Bitcoin Shots to A New Yearly Highs in July

Indeed, the flagship cryptocurrency endured a prolonged stagnation period. It traded mostly within a narrow range defined by the $9,000 support and the $9,500 resistance level. But on July 22nd, the bears gave up and could no longer contain Bitcoin from achieving its upside potential. Thus, its price finally broke out of the consolidation phase, indicating that it was the beginning of a new bullish cycle.

As the buying pressure behind Bitcoin rose exponentially, so did its market value. BTC shot up over 20%, smashing through the infamous $10,000 resistance barrier. The high levels of demand were so significant on July 27th that it allowed the pioneer cryptocurrency to rise to a new yearly high of $11,488. This day was the most profitable 24 hours period of the month.

Investors appear to have taken advantage of the bullish price action to realize profits. The spike in selling pressure triggered a 7.9% correction on July 28th, which saw Bitcoin drop to a low of $10,580. As the month came to an end, sidelined investors seem to have re-entered the market, pushing prices back up. BTC was able to close July at $11,343.68, providing a monthly return of 22.86%.

Ethereum Enters Massive Bull Rally

Like Bitcoin, most of Ethereum’s price action took place in the last nine days of July. The smart contracts giant kicked off the month at $225.56 and immediately started making a series of higher highs and higher lows. This price behavior, accompanied by the boom in the DeFi sector and speculation over ETH 2.0, saw many investors grow optimistic about Ether.

Despite the positivism around this altcoin, the $245 resistance level was able to absorb any upward pressure impeding it from advancing further. On July 8th, for instance, Ethereum rose to this hurdle, but it was quickly rejected. The rejection was followed by a 7% correction pushing Ether down to $229.84.

It was not until July 22nd that Ethereum finally turned the $245 resistance wall into support. Moving past this major barrier was the catalyst that triggered FOMO (fear of missing out) among investors. As buy orders began to pile up, the second-largest cryptocurrency by market cap entered an impressive bull rally.

Ethereum skyrocketed by 42.46% to reach a new yearly high of $349.83 on July 31st. Only a few hours before the monthly close, Ether’s price dropped by 0.97%. As a result, ETH was able to end July at $346.42 and provide investors a monthly return of 53.58%.

Further Gains on the Horizon

The price action seen throughout July sent investors into “extreme greed.” Historical data reveals that when greed reigns the crypto market, exhaustion points are reached, followed by steep corrections. Although everything seems to indicate that Bitcoin and Ethereum have entered a new bull market, investors must be aware of the high probability of a retracement.

If this were to happen, market participants would likely take the opportunity to “buy the dip” and grow their long positions. A new influx of capital could propel these cryptocurrencies towards new yearly highs. As the crypto market currently stands, there are more reasons to be bullish than bearish, but it is imperative to use stop-loss orders to avoid adverse conditions.

Konstantin Anissimov, Executive Director at CEX.IO

Bitcoin and Ripple’s XRP Weekly Technical Analysis – August 3rd, 2020

Bitcoin

Bitcoin rallied by 11.11% in the week ending 2nd August. Following on from a 7.77% gain from the previous week, Bitcoin ended the week at $11,053.8.

It was a bullish week for Bitcoin and the broader market. Bitcoin slipped to a Monday intraweek low $9,944.9 before making a move.

Steering clear of the first major support level at $9,339, Bitcoin rallied to a Sunday intraweek high $12,097.0.

Bitcoin broke through the week’s major resistance levels before sliding back to sub-$11,000 levels.

Bitcoin fell back through the third major resistance level at $11,835 and the second major resistance level at $10,800.

Steering well clear of the first major support level at $9,339, however, Bitcoin broke back through the first major resistance level.

5 days in the green that included an 11.01% rally on Monday and 4.01% gain on Saturday delivered the upside for the week. A 6.36% slide on Sunday reversed some of the gains, however.

For the week ahead

Bitcoin would need to avoid a fall through $11,032 pivot to bring the first major resistance level at $12,119 into play.

Support from the broader market would be needed for Bitcoin to break out from last week’s high $12,097.

Barring another extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a breakout, Bitcoin could take a run at the second major resistance level at $13,184.

Failure to avoid a fall through the $11,032 pivot would bring support levels into play.

Barring a broad-based sell-off, Bitcoin should avoid sub-$10,500 levels and the first major support level at $9,967.

At the time of writing, Bitcoin was up by 0.87% to $11,150.0. A mixed start to the week saw Bitcoin fall to an early morning low $10,943 before rising to a high $11,200 on Monday.

Bitcoin left the major support and resistance levels untested at the start of the week.

BTC/USD 03/08/20 Weekly Chart

Ripple’s XRP

Ripple’s XRP surged by 33.50% in the week ending 2nd August. Following on from a 7.8% gain from the previous week, Ripple’s XRP ended the week at $0.28764.

A mixed start to the week saw Ripple’s XRP fall to a Monday intraweek low $0.20949 before making a move.

Steering clear of the first major support level at $0.19669, Ripple’s XRP rallied to a Sunday intraweek high $0.32620.

Ripple’s XRP broke through the major resistance levels sliding back to sub-$0.25 levels.

The pullback saw Ripple’s XRP fall through the third major resistance level at $0.27739 and the second major resistance level at $0.24422.

Finding late support, however, Ripple’s XRP broke back through the second major resistance level to end the week at $0.28 levels.

6-days in the green that included a 12.01% rally on Saturday delivered the upside for the week.

For the week ahead

Ripple’s XRP would need to avoid a fall through the $0.27434 pivot to support a run at the first major resistance level at $0.33950.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from last week’s high $0.32620.

Barring another extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, the second major resistance level at $0.39135 and $0.40 levels could come into play.

Failure to avoid a fall through the $0.27434 pivot would bring the first major support level at $0.22249 into play.

Barring an extended broader-market sell-off, however, Ripple’s XRP should steer of sub-$0.24 levels in the week.

At the time of writing, Ripple’s XRP was up by 2.59% to $0.29510. A mixed start to the week saw Ripple’s XRP fall to an early Monday low $0.28383 before rising to a high $0.29958.

Ripple’s XRP left the major support and resistance levels untested at the start of the week.

