The Crypto Daily – Movers and Shakers – August 1st, 2021

Bitcoin, BTC to USD, fell by 1.79% on Saturday. Partially reversing a 5.43% rally from Friday, Bitcoin ended the day at $41,439.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $42,398.0 before hitting reverse.

Falling well short of the first major resistance level at $43,562, Bitcoin fell to a late afternoon intraday low $41,051.0.

While steering clear of the first majors support level at $39,605, Bitcoin fell through the 38.2% FIB of $41,592.

Steering clear of sub-$41,000 levels, Bitcoin briefly broke back through the 38.2% FIB of $41,592 before a late slide back to sub-$41,500 levels.

The near-term bullish trend remained intact, supported by the latest return to $42,000 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 Saturday.

Bitcoin Cash SV fell by 1.60% to lead the way down, with Litecoin (-0.81%) and Ripple’s XRP (-0.89%) also joining Bitcoin in the red.

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

Polkadot and Crypto.com Coin rallied by 8.05% and by 5.10% respectively to lead the way.

Binance Coin (+3.12%), Chainlink (+1.92%), and Ethereum (+2.84%) also found strong support.

Cardano’s ADA (+0.71%) trailed the front runners, however.

In the current the week, the crypto total market fell to a Monday low $1,379bn before rising to a Saturday high $1,646bn. At the time of writing, the total market cap stood at $1,605bn.

Bitcoin’s dominance fell to a Monday low 47.07% before rising to a Saturday high 49.18%. At the time of writing, Bitcoin’s dominance stood at 48.29%.

This Morning

At the time of writing, Bitcoin was down by 0.78% to $41,115.0. A mixed start to the day saw Bitcoin rise to an early morning high $41,468.9 before falling to a low $41,105.0.

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 1.02% at the start of the day to buck the trend.

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

At the time of writing, Ripple’s XRP was down by 0.40% to lead the way down.

BTCUSD 010821 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the 38.2% FIB of $41,592 and the $41,629 pivot to bring the first major resistance level at $42,208 into play.

Support from the broader market would be needed for Bitcoin to break back through to $42,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $42,398.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $43,500 before any pullback. The second major resistance level sits at $42,976.

Failure to move through the 38.2% FIB and the $41,629 pivot would bring the first major support level at $40,861 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$40,000 levels. The second major support level at $40,282 should limit the downside.

The Crypto Daily – Movers and Shakers – July 31st, 2021

Bitcoin, BTC to USD, rallied by 5.43% on Friday. Following a 0.05% gain on Thursday, Bitcoin ended the day at $42,214.5.

A mixed start to the day saw Bitcoin fall to a late morning intraday low $38,343.0 before making a move.

Bitcoin fell through the first major support level at $39,331 before rallying to a final hour intraday high $42,299.2.

Bitcoin broke through the first major resistance level at $40,682 and the second major resistance level at $41,328.

More significantly, Bitcoin also broke through the 38.2% FIB of $41,592 to end the day at $42,000 levels.

The near-term bullish trend remained intact, supported by the latest return to $42,000 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.

Crypto.com Coin and Polkadot fell by 1.22% and by 1.83% respectively to buck the trend on the day.

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

Chainlink surged by 15.16% to lead the way. Bitcoin Cash SV (+3.99%), Ethereum (+3.37%), and Litecoin (+2.86%) also found strong support.

Binance Coin (+1.73%), Cardano’s ADA (+1.99%), and Ripple’s XRP (+0.38%) trailed the front runners, however.

In the current the week, the crypto total market fell to a Monday low $1,379bn before rising to a Friday high $1,640bn. At the time of writing, the total market cap stood at $1,610bn.

Bitcoin’s dominance fell to a Monday low 47.07% before jumping to a Wednesday high 49.16%. At the time of writing, Bitcoin’s dominance stood at 49.02%.

This Morning

At the time of writing, Bitcoin was down by 0.47% to $42,017.0. A mixed start to the day saw Bitcoin rise to an early morning high $42,398.0 before falling to a low $41,677.5.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV was down by 0.99% to buck the early trend and join Bitcoin in the red.

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

At the time of writing, Crypto.com Coin was up by 4.85% to lead the way.

BTCUSD 310721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the 38.2% FIB of $41,592 and the $40,952 pivot to bring the first major resistance level at $43,562 into play.

Support from the broader market would be needed for Bitcoin to break out from $42,500 levels.

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

In the event of another extended crypto rally, Bitcoin could test resistance at $45,000 before any pullback. The second major resistance level sits at $44,908.

A fall through the 38.2% FIB and the $40,952 pivot would bring the first major support level at $39,605 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$38,000 levels. The second major support level sits at $36,966.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 31st, 2021

Ethereum

Ethereum rose by 3.37% on Friday. Following a 3.59% gain on Thursday, Ethereum ended the day at $2,463.90.

A mixed start to the day saw Ethereum fall to a late morning intraday low $2,317.51 before making a move.

Steering clear of the first major support level at $2,301, Ethereum rallied to a late intraday high $2,472.18.

Ethereum broke through the first major resistance level at $2,433 to end the day at $2,470 levels.

At the time of writing, Ethereum was down by 0.63% to $2,448.28. A mixed start to the day saw Ethereum rise to an early morning high $2,468.76 before falling to a low $2,443.35.

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

ETHUSD 310721 Hourly Chart

For the day ahead

Ethereum would need to avoid the $2,418 pivot to bring the first major resistance level at $2,518 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Friday’s high $2,472.18.

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

In the event of another broad-based crypto rally, Ethereum could resistance at $2,650 before any pullback. The second major resistance level sits at $2,573.

A fall through the $2,418 pivot would bring the first major support level at $2,364 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$2,200 levels. The second major support level at $2,263 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,364

Pivot Level: $2,418

First Major Resistance Level: $2,518

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 2.86% on Friday. Following a 0.74% gain on Thursday, Litecoin ended the day at $145.62.

A mixed start to the day saw Litecoin fall to a late morning intraday low $135.92 before making a move.

