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

Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – August 3rd, 2020

Litecoin

Litecoin slid by 8.02% on Sunday. Reversing a 6.01% rally from Saturday, Litecoin ended the week up by 17.95% to $56.77.

It was a mixed start to the day. Litecoin rallied to an early morning intraday high $65.31 before hitting reverse.

Litecoin broke through the first major resistance level at $63.51 before tumbling to an early morning intraday low $52.70.

The second major resistance level at $65.29 capped the upside in the early morning.

Litecoin fell through the first major support level at $58.79 and the second major support level at $55.85.

Avoiding sub-$55 support levels, Litecoin briefly revisited $59 levels before falling back through the first and second major support levels.

A late move back through the second major support level reduced the deficit on the day.

At the time of writing, Litecoin was up by 0.93% to $57.30. A mixed start to the day saw Litecoin fall to an early morning low $55.72 before striking a high $57.60.

Litecoin left the major support and resistance levels untested early in the day.

LTC/USD 03/08/20 Hourly Chart

For the day ahead

Litecoin would need to move through the $58.26 pivot to support a run at the first major resistance level at $63.82.

Support from the broader market would be needed, however, for Litecoin to break back through to $60 levels.

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

Failure to move through the $58.26 pivot would bring the 23.6% FIB of $54 and the first major support level at $51.21 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$50 levels. The second major support level sits at $45.65.

Looking at the Technical Indicators

First Major Support Level: $51.21

First Major Resistance Level: $63.82

23.6% FIB Retracement Level: $54

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen slid by 4.85% on Sunday. Partially reversing a 10.76% rally from Saturday, Stellar’s Lumen ended the week up by 3.29% to $0.10265.

A mixed start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.11585 before hitting reverse.

Stellar’s Lumen broke through the first major resistance level at $0.11191 before sliding to an early morning intraday low $0.090025.

The reversal saw Stellar’s Lumen fall through the first major support level at $0.10029 and the second major support level at $0.092920 and 23.6% FIB of $0.0928.

Finding support, Stellar’s Lumen briefly revisited $0.1075 levels before falling back through the first major support level to sub-$0.10 levels.

Finding late support, however, Stellar’s Lumen moved back through the first major support level to reduce the deficit.

At the time of writing, Stellar’s Lumen was up by 2.21% to $0.10492. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.10199 before striking a high $0.10573.

Stellar’s Lumen left the major support and resistance levels untested early on.

XLM/USD 03/08/20 Hourly Chart

For the day ahead

Stellar’s Lumen would need to avoid a fall back through the $0.10284 pivot to support a run at the first major resistance level at $0.11566.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.11 levels.

Barring a broad-based crypto rally, the first major resistance level would likely limit any upside.

Failure to avoid a fall back through the $0.0.10284 pivot would bring the first major support level at $0.08983 into play.

Barring another extended crypto sell-off, however, Stellar’s Lumen should steer of sub-$0.090 levels on the day.

The 23.6% FIB of $0.09280 should limit any downside on the day.

Looking at the Technical Indicators

First Major Support Level: $0.08983

First Major Resistance Level: $0.11566

23.6% FIB Retracement Level: $0.09960

38% FIB Retracement Level: $0.14336518

62% FIB Retracement Level: $0.2050

Tron’s TRX

Tron’s TRX slid by 7.24% on Sunday. Reversing a 3.92% gain from Saturday, Tron’s TRX ended the week up by 2.29% to $0.019013.

Tracking the broader market, Tron’s TRX rallied to an early morning intraday high $0.021237 before hitting reverse.

Coming up against the first major resistance level at $0.02101, Tron’s TRX tumbled to an early intraday low $0.017800.

Tron’s TRX fell through the first major support level at $0.01969 and the second major support level at $0.01892.

Steering clear of the third major support level at $0.01760, Tron’s TRX revisited $0.01960 levels before sliding back.

The first major support level pinned Tron’s TRX back.

At the time of writing, Tron’s TRX was up by 1.90% to $0.019375. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.018847 before rising to a high $0.019375.

Tron’s TRX left the major support and resistance levels untested early on.

TRX/USD 03/08/20 Hourly Chart

For the Day Ahead

Tron’s TRX would need to avoid a fall back through the $0.01935 pivot level to support a run at the first major resistance level at $0.02090.

Support from the broader market would be needed, however, for Tron’s TRX to break out back through to $0.020 levels.

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

Failure to avoid a fall back through the $0.01935 pivot level would bring the first major support level at $0.01746 into play.

Barring another extended crypto sell-off, however, Tron’s TRX should avoid a return to sub-$0.018 levels on the day.