XRP/USD 03/08/20 Daily Chart

The Crypto Daily – Movers and Shakers – August 3rd, 2020

Bitcoin, BTC to USD, slid by 6.36% on Sunday. Reversing a 4.01% rally from Saturday, Bitcoin ended the week up by 11.11% to $11,053.8.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $12,097 before hitting reverse.

Bitcoin broke through the first major resistance level at $12,022.8 before sliding to an early morning intraday low $10,548.0.

Bitcoin fell through the first major support level at $11,406.8 and the second major support level at $11,008.9.

Steering clear of the third major support level at $10,392.9, Bitcoin briefly revisited $11,300 levels before easing back.

Bitcoin broke back through the second major support level to limit the loss on the day.

The near-term bullish trend remained intact, supported by the latest move through to $11,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bearish day on Sunday.

Bitcoin Cash ABC (-11.53%), Bitcoin Cash SV (-11.14%), EOS (-10.93%) led the way down.

Cardano’s ADA (-7.16%), Litecoin (-8.02%), and Tron’s TRX (-7.24%) also saw heavy losses

Binance Coin (-3.10%), Ethereum (-3.92%), Monero’s XMR (-5.16%), Ripple’s XRP (-1.25%), Stellar’s Lumen (-4.85%), and Tezos (-4.89%) saw relatively modest losses on the day.

While it was a bearish Sunday, it was a mixed week.

Ripple’s XRP rallied by 33.5% to lead the way.

Bitcoin Cash ABC (+13.82%), Bitcoin Cash SV (+15.09%), Ethereum (+19.52%), and Litecoin (+17.95%) also found strong support.

Binance Coin (+7.10%), EOS (+8.23%), Monero’s XMR (+8.71%), Stellar’s Lumen (+3.29%), and Tron’s TRX (+2.29%) trailed the front runners.

Cardano’s ADA (-9.99%) and Tezos (-3.19%) bucked the trend in the week, however.

In the week, the crypto total market cap rose from a Monday low $284.79bn to a Sunday high $362.06bn. At the time of writing, the total market cap stood at $331.14bn.

Bitcoin’s dominance rose to a Tuesday high 64.58% before sliding to a Sunday low 61.66%. At the time of writing, Bitcoin’s dominance stood at 62.07.

This Morning

At the time of writing, Bitcoin was up by 0.69% to $11,130.5. A mixed start to the day saw Bitcoin fall to an early morning low $10,943.0 before rising to a high $11,169.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a bullish start to the day. Stellar’s Lumen was up by 2.46%, at the time of writing, to lead the way.

BTC/USD 03/08/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $11,233 pivot to support a run at the first major resistance level at $11,918.

Support from the broader market would be needed, however, for Bitcoin to break out from $11,500 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $12,782.

Failure to move through the $11,233 pivot level would bring the first major support level at $10,369 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,500 levels on the day.

 

The Crypto Daily – Movers and Shakers – August 2nd, 2020

Bitcoin, BTC to USD, rallied by 4.01% on Saturday. Following a 2.04% gain on Friday, Bitcoin ended the day at $11,804.7.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $11,227 before making a move.

Steering clear of the first major support level at $11,080, Bitcoin rallied to a late intraday high $11,843.0.

Bitcoin broke through the first major resistance level at $11,530 and the second major resistance level at $11,710.

The near-term bullish trend remained intact, supported by the latest move through to $11,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Saturday.

Ethereum (+11.69%), Ripple’s XRP (+12.06%), and Stellar’s Lumen (+10.76%) led the way.

Bitcoin Cash ABC (+6.05%), Bitcoin Cash SV (+5.97%), EOS (+6.71%), Litecoin (+6.01%), Monero’s XMR (+5.94%), and Tezos (+6.87%) also found strong support.

Binance Coin (+4.64%), Cardano’s ADA (+3.79%), and Tron’s TRX (+3.92%) trailed the front runners on the day.

In the current week, the crypto total market cap rose from a Monday low $285.49bn to a Saturday high $349.72bn. At the time of writing, the total market cap stood at $348.82bn.

Bitcoin’s dominance rose from a Monday low 62.44% to a Tuesday high 64.58% before sliding back. At the time of writing, Bitcoin’s dominance stood at 62.69.

This Morning

At the time of writing, Bitcoin was down by 0.04% to $11,800. A mixed start to the day saw Bitcoin fall to an early morning low $11,788 before rising to a high $11,845.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (+0.09%), Ethereum (+0.45%), Monero’s XMR (+0.30%), Stellar’s Limen (+0.58%), and Tron’s TRX (+0.87%) found early support.

It was a bearish start for the rest of the majors, however, with Litecoin down by 0.87% to lead the way down.

BTC/USD 02/08/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $11,625 pivot to support a run at the first major resistance level at $12,023.

Support from the broader market would be needed, however, for Bitcoin to break out from Saturday’s high $11,843.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $12,241.

Failure to avoid a fall through the $11,625 pivot level would bring the first major support level at $11,407 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $11,009 and sub-$11,000 levels.

The Crypto Daily – Movers and Shakers – August 1st, 2020

Bitcoin, BTC to USD, rallied by 2.04% on Friday. Following a 0.05% gain on Thursday, Bitcoin ended the month up by 24.04% to $11,350.0.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $10,990 before making a move.

Steering clear of the first major support level at $10,923.2, Bitcoin rose to a late afternoon intraday high $11,440.0.

Bitcoin broke through the first major resistance level at $11,255.4 and the second major resistance level at $11,387.8.

A late pullback saw Bitcoin fall back through the resistance levels before finding support.

Bitcoin broke back through the first major resistance level to wrap up the day at $11,350 levels.

The near-term bullish trend remained intact, supported by the latest move through to $11,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Friday.

Binance Coin (+7.76%), Bitcoin Cash SV (+7.19%), and Ripple’s XRP (+6.22%) led the way.

Bitcoin Cash ABC (+2.22%), Ethereum (+3.46%), Litecoin (+2.46%), and Monero’s XMR (+4.39%), also found strong support.

EOS (+1.36%), Stellar’s Lumen (+0.73%), Tezos (+1.44%), and Tron’s TRX (+1.93%) trailed the front runners.

Cardano’s ADA bucked the trend, however, falling by 1.17%.