Litecoin fell through the first major support level at $138 before rallying to a final our intraday high $145.93.

Litecoin broke through the first major resistance level at $144 to end the day at $145 levels.

At the time of writing, Litecoin was down by 0.68% to $144.63. A mixed start to the day saw Litecoin rise to an early morning high $145.84 before falling to a low $144.50.

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

LTCUSD 310721 Hourly Chart

For the day ahead

Litecoin would need to avoid the $143 pivot to bring the first major resistance level at $149 into play.

Support from the broader market would be needed, however, for Litecoin to break out from Friday’s high $145.93.

Barring an extended crypto rally, the first major resistance level and resistance at $150 would likely cap any upside.

In the event of another extended breakout, Litecoin could test resistance at $155. The second major resistance level sits at $153.

A fall through the $143 pivot would bring the first major support level at $139 into play.

Barring an extended sell-off, however, Litecoin should continue to steer clear of sub-$135 levels. The second major support level sits at $133.

Looking at the Technical Indicators

First Major Support Level: $139

Pivot Level: $143

First Major Resistance Level: $149

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 0.38% on Friday. Following a 2.39% gain on Thursday, Ripple’s XRP ended the day at $0.75282.

After a mixed start to the day, Ripple’s XRP fell to a late morning intraday low $0.71252 before making a move.

Steering clear of the first major support level at $0.7102, Ripple’s XRP rallied to a late intraday high $0.76948.

Falling short of the first major resistance level at $0.7778, Ripple’s XRP eased back to end the day at sub-$0.76 levels.

At the time of writing, Ripple’s XRP was down by 0.62% to $0.74818. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.75311 to a low $0.74818.

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

XRPUSD 310721 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid the $0.7449 pivot to bring the first major resistance level at $0.7774 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Friday’s high $0.76948.

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 resistance at $0.80 before any pullback. The second major resistance level sits at $0.8019.

A fall through the $0.7449 pivot would bring the first major support level at $0.7204 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.70 levels. The second major support level sits at $0.6880.

Looking at the Technical Indicators

First Major Support Level: $0.7204

Pivot Level: $0.7449

First Major resistance Level: $0.7774

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 $40,500 Would Bring sub-$38,000 into Play

After a bullish day for the crypto majors on Thursday, it has been a bearish morning for Bitcoin and the broader crypto market this morning.

At the time of writing, Bitcoin, BTC to USD, was down by 3.47% to $38,646.8.

A mixed start to the day saw Bitcoin rise to an early morning high $40,248.0 before hitting reverse.

Falling short of the first major resistance level at $40,682, Bitcoin slid to a late morning intraday low $38,343.0.

Bitcoin fell through the first major support level at $39,331 and the second major support level at $38,626.

Steering clear of sub-$38,000 levels, Bitcoin moved back through the 2nd major support level going into the afternoon.

BTCUSD 300721 Hourly Chart

The Rest of the Pack

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

At the time of writing, Ripple’s XRP was down by 3.91% to lead the way down, with Litecoin (-3.64%) also struggling.

Binance Coin (-2.46%), Bitcoin Cash SV (-1.98%), Cardano’s ADA (-2.01%), Chainlink (-1.53%), Crypto.com Coin (-1.62%), and Ethereum (-1.92%) were not far behind, however.

Through the early hours, the crypto total market rose to an early morning high $1,569bn before falling to a low $1,495bn. At the time of writing, the total market cap stood at $1,509bn.

Bitcoin’s dominance rose to an early high 48.47% before falling to a low 48.07%. At the time of writing, Bitcoin’s dominance stood at 48.12%.

For the Afternoon Ahead

Bitcoin would need to move back through the first major support level and the $39,977 pivot to bring the first major resistance level at $40,682 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $40,000 levels.

Barring an extended crypto rally through the afternoon, the first major resistance level at $40,682 would likely limit any upside.

In the event of a breakout, however, Bitcoin should target the 38.2% FIB of $41,592 before any pullback. The second major resistance level sits at $41,328.

Failure to move back through the first major support level at $39,331 pivot would bring the second major support level at $38,626 back into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$38,000 levels, however. The third major support level sits at $37,275.

Looking beyond the support and resistance levels, we saw the 50 EMA narrow on the 100 and 200 EMAs this morning. This supported the downside through the morning.

A further narrowing of the 50 on 100 and 200 EMAs this afternoon would bring sub-$38,000 levels into play.

Key going into the afternoon will be for Bitcoin to avoid a fall back through the morning low $38,343.0 to sub-$38,000 levels.

Are Binance’s Regulatory Struggles Just Starting? Binance Now Banned In Malaysia

The world’s top digital asset exchange Binance has been under heavy regulatory challenges in recent months, and it seems it is just beginning. The exchange has now been banned in Malaysia and given two weeks to cease operations.

Regulators Ban Binance In Malaysia

Binance, the world’s top crypto exchange by trading volume, is facing yet another regulatory challenge. This time, in Malaysia. The Securities Commission Malaysia (SC) announced earlier today that Binance and all related entities are no longer allowed to provide services in Malaysia.

In a press release earlier today, the regulator said the ban applies to Binance Holdings Limited, its CEO Zhao Changpeng, Binance UAB (Registered in Lithuania), Binance Digital Limited (Registered in the UK), and Binance Asia Services Pte Ltd (Registered in Singapore).

Following the ban, the Securities Commission had asked the company to disable the Binance website (www.binance.com) and mobile app in Malaysia over the next two weeks. The exchange should also end all media and marketing activities targeting Malaysian investors and also restrict Malaysian investors from accessing Binance’s Telegram group.

The regulators also advised Malaysian investors to stop dealing with and investing through Binance and other cryptocurrency exchanges.

Binance’s Regulatory Challenges Continue To Pile Up

The Ban in Malaysia is the latest in a series of tough regulatory challenges for the cryptocurrency exchange. The cryptocurrency exchange was banned in the United Kingdom after the Financial Conduct Authority (FCA) gave the order a few weeks ago. This led several financial institutions like Santander, Barclays and Clear Junction to block Binance transactions from their platforms.

