The Crypto Daily – Movers and Shakers – July 21st, 2021

Bitcoin, BTC to USD, slid by 3.42% on Tuesday. Following a 3.00% decline on Monday, Bitcoin ended the day at $29,809.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $31,079.0 before hitting reverse.

Falling short of the first major resistance level at $31,695, Bitcoin slid to an early afternoon intraday low $29,313.0.

Bitcoin fell through the first major support level at $30,267 and the second major support level at $29,670.

Steering clear of sub-$29,000 levels, however, Bitcoin revisited $30,000 levels before falling back.

The partial recovery saw Bitcoin move back through the second major support level to end the day at $29,800 levels.

The near-term bullish trend remained intact, in spite of the latest return to $29,000 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 Tuesday.

Bitcoin Cash SV tumbled by 10.75% to lead the way down.

Binance Coin (-5.71%), Cardano’s ADA (-6.02%), Chainlink (-5.13%), Crypto.com Coin (-3.31%), Litecoin (-5.21%), and Ripple’s XRP (-5.22%) also ended the day in the deep red.

Ethereum (-1.76%) and Polkadot (-0.98%) saw relatively modest losses on the day.

Early in the week, the crypto total market rose to an early Monday high $1,299bn before falling to a Tuesday low $1,154bn. At the time of writing, the total market cap stood at $1,193bn.

Bitcoin’s dominance fell to a Monday low 46.06% before rising to a Tuesday high 47.62%. At the time of writing, Bitcoin’s dominance stood at 46.76%.

This Morning

At the time of writing, Bitcoin was down 0.17% to $29,757.0. A mixed start to the day saw Bitcoin rise to an early morning high $29,867.0 before falling to a low $29,734.0.

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

Elsewhere, it was a bearish start to the day.

At the time of writing, Crypto.com Coin was down by 0.98% to lead the way down.

BTCUSD 210721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $30,067 pivot to bring the first major resistance level at $30,821 into play.

Support from the broader market would be needed for Bitcoin to break out from $30,500 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $31,079.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $32,000 before any pullback. The second major resistance level sits at $31,833.

Failure to move through the $30,067 pivot would bring the first major support level at $29,055 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$28,000 levels. The second major support level at $28,301 should limit the downside.

Bitcoin Tests Key Support At $30,000

Bitcoin Remains Under Significant Pressure

Bitcoin gained strong downside momentum and managed to get below the psychologically important support level at $30,000 as traders rushed out of riskier assets amid fears about the spread of the Delta variant of coronavirus.

Other cryptocurrencies are also under pressure. Ethereum is currently trying to settle below the $1750 level. Dogecoin is testing the key support at $0.1650 while XRP is trying to get below $0.52.

Some riskier assets, like stocks, look ready to rebound today, but the strength of the U.S. dollar on the foreign exchange market indicates that demand for safe-haven assets remains strong.

I’d note that Bitcoin Dominance, which measures the market capitalization of Bitcoin as a percentage of total crypto market capitalization, has moved higher in recent trading sessions. However, this move failed to provide any support to the world’s leading cryptocurrency as traders moved out of all riskier positions which was bearish for Bitcoin.

Technical Analysis

bitcoin july 23 2021

This is a key moment for Bitcoin bulls as Bitcoin’s move below the $30,000 level may trigger a strong sell-off. RSI remains in the moderate territory despite the recent downside move so there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

If Bitcoin settles below the $30,000 level, it will get to the test of the next support at $28,800. A successful test of this level will push Bitcoin towards the next support at $27,700. In case Bitcoin declines below this level, it will head towards the support at $25,800. A move below $25,800 will push Bitcoin towards the support at $24,000.

On the upside, the nearest resistance level for Bitcoin is located at $32,000. The 20 EMA is located in the nearby so Bitcoin will likely face significant resistance near $32,000. A move above the 20 EMA will open the way to the test of the resistance at $34,000. In case Bitcoin gets above this level, it will head towards the resistance at $35,000.

