Powell Says a Fed Digital Currency Could Undercut Need for Cryptocurrencies

Asked during a congressional hearing if having a digital currency issued by the Fed would be a more viable alternative than having multiple cryptocurrencies or stablecoins emerge in the payments system, Powell said he agreed. A stablecoin is a cryptocurrency that attempts to peg its value to a conventional currency such as the U.S. dollar.

“I think that may be the case and I think that’s one of the arguments that are offered in favor of digital currency,” Powell said during a hearing before the U.S. House of Representatives Financial Services Committee. “That, in particular, you wouldn’t need stablecoins, you wouldn’t need cryptocurrencies if you had a digital U.S. currency – I think that’s one of the stronger arguments in its favor.”

Fed officials will be broadly examining the digital payments universe in a discussion paper that could be released in early September, Powell said. He described it as a key step that accelerates the Fed’s efforts to determine if it should issue a central bank digital currency, or CBDC.

Powell said he was skeptical that crypto assets would become a main payments vehicle in the United States but said stablecoins might gain more traction. However, he said more regulation is needed before stablecoins could take on a bigger role in the financial system.

“We have a pretty strong regulatory framework around bank deposits, for example, or money market funds,” Powell said. “That doesn’t exist currently for stablecoins, and if they’re going to be a significant part of the payments universe – which we don’t think crypto assets will be but stablecoins might be – then we need an appropriate regulatory framework.”

Powell’s remarks were in line with those of Fed Governor Lael Brainard, who said in May that households and businesses could be harmed by a fragmented payments system that featured too many stablecoins.

Fed officials may face intense debate as they figure out whether to move forward with a digital version of the dollar, with some policymakers saying a CBDC is not needed.

Fed Vice Chair for Supervision Randal Quarles said in June that he thought any proposals for a CBDC would need to clear a “high bar.” “Before we get carried away with the novelty, I think we need to subject the promises of a CBDC to a careful critical analysis,” Quarles said.

On Wednesday, Powell reiterated that if the Fed were to move forward with developing a CBDC, it would consult with Congress and the public. He repeated his view that as the holder of the world’s reserve currency, it would be more important for the United States to “get it right” than to move quickly.

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

(Reporting by Jonnelle MarteEditing by Chizu Nomiyama, Paul Simao and David Gregorio)

Crypto Exchange Listings Begin to Take Shape for EtherLite

The broader cryptocurrency market continues to feel the heat, and EtherLite has not been left unscathed. The newly launched cryptocurrency, which was created as a hard fork of Ethereum, is down by a double-digit percentage in the last 24-hour period despite a couple of catalysts that should help with liquidity.

Exchange Listings

Cryptocurrency exchanges are starting to line up to list EtherLite, two of which are launching the coin on July 14.

  • BitForex in the ETH pair
  • P2PB2B in a trio of trading pairs: ETL/BTC, ETL/ETH and ETL/USDT

EtherLite on its Telegram channel also teased additional cryptocurrency exchange listings that are in the pipeline. These include Bitcoin.com, Changelly and HitBTC, which are targeting the second half of July for the listings. EtherLite could also make an appearance on decentralized exchange (DEX) Uniswap.

Meanwhile, some EtherLite users are clamoring for better marketing of the project so that it can reach its full potential. The EtherLite team has responded to those worries, assuring followers on its Telegram channel by saying,

“Funds are not an issue. There is no point in putting an ad on Burj Khalifa & Times Square just to be listed on small exchanges, right? 🙂 I hope you get the point I’m trying to convey. We will get there very soon.”

EtherLite also has an airdrop in the works, a chance to receive free coins that tends to drum up excitement in the cryptocurrency community. Both ETH and social airdrops are on the roadmap, with a start date of July 30. The EtherLite team has already captured snapshots on May 1 of non-custodial wallets with ETH balances.

Altcoin Slump

Nothing seems to be lifting altcoins out of the doldrums lately. Even Dogecoin, a favorite of billionaire Elon Musk, has been stuck in a rut. The meme coin is up fractionally today but has shed about 15% in the month of July alone. 

Dogecoin is increasingly making its way into the mainstream as its users eagerly await wide-scale adoption. Most recently, consumer products company AXE, which makes men’s deodorant, has jumped on the Dogecoin bandwagon. The company in a tweet teased the Doge army, asking, “Who’s ready for the Dogecan?”

The tweet has received hundreds of responses so far as the Dogecoin community looks to send the DOGE price to the moon.

Bitcoin Price Prediction – A Move Back Through to $33,000 Levels to Avoid Another Loss

It’s been a bearish week thus far, with Bitcoin and the broader market struggling to find support early on.

At the time of writing, Bitcoin, BTC to USD, was down by 0.59% to $32,537.0. A mixed start to the day saw Bitcoin rise to an early morning high $32,813.0 before hitting reverse.

Falling short of the first major resistance level at $33,315, Bitcoin slid to a late morning intraday low $31,588.0.

The reversal saw Bitcoin fall through the first major support level at $32,168 and the second major support level at $31,605.

Avoiding sub-$31,000 levels, however, Bitcoin broke back through the major support levels ahead of the afternoon session.

BTCUSD 140721 Hourly Chart

The Rest of the Pack

It has been a mixed morning for the broader crypto market.

Through the morning, Ethereum found much-needed support, rising by 0.28%.

It’s been a bearish morning for the rest of the majors, however.

Bitcoin Cash SV (-3.65%), Crypto.com Coin (-3.80%), and Polkadot (-3.42%) led the way down through the morning.

Binance Coin (-1.52%), Cardano’s ADA (-1.63%), Chainlink (-1.16%), and Litecoin (-2.56%), and Ripple’s XRP (-1.83%) also struggled, however.

Through the early hours, the crypto total market rose to an early morning high $1,324bn before falling to a low $1,273bn. At the time of writing, the total market cap stood at $1,315bn.

Bitcoin’s dominance rose to an early high 46.85% before falling to a low 46.38%. At the time of writing, Bitcoin’s dominance stood at 46.39%.

For the Afternoon Ahead

Bitcoin would need to move back through the $32,752 pivot to bring the first major resistance level at $33,315 into play.

Support from the broader market would be needed, however, for Bitcoin to move back through to $33,000 levels.

Barring a broad-based crypto rebound, the first major resistance level and Tuesday’s high $33,337.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $34,000 levels. The second major resistance level sits at $33,899.

Failure to move back through the $32,752 pivot would bring the first major support level at $32,168 back into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$31,000 support levels.

The second major support level at $31,605 should continue to limit the downside.

Looking beyond the support and resistance levels, we saw the 50 EMA pull further back from the 100 and 200 EMAs through the morning.