Italian regulators also issued a warning against Binance, asking it to stop operating in the country. According to the regulators, Binance doesn’t have the regulatory license to operate in the European country.

BNB/USD chart. Source: FXEMPIRE

Binance had taken certain actions, such as halting the trading of tokenized stocks and hiring ex-regulators to ensure the company complies with regulatory demands. However, that hasn’t been enough to stop regulators from coming after it.

The Binance Coin (BNB) is down by less than 1% over the past 24 hours. BNB is trading at $310 per coin, down from its all-time high of close to $700 recorded in May.

Bitcoin Lacks Momentum As Resistance At $40,000 Stays Strong

Resistance At $40,000 Is A Major Obstacle On The Way Up For Bitcoin

Bitcoin is still trying to settle above the key resistance level at $40,000, but it looks that the world’s leading cryptocurrency lacks momentum for the move.

Meanwhile, other cryptocurrencies are gaining some ground during the current trading session. Ethereum is currently testing the $2,400 level while Dogecoin has managed to settle above $0.2050.

Yesterday, MicroStrategy announced that it planned to deploy additional capital to its digital asset strategy, which means that the company will buy more Bitcoin. However, this news had no impact on Bitcoin, and it looks that many traders have decided to take some profits off the table near the key resistance level at $40,000.

As a result, Bitcoin Dominance, which measures the market capitalization of Bitcoin as a percentage of total market capitalization, pulled back towards the 48% level as some capital moved from Bitcoin into altcoins.

Technical Analysis

bitcoin july 30 2021

The technical picture for Bitcoin has not changed in recent trading sessions. Bitcoin needs to settle above the key resistance level at $40,000 to have a chance to continue its upside move. RSI remains close to the overbought territory, but there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

A move above the $40,000 level will push Bitcoin towards the resistance at June highs at $41,300. If Bitcoin manages to settle above this level, it will gain additional upside momentum, and speculative traders will likely rush to buy the world’s leading cryptocurrency.

On the support side, the nearest significant support level for Bitcoin is located at $38,000, but Bitcoin remains glued to the $40,000 level, and several attempts to gain some downside momentum yielded no results.

A successful test of the support at $38,000 will push Bitcoin towards the next support level near the 50 EMA at $36,000. The 20 EMA is located in the nearby so Bitcoin will likely receive significant support near this level.

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

The Crypto Daily – Movers and Shakers – July 30th, 2021

Bitcoin, BTC to USD, rose by 0.05% on Thursday. Following a 1.33% gain from Wednesday, Bitcoin ended the day at $40,036.1.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $39,272.0 before making a move.

Steering clear of the first major support level at $38,913, Bitcoin rose to a late morning intraday high $40,623.0.

Falling short the first major resistance level at $41,010, however, Bitcoin fell back to sub-$39,500 levels before finding support. A late move back through to $40,000 reversed losses from the day.

The near-term bullish trend remained intact, supported by the latest return to $40,000 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.

Cardano’s ADA slipped by 0.15% to buck the trend.

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

Polkadot rallied by 4.94% to lead the way, with Crypto.com Coin (+2.33%), Ethereum (+3.59%), and Ripple’s XRP (+2.39%) also finding strong support.

Binance Coin (+1.00%), Bitcoin Cash SV (+0.41%), Chainlink (+1.36%), and Litecoin (+0.74%) saw modest gains, however.

In the current the week, the crypto total market fell to a Monday low $1,379bn before rising to a Monday high $1,606bn. At the time of writing, the total market cap stood at $1,553bn.

Bitcoin’s dominance fell to a Monday low 47.07% before jumping to a Wednesday high 49.16%. At the time of writing, Bitcoin’s dominance stood at 48.44%.

This Morning

At the time of writing, Bitcoin was up by 0.09% to $40,071.0. A mixed start to the day saw Bitcoin fall to an early morning low $39,779.0 before rising to a high $40,122.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.15%), Chainlink (-0.06%), Polkadot (-0.50%), and Ripple’s XRP (-0.33%) saw early red.

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

At the time of writing, Crypto.com Coin was up by 0.81% to lead the way.

BTCUSD 300721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $39,977 pivot to bring the first major resistance level at $40,682 into play.

Support from the broader market would be needed for Bitcoin to break out from Thursday’s high $40,623.0.

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

In the event of another extended crypto rally, Bitcoin could test resistance at the 38.2% FIB of $41,592 before any pullback. The second major resistance level sits at $41,328.

Failure to avoid a fall back through the $39,977 pivot would bring the first major support level at $39,331 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $38,626.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 30th, 2021

Ethereum

Ethereum rose by 3.59% on Thursday. Following a 0.01% gain on Wednesday, Ethereum ended the day at $2,383.32.

A mixed start to the day saw Ethereum fall to an early morning intraday low $2,267.78 before making a move.

Steering clear of the first major support level at $2,248, Ethereum rallied to a late intraday high $2,399.99.

Ethereum broke through the first major resistance level at $2,351 to end the day at $2,380 levels.

At the time of writing, Ethereum was down by 0.45% to $2,372.50. A mixed start to the day saw Ethereum rise to an early morning high $2,389.54 before falling to a low $2,365.84.

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

ETHUSD 300721 Hourly Chart

For the day ahead

Ethereum would need to avoid the $2,350 pivot to bring the first major resistance level at $2,433 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Thursday’s high $2,399.99.

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

In the event of another broad-based crypto rally, Ethereum could resistance at $2,500 before any pullback. The second major resistance level sits at $2,483.

A fall through the $2,350 pivot would bring the first major support level at $2,301 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$2,200 levels. The second major support level at $2,218 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,301

Pivot Level: $2,350

First Major Resistance Level: $2,433

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 0.74% on Thursday. Following a 4.24% rally on Wednesday, Litecoin ended the day at $141.52.

A mixed start to the day saw Litecoin fall to an early morning intraday low $136.63 before making a move.

Steering clear of the first major support level at $135, Litecoin rallied to a late intraday high $142.97.

Falling short of the first major resistance level at $144, however, Litecoin slipped back to end the day at sub-$142 levels.