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 20th, 2021

Ethereum

Ethereum fell by 3.86% on Monday. Following a 0.44% loss on Sunday, Ethereum ended the day at $1,818.44.

A mixed start to the day saw Ethereum rise to a mid-morning intraday high $1,918.65 before hitting reverse.

Falling short of the first major resistance level at $1,964, Ethereum slid to an early afternoon intraday low $1,805.47.

Ethereum fell through the first major support level at $1,849 to end the day at sub-$1,820 levels. The second major support level at $1,805 limited the downside on the day.

At the time of writing, Ethereum was flat at $1,818.48. A mixed start to the day saw Ethereum rise to an early morning high $1,822.62 before falling to a low $1,813.42.

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

ETHUSD 200721 Hourly Chart

For the day ahead

Ethereum would need to move through the $1,848 pivot to bring the first major resistance level at $1,900 into play.

Support from the broader market would be needed, however, for Ethereum to move back through to $1,900 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 resistance at $2,000 before any pullback. The second major resistance level sits at $1,961.

Failure to move through the $1,848 pivot would bring the first major support level at $1,776 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$1,700 levels. The second major support level at $1,734 and the 62% FIB of $1,725 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,776

Pivot Level: $1,848

First Major Resistance Level: $1,900

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin slid by 5.06% on Monday. Following a 0.76% decline on Sunday, Litecoin ended the day at $113.17.

A mixed start to the day saw Litecoin rise to a mid-morning intraday high $120.71 before hitting reverse.

Falling short of the first major resistance level at $123, Litecoin slid to an early afternoon intraday low $111.84.

Litecoin fell through the first major support level at $116 and the second major support level at $112.

Steering clear of sub-$110 levels, Litecoin moved back through the second major support level to end the day at $113 levels.

At the time of writing, Litecoin was down by 0.13% to $113.02. A mixed start to the day saw Litecoin rise to an early high $113.34 before falling to a low $112.70.

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

LTCUSD 200721 Hourly Chart

For the day ahead

Litecoin would need to move through the $115 pivot to bring the first major resistance level at $119 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $115 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $120.71 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $125. The second major resistance level sits at $124.

Failure to move through the $115 pivot would bring the first major support level at $110 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$100 levels. The second major support level at $106 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $110

Pivot Level: $115

First Major Resistance Level: $119

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 4.86% on Monday. Reversing a 0.73% gain from Sunday, Ripple’s XRP ended the day at $0.55724.

A choppy start to the day saw Ripple’s XRP rise to an early morning intraday high $0.58872 before hitting reverse.

Falling short of the first major resistance level at $0.6016, Ripple’s XRP slid to an early afternoon intraday low $0.55372.

Ripple’s XRP fell through the first major support level at $0.5727 and the second major support level at $0.5581.

Finding late support, however, Ripple’s XRP briefly moved back through the second major support level before easing back.

At the time of writing, Ripple’s XRP was down by 0.20% to $0.55613. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.55796 before falling to a low $0.55613

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

XRPUSD 200721 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.5666 pivot to bring the first major resistance level at $0.5794 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.5750 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $0.58 would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test resistance at $0.60 before any pullback. The second major resistance level sits at $0.6016.

Failure to move through the $0.5666 pivot would bring the first major support level at $0.5444 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.53 levels. The second major support level at $0.5316 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.5444

Pivot Level: $0.5666

First Major resistance Level: $0.5794

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

EtherLite Sees Launch of New DEX as Ecosystem Grows

Now that EtherLite has introduced its blockchain platform, the project’s ecosystem is beginning to take shape. EtherLite is a hard fork of the Ethereum network, and as such seeks to tackle some of the issues its much larger peer has faced surrounding scalability and speed, for instance.

Not surprisingly, there are some parallels between Ethereum and newcomer EthereumLite. For example, Ethereum has a foundation that supports the project as well as “related technologies.” EtherLite similarly has a foundation that is there to support projects that want to build on the EtherLite blockchain.