It was a bullish July for the crypto market.

Cardano’s ADA surged by 67.38% to lead the majors.

Bitcoin Cash SV (+46.21%), Ethereum (+53.82%), Litecoin (+41.45%), Ripple’s XRP (+48.21%), and Stellar’s Lumen (+45.72%) also found strong support.

Binance Coin (+34.44%), Bitcoin Cash ABC (+34.87%), EOS (+30.56%), Monero’s XMR (33.17%), Tezos (+20.69%), and Tron’s TRX (+20.39%) trailed the front runners.

In the current week, the crypto total market cap rose from a Monday low $285.49bn to a Monday high $335.81bn. At the time of writing, the total market cap stood at $326.94bn.

Bitcoin’s dominance rose from a Monday low 62.44% to a Tuesday high 64.58% before easing back. At the time of writing, Bitcoin’s dominance stood at 63.53.

This Morning

At the time of writing, Bitcoin was down by 0.82% to $11,257.0. A mixed start to the day saw Bitcoin rise to an early morning high $11,398 before falling to a low $11,238.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

At the time of writing, Bitcoin Cash ABC (+0.14%), Cardano’s ADA (+0.21%), and Stellar’s Lumen (+0.69%) found early support.

It was a bearish start for the rest of the majors, however. Ripple’s XRP was down by 1.44% to lead the way down.

BTC/USD 01/08/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $11,260 pivot to support a run at the first major resistance level at $11,530.

Support from the broader market would be needed, however, for Bitcoin to break out from Friday’s high $11,440.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $11,710.

Failure to move through the $11,260 pivot level would bring the first major support level at $11,080 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$11,000 levels and the second major support level at $10,810.

The Crypto Daily – Movers and Shakers – July 31st, 2020

Bitcoin, BTC to USD, rose by 0.05% on Thursday. Following on from a 1.70% gain on Wednesday, Bitcoin ended the day at $11,123.0.

A bearish start to the day saw Bitcoin fall to an early afternoon intraday low $10,855.8 before making a move.

Finding support at the first major support level at $10,852, Bitcoin rose to a late high $11,186.1.

Falling well short of the first major resistance level at $11,380, Bitcoin fell back to sub-$11,100 levels and into the red.

Finding late support, however, Bitcoin move struck a final hour intraday high $11,188 before easing back.

In spite of the pullback, Bitcoin closed out the day in the green.

The near-term bullish trend remained intact, supported by the latest move through to $11,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Thursday.

Ethereum rallied by 5.39% to lead the way.

Bitcoin Cash ABC (+2.43%), Bitcoin Cash SV (+1.52%), Litecoin (+2.92%), Monero’s XMR (+2.58%), and Stellar’s Lumen (+1.72%) also found strong support.

Binance Coin (+0.55%), Cardano’s ADA (+0.62%), EOS (+0.90%), Ripple’s XRP (+0.36%), Tezos (+0.90%), and Tron’s TRX (+0.32%) tailed the front runners.

In the current week, the crypto total market cap rose from a Monday low $285.49bn to a Monday high $335.81bn. At the time of writing, the total market cap stood at $321.79bn.

Bitcoin’s dominance rose from a Monday low 62.43% to a Tuesday high 64.57% before easing back. At the time of writing, Bitcoin’s dominance stood at 63.58.

This Morning

At the time of writing, Bitcoin was down by 0.16% to $11,105.0. A mixed start to the day saw Bitcoin rise to an early morning high $11,149.3 before falling to a low $11,100.3.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Binance Coin (+0.51%), Monero’s XMR (+0.22%), and Tezos (+0.01%) bucked the trend early on.

It was a bearish start for the rest of the majors, with Bitcoin Cash SV down by 0.58% to lead the way down.

BTC/USD 31/07/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $11,056 pivot to support a run at the first major resistance level at $11,255.

Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $11,189.2.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $11,388.

Failure to avoid a fall through the $11,056 pivot level would bring the first major support level at $10,923 into play.

Barring an extended crypto sell-off, however, Bitcoin should continue to steer clear of sub-$10,800 levels and the second major support level at $10,723.

Bitcoin’s Bulls Lost Control of the Price Action

The flagship cryptocurrency opened at $10,939.06, but quickly dropped by 0.87% to hit an intraday low of $10,844.34. This price hurdle served as stiff support, which encouraged the bulls to step back into the market. Consequently, Bitcoin started to trend upwards. 

Consistent with the characteristics of an ascending parallel channel, each time BTC rose to the upper boundary of this technical pattern, this resistance barrier was able to reject it, triggering a pullback towards the lower border. From this point, the pioneer cryptocurrency bounced back to the top, and the whole sequence repeated. 

By 21:30 UTC, Bitcoin had surged to hit an intraday high of $11,364.80, representing a 4.80% increase from the daily low previously mentioned. Although many believed that this cryptocurrency was bound to rise towards $12,000, this price hurdle was able to hold and prevented it from advancing further. 

Consequently, BTC retraced and broke below the lower boundary of the ascending parallel channel. Moving past this significant support barrier appears to have caused panic among market participants, which resulted in a 2.28% correction that pushed prices below the $11,000 mark. However, Bitcoin was able to rebound a few minutes before the end of the day to close at $11,078.57, providing investors a daily return of 1.28%. 

Ethereum Provided Miniscule Returns

Like Bitcoin, Ethereum also enjoyed bullish momentum throughout Wednesday, July 29th. Even though it opened the day on a negative posture as its price dropped from $317.19 to $313, the buying pressure increased, allowing it to recover the losses incurred. Indeed, Ether surged by 4.17% to hit an intraday high of $325.99 by 8:30 UTC. 

This price point quickly rejected the upward price action, which caused ETH to retrace by 1.77%. From that point on, the second-largest cryptocurrency by market cap consolidated within a narrow trading range. This consolidation period was defined by the $321.21 support and the $323.60 resistance level. 

Only an hour before the daily close, the $321.21 support level failed to continue holding. As a result, Ethereum took a 1.79% nosedive to trade at $315.73, but a significant number of buy orders were triggered around this level. The smart contracts giant bounced back and closed the day at $318.12 to provide ETH holders a daily return of 0.29%. 

