Crypto Roundup News: BTC, ETH, LTC, XRP, BNB, EOS

The Federal Reserve cut rates on July 31, 2019, for the first time since 2008, which comes across as an unwarranted move given the strong footing of the economy. President Trump has been critical of the Fed’s monetary policy since the beginning of his term. A rate cut at this time could be a means to appease the President. A rate cut could attract investors to cryptocurrencies like Bitcoin. It’s an interesting time to analyze Bitcoin’s reaction to the Fed rate cut. In this article we’ll analyze price action of major cryptocurrencies.

BTC/USD

Bitcoin is currently trading at $9,945.46 and the bulls are trying to propel the price above critical support of $9,400. If Bitcoin doesn’t cross $11,000, then it will start along the downtrend line and $9,900 would be a critical resistance. 

If BTC/USD falls below $9,080 there will be selling at high levels. The next support after $9,080 is $7,500.

ETH/USD

Ethereum (ETH) has started a recovery from a week long slump and bulls will now try to push the price above $222. If successful, it may hit $230 and then $250. There is minor resistance at $235, above which Ethereum is likely to gain strength. Contrary to our expectation, if the ETH/USD pair fail to rise above the overhead resistance and turns down, it will show selling at higher levels.

XRP/USD

XRP has moved above the 20 day average and is now trading at $0.314, which is the first resistance. If this is crossed, the pullback can reach $0.35 above which we anticipate the cryptocurrency to show strength. The first target for booking profits is $0.45. However, if XRP/USD continues to trade below $0.35, it might slide down to $0.28 and might trigger stop losses and decline to $0.17 within a week’s price action.

 

LTC/USD

Litecoin’s price action has been on the uptrend line and there is a resistance at $105.676, once beyond it, LTC will hit $140.34. Contrary to our assumption, if the LTC/USD pair fails to break out and sustain above the average, it may fall below $83.65. 

BNB/USD

BNB is currently trading at $27.95 and its price action is attempting a recovery. If bulls can sustain the price above $30, bears may capitalize on the breakdown of the uptrend line and this will increase demand. If the price falls below $24, it indicates massive sell-off.
In case of a sell off and the price may fall below $18.

EOS/USD

EOS is currently trading at $4.28 and two times in 2019, EOS has traded above $4.77. If EOS/USD breaks down below $3.3, it may drop below $2.2 and crossing $4.77 may start a new uptrend and the price would cross $5.7.

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