Will Main Coins Rise or Fall After Recent Price Rebound?

FishPro
5 min readJul 29, 2021

1. Goldman Sachs applied to the SEC to launch an EQUITY ETF for DeFi and blockchain companies.

2. Amazon rumored to accept bitcoin by the end of 2021 and develop its own currency in 2022.

3. DOJ(Department of Justice)reportedly investigates crypto company Tether for possible bank fraud.

4. Elon Musk confirms that Tesla has not sold bitcoin after price crash

5. Coinbase:Bitcoin ETF is a matter of when and not if.

Recent Report on Amazon’s possible bitcoin payment approval and indispensable crypto currency development has undoubtedly brought positive news to the crypto Market,facilitating price rebound,which however dropped again due to the deny of Amazon.The rally is bound to weak since such news has invariably exert little continuous influence in bear market.In terms of Tether,this kind of news is regular that has little impact.We therefore have no need to throw into panic.

BTC

Bitcoin price plunged below 30,000 mark price and tapped the bottom of price channel.The performance and bullish news worked together to contribute to the rebound of its price,which,however,has not break out the price channel.We therefore can not define this rebound as a reversal signal but a volatility in a large range.Sell limit and buy limit are recommended in operation.Besides, short holders are advised to set up a position when the price rallies to near 341,000 ,stop limit around 351,000 and stop loss when it has made effective breakthrough of the upper line of price channel.Long orders could open a position near 34,100,stop limit around 3540 and stop loss when BTC tumbled below 33,425.

ETH

ETH has high probability to run within the red range above.Its price has dropped,meaning short is not advisable.Investors can make long order around 2018 red support line,stop limit around 2100 and stop loss when it tumbled below the blue line.As for following operation,investors could make short order if its rally price fails to break the red line.The bottom of price range could be deemed as limit stop point while loss stop can be reached when ETH falls under 2100.

ETC

The price of ETC rebounded with that of the general market and broke out previous decline channel.As a result,the previous high short order should be stopped limit in time and later low short order be stopped loss in time.Long position is mainly suggested during the correction after the break of downward trend.As its current rising trend has been broken,long order holders could stop limit now or stop loss and depart.Investors could continue to short if the following rebound price fails to go up to exceed the red trend line.Besides,they could stop limit around 42 and stop loss after breaking the trend line.Long holders should pay close attention to the following support strength near 40 and engage in if the price fails to break.

BCH

Similarly,bitcoin cash began to rally after the decline.Its general trend,however,presents much better performance than that of ETC and has not been broken.Positions can be now properly opened at the bottom of the red range.If the following market drops,investors could observe the red trend support line and cover the position if the support turns to be effective.Otherwise investors could stop loss and stop profit near 496.Short orders are not recommended for now with position opening after breaking the trend line.

DOT

DOT price has not broken the desired bottom point.But it is still profitable if investors short at high levels in accordance with our previous analysis.The current status shows that DOT still has a possibility of breaking the upward trend.If this trend were broken,investors could sell short ,stop limit around 11.5 and stop loss when the price breaks out the blue line and operate on the upper trend line.Long purchase is not advised for now.

MANA

We keep MANA as bearish at the beginning.Nonetheless,the popularity of AXS has advanced the gain of game-based tokens such as TLM,ALICE,CHR etc.Their development,together with the rebound of general crypto market,helped MANA to go up over double.Dividend at a certain degree is available to investors as long as they recently followed the trend of game hotpots.Though the low short sale in our last analysis has been stopped loss,its loss is negligible as we told in the last article “If the rebounding price operates stable within the red range, short holders could stop loss while long holder or spot trader open position”.If its price breaks under the box bottom and its rally fails to break the upper edge of the box,investors could set long purchase order again and stop limit while short sell if the rebound can not over 0.6853.In this case,some 0.6 could be deemed as the first limit stop target and support strength of the upper box edge should be paid close attention.If the following price does not break this support,short holders could make full limit stop and open long buy order.Otherwise they could continue to sell short.

Tips: The above is merely a personal talk which shall not be deemed as investment reference.Investment is accompanied by risks and the author will not be responsible for any investment options or relevant outcomes.

Author Profile:

Captain wowo,guest commentator of Fish.Pro,has 4-year rich experience in investment practice of both stock and crypto market.Focusing on spot transaction,Captain wowo is proficient at analyzing macro policies and market interpretation and has his own stable trade modes with profound understanding of long-term trades and short-term taste.

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