At the time of writing, Litecoin was down by 0.66% to $140.59. A mixed start to the day saw Litecoin rise to an early morning high $142.00 before falling to a low $140.59.

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

LTCUSD 300721 Hourly Chart

For the day ahead

Litecoin would need to avoid the $140 pivot to bring the first major resistance level at $144 into play.

Support from the broader market would be needed, however, for Litecoin to break out from Thursday’s high $142.97.

Barring an extended crypto rally, the first major resistance level and resistance at $145 would likely cap any upside.

In the event of another extended breakout, Litecoin could test resistance at $150. The second major resistance level sits at $147.

A fall through the $140 pivot would bring the first major support level at $138 into play.

Barring an extended sell-off, however, Litecoin should continue to steer clear of sub-$130 levels. The second major support level at $134 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $138

Pivot Level: $140

First Major Resistance Level: $144

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 2.39% on Thursday. Following Wednesday’s 13.80% breakout, Ripple’s XRP ended the day at $0.74995.

After a mixed start to the day, Ripple’s XRP fell to a mid-day intraday low $0.69828 before making a move.

Steering clear of the first major support level at $0.6592, Ripple’s XRP rallied to a final hour intraday high $0.76596.

Falling short of the first major resistance level at $0.7806, Ripple’s XRP eased back to end the day at sub-$0.75 levels.

At the time of writing, Ripple’s XRP was down by 1.67% to $0.73739. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.75261 before falling to a low $0.73739.

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

XRPUSD 300721 Hourly Chart

For the day ahead

Ripple’s XRP will need to move back through the $0.7381 pivot to bring the first major resistance level at $0.7778 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Thursday’s high $0.76596.

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 resistance at $0.80 before any pullback. The second major resistance level sits at $0.8057.

Failure to move back through the $0.7381 pivot would bring the first major support level at $0.7102 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.70 levels. The second major support level sits at $0.6704.

Looking at the Technical Indicators

First Major Support Level: $0.7102

Pivot Level: $0.7381

First Major resistance Level: $0.7778

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

Dogecoin Community Looks to Get on AMC’s Radar

Dogecoin, the seventh-biggest cryptocurrency, and AMC Entertainment have something in common. They have both attained meme status in their respective spheres. Now some Dogecoin fans would like to see those two worlds collide.

It appears to have started with YouTuber Steven Steele, who discusses many cryptocurrency-related topics on his channel. Steele, who has more than 10K followers on Twitter, suggested that AMC should start accepting Dogecoin as a payment method.

With all of the focus on bitcoin and Amazon, Steele has seemingly sought to shift the narrative in another direction. It is all speculation at this point, but Steele’s suggestion seems to be resonating with Doge fans. Dogecoin bull Elon Musk himself appears to have “liked” Steele’s tweet.

Source: Twitter

Mostly Cheers

The suggestion seemed to draw mostly cheers on social media, with Steele’s followers suggesting that it would send the Doge price to the moon. Dogecoin continues to hold onto the USD 0.20 level, for now, but it has shed 3% in the last 24-hour period.

Twitter Account “It’s All Risky,” which is described as “a former bitcoin maximalist who took the Doge pill,” agreed with Steele’s AMC idea. The “It’s All Risky” account even tagged AMC CEO Adam Aron, who has been known to engage with his followers on social media, in the thread.

“It’s All Risky” suggested that if AMC jumped on the Dogecoin bandwagon, Aron would be in good company — alongside Doge fan Elon Musk. While Tesla owns some bitcoin, the EV maker has yet to add support for Dogecoin as a payment method.

Both meme assets — Dogecoin and AMC — have seen better days. The Dogecoin price has basically been slashed in half since early June, while AMC is trading below USD 40 after trading above USD 70 last month.

Burger King Brazil

Dogecoin has already caught the eye of other companies. Men’s consumer brand Axe, for instance, launched a limited edition of the “Dogecan,” which is a physical product that the company distributed for free.

Not to be outdone, Burger King Brazil has just introduced the Dogpper, which seems to be a play on the Whopper and which consumers can pay for using Dogecoin. Burger King Brazil has launched an online process in which Doge holders can transfer their coins to the restaurant’s Dogecoin wallet.

When big companies recognize cryptocurrencies such as Dogecoin, it drums up excitement in the cryptocurrency community. Whether that positivity will make its way to crypto market prices, however, remains to be seen.

Chinese Miners Move Overseas. Bitcoin And Ether Hashrates Begin To Recover

The hashrates of the two largest cryptocurrencies are recovering as Chinese miners move their operations to other parts of the world.

BTC And ETH Hashrates Are Rising Again

The hashing powers securing the Bitcoin and Ethereum networks are rising again. This comes as Chinese miners begin moving their operations to other parts of the world. The hashing power of Bitcoin and Ethereum suffered a major blow in recent months as the Chinese authorities cracked down on cryptocurrency mining activities.

The governments of the Sichuan and Anhui provinces in China recently banned cryptocurrency mining activities in the regions. This led to the closure of several Bitcoin mining farms, and smaller crypto miners went out of business.

Due to the bans, some of the miners are moving to other favorable destinations, such as Kazakhstan, Russia and the United States. According to recent data, the seven-day moving average of BTC’s hashrate has gradually climbed up above the 100 exahashes per second (EH/s) level. The hashrate has remained above this level for the past three weeks.

BTC/USD chart. Source: FXEMPIRE

The Bitcoin hashrate dropped below 90 EH/s following the various bans in China, and that was the first time it stood at that level since January 2020. Thanks to the slow recovery, Bitcoin’s mining difficulty is estimated to grow by 4% in its next adjustment.

Ethereum’s hashrate plunged by 20% following the crackdown in China. However, it is also recovering and has stayed above 500 terahashes per second for the past few weeks.

Bitcoin And Ether Rally In Recent Days

The cryptocurrency market has slightly recovered from a slump that affected its price over the past two months. Bitcoin finally surpassed the $35k resistance level and rallied past $40k before retreating to the $39k region earlier today.