Looking at the Technical Indicators

First Major Support Level: $0.01746

First Major Resistance Level: $0.02090

23.6% FIB Retracement Level: $0.0322

38.2% FIB Retracement Level: $0.0452

62% FIB Retracement Level: $0.0663

Please let us know what you think in the comments below

Thanks, Bob

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.

 

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 3rd, 2020

EOS

EOS slid by 10.93% on Sunday. Reversing a 6.71% gain from Saturday, EOS ended the week up by 8.23% to $2.9409.

It was a choppy start to the day. EOS rose to an early morning intraday high $3.4852 before hitting reverse.

EOS broke through the first major resistance level at $3.4029 before tumbling to an early morning intraday low $2.4884.

The sell-off saw EOS slide through the day’s major support levels before briefly revisiting $3.0 levels.

EOS moved back through the third major support level at $2.7121 and the second major support level at $2.9748.

It was a bearish 2nd half of the day, however. EOS fell back through the second major support level to end the day in the deep red.

At the time of writing, EOS was up by 0.75% to $2.9631. A mixed start to the day saw EOS fall to an early morning low $2.9022 before rising to a high $2.9631.

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

EOS/USD 03/08/20 Hourly Chart

For the day ahead

EOS would need to move through the $2.9715 pivot level to support a run at the first major resistance level at $3.4546.

Support from the broader market would be needed, however, for EOS to break back through to $3.40 levels.

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

Failure to move through the $2.9715 pivot would bring the first major support level at $2.4578 into play.

Barring an extended sell-off, EOS should steer well clear of the second major support level at $1.9747.

Looking at the Technical Indicators

First Major Support Level: $2.4578

Pivot Level: $2.9715

First Major Resistance Level: $3.4546

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 3.92% on Sunday. Partially reversing an 11.69% rally from Saturday, Ethereum ended the week up by 19.52% to $371.21.

Tracking the broader market, Ethereum rallied to an early morning intraday high $415.00 before hitting reverse.

Ethereum broke through the first major resistance level at $406.35 before tumbling to an early morning intraday low $325.75.

The selloff saw Ethereum fall through the first major support level at $356.1 before finding support.

More significantly, Ethereum also fell through the 38.2% FIB of $367 before the partial recovery.

Ethereum moved back through to $389 levels before falling back to end the day at sub-$380.

At the time of writing, Ethereum was up by 1.00% to $375.93. A mixed start to the day saw Ethereum fall to an early morning low $366.34 before rising to a high $376.63.

While leaving the major support and resistance levels untested, Ethereum found support at the 38.2% FIB of $367 early on.

ETH/USD 03/08/20 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the $371 pivot to support a run at the first major resistance level at $416.22.

Support from the broader market would be needed, however, for Ethereum to break out form Saturday’s high $415.00.

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

A fall through the $371 pivot would bring the first major support level at $326.97 into play.

Barring another extended sell-off, however, Ethereum should steer well clear of the second major support level at $281.74.

Looking at the Technical Indicators

First Major Support Level: $326.97

Pivot Level: $371

First Major Resistance Level: $416.22

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP fell by 1.25% on Sunday. Following a 12.06% rally on Saturday, Ripple’s XRP ended the week up by 33.50% to $0.28764.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.3262 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.3071 and the second major resistance level at $0.3233.

The reversal saw Ripple’s XRP slide through the first major support level at $0.2653 to an intraday low $0.24158.

Steering clear of sub-$0.24 support levels, Ripple’s XRP revisited $0.30 levels before falling back into the red.

In spite of the bearish day, Ripple’s XRP moved back through the first major support level to limit the loss.

At the time of writing, Ripple’s XRP was up by 2.95% to $0.29612. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.28383 before rising to a high $0.29661.

Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 03/08/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2851 pivot to support a run at the first major resistance level at $0.3287.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Saturday’s high $0.3262.

Barring another broad-based crypto rally, the first major resistance level should cap any upside.

In the event of a breakout, Ripple’s XRP could make a run at the second major resistance level at $0.0.3698.

Failure to avoid a fall through the $0.2851 pivot would bring the first major support level at $0.2441 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.24 levels, however.

Looking at the Technical Indicators

First Major Support Level: $0.24441

Pivot Level: $0.2851

First Major Resistance Level: $0.3287

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

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.

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 1st, 2020

EOS

EOS rose by 1.36% on Friday, Following on from a 0.90% gain on Thursday, EOS ended the month up by 30.56% to $3.0950.

It was a mixed start to the day. EOS fell to an early morning intraday low $3.0163 before making a move.

Steering clear of the first major support level at $2.9763, EOS rallied to a late afternoon intraday high $3.1481

EOS broke through the first major resistance level at $3.1191 before easing back to sub-$3.10 levels.