We also saw the 100 EMA pullback from the 200 EMA supporting further losses this morning.

A continued pullback of the 50 EMA from the 100 EMA and the 200 EMA this afternoon would bring the support levels back into play.

Key going into the afternoon will be for Bitcoin to move through the pivot to $32,752 to avoid another day in the red.

Through the late morning, we have seen the 50 and the 100 EMA begin to flatten. A narrowing on the 200 would support a broad-based crypto rebound.

Column: The Instability in Stablecoins Unnerving Regulators

Western central banks and watchdogs have to date mostly stood aside from cryptocurrencies, emphasising transparency and a ‘caveat emptor’ approach to what they see as largely speculative vehicles rather than transaction currencies per se.

The growing involvement of mainstream banks and asset managers pushes them up the radar screen, but harsher curbs don’t seem imminent yet.

But explosive issuance of stablecoins, which have grown 18 fold over the pandemic to more than $100 billion, is a different matter and has been setting off alarm bells all year.

Stablecoins are essentially cryptocurrencies – verified on decentralized public ledgers or blockchains – but are designed to have a stable value relative to hard currencies or gold to avoid the sort of volatility that makes bitcoin and other tokens almost impossible for most commerce.

While they operate independently of traditional banking systems, it’s the assets they use to theoretically peg their value that loops them into the real world – much like a sci-fi portal from the “upside-down” world of crypto to the material world that watchdogs are paid to be anxious about.

Whether eventually used for online payments or simply to grease the wheels of the so-called Decentralised Finance of crypto credit markets, the stablecoin universe is so far dominated by two main tokens, Tether and USD Coin.

Facebook-backed Diem, formerly known as Libra, is another in the works. But it has yet to launch amid intense governmental scrutiny and pushback over its potential scale and systemic risks.

Launched in 2014, however, Tether is already more than 60% of the $100 billion total currently issued.

What it uses as reserves to fulfil the promised one-for-one peg with the dollar is what rankles regulators. It’s not solely dollar cash, as many might assume, but a mix of commercial paper, bills, bonds and loans.

According to Tether, about 50% of its reserves – some $20 billion – were in commercial paper at the end of March, 12% in secured loans and 10 percent in corporate bonds, funds and precious metals. Only 2.9% was in dollar cash.

Fitch credit rating agency warned this month that the rapid growth of stablecoins could have destabilising effects on short-term credit markets, although it acknowledged models differed and USD Coin – more than 20% of the stablecoin complex – ensures its dollar peg with cash in custody accounts.

“Potential asset contagion risks linked to the liquidation of stablecoin reserve holdings could increase pressure for tighter regulation of the nascent sector,” it said, adding that Tether’s CP holdings may be larger than most U.S. or European prime money market funds.

“A sudden mass redemption of USDT (Tether) could affect the stability of short-term credit markets if it occurred during a period of wider selling pressure in the CP market, particularly if associated with wider redemptions of other stablecoins that hold reserves in similar assets,” Fitch said, flagging collateralised stablecoin Iron’s peg break last month.

UNTETHERED

This is where the Federal Reserve is focussed at least.

Late last month, Boston Fed chief Eric Rosengren spotlighted the “exponential” growth in stablecoins and the potential problems surrounding the reserve mix behind Tether.

“In effect this is a very risky prime fund,” Rosengren told an OMFIF conference on financial stability, stressing that U.S. prime money market funds would not be allowed to hold many of these assets, such as longer duration securities or precious metals.

“A stablecoin that has this kind of characteristic… is not going to be stable in times when we see spreads gapping out in a significant way,” Rosengren added, noting that prime funds got into difficulties in the last two recessions.

“There is a financial stability concern as they are growing and we need to look at regulation and what’s been marketed to the general public,” he said.

Focussing more on any widening of the use of stablecoins as payments, as in the case of Diem, the Bank of England insists they should be regulated the same as commercial bank money and have equivalent capital and liquidity rules and offer deposit insurance.

In shifting plans from Switzerland to the United States in May, Diem said its planned dollar stablecoin would be issued by California-based Silvergate Bank. Silvergate would manage the reserves that support it – reserves Fitch says would be least 80% in low-risk short-term government securities and 20% in cash parked periodically in money market funds.

U.S. and European legislation that deals with stablecoins and their reserve management has been introduced since late last year – and Fitch claims that could lead to greater transparency and reporting as well as less risky reserve collateral.

But there appears to be little clarity on the progress or timeline for any of these moves.

“We believe authorities are unlikely to intervene to save stablecoins in the event of a disruptive event, partly owing to moral hazard,” Fitch concluded. But it added that “authorities could step in to support dealers and prime MMFs should stablecoin redemptions lead to or amplify a wider CP sell-off, pressuring market liquidity and impeding new CP issuance.”

If an arms-length approach to digital money and crypto finance was once preferred because it wasn’t considered systemic enough, then the stablecoin surge may have forced a change of tack.

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

(by Mike Dolan, Twitter: @reutersMikeD; Editing by Dan Grebler)

 

Dogecoin Remains Under Strong Pressure

Dogecoin Retreats As Crypto Markets Remain Weak

Dogecoin managed to get below the support at $0.20 and continued its downside move as crypto markets remained under pressure.

Bitcoin declined below the important support level at $32,000 after another Chinese province, Anhui, decided to ban crypto mining. The move is expected to ease the power shortage in the province. Anhui will eliminate all cryptomining projects.

The continuation of the crackdown on crypto mining in China has put pressure on most cryptocurrencies. Ethereum declined below the $1900 level while XRP slipped below the $0.60 level.

At this point, it is obvious that China will ultimately eliminate all crypto mining in the country, which is bearish for crypto markets. Crypto miners have been moving to other places once the crackdown began, but the number of areas with cheap electric power is limited, and crypto miners may continue to face pressure due to concerns about potential power shortage and environmental damage.

Technical Analysis

dogecoin july 14 2021

Dogecoin managed to settle below the support at $0.20 and continues to move lower. RSI remains in the moderate territory, and there is plenty or room to gain additional downside momentum in case the right catalysts emerge.

The next support level for Dogecoin is located at $0.1650. There are no important levels between $0.1650 and $0.20 so Dogecoin has a decent chance to gain additional momentum.

If Dogecoin manages to settle below $0.1650, it will head towards the next support at $0.1550. A successful test of this level will open the way to the test of the next support at $0.1445.

On the upside, the previous support level at $0.20 will serve as the first resistance level for Dogecoin. In case Dogecoin gets above $0.20, it will move towards the next resistance at $0.2150. A move above this level will push Dogecoin towards the resistance at $0.2250. If Dogecoin settles above $0.2250, it will head towards the 20 EMA which is located near $0.23.