Technical Indexes Flash Sell Signals

The Tom DeMark (TD) sequential indicator continues suggesting that Bitcoin and Ethereum are bound to retrace. On BTC’s 12-hour chart, for instance, the TD recently presented a sell signal in the form of a green nine candlestick. Meanwhile, a bearish formation was provided in the form of an aggressive 13 candlestick on ETH’s 12-hour chart. 

Following the bullish impulse that the top two cryptocurrencies by market cap experienced over the past week, the bearish formations presented by the TD index must be taken seriously. An eventual pullback could help maintain the uptrend of these cryptocurrencies healthy and provide an opportunity for sidelined investors to get back into the market. A new capital influx could propel Bitcoin and Ethereum towards new yearly highs. 

Konstantin Anissimov, Executive Director at CEX.IO

BTC/USD Breaking Weekly Resistance Trend Lines at 10,000

Bitcoin (BTC/USD) is breaking above the weekly resistance trend lines (dotted purple). This could indicate a potential long-term uptrend. What is needed to confirm the breakout?

Price Charts and Technical Analysis

BTC/USD Weekly chart

A strong bullish weekly candle would certainly help. For instance, a bullish close near the high could signal that the bulls remain in control at the close of the week. A weekly candle should also have decent volatility and size. So far, the candle is medium sized. Another confirmation could be 2 bullish weekly candles in a row. A massive sell of and wick on the weekly candle could otherwise indicate a false breakout.

Currently, the uptrend is in full alignment. Price is above the 21 ema zone, which is above long-term MAs (144-233-610). A bullish breakout and continuation is expected at the moment. This could create a wave 3 (light purple) after price completed waves 1-2.

On the 4 hour chart, price needs to develop a bull flag to confirm the bullish outlook. Price remains in clear bullish territory if price action remains above the 50% Fib. A break below the 38.2-50% indicates a deeper retracement. A break below the bottom could indicate a massive false breakout and a return to a consolidation mode.

BTC/USD 4 hour chart

Good trading,

Chris Svorcik

The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter

For a look at all of today’s economic events, check out our economic calendar.

 

Is it a Good Time to Buy Bitcoin?

The swing trade took one month to play out and we had to sit through a lot of noise, but the price structure never turned bearish, even though it appeared questionable at times.

The question everyone is asking: now a good time to buy? And in terms of our long-only swing trade strategy, the answer is NO. Why not? It looks strong now? The risk of retrace after such a move is very high. This is NOT a location that offers attractive reward/risk, even though price appears to be pushing higher.

Now that we are out of our position, we WAIT for the next long setup and this begins with first anticipating an inflection point. At the moment, that point is the 10,400 area. This is the previous range resistance, which is now likely to act as a new support. IF price can retrace to this area, and produce a setup, we will be prompted to share a new swing trade idea. It may find support sooner, but only price action can provide the evidence and there is nothing at the moment except for vertical candles.

This is the herd mentality in action. No one was excited about Bitcoin at 9200, or 9K but now it looks strong again. Markets are irrational and driven by the forces of greed and fear which often lead to the wrong timing. The effective thing to do in such a situation is lock in profits while the buyers are plentiful, even if it is just a portion of the position. Effective behavior and following a set of rules are what produce results, NOT chasing a market after it has made a significant move. Want to learn more? Visit the link to my website which you can find on my profile page.

This article was written by Marc Principato CMT, Executive Director at Greenbridgeinvesting.com.

The Crypto Daily – The Movers and Shakers – July 30th, 2020

Bitcoin, BTC to USD, rose by 1.70% on Wednesday. Reversing a 1.02% fall from Tuesday, Bitcoin ended the day at $11,117.

It was another mixed start to the day. Bitcoin fell to an early morning intraday low $10,851 before making a move.

Steering clear of the first major support level at $10,594, Bitcoin rallied to a late intraday high $11,355.

Bitcoin broke through the first major resistance level at $11,267 before easing back to sub-$11,200 levels.

The late pullback saw Bitcoin fall back through the first major resistance level at $11,267.

The near-term bullish trend remained intact, supported by the latest move through to $11,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Wednesday.

Cardano’s ADA slid by 6.46% to lead the way down.

Bitcoin Cash SV (-2.54%), Monero’s XMR (-2.76%), and Stellar’s Lumen (-2.36%) also saw relatively heavy losses.

Binance Coin (-1.53%), Bitcoin Cash ABC (-1.06%), Litecoin (-1.20%), Tezos (-1.88%) and Tron’s TRX (-0.12%) saw more modest losses on the day.

It was a bullish day for the rest of the majors, however.

Ripple’s XRP rallied by 5.57% to lead the way.

EOS (+0.79%) and Ethereum (+0.20%) also found support.

In the current week, the crypto total market cap rose from a Monday low $285.49bn to a Monday high $335.81bn. At the time of writing, the total market cap stood at $318.81bn.

Bitcoin’s dominance rose from a Monday low 62.43% to a Tuesday high 64.57% before easing back. At the time of writing, Bitcoin’s dominance stood at 64.14.

This Morning

At the time of writing, Bitcoin was down by 0.35% to $11,077.8. A bearish start to the day saw Bitcoin fall from an early morning high $11,117.4 to a low $11,004.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

At the time of writing, Monero’s XMR and Bitcoin Cash SV were up by 1.04% and 0.92% respectively to lead the way.

Binance Coin (+0.05%), Ethereum (+0.16%), and Stellar’s Lumen (+0.23%) also found early support.

It was a bearish start for the rest of the majors, with Ripple’s XRP down by 1.10% to lead the way down.

BTC/USD 30/07/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $11,116 pivot to support a run at the first major resistance level at $11,380.

Support from the broader market would be needed, however, for Bitcoin to break out from Wednesday’s high $11,355.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $11,601.

Failure to move through the $11,116 pivot level would bring the first major support level at $10,852 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,800 levels and the second major support level at $10,588.

The Crypto Daily – Movers and Shakers – July 29th, 2020

Bitcoin, BTC to USD, fell by 1.02% on Tuesday. Following Monday’s 11.01% breakout, Bitcoin ended the day at $10,932.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $11,263 before hitting reverse.

Falling short of the first major resistance level at $11,634, Bitcoin fell to a late morning intraday low $10,590.