At the time of writing, EOS was down by 0.17% to $3.0896. A mixed start to the day saw EOS rise to an early morning high $3.1155 before falling to a low $3.0896.

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

EOS/USD 01/08/20 Hourly Chart

For the day ahead

EOS would need to avoid a fall through the $3.0865 pivot level to support a run at the first major resistance level at $3.1566.

Support from the broader market would be needed, however, for EOS to break back out from Friday’s high $3.1481.

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

Failure to avoid a fall through the $3.0865 pivot would bring the first major support level at $3.0248 into play.

Barring an extended sell-off, EOS should steer clear of the second major support level at $2.9547.

Looking at the Technical Indicators

First Major Support Level: $3.0248

Pivot Level: $3.0865

First Major Resistance Level: $3.1566

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 3.46% on Friday. Following on from a 5.39% rally on Thursday, Ethereum ended the month up by 53.82% to $346.86.

Another mixed start saw Ethereum fall to an early morning intraday low $328.35 before making a move.

Steering clear of the first major support level at $319.09, Ethereum rallied to a late intraday high $349.74.

Ethereum broke through the first major resistance level at $346.97 to test resistance at $350 before easing back.

Ethereum slipped back through the first major resistance level at $346.97 late in the day.

At the time of writing, Ethereum was down by 0.28% to $345.88. A mixed start to the day saw Ethereum rise to an early morning high $347.99 before falling to a low $345.56.

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

ETH/USD 01/08/20 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the $341.65 pivot to support a run at the first major resistance level at $354.95.

Support from the broader market would be needed, however, for Ethereum to break out form Friday’s high $349.74.

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

A fall through the $341.65 pivot would bring the first major support level at $333.56 into play.

Barring an extended sell-off, however, Ethereum should steer well clear of the second major support level at $320.26.

Looking at the Technical Indicators

First Major Support Level: $333.56

Pivot Level: $341.65

First Major Resistance Level: $354.95

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rallied by 6.22% on Friday. Following on from a 0.36% gain on Thursday, Ripple’s XRP ended the month up by 48.21% to $0.25983.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.24201 before finding support.

Steering clear of the first major support level at $0.2359, Ripple’s XRP rallied to a late intraday high $0.26078.

Ripple’s XRP broke through the first major resistance level at $0.2517 and the second major resistance level at $0.2587.

On the day, it was the first visit to $0.26 levels since early February before wrapping up the day at $0.2590 levels.

At the time of writing, Ripple’s XRP was down by 0.28% to $0.25909. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.26021 before falling to a low $0.25833.

Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 01/08/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2542 pivot to support a run at the first major resistance level at $0.2664.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Friday’s high $0.26078.

Barring another broad-based crypto rally, the first major resistance level should cap any upside.

In the event of a breakout, Ripple’s XRP would likely test the second major resistance level at $0.0.2730 before any pullback.

Failure to avoid a fall through the $0.2542 pivot would bring the first major support level at $0.2476 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.25 levels, however.

Looking at the Technical Indicators

First Major Support Level: $0.2476

Pivot Level: $0.2542

First Major Resistance Level: $0.2664

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

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.

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – July 31st, 2020

EOS

EOS rose by 0.90% on Thursday. Following on from a 0.79% gain on Wednesday, EOS ended the day at $3.0540.

It was a bearish start to the day. EOS fell to a mid-morning intraday low $2.9638 before making a move.

Steering clear of the first major support level at $2.9367, EOS rallied to a late intraday high $3.1066.

Falling short of the first major resistance level at $3.1410, EOS slipped back to wrap up the day at sub-$3.10 levels.

At the time of writing, EOS was up by 0.15% to $3.0585. A bullish start to the day saw EOS rise from an early morning low $3.0535 to a high $3.0652.

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

EOS/USD 31/07/20 Hourly Chart

For the day ahead

EOS would need to avoid a fall through the $3.0415 pivot level to support a run at the first major resistance level at $3.1191.

Support from the broader market would be needed, however, for EOS to break out from Thursday’s high $3.1066.

Barring another extended crypto rally, the first major resistance level at $3.1191 would likely cap any upside.

Failure to avoid a fall through the $3.0415 pivot would bring the first major support level at $2.9763 into play.

Barring an extended sell-off, EOS should steer well clear of sub-$2.90 levels and the second major support level at $2.8987.

Looking at the Technical Indicators

First Major Support Level: $2.9763

Pivot Level: $3.0415

First Major Resistance Level: $3.1191

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 5.39% on Thursday. Following a modest 0.20% rise from on Wednesday, Ethereum ended the day at $335.31.

