin / Bitcoin
From July 6 to July 13, the value of BNB increased by 18%, the bulls easily broke the resistance level of 0.0018330 sats. Meanwhile in the last 3 days the bears entered from the 0.0019967 sats zone, pushing the price causing a correction in the price (Retrocesement). At the time of this writing the price is using the old resistance level of 0.0018330 sats as support. At the close of the candle yesterday, it obtained a strong rejection by the bulls and the support level mentioned above.
0.0018901 is the current price 12:57 (UTC). With a total market capitalization of 293,870 BTC and a volume in the last 24 hours of 17,101 BTC.
The 60-day Double EMA is below the Triple EMA 20, this would indicate that the price is only making a small retracement, to continue with the bullish momentum.
Therefore, on the following days we can expect:
* If the bulls resort to the support of the 0.0018330 support, it is very likely that the purchase orders will exceed the sell orders, this would increase the price of BNB against Bitcoin, if this happens, Binance Coin could easily reach 0.0019967 sats.
*In another scenario, as we can see on the chart MACD is choosing to be bearish this could be a rationale for bears to use to cross below the current support level by lowering the price to 0.0017582 sats.
ETH / BTC
Ethereum / Bitcoin
From June 1 to today, price movements have been lateral. ETH is ranging from 0.02555214 sats to 0.02437233 sats. A positive point for Ethereum is that on July 6 a large volume candle managed to break the resistance level of 0.02555214 sats, so today the price is returning to that same area, but it is notable that this time that level is being used as a support.
ETH abandoned on June 4 the line that drew the main downward trend, also since May 14 the price has maintained bullish movements.
The second currency with the largest market capitalization with 2,848,878 BTC and a Volume in the last 24 hours of 645,449 BTC. While the 20-period Triple EMA is located above the Double EMA 60. The price of Ethereum against Bitcoin is 0.02548531 sats.
Therefore, in the following days we can expect:
* On the bearish side if they manage to cross below the current support, they could push the ETH price further down to 0.02490351 sats.
* In another scenario as explained at the beginning if the bulls use the current support level, this could cause a continuation of the bullish momentum, so in the following days it would reach 0.02632449 sats continuing its rise to 0.02692006 sats.
LTC / BTC
Litecoin / Bitcoin
While an alliance between Litecoin and Cardano is rumored. From May 9 to today the LTC price has maintained a laterality. The price has ranged from 0.0004861 sats to 0.004482 sats.
This has been taken advantage of by other types of Altcoins such as the case of LINK that on July 15 managed to surpass Litecoin and binance Coin as the eighth largest cryptocurrency by market capitalization.
The ninth coin in the Coinmarketcap list has a total market capitalization of 298,062 BTC and a total volume in the last 24 hours of 147,431 BTC.
In yesterday's candle during the last hours of the day, it received a strong rejection to the upside by the support level of 0.004482 sats, but if we lean on MACD we can see that it is opting more for bearish movements.
Previously the price performed a sort of DOUBLE TOP pattern but if the bears manage to cross below the current support level this would override the double top pattern and continue the bearish momentum
Therefore, the price is likely to continue oscillating between the support level of 0.004482 sats and the resistance of 0.004861 sats. By crossing any of the levels I mentioned above, Litecoin has a high probability of making big moves against Bitcoin.
If the price crosses below the support level, the bearish movements will continue in the following days.
If the price crosses above the resistance level, it is very likely that large movements will follow the LTC price in the following days.
EOS / BTC
Eos / Bitcoin
From May 9 to today the price has maintained a laterality, which has caused the price to range between 0.0002904 sats & 0.0002581 sats. This indicates that the moment the price crosses some level of support or resistance, there will be a large movement that could be bullish or could be bearish. This last example would take EOS to record lows, but let's analyze it in depth.
At the time of writing this the value of EOS is 0.0002721 sats the only positive point that EOS has so that its value rises against Bitcoin as far as technical analysis is concerned, is that the Triple EMA is above the Double EMA this is not It shows us a lot since the main movement is still bearish. However, in the EOS / BTC pair, whenever the Triple EMA has been above the Double EMA, it has been followed by bullish movements, apparently that small bullish momentum did not have as much volume.
With a total market capitalization of 254,634 BTC and a Volume in the last 24 hours of 108,713 BTC.
If we add the MACD tool to the price action, we can see in the chart that it is opting more for bearish movements
Therefore, in the following days we can expect:
In this case, the only favorable moment to enter the market would be when the price breaks resistance or the current level of support, since there is a high probability that EOS will make large movements against Bitcoin.
Thanks for reading have a great day 🤗
