Weekly Technical Analysis (24.07.2017)

www.tradescrypt.com’s Weekly Technical Analysis gives investors important insights on fundamentally strong cryptocurrencies which includes Bitcoin, Ethereum, Litecoin, Ripple and AntShares(NEO).  It’s a quick read for investors at the start of the week which presents necessary statistics which could prove vital for considering investment position and making decisions during the week.

1.Bitcoin:


Last week was a good week for Bitcoin HODLers / investors. We witnessed BIP 91 Lock-in. The prices had dipped below USD $2000. This price dip had exposed panic sellers while HODLers / investors benefitted from the ‘Buy & Hold’ position. After the Lock-in, the prices soared touching the USD $3000 mark.

Following are the statistical conclusions drawn from this week’s technical analysis:
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  • Risk/Reward Ratio: 1.33 (Ideal ratio tends to 2)
  • Optimal Trade Entry(OTE): USD $2690-$2710
  • Market Cap: USD $44,634,172,796
  • Circulating Supply: 16,466,225
  • Volume(24h): USD $917,334,000

2. Ethereum:

Ethereum fell from 0.10468 BTC to 0.082969. We witnessed a deep dive to 0.078271 earlier last week, which was a good entry point. With the addition of mega enterprises like MasterCard, Cisco Systems, Scotiabank and government bodies like Andhra Pradesh State Government (Indian State Government) accepting Ethereum blockchain, we believe Ethereum has the potential to become the top player.

Following are the statistical conclusions drawn from this week’s technical analysis:

  • Risk/Reward Ratio: 0.93 (Ideal ratio tends to 2)
  • Optimal Trade Entry(OTE): 0.080697-0.0811797 BTC
  • Market Cap: USD $20,859,469,134
  • Circulating Supply: 93,509,610
  • Volume(24h): USD $588,710,000

3. Litecoin:

Litecoin fell since last week. Prices dipped from 0.021253 BTC to 0.016184 BTC. Recently, LocalCoinATM announced Litecoin support on Bitcoin ATMs in Toronto, Canada. We are still observing a lot of potential in Litecoin which makes the current prices a good entry point for cryptocurrency investors.

Following are the statistical conclusions drawn from this week’s technical analysis:

  • Risk/Reward Ratio: 2.8 (Ideal ratio tends to 2)
  • Optimal Trade Entry(OTE): 0.016127-0.016271 BTC
  • Market Cap: USD $2,266,141,385
  • Circulating Supply: 52,141,232
  • Volume(24h): USD $209,066,000

4. Ripple:

Ripple has seen a low of 0.00006553 BTC after a high of 0.00008714 BTC. In spite of such a dip, Ripple has managed to be the star performer of 2017 with growth of almost 4000% this year. Q2 growth of 2017 is beyond 1000%. With strong fundamentals and growing community, invest and hold is our recommended position.

Following are the statistical conclusions drawn from this week’s technical analysis:

  • Risk/Reward Ratio: 0.31 (Ideal ratio tends to 2)
  • Optimal Trade Entry(OTE): 0.00006745-0.00006816 BTC
  • Market Cap: USD $7,291,599,229
  • Circulating Supply: 38,291,387,790
  • Volume(24h): USD $111,551,000

5. AntShares:

With AntShares’ rebranding event on the charts, last week has been a great week for AntShares. It shot right from 0.0026667 BTC to 0.00331513 BTC. Rebranding and support / influence in China are the key factors to observe while analyzing this cryptocurrency. It is firmly believed to be China’s Ethereum.

Following are the statistical conclusions drawn from this week’s technical analysis:

  • Risk/Reward Ratio: 1.51 (Ideal ratio tends to 2)
  • Optimal Trade Entry(OTE): 0.0307167 -0.03028972 BTC
  • Market Cap: USD $413,683,000
  • Circulating Supply: 50,000,000
  • Volume(24h): USD $29,621,300

Information sources-

www.coinigy.com
www.coinmarketcap.com

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