A mixed start saw Ethereum fall to an early morning intraday low $314.52 before making a move.

Steering clear of the first major support level at $311.93, Ethereum rallied to a late intraday high $342.40.

Ethereum broke through the first major resistance level at $325.12 and the second major resistance level at $332.08.

Coming up short of the third major resistance level at $345.27, Ethereum eased back to sub-$340 levels.

At the time of writing, Ethereum was up by 0.08% to $335.58. A bullish start to the day saw Ethereum rise from an early morning low $335.18 to a high $336.99.

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

ETH/USD 31/07/20 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the $330.74 pivot to support a run at the first major resistance level at $347.

Support from the broader market would be needed, however, for Ethereum to break out form Thursday’s high $342.40.

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

A fall through the $330.74 pivot would bring the first major support level at $319 into play.

Barring an extended sell-off, however, Ethereum should steer well clear of the second major support level at $302.86.

Looking at the Technical Indicators

First Major Support Level: $319

Pivot Level: $330.74

First Major Resistance Level: $347

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rose by 0.36% on Thursday. Following on from Wednesday’s 5.57% rally, Ripple’s XRP ended the day at $0.24462.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.23425 before finding support.

Steering clear of the first major support level at $0.2320, Ripple’s XRP rose to a late intraday high $0.25000.

Falling short of the first major resistance level at $0.2530, Ripple’s XRP eased back to limit the upside on the day.

At the time of writing, Ripple’s XRP was down by 0.03% to $0.24454. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.24602 before falling to a low $0.24443.

Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 31/07/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2430 pivot to support a run at the first major resistance level at $0.2517.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Thursday’s high $0.2500.

Barring another broad-based crypto rally, the first major resistance level should cap any upside.

In the event of a breakout, Ripple’s XRP should test the second major resistance level at $0.2587 before any pullback.

Failure to avoid a fall through the $0.2430 pivot would bring the first major support level at $0.2359 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.23 levels and the second major support level at $0.2272.

Looking at the Technical Indicators

First Major Support Level: $0.2359

Pivot Level: $0.2430

First Major Resistance Level: $0.2517

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

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.

Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – July 30th, 2020

Litecoin

Litecoin fell by 1.20% on Wednesday. Following a 4.61% rally on Tuesday, Litecoin ended the day at $55.20.

It was another mixed start to the day. Recovering from an early low $55.22, Litecoin rose to a mid-morning intraday high $56.99 before hitting reverse.

Falling short of the first major resistance level at $58.66, Litecoin fell to an early afternoon intraday low $54.77.

Steering clear of the first major support level at $52.38, Litecoin revisited $56 levels before sliding back to $55 levels. Litecoin also avoided a fall back through the 23.6% FIB of $54.

At the time of writing, Litecoin was up by 0.40% to $55.42. A mixed start to the day saw Litecoin fall to an early morning low $54.24 before striking a high $55.42.

Litecoin left the major support and resistance levels untested early in the day.

LTC/USD 30/07/20 Daily Chart

For the day ahead

Litecoin would need to move through the $55.65 pivot to support a run at the first major resistance level at $56.54.

Support from the broader market would be needed, however, for Litecoin to break back through to $56 levels.

Barring another crypto rally, the first major resistance level and Wednesday’s high $56.99 would likely cap any upside.

Failure to move through the $55.65 pivot would bring the first major support level at $54.32 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$54 levels and the second major support level at 53.43. The 23.6% FIB of $54 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $54.32

First Major Resistance Level: $56.54

23.6% FIB Retracement Level: $54

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen fell by 2.36% on Wednesday. Partially reversing a 3.66% gain from Tuesday, Stellar’s Lumen ended the day at $0.09520.

It was a mixed start to the day. Stellar’s Lumen fell to an early morning low $0.096459 before making a move.

Steering clear of the first major support level at $0.09466, Stellar’s Lumen rallied to an early morning intraday high $0.09959.

Coming up against the first major resistance level at $0.09960, Stellar’s Lumen slid to a late afternoon intraday low $0.094872.

Finding support at the first major support level at $0.09466, Stellar’s Lumen moved back through to $0.095 levels.

At the time of writing, Stellar’s Lumen was up by 0.59% to $0.095759. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.09450 before striking a high $0.095959.

Stellar’s Lumen left the major support and resistance levels untested early on.

XLM/USD 30/07/20 Daily Chart

For the day ahead

Stellar’s Lumen would need to move through the $0.09655 pivot to support a run at the first major resistance level at $0.09824.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.098 levels.

Barring a broad-based crypto rally, the first major resistance level would likely limit any upside.

Failure to move through the $0.09655 pivot would bring the first major support level at $0.09351 into play.