Steering clear of the first major support level at $10,200, Bitcoin moved back through to $11,200 levels.

A bearish end to the day, however, saw Bitcoin give up the $11,000 handle to end the day in the red.

The near-term bullish trend remained intact, supported by the latest run at $11,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Tuesday.

Ethereum joined Bitcoin in the red, with a 1.49% loss.

It was a bullish day for the rest of the majors, however.

Bitcoin Cash ABC and Cardano’s ADA led the way, with gains of 7.54% and 7.83% respectively.

Bitcoin Cash SV (+3.73%), EOS (+5.06%), Litecoin (+4.61%), Monero’s XMR (+3.77%), and Stellar’s Lumen (+3.66%) also found strong support.

Binance Coin (+2.27%), Ripple’s XRP (+2.67%), Tezos (+0.47%), and Tron’s TRX (+2.26%) trailed the front runners.

At the start of the week, the crypto total market cap rose from a Monday low $285.49bn to a high $335.80bn. At the time of writing, the total market cap stood at $315.11bn.

Bitcoin’s dominance rose from a Monday low 62.43% to a Tuesday high 64.57% before easing back. At the time of writing, Bitcoin’s dominance stood at 63.88%.

This Morning

At the time of writing, Bitcoin was down by 0.06% to $10,925. A mixed start to the day saw Bitcoin rise to an early morning high $10,994 before falling to a low $10,915.6.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day. Tezos was up by 0.10%, at the time of writing, to buck the trend.

It was a bearish start for the rest of the majors, however.

Cardano’s ADA was down by 1.85% to lead the way down.

BTC/USD 29/07/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the $10,928 pivot to support a run at the first major resistance level at $11,267.

Support from the broader market would be needed, however, for Bitcoin to break back through to $11,200 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $11,263 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $11,601.

Failure to move back through the $10,928 pivot level would bring the first major support level at $10,594 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer well clear of the second major support level at $10,255.

Bitcoin and Cardano’s ADA Weekly Technical Analysis – July 27th, 2020

Bitcoin

Bitcoin rose by 7.77% in the week ending 26th July. Reversing a 0.95% decline from the previous week, Bitcoin ended the week at $9,948.4.

It was another bearish start to the week. Bitcoin fell to a Monday intraweek low $9,154.5 before making a move.

Steering clear of the first major support level at $9,055, Bitcoin rallied to a Sunday intraweek high $10,190.

Bitcoin broke through the week’s major resistance levels before falling back to sub-$9,900 levels.

Finding support at the third major resistance level at $9,849, Bitcoin wrapped up the week at $9,900 levels.

5 days in the green that included 2.43% rally on Monday and 2.40% gain on Friday delivered the upside for the week.

For the week ahead

Bitcoin would need to avoid a fall through $9,764 pivot to bring the first major resistance level at $10,374 into play.

Support from the broader market would be needed for Bitcoin to break out from last week’s high $10,190.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a breakout, Bitcoin could take a run at the second major resistance level sits at $10,800.

Failure to avoid a fall through the $9,764 pivot would bring support levels into play.

A pullback through to sub-$9,500 levels would bring the first major support level at $9,339 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer well clear of sub-$9,000 levels.

At the time of writing, Bitcoin was up by 1.36% to $10,084. A bullish start to the week saw Bitcoin rise from an early morning low $9,944.9 to a high $10,095 on Monday.

Bitcoin left the major support and resistance levels untested at the start of the week.

BTC/USD 27/07/20 Daily Chart

Cardano’s ADA

Cardano’s ADA jumped by 19.80% in the week ending 26th July. Reversing a 2.23% loss from the previous week, Cardano’s ADA ended the week at $0.1487.

It was a bearish start to the week. Cardano’s ADA fell to a Monday intraweek low $0.11492 before finding support.

Finding support at the first major support level at $0.11503, Cardano’s ADA rallied to a Sunday intraweek high $0.162496.

Cardano’s ADA broke through the first major resistance level at $0.13503 and the second major resistance level at $0.14596.

Coming within range of the third major resistance level at $0.16596 and 38.2% FIB of $0.1652, Cardano’s ADA slid back to sub-$0.14 levels.

The pullback saw Cardano’s ADA fall back through the third major resistance level at $0.16596 and second major resistance level at $0.14596.

Finding late support, however, Cardano’s ADA revisited $0.15 levels before easing back. The second major resistance level pinned Cardano’s ADA back on Sunday.

5-days in the green that included a 17.60% rally on Saturday delivered the upside for the week.

For the week ahead

Cardano’s ADA would need to avoid a fall through the $0.1420 pivot to support a run at 38.2% FIB of $0.1652 and the first major resistance level at $0.1691.

Support from the broader market would be needed, however, for Cardano’s ADA to break back through to $0.16 levels.

Barring another extended crypto rally, the first major resistance level and 38.2% FIB would likely cap any upside.

In the event of another breakout, the second major resistance level at $0.1896 and $0.20 levels could come into play.

Failure to avoid a fall through the $0.1420 pivot would bring the first major support level at $0.1216 into play.

Barring an extended broader-market sell-off, however, Cardano’s ADA should steer of sub-$0.12 levels and the 23.6% FIB of $0.1125.

At the time of writing, Cardano’s ADA was down by 1.91% to $0.14583. A bearish start to the week saw Cardano’s ADA fall from an early Monday high $0.15248 to a low $0.14285.

Cardano’s ADA left the major support and resistance levels untested at the start of the week.

ADA/USD 27/07/20 Daily Chart

The Crypto Daily – Movers and Shakers – July 27th, 2020

Bitcoin, BTC to USD, rose by 2.40% on Sunday. Following on from a 1.63% gain on Saturday, Bitcoin ended the week up by 7.77% to $9,948.4.

It was another mixed start to the day. Bitcoin slipped to an early morning intraday low $9,674.8 before rallying to a late morning intraday high $10,190.0.

Bitcoin broke through the day’s major resistance levels before falling back to sub-$9,900 levels.

The pullback saw Bitcoin fall back through the third major resistance level at $10,073 and the second major resistance level at $9,874.

Finding late support, however, Bitcoin broke back through the second major resistance level to end the day at $9,900 levels.