ETH/USD chart. Source: FXEMPIRE

Ether, on the other hand, is up by 15% over the past week, surpassing the $2,000 resistance level and currently trading above $2,200. Some experts are optimistic that prices could soar higher in the coming months with the market slowly recovering.

Bitcoin Price Prediction – Avoiding a Return to sub-$40,000 Would Bring $41,500 into Play

After a bullish day for the crypto majors on Wednesday, it has been a mixed morning for Bitcoin and the broader crypto market this morning.

At the time of writing, Bitcoin, BTC to USD, was up by 0.21%to $40,100.0.

A mixed start to the day saw Bitcoin fall to an early morning low $39,272.0 before making a move.

Steering clear of the first major support level at $38,913, Bitcoin rose to a late morning current day high $40,623.0.

Bitcoin fell short of Wednesday’s high $40,900.0 and the first major resistance level at $41,010.

BTCUSD 290721 Hourly Chart

The Rest of the Pack

It has been yet another mixed morning for the broader crypto market.

At the time of writing, Ripple’s XRP was down by 3.47%, giving up some of Wednesday’s 13.8% rally.

Bitcoin Cash SV (-0.10%), Cardano’s ADA (-0.66%), Chainlink (-0.36%), Litecoin (-0.51%) also struggled.

It has been a relatively bullish morning for the rest of the majors, however.

Through the morning, Polkadot was up by 1.46% to lead the way, with Crypto.com Coin gaining 1.33%.

Binance Coin (+0.16%) and Ethereum (+0.48%) also found support.

Through the early hours, the crypto total market fell to an early morning low $1,507bn before rising to a high $1,552bn. At the time of writing, the total market cap stood at $1,538bn.

Bitcoin’s dominance fell to an early low 48.90% before rising to a high 49.15%. At the time of writing, Bitcoin’s dominance stood at 48.95%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall back through the $39,907 pivot to bring the first major resistance level at $41,010 back into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $40,623.0.

Barring an extended crypto rally through the afternoon, expect resistance at $40,500 to pin Bitcoin back.

In the event of a breakout, however, Bitcoin should target $42,500 levels before any pullback. The second major resistance level sits at $42,004. Bitcoin would need plenty of support, however, to breakout from the 38.2% FIB of $41,592.

A fall back through the $39,907 pivot would bring the first major support level at $38,913 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$38,000 levels, however. The second major support level sits at $37,810.

Looking beyond the support and resistance levels, we saw the 50 EMA hold its ground against the 100 and 200 EMAs this morning. This supported the modest upside through the morning.

A widening of the 50 from 100 and 200 EMAs this afternoon would bring the 38.2% FIB of $41,592 into play.

Key going into the afternoon will be for Bitcoin to avoid a fall back through the pivot to sub-$39,500 levels.

Bitcoin Remains Stuck Near The Key $40,000 Level

Bitcoin Needs Additional Catalysts To Settle Above $40,000

Bitcoin continues its attempts to settle above the $40,000 level while crypto markets lack momentum as traders wait for clues from the world’s leading cryptocurrency.

Ethereum is flat near the $2,300 level while XRP is moving lower towards the $0.70 level. Dogecoin is trying to settle back below the 20 EMA at $0.2030.

Bitcoin has already made several attempts to settle above the key resistance level at $40,000 but failed to develop sufficient upside momentum, and it looks that it will need additional catalysts to move above this level.

Technical Analysis

bitcoin july 29 2021

Bitcoin is currently testing the nearest resistance level which is located at $40,000. RSI has recently entered into the overbought territory, but there is enough room to gain additional upside momentum in case the right catalysts emerge.

If Bitcoin manages to settle above $40,000, it will get to the test of the next resistance level which is located at June highs at $41,300. A move above this level will be a major development as it will show that Bitcoin is ready to develop additional upside momentum.

In case Bitcoin gets above $41,300, it will head towards the resistance at $42,000. This move should be fast as short-sellers will likely rush to close their positions if Bitcoin gets above June highs.

A successful test of the resistance at $42,000 will open the way to the test of the next resistance level at $44,000. If Bitcoin gets above this level, it will move towards the resistance at $46,000.

On the support side, the nearest support level for Bitcoin is located at $38,000. If Bitcoin manages to settle below this level, it will gain additional downside momentum and head towards the next support level which is located near the 50 EMA at $36,000.  A move below the 50 EMA will push Bitcoin towards the next support level near the 20 EMA at $35,000.

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

EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – July 29th, 2021

EOS

EOS rallied by 4.15% on Wednesday. Following a 2.31% gain on Tuesday, EOS ended the day at $3.9186.

A mixed start to the day saw EOS fall to a mid-morning intraday low $3.6852 before making a move.

Steering clear of the first major support level at $3.6471, EOS rallied to a late morning intraday high $4.0191.

EOS broke through the first major resistance level at $3.8344 and the second major resistance level at $3.9060.

Falling short of the third major resistance level at $4.0933, however, EOS fell back through the resistance levels before a late rebound.

Late in the day, EOS broke back through the first and second major resistance levels to end the day at $3.91 levels.

At the time of writing, EOS was down by 2.64% to $3.8151. A mixed start to the day saw EOS rise to an early morning high $3.9436 before falling to a low $3.8079.

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

EOSUSD 290721 Hourly Chart

For the day ahead

EOS would need to move back through the $3.8743 pivot to bring the first major resistance level at $4.0634 into play.

Support from the broader market would be needed for EOS to break out from Wednesday’s high $4.0191.

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

In the event of an extended rally, EOS could test resistance at $4.15. The second major resistance level sits at $4.20282.

Failure to move back through the $3.8743 pivot would bring the first major support level at $3.7295 into play.

Barring an extended sell-off, however, EOS should steer clear of sub-$3.70 levels. The second major support level sits at $3.5404.

Looking at the Technical Indicators

First Major Support Level: $3.7295

First Major resistance Level: 4.0634

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Stellar’s Lumen

Stellar’s Lumen rose by 2.70% on Wednesday. Following a 1.00% gain on Tuesday, Stellar’s Lumen ended the at $0.2701.