Barring another extended crypto sell-off, however, Stellar’s Lumen should steer well clear of the second major support level at $0.09182.

Looking at the Technical Indicators

First Major Support Level: $0.09351

First Major Resistance Level: $0.09824

23.6% FIB Retracement Level: $0.09960

38% FIB Retracement Level: $0.14336518

62% FIB Retracement Level: $0.2050

Tron’s TRX

Tron’s TRX slipped by 0.12% on Wednesday. Following a 2.26% gain on Tuesday, Tron’s TRX ended the day at $0.019224.

A bearish start saw Tron’s TRX fall to an early morning intraday low $0.018989 before making a move.

Steering clear of the first major support level at $0.01844, Tron’s TRX rallied to an early morning intraday high $0.019990.

Tron’s TRX broke through the first major resistance level at $0.01971 before falling back to $0.01910 levels.

Finding late support, however, Tron’s TRX revisited $0.0195 levels before sliding to $0.0192 levels and into the red.

At the time of writing, Tron’s TRX was down by 0.50% to $0.019128. A bearish start to the day saw Tron’s TRX fall to an early morning low $0.018829 before rising to a high $0.019169.

Tron’s TRX left the major support and resistance levels untested early on.

TRX/USD 30/07/20 Daily Chart

For the Day Ahead

Tron’s TRX would need to move through the $0.01940 pivot level to support a run at the first major resistance level at $0.01981.

Support from the broader market would be needed, however, for Tron’s TRX to break out from $0.01950 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.01999 would likely cap any upside.

Failure to move through the $0.01940 pivot level would bring the first major support level at $0.01881 into play.

Barring another extended crypto sell-off, Tron’s TRX should steer clear of the second major support level sits at $0.01840.

Looking at the Technical Indicators

First Major Support Level: $0.01881

First Major Resistance Level: $0.01981

23.6% FIB Retracement Level: $0.0322

38.2% FIB Retracement Level: $0.0452

62% FIB Retracement Level: $0.0663

Please let us know what you think in the comments below

Thanks, Bob

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.

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – July 30th 2020

EOS

EOS rose by 0.79% on Wednesday. Following on from a 5.06% rally on Tuesday, EOS ended the day at $3.0292.

It was another mixed start to the day. EOS fell to an early morning intraday low $2.9560 before making a move.

Steering clear of the first major support level at $2.8319, EOS rallied to a late morning intraday high $3.1603.

EOS broke through the first major resistance level at $3.1288 before falling back to an afternoon low $3.0200.

Steering clear of sub-$3.00 levels, EOS found late support briefly revisit $3.11 levels before wrapping up the day at $3.02 levels.

At the time of writing, EOS was down by 0.48% to $3.0148. A bearish start to the day saw EOS fall from an early morning high $3.0286 to a low $2.9762

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

EOS/USD 30/07/20 Hourly Chart

For the day ahead

EOS would need to avoid a fall through the $3.0485 pivot level to support a run at the first major resistance level at $3.1410.

Support from the broader market would be needed, however, for EOS to break back through to $3.10 levels.

Barring another extended crypto rally, the first major resistance level at $3.1410 would likely cap any upside.

Failure to move through the $3.0485 pivot would bring the first major support level at $2.9367 into play.

Barring an extended sell-off, EOS should steer well clear of sub-$2.90 levels and the second major support level at $2.8442.

Looking at the Technical Indicators

First Major Support Level: $2.9367

Pivot Level: $3.0485

First Major Resistance Level: $3.1410

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 0.20% on Wednesday. Reversing a 1.49% fall from Tuesday, Ethereum ended the day at $318.16.

A mixed start saw Ethereum fall to an early morning intraday low $312.66 before finding support.

Steering clear of the first major support level at $306.81, Ethereum rose to an early afternoon intraday high $325.85.

Falling short of the first major resistance level at $327.86, Ethereum fell back to sub-$320 levels before finding late support.

A move back through to $323 levels was brief, however, with Ethereum falling back to sub-$320 late in the day.

At the time of writing, Ethereum was down by 0.35% to $317.06. A bearish start to the day saw Ethereum fall from an early morning high $318.16 to a low $315.38.

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

ETH/USD 30/07/20 Hourly Chart

For the day ahead

Ethereum would need to move through the $319 pivot to support a run at the first major resistance level at $325.

Support from the broader market would be needed, however, for Ethereum to break back through to $325 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $325.85 should cap any upside.

Failure to move through the $319 pivot would bring the first major support level at $312 into play.

Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $306.

Looking at the Technical Indicators

First Major Support Level: $312

Pivot Level: $319

First Major Resistance Level: $325

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rallied by 5.57% on Wednesday. Following on from a 2.67% gain on Tuesday, Ripple’s XRP ended the day at $0.2437.

