The month of July experienced a dramatic fall in Alt-coin prices. The rush for quick trading profits was momentarily disrupted with some issues surrounding the Ethereum blockchain and the saturation of new coins on the market (ICOs). When trading, it is important to be holding cryptocurrencies with value, as opposed to useless pump and dump coins. The currencies with merit tend to recover nicely after some panic selling due to community support. Buying the dips to average down is the best way to keep your trading accounts in profits.
With some uncertainty surrounding the BTC / USD market, crypto-traders find safe ways to preserve their wealth. Most exchanges offer a fiat equivalent that functions as a means of keeping liquidity; this allows for buying power during the dips if one cannot purchase more crypto currency with fiat.
Price speculation on Bitcoin to USD is tricky at the moment. There is a strong possibility that it could drop below $1800 before the end of July. If this dip happens, it is an excellent opportunity to buy-in or to introduce people to the crypto-community.
The other possibility is that Bitcoin reaches $3075 in the next week and pushes beyond $3200 in the month of July. I am optimistic that Bitcoin will continue to rise, but I am preparing for both scenarios.
Litecoin is a good option as opposed to fiat equivalents. Historically, LTC has held its dollar value while BTC experienced some wild swings. Litecoin is also on the spotlight for SegWit and is a good, fast alternative to using Bitcoin for smaller transactions.
Price Speculation: Litecoin prices have witnessed a good climb prior to the panic selling of the past week. I anticipate LTC to hold above 0.0161฿ for some time and to be able to stay above $25 / $35 in the event of a major pullback. Staying above 0.0184฿ (or $44) will be crucial in the days ahead. If support holds, a spike up to 0.023฿ and beyond is expected. An optimistic projection keeps LTC above $50 and goes beyond $70 in the event of a pullback.
Ethereum is another crypto currency that is getting public attention. “The flippening” is an indicator that Ethereum has great potential. Recent events surrounding Ethereum has led to some loss of confidence in the markets, but still shows strong signs of support. ETH has a large community and many token entrepreneurs chose this platform to build their smart contracts, dApps, or simply for the security of the chain having active developers.
Price speculation: Ethereum is currently struggling to stay above 0.094฿, but I am confident that it will trade above 0.101฿ in the near future and possibly above 0.111฿. Breaching $300 and reaching $350 will be difficult, but possible in the month ahead. If BTC falls to $1800 USD/BTC, Ethereum should find support above $130 or roughly 0.075 btc / eth.
Coinwatch: Game and MobileGo experienced a pullback when Bittrex withdrew their addition of mGo on their platform. An opportunity to buy-in should present itself for mGo(eth) on Liqui.io around 0.00038฿