Most recently, a decentralized exchange (DEX) and automated market maker called Etherlite Exchange has launched on the EtherLite network. The DEX is one of the projects being supported by the EtherLite Foundation through a recently introduced SmartGrant investment fund, according to the EtherLite website. Other projects being supported by the foundation include Noften, which appears to be dedicated to non-fungible tokens (NFTs), and Battleship, a blockchain-fueled lottery system.

Etherlite DEX

The Etherlite DEX is already live, where users can trade ETL, the native cryptocurrency of the EtherLite network. The DEX team also has several additions in the works, including the following:

  • Rewards system featuring the DEX’s goverance token, ELX
  • “Alpha-hunting tools” such as charts and market data
  • Yield generation
  • Analytics

While the EtherLite ecosystem is shaping up to resemble that of Ethereum in some ways and is even compatible with the Ethereum Virtual Machine, it has some catching up to do. Ethereum is the leading platform in the decentralized finance (DeFi) space, where the total value locked (TVL) currently exceeds USD 107 billion, according to Defi Llama.

Other DEXs such as PancakeSwap and Uniswap boast USD 3.76 billion and USD 3.69 billion in TVL, respectively.

Price Point

The bitcoin market downturn has taken altcoins along for the ride, and Ethereum has not gone unscathed. The second-biggest cryptocurrency has shaved 10% off its value in the month of July so far.

The EtherLite price had a rocky weekend and is down roughly 25% in the last 24-hour period alone. Investors who are focused on the building out of the EtherLite ecosystem do not appear fazed, based on social media comments. Others are finding the latest declines tough to ignore, and are looking to the EtherLite team for answers.

 

Bitcoin Price Prediction – Bitcoin’s Rut Continues Leaving Support at $30,000 Key

After a bearish week, Bitcoin and the majors were back in the red at the start of the week.

At the time of writing, Bitcoin, BTC to USD, was down by 1.13% to $31,460.0. A mixed start to the day saw Bitcoin rise to an early morning high $31,928.0 before hitting reverse.

Falling short of the first major resistance level at $31,970, Bitcoin slid to a late morning intraday low $31,407.0.

In spite of the reversal, Bitcoin managed to avoid the first major support level at $31,180 through the morning session.

BTCUSD 190721 Hourly Chart

The Rest of the Pack

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

Through the morning, Bitcoin Cash SV slid by 5.50% to lead the way down.

Binance Coin (-1.49%), Chainlink (-1.59%), Crypto.com Coin (-2.24%), Polkadot (-1.80%), and Ripple’s XRP (-1.73%) also struggled.

Cardano’s ADA (-1.00%), Ethereum (-0.72%), and Litecoin (-0.91%) saw more modest losses, however.

Through the early hours, the crypto total market rose to an early morning high $1,289 before falling to a low $1,271bn. At the time of writing, the total market cap stood at $1,271bn.

Bitcoin’s dominance fell to an early low 46.37% before rising to a high 46.55%. At the time of writing, Bitcoin’s dominance stood at 46.39%.

For the Afternoon Ahead

Bitcoin would need to move back through the $31,795 pivot to bring the first major resistance level at $32,478 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $31,928.0 and through to $32,000 levels.

Barring a broad-based crypto rebound, the first major resistance level and Sunday’s high $32,453 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $33,000 levels. The second major resistance level sits at $33,137.

Failure to move back through the $31,795 pivot would bring the first major support level at $31,136 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 $30,453 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 late morning, supporting the Bitcoin reversal.

We also saw the 100 EMA pull further back from the 200 EMA adding pressure on Bitcoin and the bulls.

A further 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 back through the pivot to $31,795.

Having been stuck in the ranges in recent days, a lack of support could bring the sub-$31,000 levels into play. An extended sell-off and Bitcoin would likely return to sub-$30,000 for the first time since late June.

Bitcoin and Ethereum – Weekly Technical Analysis – July 19th, 2021

Bitcoin

Bitcoin, BTC to USD, fell by 7.09% in the week ending 18th July. Following a 2.93% loss from the previous week, Bitcoin ended the week at $31,820.0.

In a mixed start to the week, Bitcoin rose to a Monday intraweek high $34,655.0 before hitting reverse.