A bullish start to the day saw Ripple’s XRP rally to an early morning high $0.24459 before easing back.

Ripple’s XRP broke through the first major resistance level at $0.2379 before falling to an afternoon low $0.2369.

Finding late support, however, Ripple’s XRP rallied to a late intraday high $0.24988. Ripple’s XRP broke through the first major resistance level and the second major resistance level at $0.2451 before pulling back.

The late pullback saw Ripple’s XRP fall back through the second major resistance level.

At the time of writing, Ripple’s XRP was down by 1.48% to $0.24010. A bearish start to the day saw Ripple’s XRP slide from an early morning high $0.24382 to a low $0.24010.

Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 30/07/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to move back through the $0.2412 pivot to support a run at the first major resistance level at $0.2530.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.25049.

Barring another broad-based crypto rally, the first major resistance level should cap any upside.

In the event of a breakout, Ripple’s XRP should test the second major resistance level at $0.2622 before any pullback.

Failure to move back through the $0.2412 pivot would bring the first major support level at $0.2320 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.23 levels and the second major support level at $0.2202.

Looking at the Technical Indicators

First Major Support Level: $0.2320

Pivot Level: $0.2412

First Major Resistance Level: $0.2530

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – July 29th, 2020

Litecoin

Litecoin rose by 4.61% on Tuesday. Following on from a 10.91% rally on Monday, Litecoin ended the day at $55.85.

It was a mixed start to the day. Litecoin rose to an early morning high $54.68 before falling to a late morning intraday low $51.71.

Steering clear of the first major support level at $48.12, Litecoin rallied to a late afternoon intraday high $57.99.

Litecoin broke through the first major resistance level at $57.46 before easing back.

At the time of writing, Litecoin was up by 0.21% to $55.97. A mixed start to the day saw Litecoin rise to an early morning high $56.28 before falling to a low $55.22.

Litecoin left the major support and resistance levels untested early in the day.

LTC/USD 29/07/20 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $55.18 pivot to support a run at the first major resistance level at $58.66.

Support from the broader market would be needed, however, for Litecoin to break out from Tuesday’s high $57.99.

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

Failure to avoid a fall through the $55.18 pivot would bring the first major support level at $52.38 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$50 levels. The second major support level sits at $48.90.

Looking at the Technical Indicators

First Major Support Level: $52.38

First Major Resistance Level: $58.66

23.6% FIB Retracement Level: $54

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen rose by 3.66% on Tuesday. Partially reversing a 4.75% slide from Monday, Stellar’s Lumen ended the day at $0.097659.

It was a bearish start to the day. Stellar’s Lumen fell to an early morning intraday low $0.093592 before making a move.

Steering clear of the first major support level at $0.08854, Stellar’s Lumen rallied to a late intraday high $0.098536.

Falling short of the first major resistance level at $0.10061, Stellar’s Lumen eased back to end the day at $0.097 levels.

At the time of writing, Stellar’s Lumen was up 0.33% to $0.097977. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.096459 before rising to a high $0.098268.

Stellar’s Lumen left the major support and resistance levels untested early on.

XLM/USD 29/07/20 Hourly Chart

For the day ahead

Stellar’s Lumen would need to avoid a fall through the $0.09660 pivot to support a run at the first major resistance level at $0.9960.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Tuesday’s high $0.0.098536.

Barring a broad-based crypto rally, the first major resistance level would likely limit any upside.

Failure to avoid a fall through the $0.09660 pivot would bring the first major support level at $0.09466 into play.

Barring another extended crypto sell-off, however, Stellar’s Lumen should steer well clear of the second major support level at $0.09165.

Looking at the Technical Indicators

First Major Support Level: $0.09466

First Major Resistance Level: $0.09660

23.6% FIB Retracement Level: $0.09960

38% FIB Retracement Level: $0.14336518

62% FIB Retracement Level: $0.2050

Tron’s TRX

Tron’s TRX rose by 2.26% on Tuesday. Following on from a 0.94% gain on Monday, Tron’s TRX ended the day at $0.019179.

It was a mixed start to the day. Tron’s TRX rose to an early morning high $0.019031 before hitting reverse.

Falling short of the first major resistance level at $0.019040, Tron’s TRX slid to a late morning intraday low $0.018233.

Steering clear of the first major support level at $0.01791, Tron’s TRX rallied to a late intraday high $0.019500.

Tron’s TRX broke through the first major resistance level at $0.01940 before falling back to sub-$0.019 levels.

Finding late support, however, Tron’s TRX recovered to end the day at $0.019 levels.