A mixed start saw Stellar’s Lumen fall to a mid-morning intraday low $0.2582 before making a move.

Steering clear of the first major support level at $0.2528, Stellar’s Lumen rallied to a late morning intraday high $0.2816 before hitting reverse.

Stellar’s Lumen broke through the first major resistance level at $0.2718 and the second major resistance level at $0.2806.

The reversal saw Stellar’s Lumen slide back through the major resistance levels to sub-$0.27 before ending the day at $0.27 levels.

At the time of writing, Stellar’s Lumen was down by 2.84% to $0.2624. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.2708 before falling to a low $0.2621.

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

XLMUSD 290721 Hourly Chart

For the day ahead

Stellar’s Lumen would need to move back through the $0.2700 pivot to bring the first major resistance level at $0.2817 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.28 levels.

Barring an extended rally, the first major resistance level and Wednesday’s high $0.2816 would likely cap any upside.

In the event of another broad-based crypto rally, Stellar’s Lumen could test resistance at $0.30 before any pullback. The second major resistance level sits at $0.2934.

Failure to move back through the $0.2700 pivot would bring the first major support level at $0.2583 into play.

Barring another extended sell-off on the day, Stellar’s Lumen should steer clear of sub-$0.25 levels. The second major support level sits at $0.2466.

Looking at the Technical Indicators

First Major Support Level: $0.2583

First Major Resistance Level: $0.2817

23.6% FIB Retracement Level: $0.3402

38% FIB Retracement Level: $0.4277

62% FIB Retracement Level: $0.5690

Tron’s TRX

Tron’s TRX rose by 1.37% on Wednesday. Following a 2.60% gain on Tuesday, Tron’s TRX ended the day at $0.06084.

After a mixed start to the day, Tron’s TRX rose to a late morning intraday high $0.06225 before hitting reverse.

Tron’s TRX broke through the first major resistance level at $0.06186 before sliding to a late afternoon intraday low $0.05937.

Steering clear of the first major support level at $0.05746, however, Tron’s TRX broke back through to $0.060 levels to end the day in positive territory.

At the time of writing, Tron’s TRX was down by 2.33% to $0.05942. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.06123 before falling to a low $0.05888.

Tron’s TRX tested the first major support level at $0.05939 early on.

TRXUSD 290721 Hourly Chart

For the Day Ahead

Tron’s TRX would need to move back through the $0.06082 pivot to bring the first major resistance level at $0.06227 into play.

Support from the broader market would be needed, however, for Tron’s TRX to move back through to $0.062 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.06225 would likely cap any upside.

In the event of an extended rally, Tron’s TRX could test the second major resistance level at $0.06370.

Failure to move back through the $0.06082 pivot would bring the first major support level at $0.05939 back into play.

Barring an extended sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.05794.

Looking at the Technical Indicators

First Major Support Level: $0.05939

First Major Resistance Level: $0.06227

23.6% FIB Retracement Level: $0.0787

38.2% FIB Retracement Level: $0.0989

62% FIB Retracement Level: $0.1316

Please let us know what you think in the comments below

Thanks, Bob

Powell Props Prices, but Traders Await Tesla to Surge

With the FOMC meeting having concluded today and Chairman Powell signaling that tapering of their monthly purchases of mortgage-backed securities would occur in tandem with the raising of fed funds rates, this means that tapering is most likely not going to occur this year or next.

This perceived bullish statement from the Fed propped up pricing of the world’s largest digital currency. As of 5:40 PM Eastern Standard Time, BTC futures are trading up 5.76% or $2185 on the day and are pegged at $40,090.

wed chart only

Current pricing is now but up against the resistance at $40,000. If Bitcoin can take out the support level, we will see $45,000 being tested soon after. However, if we look back to February 8, 2021, which is the day BTC finally was able to break above resistance at $40,000, it took a huge headline to do so.

On February 8, when BTC did overtake $40,000, it had just been announced that Tesla had purchased 1.5 billion worth of Bitcoin and would soon be accepting it as a payment for their electric vehicles. This was a huge development that experienced a massive amount of media coverage and social media because of Elon musk’s involvement.

The impact of this can be witnessed when on May 12, Tesla announced it would be halting its bitcoin payment option. This accelerated bearish action in Bitcoin, which on that day opened at $57,000 with solid support at $50,000. On May 13, BTC crashed through that support level and began an accelerated correction hitting a low of $30,000 just seven days later.

Elon Musk’s influence over the price of BTC can be seen from the recent action last week when he hinted the electric vehicle maker might start accepting BTC as payment once again. This news helped propel bitcoin off its lows at 30,000 and into the current uptrend we are witnessing.

For now, Bitcoin will likely remain between $35,000 – $45,000 until another large fundamental bullish headline is reported. This could be anything concerning large-scale adoption and might easily be Tesla once again accepting Bitcoin as a payment option.

Dogecoin – Daily Tech Analysis –July 29th, 2021

Dogecoin

Dogecoin slipped by 0.05% on Wednesday. Following a 1.08% gain on Tuesday, Dogecoin ended the day at $0.2058.

After a mixed the start to the day, Dogecoin rose to a late morning intraday high $0.2138 before hitting reverse.

Dogecoin broke through the first major resistance level at $0.2119 before falling to a late afternoon intraday low $0.2017.

Steering clear of the first major support level at $0.1975, Dogecoin returned $0.2050 levels to limit the downside.

At the time of writing, Dogecoin was down by 0.49% to $0.2048. A mixed start to the day saw Dogecoin rise to an early morning high $0.2063 before falling to a low $0.2044.

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

DOGEUSD 290721 Hourly Chart

For the day ahead

Dogecoin would need to move through the $0.2071 pivot to bring the first major resistance level at $0.2125 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.21 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.2138 would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at $0.22 levels before any pullback. The second major resistance level sits at $0.2192.

Failure to move through the $0.2071 pivot would bring the first major support level at $0.2004 into play.