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

The Crypto Daily – Movers and Shakers – July 14th, 2021

Bitcoin, BTC to USD, fell by 1.05% on Tuesday. Following a 3.42% slide on Monday, Bitcoin ended the day at $32,730.0.

After a mixed start to the day, Bitcoin rose to a late morning intraday high $33,337.0 before hitting reverse.

Falling short of the first major resistance level at $34,289, Bitcoin slid to a late intraday low $32,190.0.

Bitcoin fell through the first major support level at $32,234 before a partial recovery to $32,700 levels.

The near-term bullish trend remained intact, in spite of the latest return to $32,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 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.

Crypto.com Coin bucked the trend, rising by 1.85%.

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

Ethereum led the way down once more, sliding by 4.43%.

Binance Coin (-2.29%), Cardano’s ADA (-3.66%), Chainlink (-3.65%), and Polkadot (-3.37%) also struggled.

Bitcoin Cash SV (-0.80%), Litecoin (-1.45%), and Ripple’s XRP (-1.76%) saw relatively modest losses, however

Early in the week, the crypto total market rose to a Monday high $1,408bn before falling to a Tuesday low $1,294bn. At the time of writing, the total market cap stood at $1,319bn.

Bitcoin’s dominance fell to a Tuesday low 45.73% before rising to a Tuesday high 46.65%. At the time of writing, Bitcoin’s dominance stood at 46.43%.

This Morning

At the time of writing, Bitcoin was down by 0.23% to $32,655.0. A mixed start to the day saw Bitcoin rise to an early morning high $32,813.0 before falling to a low $32,655.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin and Ripple’s XRP found early support, rising by 0.32% and by 0.20% respectively.

It’s been a bearish start for the rest of the majors, however.

At the time of writing, Polkadot was down by 0.50% to lead the way down.

BTCUSD 140721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the $32,752 pivot to bring the first major resistance level at $33,315 into play.

Support from the broader market would be needed for Bitcoin to break back through to $33,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $33,337.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $34,000 levels before any pullback. The second major resistance level sits at $33,899.

Failure to move back through the $32,752 pivot would bring the first major support level at $32,168 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$30,000 levels. The second major support level at $31,605 should limit the downside.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 14th, 2021

Ethereum

Ethereum fell by 4.43% on Tuesday. Following a 5.17% slide on Monday, Ethereum ended the day at $1,940.76.

A mixed start to the day saw Ethereum rise to a late morning intraday high $2,047.72 before hitting reverse.

Falling short of the first major resistance level at $2,133, Ethereum slid to a late intraday low $1,917.40.

Ethereum fell through the first major support level at $1,966 to end the day at sub-$1,950 levels.

At the time of writing, Ethereum was up by 0.02% to $1,941.17. A mixed start to the day saw Ethereum fall to an early morning low $1,934.44 before rising to a high $1,944.14.

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

ETHUSD 140721 Hourly Chart

For the day ahead

Ethereum would need to move through the $1,969 pivot to bring the first major resistance level at $2,020 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,000 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $2,047.72 would likely cap any upside.

In the event of a broad-based crypto rally, Ethereum could test the second major resistance level at $2,099.

Failure to move through the $1,969 pivot would bring the first major support level at $1,900 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,800 levels. The second major support level at $1,838 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,900

Pivot Level: $1,969

First Major Resistance Level: $2,020

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 1.45% on Tuesday. Following a 0.69% loss on Monday, Litecoin ended the day at $131.44.

In a mixed start to the day saw Litecoin rise to an early morning intraday high $134.62 before hitting reverse.

Falling short of the first major resistance level at $138, Litecoin slid to a midday intraday low $129.56.

Litecoin briefly fell through the first major support level at $130 before revisiting $134 levels.

A bearish end to the day, however, saw Litecoin fall back to end the day at $131 levels.

At the time of writing, Litecoin was up by 0.21% to $131.71. A mixed start to the day saw Litecoin fall to an early morning low $130.89 before rising to a high $131.74.

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

LTCUSD 140721 Hourly Chart

For the day ahead

Litecoin would need to move through the $132 pivot to bring the first major resistance level at $134 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $134 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $134.62 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $140. The second major resistance level sits at $137.

Failure to move through the $132 pivot would bring the first major support level at $129 into play.

Barring another extended sell-off, however, Litecoin should steer clear of the second major support level at $127.

Looking at the Technical Indicators

First Major Support Level: $129

Pivot Level: $132

First Major Resistance Level: $134

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP fell by 1.76% on Tuesday. Following a 0.80% decline on Monday, Ripple’s XRP ended the day at $0.61799.

A mixed start to the day saw Ripple’s XRP rally to a mid-morning intraday high $0.64317 before hitting reverse.

Falling short of the first major resistance level at $0.6516, Ripple’s XRP slid to a late intraday low $0.60814.

Ripple’s XRP briefly fell through the first major support level at $0.6124 before a revisiting $0.619 levels. A bearish end to the day, however, left Ripple’s XRP at $0.617 levels.

At the time of writing, Ripple’s XRP was up by 0.23% to $0.61941. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.61715 before rising to a high $0.61941.

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

XRPUSD 140721 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.6231 pivot to bring the first major resistance level at $0.6381 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.63 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.64317 would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test the second major resistance level at $0.6581.

Failure to move through the $0.6231 pivot would bring the first major support level at $0.6030 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.5881.

Looking at the Technical Indicators

First Major Support Level: $0.6030

Pivot Level: $0.6231

First Major resistance Level: $0.6381

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

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

Thanks, Bob

Bitcoin Price Prediction – Failure to Hit $33,500 Will Bring sub-$33,000 Levels into Play

After a bearish start to the week on Monday, Bitcoin is struggling to break out this morning. The lack of direction has also tested support for the broader market.

At the time of writing, Bitcoin, BTC to USD, was up by 0.04% to $33,090.1. A mixed start to the day saw Bitcoin fall to an early morning low $32,841.0 before making a move.

Steering clear of the first major support level at $32,234, Bitcoin rose to a late morning intraday high $33,337.0.

In spite of the recovery, Bitcoin came up short of the first major resistance level at $34,289.

BTCUSD 130721 Hourly Chart

The Rest of the Pack

It has been a mixed morning for the broader crypto market.

Through the morning, Crypto.com Coin was up by 1.45% to lead the way.

Bitcoin Cash SV (+0.10%) and Ripple’s XRP (+0.01%) also saw minor gains through the morning.

It’s been a bearish morning for the rest of the majors, however.