At the time of writing, Tron’s TRX was up by 2.15% to $0.019591. A mixed start to the day saw Tron’s TRX rise fall to an early morning low $0.018989 before rising to a high $0.019729.

Tron’s TRX broke through the first major resistance level at $0.019710 early on.

TRX/USD 29/07/20 Hourly Chart

For the Day Ahead

Tron’s TRX would need to avoid a fall through the $0.01897 pivot level to support another run at the first major resistance level at $0.01971.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.019729.

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

Failure to avoid a fall through the $0.01897 pivot level would bring the first major support level at $0.01844 into play.

Barring an extended crypto sell-off, Tron’s TRX should steer clear of sub-$0.018 levels. The second major support level sits at $0.01770.

Looking at the Technical Indicators

First Major Support Level: $0.01844

First Major Resistance Level: $0.01971

23.6% FIB Retracement Level: $0.0322

38.2% FIB Retracement Level: $0.0452

62% FIB Retracement Level: $0.0663

Please let us know what you think in the comments below

Thanks, Bob

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.

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – July 29th, 2020

EOS

EOS rallied by 5.06% on Tuesday. Following on from a 5.07% gain on Monday, EOS ended the day at $3.0048.

It was another mixed start to the day. EOS rose to an early morning high $2.9204 before hitting reverse.

Falling short of the first major resistance level at $2.9785, EOS slid to a late morning intraday low $2.7830.

Steering clear of the first major support level at $2.6879, EOS rallied to a late intraday high $3.0799.

EOS broke through the first major resistance level at $2.9785 before easing back.

At the time of writing, EOS was up by 0.30% to $3.0137. A bullish start to the day saw EOS rise from an early morning low $3.0040 to a high $3.0191.

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

EOS/USD 29/07/20 Hourly Chart

For the day ahead

EOS would need to avoid a fall through the $2.9559 pivot level to support a run at the first major resistance level at $3.1288.

Support from the broader market would be needed, however, for EOS to break out from Tuesday’s high $3.0799.

Barring another extended crypto rally, the first major resistance level at $3.1288 would likely cap any upside.

Failure to avoid a fall through the $2.9559 pivot would bring the first major support level at $2.8319 into play.

Barring an extended sell-off, EOS should steer well clear of sub-$2.80 levels. The first major support level at $2.8319 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $2.8319

Pivot Level: $2.9559

First Major Resistance Level: $3.1288

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 1.49% on Tuesday. Partially reversing a 3.47% gain from Monday, Ethereum ended the day at $317.59.

A bullish start saw Ethereum rise to an early morning intraday high $327.34 before hitting reverse.

Falling short of the first major resistance level at $333.93, Ethereum fell to a late morning intraday low $306.29.

The pullback saw Ethereum fall through the first major support level at $310.97 before moving back to $323 levels.

A bearish end to the day, however, left Ethereum at sub-$320 levels and in the red.

At the time of writing, Ethereum was up by 0.54% to $319.29. A bullish start to the day saw Ethereum rise from an early morning low $317.52 to a high $319.50.

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

ETH/USD 29/07/20 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the $317 pivot to support a run at the first major resistance level at $327.86.

Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s high $327.34.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high should cap any upside.

Failure to avoid a fall through the $317 pivot would bring the first major support level at $306.81 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$300 levels. The first major support level should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $306.81

Pivot Level: $317

First Major Resistance Level: $327.86

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rose by 2.67% on Tuesday. Following on from a 4.33% rally on Monday, Ripple’s XRP ended the day at $0.23070.

It was a mixed start to the day, with Ripple’s XRP rising to an early morning high $0.22698 before hitting reverse.

Falling short of the first major resistance level at $0.2333, Ripple’s XRP slid to a late morning intraday low $0.21773.

Steering clear of the first major support level at $0.2127, Ripple’s XRP rallied to a late intraday high $0.23499.

Ripple’s XRP broke back through the first major resistance level at $0.2333 before sliding back to sub-$0.23 levels.

Finding late support, however, Ripple’s XRP wrapped up the day at $0.23 levels for the 1st time since March.

At the time of writing, Ripple’s XRP was up by 0.87% to $0.23271. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.23085 to a high $0.23271.

Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 29/07/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2287 pivot to support a run at the first major resistance level at $0.2379.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Tuesday’s high $0.23499.

Barring a broad-based crypto rally, the first major resistance level should cap any upside.

In the event of a breakout, Ripple’s XRP should test the second major resistance level at $0.2451 before any pullback.

Failure to avoid a fall through the $0.2278 pivot would bring the first major support level at $0.2206 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.22 levels and the second major support level at $0.2105.