Resistance at $10,000 pinned Bitcoin back through the 2nd half of the day.

The near-term bullish trend remained intact in spite of the early July pullback to sub-$9,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Sunday.

Monero’s XMR rallied by 6.16% to lead the way.

Cardano’s ADA (+3.43%), Ethereum (+1.90%), and Ripple’s XRP (+0.28%) also joined Bitcoin in the green.

It was a bearish day for the rest of the majors, however.

Bitcoin Cash SV (-2.93%), Litecoin (-2.21%), and Tezos (-2.22%) led the way down.

Binance Coin (-1.31%), Bitcoin Cash ABC (-1.29%), EOS (-0.60%), Stellar’s Lumen (-1.42%), and Tron’s TRX (-0.99%) also struggled.

It was also a mixed week for the majors.

Stellar’s Lumen fell by 0.99% to buck the trend for the week.

It was a bullish week for the rest of the majors, however, with Ethereum surging by 30.13% to lead the way.

Bitcoin Cash ABC (+11.20%), Cardano’s ADA (+19.80%), Litecoin (+12.77%), and Monero’s XMR (+13.35%) also found strong support.

Binance Coin (+8.66%), Bitcoin Cash SV (+9.46%), EOS (+4.88%), Ripple’s XPR (+7.80%), Tezos (+0.18%), and Tron’s TRX (+5.73%) trailed the front runners.

In the week, the crypto total market cap fell to a Monday low $262.70bn before hitting a Sunday high $305.28bn. At the time of writing, the total market cap stood at $295.57bn.

Bitcoin’s dominance rose to a Tuesday high 64.08% before sliding to a Sunday low 61.62%. At the time of writing, Bitcoin’s dominance stood at 62.40%.

This Morning

At the time of writing, Bitcoin was up by 0.55% to $10,003.0. A mixed start to the day saw Bitcoin fall to an early morning low $9,944.9 before striking a high $10,007.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

At the time of writing, Binance Coin and Tezos bucked the trend, with losses of 0.77% and 1.30% respectively.

It was a bullish start for the rest of the majors.

Ethereum was up by 1.79% to lead the way early on.

BTC/USD 27/07/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $9,938 pivot to support a run at the first major resistance level at $10,201.

Support from the broader market would be needed, however, for Bitcoin to break back through to $10,100 levels.

Barring another extended crypto rally, the first major resistance level and Sunday’s high $10,190 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $10,453.

Failure to avoid a fall through the $9,938 pivot level would bring the first major support level at $9,686 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer well clear of the second major resistance level at $9,423.

The Pound Reacts to New Stimulus Plan that Aims to Jump-Start the Economy

The Organization for Economic Co-operation and Development (OECD) said that the UK’s economy is going to plunge by 11.5% throughout this year. Still, it could get worse if there were a second wave of COVID-19 infections. If this were to happen, the economy could compress further in the months to come leading to 2021.

Given the concerning projections, chancellor Rishi Sunak rolled out a new plan that is set to jump-start the economy by supporting jobs and businesses. The idea behind the fresh measures is to ensure that the “economic recovery is as strong and as swift as possible.”

The plan provides a clear path around protecting, supporting, and creating new jobs to boost the confidence of employers. But it fails to address how it will improve the day-to-day lives of the British people. In fact, there are no mentions regarding funding for public schools, transportation, and cultural amenities, such as museums, galleries, public parks, and others.

With lockdown measures easing in the UK, investors are growing hopeful about a further economic recovery. This sense of optimism was barely interrupted on Monday, July 13th, after the governor of the Bank of England Andrew Bailey said to be “very worried” about jobs across the nation. Following the banker’s speech, the Pound crashed by 1.47% to hit a low of $1.248 on July 14th, but investors’ confidence did not fade away.

The GBP/USD exchange rate has been able to recover since then surging over 1.70% to trade at $1.272 as of July 23rd. While Sterling seems to have more room to go up, there is a massive resistance barrier sitting ahead of it. The Pound must break through $1.275 to retest June 10th high of $1.281 or even reach the next hurdle at $1.301.

Given the uncertainty around Britain’s economy, investors might be able to hedge against potential risks with Bitcoin. The flagship cryptocurrency recently moved past the $9,400 resistance wall and made a higher high for the first time since June. If the buying pressure behind BTC continues to rise, it would likely take another shot at the infamous $10,000 hurdle. Moving past this area of resistance increases the odds for new yearly highs.

Everything will depend on Bitcoin’s ability to stay above the $8,900 support level.

Expectations Grow Around the Pound

Sterling was able to recover strongly following March’s market meltdown. The new fiscal stimulus recently announced and hopes for a vaccine against COVID-19 also seems to have helped propel the Pound higher. While the risks of Brexit talks and rising tensions with China are still relevant, GBP might be able to weather the storm against the US dollar.

Given the current economic outlook with the Federal Reserve adding more liquidity into the market, traders must watch out for the $1.275 resistance level since it may allow the Pound to advance further. If sell orders begin to pile up, however, Sterling might retrace to $1.253.

Under such circumstances, the two crucial price hurdles ahead of the Pound are the $1.275 resistance and the $1.266 support level. Moving above or below these critical price levels will determine where the GBP/USD exchange rate is headed next.

For a look at all of today’s economic events, check out our economic calendar.

Konstantin Anissimov, Executive Director at CEX.IO

The Crypto Daily – Movers and Shakers – July 26th, 2020

Bitcoin, BTC to USD, rose by 1.63% on Saturday. Reversing a 0.58% loss from Friday, Bitcoin ended the day at $9,714.9.

It was bullish day, with Bitcoin rallying from an early morning intraday low $9,555.5 to a late intraday high $9,754.5.

Bitcoin broke through the first major resistance level at $9,645.5 and second major resistance level at $9,731.9 before easing back.

A late pullback saw Bitcoin fall back to sub-$9,700 levels before wrapping up the day at $9,700 levels.

The near-term bullish trend remained intact in spite of the early July pullback to sub-$9,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Saturday.

Cardano’s ADA rallied by 17.76% to lead the way.

Bitcoin Cash ABC (+6.00%), Bitcoin Cash SV (+7.59%), Ethereum (+9.30%), and Litecoin (+11.43%) also made strong gains.