Binance Coin (-1.08%), Cardano’s ADA (-1.20%), and Polkadot (-1.40%) led the way down through the morning.

Chainlink (-0.22%), Ethereum (-0.80%), and Litecoin (-0.01%) also struggled, however.

Through the early hours, the crypto total market fell to an early morning low $1,326bn before rising to a high $1,353bn. At the time of writing, the total market cap stood at $1,344bn.

Bitcoin’s dominance fell to an early low 46.10% before rising to a high 46.37%. At the time of writing, Bitcoin’s dominance stood at 46.25%.

For the Afternoon Ahead

Bitcoin would need to move through the $33,444 pivot to bring the first major resistance level at $34,289 into play.

Support from the broader market would be needed, however, for Bitcoin to move back through to $34,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Monday’s high $34,655 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $36,000 levels. The second major resistance level sits at $35,499.

Failure to move through the $33,444 pivot would bring the first major support level at $32,234 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$32,000 support levels.

The second major support level sits at $31,389.

Looking beyond the support and resistance levels, we saw the 50 EMA pull further back from the 100 and 200 EMAs through the morning.

We also saw the 100 EMA pullback from the 200 EMA supporting the morning pressure.

A further pullback of the 50 EMA from the 100 EMA and the 200 EMA this afternoon would support further downside.

Key going into the afternoon will be for Bitcoin to move through the pivot to $33,444 to avoid another day in the red.

Bitcoin Tries To Settle Below $33,000

Bitcoin Slowly Drifts Lower

Bitcoin is currently trying to settle below $33,000 as the cryptocurrency lacks upside catalysts. From a big picture point of view, Bitcoin remains stuck in the range between the support at $32,000 and the resistance at $35,000.

Other cryptocurrencies have also failed to develop momentum today. Ethereum is flat near $2025. Dogecoin is trying to settle below $0.2050. XRP is gaining some ground but stays in a tight range.

Bitcoin has failed to develop any material momentum in July in absence of notable news. China’s crackdown on crypto markets is no longer serving as a catalyst, and there are no other material near-term factors which could push crypto markets in either direction.

Technical Analysis

bitcoin july 13 2021

Bitcoin has recently failed to settle above the resistance at the 20 EMA at $34,100 and is currently trying to get below $33,000. In case this attempt is successful, Bitcoin will move towards the significant support level at $32,000. RSI is in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

If Bitcoin settles below the support at $32,000, it will move towards the psychologically important support level at $30,000. The test of this level will be a very important moment for the whole crypto market as a move below $30,000 will indicate that Bitcoin is ready for another material downside move. If Bitcoin manages to settle below $30,000, it will head towards the next support level at $28,800.

On the upside, Bitcoin needs to get above the resistance at the 20 EMA at $34,100 to have a chance to gain upside momentum in the near term. The next resistance level is located at $35,000.

In case Bitcoin settles above $35,000, it will head towards the resistance at $36,000. A successful test of this level will push Bitcoin towards the resistance at the 50 EMA at $36,800.

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

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 13th, 2021

Ethereum

Ethereum slid by 5.17% on Monday. Reversing a 1.43% gain from Sunday, Ethereum ended the day at $2,030.72.

A mixed start to the day saw Ethereum rise to an early morning intraday high $2,169.00 before hitting reverse.

Falling short of the first major resistance level at $2,182, Ethereum slid to a late intraday low $2,002.00.

Ethereum fell through the first major support level at $2,090 and the second major support level at $2,040.

Steering clear of sub-$2,000 levels, Ethereum revisited $2,040 levels before easing back. The second major support level pinned Ethereum back late in the day.

At the time of writing, Ethereum was down by 0.41% to $2,022.43. A mixed start to the day saw Ethereum rise to an early morning high $2,033.25 before falling to a low $2,012.27.

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

ETHUSD 130721 Hourly Chart

For the day ahead

Ethereum would need to move through the $2,067 pivot to bring the first major resistance level at $2,133 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,100 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $2,169.00 would likely cap any upside.

In the event of a broad-based crypto rally, Ethereum could test resistance at $2,300 before any pullback. The second major resistance level sits at $2,234.

Failure to move through the $2,067 pivot would bring the first major support level at $1,966 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,900 levels. The second major support level at $1,900 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,966

Pivot Level: $2,067

First Major Resistance Level: $2,133

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 0.69% on Monday. Reversing a 0.17% gain from Sunday, Litecoin ended the day at $133.37.

In a mixed start to the day saw Litecoin rally to an early afternoon intraday high $139.65 before hitting reverse.

Litecoin broke through the first major resistance level at $136 and the second major resistance level at $139.

Falling short of $140 levels, however, Litecoin slid to a late intraday low $131.65.

Litecoin briefly fell through the first major support level at $132 before ending the day at $133 levels.

At the time of writing, Litecoin was down by 0.34% to $132.91. A mixed start to the day saw Litecoin rise to an early morning high $133.90 before falling to a low $132.35.

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

LTCUSD 130721 Hourly Chart

For the day ahead

Litecoin would need to move through the $135 pivot to bring the first major resistance level at $138 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $135 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $139.65 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $145. The second major resistance level sits at $143.

Failure to move through the $135 pivot would bring the first major support level at $130 into play.

Barring another extended sell-off, however, Litecoin should steer clear of the second major support level at $127.

Looking at the Technical Indicators

First Major Support Level: $130

Pivot Level: $135

First Major Resistance Level: $138

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP fell by 0.80% on Monday. Partially reversing a 1.43% gain from Sunday, Ripple’s XRP ended the day at $0.62936.

A bullish start to the day saw Ripple’s XRP rally to a mid-morning intraday high $0.65681 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.6474 before sliding to a late intraday low $0.61768.

Ripple’s XRP briefly fell through the first major support level at $0.6199 before a move back through to $0.629 levels.

At the time of writing, Ripple’s XRP was down by 0.21% to $0.62805. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.62953 before falling to a low $0.62525.

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

XRPUSD 130721 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.6346 pivot to bring the first major resistance level at $0.6516 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.65 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $0.65681 would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test the second major resistance level at $0.6737.

Failure to move through the $0.6346 pivot would bring the first major support level at $0.6125 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.60 levels. The second major support level sits at $0.5955.

Looking at the Technical Indicators

First Major Support Level: $0.6124

Pivot Level: $0.6346

First Major resistance Level: $0.6516

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

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

Thanks, Bob

Bitcoin Price Prediction – A Move Through $34,500 Would Bring $36,000 into Play

After a bearish week for Bitcoin and the broader market last week, it has been a mixed start to the week for the majors.