Barring an extended sell-off, however, Dogecoin should steer clear of sub-$0.19 levels. The second major support level at $0.1950 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.2004

Pivot Level: $0.2071

First Major Resistance Level: $0.2125

23.6% FIB Retracement Level: $0.3016

38.2% FIB Retracement Level: $0.3859

62% FIB Retracement Level: $0.5221

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

Thanks, Bob

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 29th, 2021

Ethereum

Ethereum rose by 0.01% on Wednesday. Following a 3.23% gain from Tuesday, Ethereum ended the day at $2,300.42.

A mixed start to the day saw Ethereum fall to a mid-morning intraday low $2,245.10 before making a move.

Steering clear of the first major support level at $2,195, Ethereum rallied to a late morning intraday high $2,347.88.

Falling short of the first major resistance level at $2,364, however, Ethereum briefly fell back to sub-$2,300 and into the red.

A late move back through to $2,300 levels prevented a loss on the day.

At the time of writing, Ethereum was down by 0.42% to $2,290.87. A mixed start to the day saw Ethereum rise to an early morning high $2,301.39 before falling to a low $2,286.48.

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

ETHUSD 290721 Hourly Chart

For the day ahead

Ethereum would need to move back through the $2,298 pivot 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 out from Wednesday’s high $2,347.88.

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

In the event of another broad-based crypto rally, Ethereum could resistance at $2,400 before any pullback. The second major resistance level sits at $2,401.

Failure to move back through the $2,298 pivot would bring the first major support level at $2,248 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$2,100 levels. The second major support level at $2,195 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,248

Pivot Level: $2,298

First Major Resistance Level: $2,351

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 4.24% on Wednesday. Following a 2.78% gain on Tuesday, Litecoin ended the day at $140.47.

A mixed start to the day saw Litecoin fall to a mid-morning intraday low $132.43 before making a move.

Steering clear of the first major support level at $130, Litecoin rallied to a late intraday high $142.07.

Litecoin broke through the first major resistance level at $138 and the second major resistance level at $140.

A late pullback, however, saw Litecoin briefly fall back through the second major resistance level before ending the day at $140 levels.

At the time of writing, Litecoin was down by 0.96% to $139.12. A bearish start to the day saw Litecoin fall from an early morning high $140.50 to a low $138.82.

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

LTCUSD 290721 Hourly Chart

For the day ahead

Litecoin would need to avoid the $138 pivot to bring the first major resistance level at $144 into play.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $142.07.

Barring an extended crypto rally, the first major resistance level and resistance at $145 would likely cap any upside.

In the event of another extended breakout, Litecoin could test resistance at $150. The second major resistance level sits at $148.

A fall through the $138 pivot would bring the first major support level at $135 into play.

Barring an extended sell-off, however, Litecoin should continue to steer clear of sub-$125 levels. The second major support level at $129 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $135

Pivot Level: $138

First Major Resistance Level: $144

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP surged by 13.80% on Wednesday. Following a 3.44% gain on Tuesday, Ripple’s XRP ended the day at $0.73364.

Tracking the broader market, Ripple’s XRP fell to a mid-morning intraday low $0.63183 before making a move.

Steering clear of the first major support level at $0.6211, Ripple’s XRP rallied to a late morning intraday high $0.75324.

Ripple’s XRP broke through the day’s major resistance levels to end the day at $0.73 levels.

At the time of writing, Ripple’s XRP was down by 1.31% to $0.72400. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.73927 before falling to a low $0.72174.

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

XRPUSD 290721 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid the $0.7062 pivot to bring the first major resistance level at $0.7806 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.75324.

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 resistance at $0.80 before any pullback. The second major resistance level sits at $0.8276.

A fall through the $0.7062 pivot would bring the first major support level at $0.6592 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.60 levels. The second major support level sits at $0.5848.

Looking at the Technical Indicators

First Major Support Level: $0.6592

Pivot Level: $0.7062

First Major resistance Level: $0.7806

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

Billionaire Mike Novogratz on Bitcoin Rebound: ‘Institutions Are Buying’

Bitcoin has taken investors on a roller coaster ride of late. As an emerging asset class, cryptocurrencies are inherently volatile. Nonetheless, the bitcoin price has been mired in a downturn, and its recent rally above USD 40K was a psychological boost to investors. That bull run seemed to be short-lived after Amazon denied reports that it was on the verge of supporting bitcoin, but now it appears that the rally may have legs.

The bitcoin price is perched back above USD 40K once again, even without Amazon’s help.  And most of the top 10 cryptocurrencies are trading in the green too.

While the signs suggested that Amazon was the reason for the recent market swings, Galaxy Digital Founder Mike Novogratz suggests there is another catalyst for today’s gains — institutions. He told CNBC:

“Crypto has bounced back because institutions are buying…This was partly a big short-covering rally and partly recognition that this is a real market that’s not going anywhere.”

Crypto Is Here to Stay

Novogratz, a former hedge fund trader on Wall Street, pointed to FTX, a cryptocurrency exchange startup that just attracted USD 900 million to its coffers in a Series B round.  He also noted the caliber of the investors in the round, which included the likes of SoftBank and Paul Tudor Jones, among others, saying it sent a message to the market that cryptocurrencies are here to stay.

Novogratz Claps Back

Cryptocurrencies may be here to stay, but certain lawmakers are doing everything they can to make it harder to invest. U.S. Senator Elizabeth Warren is behind a letter to Treasury Secretary Janet Yellen urging the former Fed chair to crack down on the cryptocurrency industry. Senator Warren painted retail investors as victims amid crypto market volatility that could lead to financial losses.

Novogratz isn’t having any of it. He went on a tweetstorm calling out legacy finance for things such as bank overdraft fees while defending the cryptocurrency industry and its participants. Novogratz was “riled up” by Senator Warren, saying she does not “seem so progressive” to him.

The Galaxy chief did not hold back, suggesting that if banks had the same standards as DeFi when it comes to transparency, the mortgage crisis of the 2008 era would never have occurred. Novogratz added that know-your-customer (KYC) standards are coming to crypto. He would also like to see politicians more educated on the market.