Binance Coin (+3.38%), EOS (+4.99%), Monero’s XMR (+2.55%), Ripple’s XRP (+5.23%), Stellar’s Lumen (+4.71%), Tezos (+0.89%), and Tron’s TRX (+3.98%) trailed the front runners.

In the current week, the crypto total market cap fell to a Monday low $262.70bn before hitting a Saturday high $291.48bn. At the time of writing, the total market cap stood at $287.68bn.

Bitcoin’s dominance rose to a Tuesday high 64.08% before sliding to a Saturday low 61.70%. At the time of writing, Bitcoin’s dominance stood at 62.07%.

This Morning

At the time of writing, Bitcoin was down by 0.19% to $9,696.5. A mixed start to the day saw Bitcoin rise to an early morning high $9,722.8 before falling to a low $9,690.4.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

At the time of writing, Bitcoin Cash ABC (+0.92%) and Bitcoin Cash SV (+0.33%) bucked the trend early on.

It was a bearish start for the rest of the majors, however.

Stellar’s Lumen was down by 1.35% to lead the way down early on.

https://www.tradingview.com/x/ztgae3yU/

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $9,675 pivot to support a run at the first major resistance level at $9,794.

Support from the broader market would be needed, however, for Bitcoin to break out from Saturday’s high $9,754.5.

Barring another extended crypto rally, the first major resistance level and Saturday’s high would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,874 and resistance at $10,000. The third major resistance level sits at $10,073.

Failure to avoid a fall through the $9,675 pivot level would bring the first major support level at $9,595 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major resistance level at $9,476.

The Crypto Daily – Movers and Shakers – July 25th, 2020

Bitcoin, BTC to USD, fell by 0.58% on Friday. Reversing a 0.60% gain from Thursday, Bitcoin ended the day at $9,559.1.

It was a bearish start to the day. Bitcoin fell to a mid-morning intraday low $9,469.7 before making a move.

The pullback saw Bitcoin fall through the first major support level at $9,498.20.

Finding support through the afternoon, Bitcoin rallied to a late intraday high $9,644.0 before hitting reverse.

Falling short of the first major resistance level at $9,708.6, Bitcoin fell back to sub-$9,600 levels to end the day in the red.

The near-term bullish trend remained intact in spite of the early July pullback to sub-$9,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Friday.

Binance Coin (+2.24%), Ethereum (+1.46%), and Tron’s TRX (+0.16%) bucked the trend on the day.

It was a bearish day for the rest of the majors, however.

Tezos slid by 5.00% to lead the way down.

Bitcoin Cash SV (-2.47%), EOS (-1.99%), Ripple’s XRP (-2.07%), and Stellar’s Lumen (-2.98%) also struggled.

Bitcoin Cash ABC (-0.55%), Cardano’s ADA (-1.78%), Litecoin (-1.82%), and Monero’s XMR (-1.74%) saw relatively modest losses.

In the current week, the crypto total market cap fell to a Monday low $262.70bn before hitting a Thursday high $286.03bn. At the time of writing, the total market cap stood at $280.82bn.

Bitcoin’s dominance rose to a Tuesday high 64.08% before sliding to a Friday low 62.46%. At the time of writing, Bitcoin’s dominance stood at 62.76%.

This Morning

At the time of writing, Bitcoin was up by 0.10% to $9,568.6. A bullish start to the day saw Bitcoin rise from an early morning low $9,559.0 to a high $9,572.5

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash ABC (-0.22%), Bitcoin Cash SV (-0.19%), and Monero’s XMR (-0.04%) saw red to buck the trend early on.

It was a bullish start to the day for the rest of the majors, however.

At the time of writing, Cardano’s ADA was up by 2.22% to lead the way.

BTC/USD 25/07/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $9,558 pivot to support a run at the first major resistance level at $9,646.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,600 levels.

Barring an extended crypto rally, the first major resistance level and Friday high $9,644 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,732 before any pullback.

Failure to avoid a fall through the $9,558 pivot level would bring the first major support level at $9,471 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major resistance level at $9,383.

The Crypto Daily – The Movers and Shakers – July 24th, 2020

Bitcoin, BTC to USD, rose by 0.60% on Thursday. Following on from a 1.65% rally on Wednesday, Bitcoin ended the day at $9,615.0.

It was a bearish first half of the day. Bitcoin fell to an early afternoon intraday low $9,475.0 before making a move.

Steering clear of the first major support level at $9,361, Bitcoin rallied to a late afternoon intraday high $9,685.4.

Bitcoin came within range of the first major resistance level at $9,698.4 before falling back to sub-$9,600 levels.

Finding late support, however, Bitcoin moved back through to $9,600 levels to deliver the upside on the day.

The near-term bullish trend remained intact in spite of the early July pullback to sub-$9,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Thursday.

Binance Coin and Ethereum rallied by 3.64% and by 4.31% respectively to lead the way.

Bitcoin Cash SV (+0.02%), Cardano’s ADA (+0.38%), Monero’s XMR (+2.54%), Ripple’s XRP (+2.30%), Stellar’s Lumen (+0.88%), and Tezos (+2.54%) also found support.

Bitcoin Cash ABC (-0.48%), EOS (-0.43%), Litecoin (-0.18%), and Tron’s TRX (-0.48%) bucked the trend on the day.

In the current week, the crypto total market cap fell to a Monday low $262.70bn before rising to a Thursday high $286.03bn. At the time of writing, the total market cap stood at $281.11n.

Bitcoin’s dominance rose to a Tuesday high 64.08% before sliding to a Thursday low 62.47. At the time of writing, Bitcoin’s dominance stood at 62.93%.

This Morning

At the time of writing, Bitcoin was down by 0.24% to $9,592.0. A bearish start to the day saw Bitcoin fall from an early morning high $9,615.5 to a low $9,585.7.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was another mixed start to the day. At the time of writing, Binance Coin was up by 0.04% to buck the trend.

It was a bearish start for the rest of the majors, with Tezos down by 1.36% to lead the way down.

BTC/USD 24/07/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $9,592 pivot to support a run at the first major resistance level at $9,709.

Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $9,685.4.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,802.2 before any pullback.