At the time of writing, Bitcoin, BTC to USD, was down by 1.33% to $33,790.0. A mixed start to the day saw Bitcoin rise to an early morning high $34,655.0 before hitting reverse.

Falling short of the first major resistance level at $34,784, Bitcoin fell to a late morning intraday low $33,785.6.

In spite of the reversal, Bitcoin avoided the first major support level at $33,510.

BTCUSD 120721 Hourly Chart

The Rest of the Pack

It has also been a mixed morning for the broader crypto market.

Through the morning, Litecoin was up by 1.76% to lead the way. Binance Coin (+1.26%) and Ripple’s XRP (+0.79%) also avoided the red, bucking the trend early on.

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

At the time of writing, Chainlink was down by 1.73%, with Ethereum falling by 1.27%.

Bitcoin Cash SV (-0.26%), Cardano’s ADA (-0.25%), Crypto.com Coin (-0.63%), and Polkadot (-0.29%) saw relatively modest losses, however.

Through the early hours, the crypto total market rose to an early morning high $1,408bn before falling to a low $1,376bn. At the time of writing, the total market cap stood at $1,377bn.

Bitcoin’s dominance rose to an early high 46.21% before falling to a low 45.99%. At the time of writing, Bitcoin’s dominance stood at 46.01%.

For the Afternoon Ahead

Bitcoin would need to move back through the $34,050 pivot to bring the first major resistance level at $34,784 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from $34,500 levels.

Barring a broad-based crypto rebound, the first major resistance level and resistance at $35,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $36,000 levels. The second major resistance level sits at $35,324.

Failure to move back through the $34,050 pivot would bring the first major support level at $33,510 back into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$33,000 support levels.

The second major support level sits at $32,776.

Looking beyond the support and resistance levels, we saw a bullish cross this morning, with the 50 EMA crossing through the 200 EMA.

We also saw the 100 EMA narrow on the 200 EMA supporting an early rise before falling into the red.

Through the late morning, the 50 EMA has narrowed on the 200 EMA and the 100 EMA suggesting a possible reversal.

A further narrowing of the 50 EMA on the 200 EMA this afternoon would bring support levels back into play.

Key going into the afternoon would be for Bitcoin to break back through the pivot to $34,050 to avoid another day in the red.

Bitcoin and Ethereum – Weekly Technical Analysis – July 12th, 2021

Bitcoin

Bitcoin, BTC to USD, fell by 2.93% in the week ending 11th July. Reversing a 1.53% gain from the previous week, Bitcoin ended the week at $34,244.0.

In a mixed start to the week, Bitcoin rose to a Monday intraweek high $35,280.0 before hitting reverse.

Falling short of the first major resistance level at $37,017, Bitcoin slid to a Thursday intraweek low $32,063.0.

Bitcoin fell through the first major support level at $33,117 before a partial recovery to $34,200 levels.

4 days in the red that included a 4.55% slide on Monday delivered the downside for the week.

For the week ahead

Bitcoin would need to avoid the $33,862 pivot to support a run the first major resistance level at $35,662.

Support from the broader market would be needed for Bitcoin to break back through to $35,000 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $36,000 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at $38,000 before any pullback. The second major resistance level sits at $37,079.

A fall through the $33,862 pivot would bring the first major support level at $32,445 into play.

Barring another extended sell-off, Bitcoin should steer clear of sub-$30,000 levels. The second major support level at $30,645 should limit the downside.

At the time of writing, Bitcoin was down by 0.02% to $34,237.0. A mixed start to the week saw Bitcoin rise to an early morning high $34,360.0 before falling to a low $34,051.0.

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

BTCUSD 120721 Daily Chart

Ethereum

Ethereum slid by 7.85% in the week ending 11th July. Partially reversing a 17.04% rally from the previous week, Ethereum ended the week at $2,140.82.

After a bearish start to the week, Ethereum rose to a Wednesday intraweek high $2,411.19 before hitting reverse.

Falling short of the first major resistance level at $2,489, Ethereum slid to a Friday intraweek low $2,050.00.

Finding support at the first major support level at $2,057, Ethereum revisited $2,190 levels before easing back.

4-days in the red that included an 8.63% tumble on Thursday delivered the downside for the week.

For the week ahead

Ethereum would need to move through the pivot at $2,201 to bring the first major resistance level at $2,351 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,300 levels.

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

In the event of an extended breakout, Ethereum could test the second major resistance level at $2,562. Ethereum would need plenty of support, however, to breakout from last week’s high $2,411.19.

Failure to move through the pivot at $2,201 would bring the first major support level at $1,990 into play.

Barring another extended sell-off in the week, Ethereum should steer clear of sub-$1,900 levels. The second major support sits at $1,839.

At the time of writing, Ethereum was up by 0.39% to $2,149.22. A mixed start to the week saw Ethereum fall to an early morning low $2,126.69 before rising to a high $2,150.77.

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

ETHUSD 120721 Daily Chart

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 12th, 2021

Ethereum

Ethereum rose by 1.43% on Sunday. Partially reversing a 1.72% fall from Saturday, Ethereum ended the week down by 7.85% to $2,140.82.

A mixed start to the day saw Ethereum fall to an early morning intraday low $2,081.51 before making a move.

Finding support at the first major support level at $2,059, Ethereum rallied to a late intraday high $2,173.37.

Coming within range of the first major resistance level at $2,177, Ethereum eased back to end the day at sub-$2,150 levels.

At the time of writing, Ethereum was down by 0.40% to $2,132.28. A mixed start to the day saw Ethereum rise to an early morning high $2,142.63 before falling to a low $2,126.69.

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

ETHUSD 120721 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall back through the $2,132 pivot to bring the first major resistance level at $2,182 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $2,173.37.

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

In the event of a broad-based crypto rally, Ethereum could test resistance at $2,250 before any pullback. The second major resistance level sits at $2,224.

A fall back through the $2,132 pivot would bring the first major support level at $2,090 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,000 levels. The second major support level at $2,040 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,090

Pivot Level: $2,132

First Major Resistance Level: $2,182

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 0.17% on Sunday. Partially reversing a 0.45% loss from Saturday, Litecoin ended the week down by 7.37% to $134.26.

A mixed start to the day saw Litecoin fall to an early intraday low $132.13 before making a move.

Steering clear of the first major support level at $131, Litecoin rallied to a late intraday high $136.44.

Falling short of the first major resistance level at $137, Litecoin eased back to end the day at $134 levels.

At the time of writing, Litecoin was up by 0.05% to $134.33. A mixed start to the day saw Litecoin rise to an early morning high $134.44 before falling to a low $133.63.