Falling short of the first major resistance level at $35,662, Bitcoin slid to a Friday intraweek low $31,044.0.

Bitcoin fell through the first major support level at $32,445 before briefly revisiting $32,450 levels.

Coming up against the first major support level, however, Bitcoin fell back to end the week at sub-$32,000 levels.

4 days in the red that included a 3.40% slide on Monday and a 2.84% fall on Thursday delivered the downside for the week.

For the week ahead

Bitcoin would need to move through the $32,506 pivot to support a run the first major resistance level at $33,969.

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

Barring an extended crypto rally, the first major resistance level and resistance at $34,000 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at $36,000 before any pullback. The second major resistance level sits at $36,117.

Failure to move through the $32,506 pivot would bring the first major support level at $30,358 into play.

Barring another extended sell-off, Bitcoin should steer clear of sub-$29,000 levels and the second major support level at $28,895.

At the time of writing, Bitcoin was down by 0.58% to $31,637.0. A mixed start to the week saw Bitcoin rise to an early Monday high $31,921.0 before falling to a low $31,514.0.

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

BTCUSD 190721 Daily Chart

Ethereum

Ethereum slid by 11.67% in the week ending 18th July. Following a 7.85% decline from the previous week, Ethereum ended the week at $1,891.46.

A mixed start to the week saw Ethereum rise to a Monday intraweek high $2,169.00 before hitting reverse.

Falling well short of the first major resistance level at $2,351, Ethereum slid to a Saturday intraweek low $1,850.00.

Ethereum fell through the first major support level at $1,990.

Steering clear of the second major support level at $1,839, Ethereum revisited $1,990 levels before sliding back to sub-$1,900 levels.

The first major support level at $1,990 pinned Ethereum back at the end of the week.

5-days in the red that included a 5.14% slide on Monday, a 4.43% fall on Tuesday, and a 3.81% loss on Thursday delivered the downside for the week.

For the week ahead

Ethereum would need to move through the pivot at $1,970 to bring the first major resistance level at $2,090 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 resistance at $2,100 would likely cap any upside.

In the event of an extended breakout, Ethereum could test the second major resistance level at $2,289. Ethereum would need plenty of support, however, to breakout from last week’s high $2,169.00.

Failure to move through the pivot at $1,970 would bring the first major support level at $1,771 into play.

Barring another extended sell-off in the week, Ethereum should steer clear of the second major support at $1,651. The 62% FIB of $1,725 should limit the downside.

At the time of writing, Ethereum was down by 0.60% to $1,880.06. A mixed start to the week saw Ethereum rise to an early Monday high $1,907.70 before falling to a low $1,866.34.

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

ETHUSD 190721 Daily Chart

The Crypto Daily – Movers and Shakers – July 19th, 2021

Bitcoin, BTC to USD, rose by 0.83% on Sunday. Following a 0.42% gain on Saturday, Bitcoin ended the week down by 7.09% to $31,820.0.

A bullish start to the day saw Bitcoin rally to an early morning intraday high $32,453.0 before hitting reverse.

Bitcoin broke through the first major resistance level at $31,970 and the second major resistance level at $32,380.

The reversal, however, saw Bitcoin slide to an early afternoon intraday low $31,111.0.

Bitcoin fell through the first major support level at $31,180 before briefly revisiting $31,900 levels.

Coming up against resistance at $32,000, Bitcoin eased back to end the day at $31,800 levels.

The near-term bullish trend remained intact, in spite of the latest return to $31,000 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.

Crypto.com Coin fell by 1.50% to lead the way down.

Litecoin (-0.76%) and Ethereum (-0.44%) also bucked the trend on the day.

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

Bitcoin Cash SV rallied by 5.82% to lead the way, with Polkadot rising by 2.12%.

Binance Coin (+0.53%), Cardano’s ADA (+0.76%), Chainlink (+0.97%), and Ripple’s XRP (+0.73%) also found support.

It was a bearish week for the majors, however.