Failure to avoid a fall back through the $9,592 pivot level would bring the first major support level at $9,500 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer well clear of sub-$9,300 levels. The second major resistance level at $9,381.4 should limit any downside.

The Crypto Daily – Movers and Shakers – July 22nd, 2020

Bitcoin, BTC to USD, rallied by 2.43% on Tuesday. Reversing a 0.56% decline from Monday, Bitcoin ended the day at $9.402.0.

It was a bullish start to the day. Bitcoin rallied from an early morning intraday low $9,174.4 to an early afternoon intraday high $9,457.2.

Bitcoin broke through the major resistance levels before falling back to $9,340 levels.

The pullback saw Bitcoin fall through the third major resistance level at $9,358.03 before returning to $9,400 levels.

Resistance at $9,400 capped the upside late in the day.

The near-term bullish trend remained intact in spite of the early July pullback to sub-$9,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Tuesday.

Tezos led the way, rallying by 9.29%.

Bitcoin Cash SV (+5.60%), Cardano’s ADA (+4.66%), Ethereum (+4.13%), Litecoin (+4.53%), also found strong support.

Binance Coin (+1.43%), Bitcoin Cash ABC (+2.60%), EOS (+2.32%), Monero’s XMR (+0.68%), Ripple’s XRP (+2.53%), Stellar’s Lumen (+2.59%), and Tron’s TRX (+2.42%) trailed the front runners.

At the start of the week, the crypto total market cap fell to a Monday low $262.70bn before striking a Tuesday high $274.62bn. At the time of writing, the total market cap stood at $270.71bn.

Bitcoin’s dominance fell to a Monday low 63.20% before rising to a Tuesday high 64.08%. At the time of writing, Bitcoin’s dominance stood at 63.76%.

This Morning

At the time of writing, Bitcoin was down by 0.30% to $9,373.9. A bearish start to the day saw Bitcoin fall from an early morning high $9,402.1 to a low $9,373.9.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day. Monero’s XMR bucked the trend at the time of writing, rising by 0.03%.

It was bearish for the rest of the majors, with Tezos down by 1.60% to lead the way down.

BTC/USD 22/07/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $9,345 pivot to support a run at the first major resistance level at $9,515.

Support from the broader market would be needed, however, for Bitcoin to break out from Tuesday’s high $9,457.2.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,627 before any pullback.

Failure to avoid a fall through the $9,345 pivot level would bring the first major support level at $9,232 into play.

Barring an extended crypto sell-off, however, Bitcoin should avoid sub-$9,100 levels. The second major resistance level sits at $9,062.

BTC/USD Resting at Long-term Resistance with Strong Bull Support

Bitcoin (BTC) versus the US Dollar (USD) is building a consolidation zone before the long-term resistance trend lines. A bullish breakout could restart the long-term uptrend.

Weekly chart

BTC/USD Weekly chart

The BTC/USD breakout needs to be followed by a bull flag or triangle pattern to avoid any false breakouts. In that case, the nex push higher could retest the previous high and become a potential wave 3 (purple) if price can break the top. So far, two waves 1-2 seem to be completed.

A bearish bounce at the resistance could create an inverted head and shoulders reversal chart pattern. A bullish bounce is expected at support. Only a break below the previous would invalidate (red x) the bullish outlook.

BTC/USD Weekly Chart

Good trading,

Chris Svorcik

The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter

For a look at all of today’s economic events, check out our economic calendar.

 

 

Forex Technical Analysis & Forecast for July 20, 2020

EURUSD, “Euro vs US Dollar”

EURUSD is moving not far from the upside border of a wide consolidation range. Possibly, today the pair may update 1.1455 and then fall towards the downside border at 1.1350. After that, the instrument may grow towards 1.1395. If later the price breaks this range to the upside, the market may resume trading upwards to reach 1.1550; if to the downside – start a new decline with the target at 1.1250.

EURUSD

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is still consolidating around 1.2550. Today, the pair may trade downwards to reach 1.2477 and then resume growing to test 1.2550 from below. Later, the market may start a new decline with the target at 1.2450.

GBPUSD

USDRUB, “US Dollar vs Russian Ruble”

After breaking 71.31 to the upside, USDRUB is expected to continue the correction towards 72.20. Possibly, today the pair may reach this level and then fall to break 71.28. Later, the market may continue trading downwards with the target at 70.00.

USDRUB

USDJPY, “US Dollar vs Japanese Yen”

After finishing the ascending wave and reaching the target at 107.50, USDJPY is expected to continue growing towards 107.60 and then form a new descending structure to break 107.06. After that, the instrument may continue trading inside the downtrend with the target at 106.60.

USDJPY

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is still consolidating around 0.9444. Possibly, the pair may fall to reach 0.9370 and then grow to break 0.9444. Later, the market may continue trading upwards with the target at 0.9474.

USDCHF

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is still consolidating around 0.6982. Today, the pair may fall towards 0.6944 and then return to test 0.6982 from below. Later, the market may resume trading downwards to break 0.6944 and then continue falling with the target at 0.6900.

AUDUSD

BRENT

Brent is still correcting towards 42.58. The main scenario suggests that the price may complete this correction and grow with the target at 43.23. After that, the instrument may start a new decline towards 42.95 and then form one more ascending structure to break 43.50. Later, the market may continue trading upwards to reach 44.44.

BRENT

XAUUSD, “Gold vs US Dollar”

Gold is still consolidating around 1803.50. Possibly, today the pair may test this level from above and then form one more ascending structure towards 1812.97. Later, the market may start another decline to return to 1803.50 and then resume trading upwards with the target at 1819.22.

GOLD

BTCUSD, “Bitcoin vs US Dollar”

After finishing the ascending wave at 9212.00, BTCUSD is trading downwards to reach 9136.00. After that, the instrument may resume trading upwards to complete this wave at 9300.00. Later, the market may resume falling to break 9000.00 and then continue moving inside the downtrend with the target at 8700.00.

BITCOIN

S&P 500

The S&P 500 Index is consolidating above 3200.5. Possibly, the asset may break this level to the downside and continue the correction towards 3111.1. However, if the price grows and breaks 3235.5, the market may continue trading upwards to reach 3300.3 and then start a new decline with the target at 3111.1.

S&P 500

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.