The market participants and, probably, the entire cryptocurrency community are waiting for Aug. 1. Following the adoption and activation of BIP 91, a significant increase in the BTC/USD pair from $1,900 to $2,900 was observed during July 17 to 21. Then there was little adjustment; it’s not surprising because smart money began to record profits in the resistance zone. This happened in the course of resumed fork negotiations, and because the Chinese miners’ intention to launch Bitcoin Cash.
What is going to happen with the price?
As of today, the key points are as follows:
Carefully monitor the hash rate. It’s difficult to say what version will have a larger hash rate. Therefore, the distribution will directly affect the price.
Monitor the projects running above the BTC Blockchain. The price will also be affected by their selection.
Most probable scenarios:
Despite the absence of specific data, Bitcoin Cash seems to have little support. Companies that supported SegWit at Consensus have major interest in the market. Therefore, the most probable scenario is that on Aug. 30 to 31 the owners of 90-95 percent of the hash rate will publish a joint press release on the support of the agreements signed at Consensus 2017. Therefore, BCC will receive about five percent capacity or less, which is most likely. Then BTC price will test the resistance zone.
One of the companies might announce its refusal from the agreement and support of Bitcoin Cash, which is less probable but still likely. In this case, the consequences can be hardly assumed. Everything depends on the hash rate share obtained.
The first scenario is most likely to happen because the second one seems to have unpredicted consequences.
For the majority of Bitcoin holders, the best option might be to wait for the outcome, keeping money in the place blocked by the known private key.
In addition to conventional storage, there are hedge strategies. For example, LTC is demonstrating its high strength, and it might be a great hedge for BTC.
The situation with BTC is definitely influencing the entire cryptocurrency market.
ETH is now showing the local range of $190 to $237. According to the technical analysis, there is a good opportunity to enter the market at the moment.
However, it should be considered that Ethereum price is affected by the recent statements of SEC, BTC news and absence of positive news. Despite all this, purchase volumes around $190 are observed.
Perhaps, the idea of the 0.077 support zone will work out well against the problems with BTC. Monitor the volume and search for interesting entry points.
LTC is strengthening its position in the cryptocurrency market. Currently, LTC is a good hedge against the situation with BTC.
The $36 support zone demonstrates good positions. Due to the overall volatility, spikes and offsets below $36 may occur, but this is a fundamentally good zone for purchases.
Volumes are also essential. The multi-directional trading between BTC and LTC and the increased trade LTC volumes are good triggers for transactions.
Unlike the rest of the crypto market leaders, LTC has substantially very good positions.
Zcash seems to find itself in a very attractive position. We are probably witnessing the failure of the downtrend. The $160 support zone has already passed retesting. However, due to the volatility, another level test may occur. This price will be adequate for the opening of long positions.
The $160 to $230 channel was formed in this pair and can be advantageously used.
When reaching and fixing at $230, a new uptrend will be formed.
Currently, Zcash is a rather attractive coin, not only regarding trading but also in terms of investment.
This article was originally published on: CoinTelegraph on