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

LTCUSD 120721 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall back through the $134 pivot to bring the first major resistance level at $136 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $136 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $136.44 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $140. The second major resistance level sits at $139.

A fall back through the $134 pivot would bring the first major support level at $132 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$130 levels. The second major support level at $130 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $132

Pivot Level: $134

First Major Resistance Level: $136

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP rose by 1.43% on Sunday. Partially reversing a 1.98% fall from Saturday, Ripple’s XRP ended the week down by 8.75% to $0.63499.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.61227 before making a move.

Steering clear of the first major support level at $0.6086, Ripple’s XRP rallied to a late afternoon intraday high $0.64478.

Ripple’s XRP broke through the first major resistance level at $0.6442 before a slide back to sub-$0.63 levels.

Finding late support, however, revisited $0.64 levels before a 2nd pullback to end the day at sub-$0.64 levels.

At the time of writing, Ripple’s XRP was flat at $0.63497. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.63601 before falling to a low $0.63304.

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

XRPUSD 120721 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid the $0.6323 pivot to bring the first major resistance level at $0.6474 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.6450 levels.

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

In the event of another breakout, Ripple’s XRP could test the second major resistance level at $0.6599.

A fall through the $0.6323 pivot would bring the first major support level at $0.6199 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.60 levels. The second major support level at $0.6048 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.6199

Pivot Level: $0.6323

First Major resistance Level: $0.6474

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

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

Thanks, Bob

The Crypto Daily – Movers and Shakers – July 12th, 2021

Bitcoin, BTC to USD, rose by 2.21% on Sunday. Reversing a 0.78% fall from Saturday., Bitcoin ended the week down by 2.93% to $34,244.0.

A mixed start to the day saw Bitcoin fell to an early morning intraday low $33,316.0 before making a move.

Steering clear of the first major support level at $32,930, Bitcoin rallied to a late intraday high $34,590.0.

Bitcoin broke through the first major resistance level at $34,161 to end the day at $34,200 levels.

The near-term bullish trend remained intact, in spite of the latest return to $32,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 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.

Bitcoin Cash SV and Polkadot bucked the trend, falling by 0.26% and by 0.89% respectively.

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

Crypto.com Coin rallied by 7.02% to lead the way.

Binance Coin (+1.81%), Ethereum (+1.43%), and Ripple’s XRP (+1.43%) weren’t far behind.

Cardano’s ADA (+0.90%), Chainlink (+0.83%), and Litecoin (+0.17%) trailed the front runners, however.

It was also a mixed week for the majors.

Binance Coin and Crypto.com Coin rose by 2.60% and by 4.61% respectively to buck the trend.

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

Ripple’s XRP slid by 8.75% to lead the way down.

Bitcoin Cash SV (-6.74%), Cardano’s ADA (-7.74%), Chainlink (-4.66%), Ethereum (-7.85%), and Litecoin (-7.37%) also struggled.

Polkadot fell by a modest 0.20%, however.

In the week, the crypto total market rose to a Wednesday high $1,476bn before falling to a Friday low $1,313bn. At the time of writing, the total market cap stood at $1,369bn.

Bitcoin’s dominance fell to a Thursday low 44.48% before rising to a Sunday high 46.22%. At the time of writing, Bitcoin’s dominance stood at 45.96%.

This Morning

At the time of writing, Bitcoin was down by 0.24% to $34,163.0. A mixed start to the day saw Bitcoin rise to an early morning high $34,360.0 before falling to a low $34.094.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin bucked the trend at the start of the day, rising by 1.11%.

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

At the time of writing, Chainlink was down by 0.99% to lead the way down.

BTCUSD 120721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $34,050 pivot to bring the first major resistance level at $34,784 into play.

Support from the broader market would be needed for Bitcoin to break out from Sunday’s high $34,590.0.

Barring a broad-based crypto rebound, the first major resistance level and resistance at $35,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $36,000 levels before any pullback. The second major resistance level sits at $35,324.

A fall through the $34,050 pivot would bring the first major support level at $33,510 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$33,000 levels. The second major support level sits at $32,776.

The Crypto Daily – Movers and Shakers – July 11th, 2021

Bitcoin, BTC to USD, fell by 0.78% on Saturday. Partially reversing a 2.81% gain from Friday, Bitcoin ended the day at $33,505.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $34,242.0 before hitting reverse.

Falling short of the first major resistance level at $34,473, Bitcoin fell to a late intraday low $33,011.0.

Steering clear of the first major support level at $32,651, Bitcoin revisited $33,600 levels before easing back.

The near-term bullish trend remained intact, in spite of the latest return to $32,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

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

Chainlink and Ripple’s XRP fell by 2.36% and by 1.98% respectively to lead the way down.

Ethereum (-1.72%) and Polkadot (-1.70%) weren’t far behind.

Binance Coin (-0.30%), Bitcoin Cash SV (-0.13%), Cardano’s ADA (-1.06%), Crypto.com Coin (-1.34%), and Litecoin (-0.45%) saw relatively modest losses, however.

In the week, the crypto total market rose to a Wednesday high $1,476bn before falling to a Friday low $1,313bn. At the time of writing, the total market cap stood at $1,369bn.

Bitcoin’s dominance fell to a Thursday low 44.48% before rising to a Saturday high 46.18%. At the time of writing, Bitcoin’s dominance stood at 45.96%.

This Morning

At the time of writing, Bitcoin was up by 0.03% to $33,514.0. A mixed start to the day saw Bitcoin fall to an early morning low $33,496.0 before rising to a high $33,548.0.

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

Elsewhere, it was a bullish start to the day.

At the time of writing, Crypto.com Coin was up by 1.10% to lead the way.

BTCUSD 110721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $33,586 pivot to bring the first major resistance level at $34,161 into play.

Support from the broader market would be needed for Bitcoin to break back through to $34,000 levels.

Barring a broad-based crypto rebound, the first major resistance level and Saturday’s high $34,242.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $35,000 levels before any pullback. The second major resistance level sits at $34,817.

Failure to move through the $33,586 pivot would bring the first major support level at $32,930 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$32,000 levels. The second major support level at $32,355 should limit the downside.

The Crypto Daily – Movers and Shakers – July 10th, 2021

Bitcoin, BTC to USD, rose by 2.81% on Friday. Reversing a 3.04% decline from Thursday, Bitcoin ended the day at $33,769.0.

A mixed start to the day saw Bitcoin slide to an early morning intraday low $32,237.0 before making a move.

Steering clear of the first major support level at $31,967, Bitcoin rallied to a late intraday high $34,059.0.