Looking at the Technical Indicators

First Major Support Level: $0.2206

Pivot Level: $0.2278

First Major Resistance Level: $0.2379

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – July 28th, 2020

Litecoin

Litecoin rallied by 10.91% on Monday. Reversing a 2.21% slide from Sunday, Litecoin ended the day at $53.38.

It was a mixed start to the day. Litecoin rose to a mid-day high $49.70 before falling to a mid-afternoon intraday low $46.93.

Finding support at the first major support level at $46.92, Litecoin rallied to a late intraday high $56.27.

Litecoin broke through the day’s major resistance levels before pulling back.

The pullback saw Litecoin fall through the third major resistance level at $55.16 to wrap up the day at $53 levels.

At the time of writing, Litecoin was up by 0.96% to $53.89. A bullish start to the day saw Litecoin rise from an early morning low $53.59 to a high $54.07.

Litecoin left the major support and resistance levels untested early in the day.

LTC/USD 28/07/20 Daily Chart

For the day ahead

Litecoin would need to avoid a fall through the $52.19 pivot to support a run at the first major resistance level at $57.46.

Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $56.27.

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

Failure to avoid a fall through the $52.19 pivot would bring the first major support level at $48.12 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$48 levels. The second major support level sits at $42.85.

Looking at the Technical Indicators

First Major Support Level: $48.12

First Major Resistance Level: $57.46

23.6% FIB Retracement Level: $

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen slid by 4.75% on Monday. Following on from a 1.42% decline on Sunday, Stellar’s Lumen ended the day at $0.09466.

It was a bullish start to the day. Stellar’s Lumen rose to an early morning intraday high $0.10044 before hitting reverse.

Falling short of the first major resistance level at $0.10419, Stellar’s Lumen slid to a mid-afternoon intraday low $0.088367.

Stellar’s Lumen fell through the first major support level at $0.09611 and the second major support level at $0.09288.

Finding late support, Stellar’s Lumen broke back through the second major support level to limit the downside on the day.

At the time of writing, Stellar’s Lumen was up 0.96% to $0.09557. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.09391 before rising to a high $0.09583.

Stellar’s Lumen left the major support and resistance levels untested early on.

XLM/USD 28/07/20 Daily Chart

For the day ahead

Stellar’s Lumen would need to avoid a fall back through the $0.09449 pivot to support a run at the first major resistance level at $0.10061.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Monday’s high $0.10044.

Barring a broad-based crypto rally, the first major resistance level and Monday’s high would likely limit any upside.

A fall through the $0.09449 pivot would bring the first major support level at $0.08854 into play.

Barring another extended crypto sell-off, however, Stellar’s Lumen should steer well clear of the second major support level at $0.08242.

Looking at the Technical Indicators

First Major Support Level: $0.08854

First Major Resistance Level: $0.10061

23.6% FIB Retracement Level: $0.1051

38% FIB Retracement Level: $0.14336518

62% FIB Retracement Level: $0.2050

Tron’s TRX

Tron’s TRX rose by 0.94% on Monday. Reversing a 0.99% fall from Sunday, Tron’s TRX ended the day at $0.01876.

It was a mixed start to the day. Tron’s TRX rose to an early morning high $0.018978 before hitting reverse.

Falling short of the first major resistance level at $0.01921, Tron’s TRX slid to a mid-afternoon intraday low $0.017685.

Tron’s TRX fell through the first major support level at $0.01815 and the second major support level at $0.01772.

Finding late support, Tron’s TRX broke back through the support levels to strike a late intraday high $0.019177.

Tron’s TRX came within range of the first major resistance level at $0.01921 before tumbling back to $0.01820 levels.

Finding support at the first major support level at $0.01815, Tron’s TRX recovered to end the day in the green.

At the time of writing, Tron’s TRX was up by 0.56% to $0.018868. A bullish start to the day saw Tron’s TRX rise from an early morning low $0.018755 to a high $0.019031.

Tron’s TRX left the major support and resistance levels untested early on.

TRX/USD 28/07/20 Daily Chart

For the Day Ahead

Tron’s TRX would need to avoid a fall through the $0.01854 pivot level to support another run at the first major resistance level at $0.01940.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.019013.

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

Failure to avoid a fall through the $0.01854 pivot level would bring the first major support level at $0.01791 into play.

Barring another extended crypto sell-off, Tron’s TRX should steer clear of sub-$0.017 levels. The second major support level at $0.01705 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.01791

First Major Resistance Level: $0.01940

23.6% FIB Retracement Level: $0.0322

38.2% FIB Retracement Level: $0.0452

62% FIB Retracement Level: $0.0663

Please let us know what you think in the comments below

Thanks, Bob