Chainlink (-15.58%) led the way down, with Cardano’s ADA (-12.39%), Polkadot (-11.96%), Crypto.com Coin (-11.94%), Ethereum (-11.67%), and Litecoin (-11.27%) also seeing heavy losses.

Binance Coin (-6.14%), Bitcoin Cash SV (-4.39%), and Ripple’s XRP (-7.49%) saw relatively modest losses, however.

In the week, the crypto total market rose to a Monday high $1,419bn before falling to a Friday low $1,248bn. At the time of writing, the total market cap stood at $1,285bn.

Bitcoin’s dominance fell to a Thursday low 45.47% before rising to a Saturday high 46.86%. At the time of writing, Bitcoin’s dominance stood at 46.38%.

This Morning

At the time of writing, Bitcoin was down by 0.04% to $31,806.0. A mixed start to the day saw Bitcoin fall to an early morning low $31,720.0 before rising to a high $31,921.0.

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

Elsewhere, it was a mixed start to the day.

Cardano’s ADA and Ripple’s XRP saw early losses of 0.10% and 0.09% respectively to join Bitcoin in the red.

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

At the time of writing, Ethereum was up by 0.40% to lead the pack.

BTCUSD 190721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $31,794 pivot to bring the first major resistance level at $32,478 into play.

Support from the broader market would be needed for Bitcoin to break back through to $32,400 levels.

Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $32,453.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $33,500 before any pullback. The second major resistance level sits at $33,137.

A fall back through the $31,795 pivot would bring the first major support level at $31,136 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 $30,453 should limit the downside.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 19th, 2021

Ethereum

Ethereum fell by 0.44% on Sunday. Partially reversing a 1.20% gain from Saturday, Ethereum ended the week down by 11.67% to $1,891.46.

A mixed start to the day saw Ethereum rally to an early morning intraday high $1,994.40 before hitting reverse.

Ethereum broke through the first major resistance level at $1,929 and the second major resistance level at $1,959.

Falling short of $2,000 levels, however, Ethereum slid to a late afternoon intraday low $1,878.67.

Steering clear of the first major support level at $1,860, Ethereum revisited $1,900 levels before falling back into the red.

At the time of writing, Ethereum was up by 0.77% to $1,906.00. A mixed start to the day saw Ethereum fall to an early morning low $1,886.17 before rising to a high $1,906.00.

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

ETHUSD 190721 Hourly Chart

For the day ahead

Ethereum would need to move through the $1,922 pivot to bring the first major resistance level at $1,964 into play.

Support from the broader market would be needed, however, for Ethereum to move back through to $1,950 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $1,994.40 would likely cap any upside.

In the event of a broad-based crypto rally, Ethereum could resistance at $2,100 before any pullback. The second major resistance level sits at $2,037.

Failure to move through the $1,922 pivot would bring the first major support level at $1,849 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$1,800 levels. The second major support level at $1,806 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,849

Pivot Level: $1,922

First Major Resistance Level: $1,964

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 0.76% on Sunday. Following a 0.57% loss on Saturday, Litecoin ended the week down by 11.27% to $119.13.

A mixed start to the day saw Litecoin rally to an early morning intraday high $124.10 before hitting reverse.

Litecoin broke through the first major resistance level at $123, before sliding to an early afternoon intraday low $116.37.

Litecoin fell through the first major support level at $117 before briefly revisiting $122 levels. A bearish end to the day, however, saw Litecoin fall back to $117 levels before steadying. The first major support level limited the downside late in the day.

At the time of writing, Litecoin was up by 0.59% to $119.83. A mixed start to the day saw Litecoin fall to an early low $118.85 before rising to a high $120.07.

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

LTCUSD 190721 Hourly Chart

For the day ahead

Litecoin would need to move back through the $120 pivot to bring the first major resistance level at $123 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $120 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $124.10 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $130. The second major resistance level sits at $128.

Failure to move back through the $120 pivot would bring the first major support level at $116 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$110 levels. The second major support level at $112 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $116

Pivot Level: $120

First Major Resistance Level: $123

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 0.73% on Sunday. Partially reversing a 1.59% loss from Saturday, Ripple’s XRP ended the week down by 7.49% to $0.58743.