Bitcoin broke through the first major resistance level at $33,843 before easing back to sub-$33,800 levels.

The near-term bullish trend remained intact, in spite of the latest return to $32,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 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.

Bitcoin Cash SV slid by 3.50%, with Polkadot declining by 0.42% to buck the trend on the day.

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

Crypto.com Coin rallied by 6.68% to lead the way, with Binance Coin (+2.23%) and Ripple’s XRP (+2.72%) finding strong support.

Chainlink (+1.52%), Cardano’s ADA (+1.70%), Ethereum (+1.47%), and Litecoin (+1.88%) trailed the front runners, however.

In the week, the crypto total market rose to a Wednesday high $1,476bn before falling to a Friday low $1,313bn. At the time of writing, the total market cap stood at $1,395bn.

Bitcoin’s dominance fell to a Thursday low 44.48% before rising to a Friday high 46.09%. At the time of writing, Bitcoin’s dominance stood at 45.77%.

This Morning

At the time of writing, Bitcoin was up by 0.62% to $33,980.0. A mixed start to the day saw Bitcoin fall to an early morning low $33,694.0 before rising to a high $34,015.0.

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

Elsewhere, it was a bullish start to the day.

At the time of writing, Chainlink was up by 1.21% to lead the way.

BTCUSD 100721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $33,355 pivot to bring the first major resistance level at $34,473 into play.

Support from the broader market would be needed for Bitcoin to break out from Friday’s high $34,059.0.

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

In the event of an extended crypto rally, Bitcoin could test resistance at $36,000 levels before any pullback. The second major resistance level sits at $35,177.

A fall through the $33,355 pivot would bring the first major support level at $32,651 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$32,000 levels. The second major support level sits at $31,533.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 10th, 2021

Ethereum

Ethereum rose by 1.47% on Friday. Partially reversing an 8.66% tumble from Thursday, Ethereum ended the day at $2,147.38.

A mixed start to the day saw Ethereum slide to an early morning intraday low $2,050.00 before making a move.

Steering clear of the first major support level at $2,026, Ethereum rallied to an early afternoon intraday high $2,189.28.

Falling short of the first major resistance level at $2,267, Ethereum fell back to $2,121 levels before steadying.

At the time of writing, Ethereum was up by 0.32% to $2,154.29. A mixed start to the day saw Ethereum fall to an early morning low $2,141.20 before rising to a high $2,154.99.

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

ETHUSD 100721 Hourly Chart

For the day ahead

Ethereum would need to avoid the $2,129 pivot to bring the first major resistance level at $2,208 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Friday’s high $2,189.26.

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

In the event of a broad-based crypto rally, Ethereum could test resistance at $2,300 before any pullback. The second major resistance level sits at $2,268.

A fall through the $2,129 pivot would bring the first major support level at $2,069 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $1,990.

Looking at the Technical Indicators

First Major Support Level: $2,208

Pivot Level: $2,129

First Major Resistance Level: $2,069

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 1.88% on Friday. Partially reversing a 3.91% loss from Thursday, Litecoin ended the day at $134.61.

A mixed start to the day saw Litecoin slide to an early intraday low $126.08 before making a move.

Litecoin fell through the first major support level at $127.42 before rallying to a late intraday high $135.80.

Falling short of the first major resistance level at $137, Litecoin eased back to end the day at $134 levels.

At the time of writing, Litecoin was up by 0.31% to $135.03. A mixed start to the day saw Litecoin fall to an early morning low $134.45 before rising to a high $135.26.

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

LTCUSD 100721 Hourly Chart

For the day ahead

Litecoin would need to avoid the $132 pivot to bring the first major resistance level at $138 into play.

Support from the broader market would be needed, however, for Litecoin to break out from Friday’s high $135.80.

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

In the event of an extended breakout, Litecoin could test resistance at $145. The second major resistance level sits at $142.

A fall through the $132 pivot would bring the first major support level at $129 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$125 levels. The second major support level sits at $122.

Looking at the Technical Indicators

First Major Support Level: $129

Pivot Level: $132

First Major Resistance Level: $138

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP rose by 2.72% on Friday. Partially reversing a 4.32% fall from Thursday, Ripple’s XRP ended the day at $0.63846.

A bearish start to the day saw Ripple’s XRP slide to an early morning intraday low $0.59227 before making a move.

Ripple’s XRP fell through the first major support level at $0.6058 before rising to a mid-afternoon intraday high $0.64521.

Falling short of the first major resistance level at $0.6478, Ripple’s XRP fell back to $0.62 levels before ending the day at $0.63 levels.

At the time of writing, Ripple’s XRP was up by 0.10% to $0.63909. A range-bound start to the day saw Ripple’s XRP rise from an early morning low $0.63675 to a high $0.63909.

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

XRPUSD 100721 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid the $0.6253 pivot to bring the first major resistance level at $0.6584 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.65 levels.

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

In the event of another breakout, Ripple’s XRP could test the second major resistance level at $0.6783.

A fall through the $0.6253 pivot would bring the first major support level at $0.6054 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.5724.

Looking at the Technical Indicators

First Major Support Level: $0.6054

Pivot Level: $0.6253

First Major resistance Level: $0.6584

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

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

Thanks, Bob

Bitcoin Price Prediction – A Move Back Through to $33,500 Would Bring $35,000 Levels into Play

After a bearish Thursday for Bitcoin and the broader market, it has been a mixed morning session for the majors.

At the time of writing, Bitcoin, BTC to USD, was up by 0.07% to $32,879.0. A mixed start to the day saw Bitcoin fall to an early morning low $32,237.0 before making a move.

Steering clear of the first major support level at $31,967, Bitcoin rose to a mid-morning high $33,259.0

Falling well short of the first major resistance level at $33,843, however, Bitcoin slipped back to sub-$33,000 levels.

BTCUSD 090721 Hourly Chart

The Rest of the Pack

It has also been a mixed morning for the broader crypto market.

Through the morning, Crypto.com Coin was up by 3.38% to lead the way.

Cardano’s ADA (+0.12%) and Polkadot (+0.88%) also joined Bitcoin in positive territory.

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

Bitcoin Cash SV led the way down, sliding by 2.82%, with Chainlink (-1.87%), Litecoin (-1.20%), and Ripple’s XRP (-1.70%) also struggling.

Binance Coin (-0.33%) and Ethereum (-0.47%) saw relatively modest losses, however.

Through the early hours, the crypto total market fell to an early morning low $1,321bn before rising to a high $1,371bn. At the time of writing, the total market cap stood at $1,355bn.

Bitcoin’s dominance rose to an early high 45.91% before falling to a low 45.49%. At the time of writing, Bitcoin’s dominance stood at 45.56%.

