Analyses

Over 2,500 Merchants in Austria to Be Able to Accept 3 Different Crypto Assets via Salamantex – BTC, ETH, LTC Price Analysis, 6 July 2020

Investing in cryptocurrency is getting easier for traditional investors. Stock market participants will be able to buy the shares of Galaxy Digital Holdings Ltd (TSXV: GLXY) on the Toronto Stock Exchange starting Monday, July 6th. Galaxy Digital Holdings is one of the world's largest cryptocurrency and digital assets companies by market capitalization, which has a cryptocurrency portfolio of over $350 million.

Another example of the growing adoption of cryptocurrency is the recent announcement of the Austrian payment processor Salamantex that over 2,500 merchants in the country will be able to accept three different crypto assets via their system. The three supported cryptocurrencies are Bitcoin, Ethereum, and Dash.

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Source: Twitter

As payment with digital assets is becoming more accessible for the broad masses, it is just a matter of time when the new bull run in the crypto market will begin. At the time of writing, according to Coin360.com, one Bitcoin costs €8,191.02 (+1.47%), one Ethereum – €207.06 (+2.65%), and one Litecoin – €37.69 (+1.93%):

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Source: Coin360.com (Daily crypto market performance)

Now let's have a look at the charts of the major cryptocurrencies against the еuro.

BTC/EUR

In the monthly time frame (MN), a candlestick that resembles a «Shooting Star» pattern formed in June:

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Theoretically, a «Shooting Star» is interpreted as a type of reversal pattern presaging a falling price. 

However, the shorter time frames still don't confirm this bearish signal. For example, in the 4-hour time frame (4H), the price chart of BTC/EUR is consolidating and there is still no 'sell' signal:

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If the bulls are able to regain control over the market, then BTC/EUR may rebound to the upper bound of the consolidation range – a level close to €9,000 per one digital coin. However, if the bulls cannot defend the lower bound of the consolidation range, then the bears may sink the price below the level of €7,800, and thus a downtrend may start.

ETH/EUR

In the 4-hour chart (4H), ETH/EUR is still fluctuating within an «Ascending Channel» (uptrend):

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However, as shown in the chart above, the trajectory of the «Ascending Channel» is changing, thus the uptrend is slowing.

If the bulls start to buy Ethereum at the current level (a level close to the lower line of the channel), then the uptrend will resume very soon, and ETH/EUR may reach €225 again.

Conversely, if the bears push the price below the lower line of the channel, then the price of Ethereum may drop to €180.

LTC/EUR

The daily chart (1D) shows that the LTC/EUR is hovering near the 30-day Moving Average (MA 30) and the 90-day Moving Average (MA 90):

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It is worth mentioning that both MAs are still moving sideways. That's why we think the price of Litecoin will continue to consolidate.

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The analysis is purely informational and does not constitute investment, financial, trading, or any other sort of advice and you should not treat any of Bitvalex's content as such. Bitvalex does not recommend that any cryptocurrency should be bought, sold, or held by you. You are solely responsible to conduct your own due diligence and consult an advisor before making any investment decisions.


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