Tracking the broader market, Ripple’s XRP rallied to an early morning intraday high $0.60110 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.5993 before sliding to an early afternoon intraday low $0.57223.

Steering clear of the first major support level at $0.5628, Ripple’s XRP before a briefly revisited $0.59 levels. A bearish end to the day, however, saw Ripple’s XRP fall back to sub-$0.59 levels to limit the upside.

At the time of writing, Ripple’s XRP was up by 0.22% to $0.58872. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.58486 before rising to a high $0.58872.

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

XRPUSD 190721 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall back through the $0.5869 pivot to bring the first major resistance level at $0.6016 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.5950 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.6011 would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test resistance at $0.62 before any pullback. The second major resistance level sits at $0.6158.

A fall back through the $0.5869 pivot would bring the first major support level at $0.5727 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.5581.

Looking at the Technical Indicators

First Major Support Level: $0.5727

Pivot Level: $0.5869

First Major resistance Level: $0.6016

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 18th, 2021

Bitcoin, BTC to USD, rose by 0.42% on Saturday. Partially reversing a 1.46% fall from Friday, Bitcoin ended the day at $31,560.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $31,210.0 before making a move.

Steering clear of the first major support level at $30,891, however, Bitcoin rallied to a late morning intraday high $32,000.0.

Falling short of the first major resistance level at $32,118, Bitcoin fell back to $31,300 levels and into the red.

Finding support through the 2nd half of the day, however, Bitcoin revisited $31,900 levels before easing back.

The near-term bullish trend remained intact, in spite of the latest return to $31,000 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.

Crypto.com Coin and Polkadot rose by 1.89% and by 1.73% respectively to lead the way.

Chainlink (+0.59%), Cardano’s ADA (+0.10%), and Ethereum (+1.20%) also joined Bitcoin in positive territory.

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

Bitcoin Cash SV slid by 4.28% to lead the way down.

Binance Coin (-0.83%), Litecoin (-0.57%), and Ripple’s XRP (-1.59%) also saw red.

In the current week, the crypto total market rose to a Monday high $1,419bn before falling to a Friday low $1,248bn. At the time of writing, the total market cap stood at $1,282bn.

Bitcoin’s dominance fell to a Thursday low 45.47% before rising to a Saturday high 46.86%. At the time of writing, Bitcoin’s dominance stood at 46.27%.

This Morning

At the time of writing, Bitcoin was up by 0.26% to $31,641.0. A mixed start to the day saw Bitcoin fall to an early morning low $31,514.0 before rising to a high $31,649.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin was down by 0.97% to buck the trend at the start of the day.

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

At the time of writing, Chainlink was up by 0.87% to lead the way.

BTCUSD 180721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $31,590 pivot to bring the first major resistance level at $31,970 into play.

Support from the broader market would be needed for Bitcoin to break back through to $31,900 levels.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $32,000.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $33,000 before any pullback. The second major resistance level sits at $32,380.

A fall back through the $31,590 pivot would bring the first major support level at $31,180 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 $30,800 should limit the downside.

The Crypto Daily – Movers and Shakers – July 17th, 2021

Bitcoin, BTC to USD, fell by 1.46% on Friday. Following a 2.84% decline on Thursday, Bitcoin ended the day at $31,428.0.

After a mixed start to the day, Bitcoin slid to a late morning intraday low $31,044.0 before making a move.

Steering clear of the first major support level at $30,960, however, Bitcoin rallied to a late afternoon intraday high $32,271.0.

Falling short of the first major resistance level at $33,010, Bitcoin slid back to end the day at sub-$31,500 levels.

The near-term bullish trend remained intact, in spite of the latest return to $31,000 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 ended the day flat to buck the trend on the day.

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

Polkadot slid by 6.69% to lead the way down.

Binance Coin (-4.05%), Chainlink (-3.03%), Cardano’s ADA (-4.37%), and Litecoin (-4.16%) also struggled.