For the Afternoon Ahead

Bitcoin would need to move back through the $32,953 pivot to bring the first major resistance level at $33,843 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $33,259.0.

Barring a broad-based crypto rebound, the first major resistance level and resistance at $34,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $35,000 levels. The second major resistance level sits at $34,829.

Failure to move back through the $32,953 pivot would bring the first major support level at $31,967 back into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$30,000 support levels.

The second major support level at $31,077 should limit the downside.

Looking beyond the support and resistance levels, we saw the 50 EMA continue to pullback from the 100 and 200 EMAs in the early hours.

The pullback supported the early lows. Through the late morning, however, the 50 EMA has held its ground suggesting an imminent move.

A further pullback of the 50 EMA from the 100 and 200 EMAs this afternoon would bring support levels back into play.

Key going into the afternoon will be for Bitcoin to break back through the pivot to $33,000 levels to avoid another day in the red.

The Crypto Daily – Movers and Shakers – July 9th, 2021

Bitcoin, BTC to USD, fell by 3.04% on Thursday. Following a 1.07% loss on Wednesday, Bitcoin ended the day at $32,857.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $33,939.0 before hitting reverse.

Falling well short of the first major resistance level at $34,713, Bitcoin tumbled to a late morning intraday low $32,063.0.

The extended sell-off saw Bitcoin fall through the first major support level at $33,437 and the second major support level at $32,986.

Steering clear of sub-$32,000 support, levels, Bitcoin revisited $33,100 levels before a fall back to sub-$33,000 levels.

The brief return to $33,000 levels had seen Bitcoin move back through the second major support level before sliding back.

The near-term bullish trend remained intact, in spite of the latest return to $32,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 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.

Bitcoin Cash SV rose by 1.46% to buck the trend on the day.

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

Chainlink and Ethereum slid by 7.13% and by 8.66% respectively to lead the way down.

Binance Coin (-5.38%), Cardano’s ADA (-5.45%), Crypto.com Coin (-6.49%), Litecoin (-3.91%), Polkadot (-6.44%), and Ripple’s XRP (-4.32%) also saw heavy losses.

In the week, the crypto total market rose to a Wednesday high $1,476bn before falling to a Thursday low $1,323bn. At the time of writing, the total market cap stood at $1,342bn.

Bitcoin’s dominance rose to a Monday high 45.73% before falling to a Wednesday low 44.55%. At the time of writing, Bitcoin’s dominance stood at 45.64%.

This Morning

At the time of writing, Bitcoin was down by 0.58% to $32,665.0. A mixed start to the day saw Bitcoin rise to an early morning high $32,861.0 before falling to a low $32,574.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin was up by 0.45% to lead the way.

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

At the time of writing, Litecoin was down by 1.94% to lead the way down.

BTCUSD 090721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $32,953 pivot to bring the first major resistance level at $33,843 into play.

Support from the broader market would be needed for Bitcoin to break out from $33,500 levels.

Barring a broad-based crypto rebound, the first major resistance level and Thursday’s high $33,939.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $35,000 levels before any pullback. The second major resistance level sits at $34,829.

Failure to move through the $32,953 pivot would bring the first major support level at $31,967 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$30,000 levels. The second major support level at $31,077 should limit the downside.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 9th, 2021

Ethereum

Ethereum tumbled by 8.66% on Thursday. Following a 0.23% decline on Wednesday, Ethereum ended the day at $2,116.95.

A mixed start to the day saw Ethereum rise to an early morning intraday high $2,325.46 before hitting reverse.

Falling short of the first major resistance level at $2,387, Ethereum slid to a late intraday low $2,084.00.

The extended sell-off saw Ethereum fall through the day’s major support levels before finding support.

Late in the day, Ethereum moved back through the third major support level at $2,107 to end the day at $2,110 levels.

At the time of writing, Ethereum was down by 0.35% to $2,109.64. A mixed start to the day saw Ethereum rise to an early morning high $2,120.00 before falling to a low $2,108.66.

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

ETHUSD 090721 Hourly Chart

For the day ahead

Ethereum would need to move through the $2,176 pivot to bring the first major resistance level at $2,267 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,200 levels.

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

In the event of a broad-based crypto rally, Ethereum could test the second major resistance level at $2,417.

Failure to move through the $2,176 pivot would bring the first major support level at $2,026 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $1,934.

Looking at the Technical Indicators

First Major Support Level: $2,026

Pivot Level: $2,176

First Major Resistance Level: $2,267

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 3.91% on Thursday. Following a 1.05% loss on Wednesday, Litecoin ended the day at $132.10.

A mixed start to the day saw Litecoin rise to an early intraday high $137.81 before hitting reverse.

Falling well short of the first major resistance level at $141, Litecoin slid to a late intraday low $127.93.

Litecoin fell through the first major support level at $135 and the second major support level at $133.

Steering clear of the third major support level at $127, however, Litecoin found support to end the day at $132 levels.

At the time of writing, Litecoin was down by 0.31% to $131.69. A mixed start to the day saw Litecoin rise to an early morning high $132.29 before falling to a low $131.68.

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

LTCUSD 090721 Hourly Chart

For the day ahead

Litecoin would need to move through the $133 pivot to bring the first major resistance level at $137 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $135 levels.

Barring an extended crypto rally, the first major resistance level and resistance at Thursday’s high $137.81 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $140. The second major resistance level sits at $143.

Failure to move through the $133 pivot would bring the first major support level at $127 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$120 levels. The second major support level at $123 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $127

Pivot Level: $133

First Major Resistance Level: $137

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP slid by 4.32% on Thursday. Following a 1.66% decline on Wednesday, Ripple’s XRP ended the day at $0.62407.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.65328 before hitting reverse.

Falling short of the first major resistance level at $0.6672, Ripple’s XRP slid to a late morning intraday low $0.61121.

Ripple’s XRP fell through the day’s major support levels before a partial recovery to $0.62 levels.

The partial recovery saw Ripple’s XRP break back through the third major support level at $0.6126.

At the time of writing, Ripple’s XRP was down by 0.66% to $0.61994. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.62157 to a low $0.61994.

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

XRPUSD 090721 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.6295 pivot to bring the first major resistance level at $0.6478 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.64 levels.

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

In the event of another breakout, Ripple’s XRP could test the second major resistance level at $0.6716.

Failure to move through the $0.6295 pivot would bring the first major support level at $0.6058 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.5875.

Looking at the Technical Indicators

First Major Support Level: $0.6058

Pivot Level: $0.6295

First Major resistance Level: $0.6478

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

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

Thanks, Bob