Ripple Continues Its Asian Expansion Despite Ongoing SEC Case

Blockchain technology firm Ripple is expanding its services in Asia despite its ongoing legal battle in the United States with regulators.

Ripple To Deploy RippleNet In Japan For Remittance Services

Ripple announced earlier today that it would be deploying its RippleNet technology to ease cross-border remittance between Japan and the Philippines. The move would make it easier for people to send money to the Philippines from Japan, with the market worth roughly $2 billion annually.

In its blog post, the blockchain firm said this is the first time it will be deploying its On-Demand Liquidity (ODL) service in Japan. Ripple hopes it would open the door for more cryptocurrency adoption in the Asian country.

The move was made possible thanks to the partnership between SBI Remit Co., Ltd, the largest money transfer provider in Japan, and mobile payments service Coins.ph. “By leveraging the digital asset XRP to eliminate pre-funding, the two companies can also free up capital and accelerate the expansion of their own payments businesses,” Ripple added. According to Ripple, using the ODL will allow these companies to provide faster, more affordable remittance options to their customers.

SBI remains one of the leading Ripple partners, with the Japanese financial institution staying with the blockchain firm while it battles against the United States Securities and Exchange Commission (SEC).

This latest development marks another achievement for Ripple in the larger Asia-Pacific (APAC) region. Ripple is becoming a key player in a region that is currently witnessing a growing e-commerce market, increasingly mobile populations and more clarity towards cryptocurrencies. Ripple’s growing dominance in the region has seen its transaction volume surge by over 130% in the past year.

XRP Up By 12% Today

XRP has performed excellently since the start of the year. The cryptocurrency lost more than 70% of its value towards the end of last year after the US SEC accused Ripple of issuing XRP as unregistered securities. This led several exchanges to delist the coin from their platforms.

XRP/USD chart. Source: FXEMPIRE

XRP began the year trading just above $0.2. However, its value has grown significantly, and it is now up by over 300%. At the time of this writing, XRP is trading just above the $0.70 level.

Bitcoin Price Prediction – Bulls Target $41,500 to Support a Breakout to $45,000

After relatively bullish day for the crypto majors on Tuesday, it was another bullish start to the day for the broader market.

At the time of writing, Bitcoin, BTC to USD, was up by 2.81%to $40,611.5.

A mixed start to the day saw Bitcoin fall to an early morning low $38,933.0 before making a move.

Steering clear of the first major support level at $37,416, Bitcoin rallied to a late morning intraday high $40,900.0.

Bitcoin broke through the first major resistance level at $40,587 to test resistance at $41,000 before easing back.

In spite of easing back, Bitcoin avoided a fall back through the first major resistance level through the morning.

The Rest of the Pack

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

At the time of writing, Polkadot was down by 0.92% to buck the trend through the morning.

It has been a bullish morning for the rest of the majors, however.

Through the morning, Ripple’s XRP was up by 13.84% to lead the way.

Bitcoin Cash SV (+2.07%), Cardano’s ADA (+2.02%), Crypto.com Coin (+3.94%), Litecoin (+3.99%) also found strong support.

Binance Coin (+0.86%), Chainlink (+0.45%), and Ethereum (+1.12%) trailed the front runners, however.

Through the early hours, the crypto total market fell to an early morning low $1,498bn before rising to a high $1,561bn. At the time of writing, the total market cap stood at $1,555bn.

Bitcoin’s dominance fell to an early low 48.70% before rising to a high 49.24%. At the time of writing, Bitcoin’s dominance stood at 49.16%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall back through the first major resistance level at $40,587 bring the 38.2% FIB of $41,592 into play.

Support from the broader market would be needed for Bitcoin to breakout from the morning high $40,900.0, however.

Barring an extended crypto rally, the 38.2% FIB and the second major resistance level at $41,673 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could target $45,000 levels. The third major resistance level sits at $44,844.

A fall back through the first major resistance level and a fall through the $38,502 pivot would bring the first major support level at $37,416 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$38,000 levels, however. The second major support level sits at $35,331.

Looking beyond the support and resistance levels, we saw the 50 EMA pull further away from the 100 and 200 EMAs this morning. This supported the morning gains and a run at $41,000 levels.

We also saw the 100 EMA pull further away from the 200 EMA, providing further support to Bitcoin and the crypto bulls.

A further widening of the 50 from 100 and 200 EMAs this afternoon would bring $42,000 levels into play.

Key going into the afternoon will be for Bitcoin to avoid a fall back through the first major resistance level to sub-$40,000 levels.

Shiba Inu Continues To Drift Lower

Shiba Inu Remains Under Pressure While Bitcoin Tests The Resistance At $40,000

Shiba Inu continues its attempts to settle below the support at $0.0000063 while Bitcoin is testing the key resistance at $40,000.

The recent Bitcoin’s rally provided support to many cryptocurrencies, but Shiba Inu remained under pressure. This a bearish sign for Shiba Inu as it indicates that the interest in this cryptocurrency continues to decline. Dogecoin, whose trading dynamics often have an impact on Shiba Inu, performed better, but it trades well below recent highs near $0.2350.

At this point, it looks that Shiba Inu will need additional catalysts to get back to the upside mode. If Bitcoin manages to settle above the key resistance level at $40,000, it will likely gain significant upside momentum which will be bullish for the whole crypto market, but it remains to be seen whether it will boost Shiba Inu as the cryptocurrency has completely ignored the latest upside move of Bitcoin.

Technical Analysis

shiba inu july 28 2021

Shiba Inu settled below $0.000007 and is trying to settle below the next support level at $0.0000063. RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum.

In case Shiba Inu declines below the support level at $0.0000063, it will move towards the support at $0.0000055. A successful test of this level will open the way to the test of the support which is located at $0.0000044. If Shiba Inu gets below this level, it will move towards the next support at $0.0000034.

On the upside, Shiba Inu needs to get above $0.000007 to have a chance to develop upside momentum. If Shiba Inu manages to get back above $0.000007, it will head towards the next resistance level which is located at $0.000008. A move above this level will push Shiba Inu towards the resistance level which is located at $0.000009.

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