Crypto.com Coin (-2.29%), Ethereum (-2.18%), and Ripple’s XRP (-1.43%) saw relatively modest losses, however.

In the current week, the crypto total market rose to a Monday high $1,419bn before falling to a Friday low $1,248bn. At the time of writing, the total market cap stood at $1,260bn.

Bitcoin’s dominance rose to a Wednesday high 46.84% before falling to a Thursday low 45.47%. At the time of writing, Bitcoin’s dominance stood at 46.48%.

This Morning

At the time of writing, Bitcoin was down by 0.53% to $31,262.0. A mixed start to the day saw Bitcoin rise to an early morning high $31,564.0 before falling to a low $21,262.0.

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

Elsewhere, it was a bearish start to the day.

At the time of writing, Polkadot was down by 1.19% to lead the way down.

BTCUSD 170721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $31,581 pivot to bring the first major resistance level at $32,118 into play.

Support from the broader market would be needed for Bitcoin to break back through to $32,000 levels.

Barring a broad-based crypto rally, the first major resistance level and resistance at Friday’s high $32,271.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $33,500 levels before any pullback. The second major resistance level sits at $32,808.

Failure to move through the $31,581 pivot would bring the first major support level at $30,891 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 $30,354 should limit the downside.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 17th, 2021

Ethereum

Ethereum fell by 2.18% on Friday. Following a 3.81% slide on Thursday, Ethereum ended the day at $1,877.22.

A mixed start to the day saw Ethereum rise to an early morning intraday high $1,965.35 before hitting reverse.

Falling short of the first major resistance level at $2,012, Ethereum slid to a late morning intraday low $1,850.15.

Ethereum fell through the first major support level at $1,852 before briefly revisiting $1,940 levels.

A bearish end to the day, however, saw Ethereum slide back to sub-$1,900 levels and into the deep red.

At the time of writing, Ethereum was up by 0.55% to $1,887.47. A mixed start to the day saw Ethereum fall to an early morning low $1,868.54 before rising to a high $1,893.99.

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

ETHUSD 170721 Hourly Chart

For the day ahead

Ethereum would need to move through the $1,898 pivot to bring the first major resistance level at $1,945 into play.

Support from the broader market would be needed, however, for Ethereum to move back through to $1,900 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $1,965.35 would likely cap any upside.

In the event of a broad-based crypto rally, Ethereum could test the second major resistance level at $2,013.

Failure to move through the $1,898 pivot would bring the first major support level at $1,830 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$1,700 levels. The second major support level at $1,782 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,830

Pivot Level: $1,898

First Major Resistance Level: $1,945

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin slid by 4.16% on Friday. Following a 3.99% loss on Thursday, Litecoin ended the day at $120.68.

In a mixed start to the day saw Litecoin rise to an early morning intraday high $127.82 before hitting reverse.

Falling short of the first major resistance level at $132, Litecoin slid to a late morning intraday low $120.44.

Litecoin fell through the first major support level at $121 before briefly revisiting $125 levels. A bearish end to the day, however, saw Litecoin fall back through the first major support level to end the day at sub-$121 levels.

At the time of writing, Litecoin was up by 0.33S% to $121.08. A mixed start to the day saw Litecoin fall to an early morning low $120.28 before rising to a high $121.12.

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

LTCUSD 170721 Hourly Chart

For the day ahead

Litecoin would need to move through the $123 pivot to bring the first major resistance level at $126 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $125 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $127.82 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $135. The second major resistance level sits at $130.

Failure to move through the $123 pivot would bring the first major support level at $118 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$110 levels. The second major support level at $116 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $118

Pivot Level: $123

First Major Resistance Level: $126

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 1.43% on Friday. Following a 3.72% slide on Thursday, Ripple’s XRP ended the day at $0.59062.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.61832 before hitting reverse.

Falling short of the first major resistance level at $0.6201, Ripple’s XRP slid to a late morning intraday low $0.58757.

Steering clear of the first major support level at $0.5817, Ripple’s XRP before a briefly revisited $0.604 levels. A bearish end to the day, however, saw Ripple’s XRP fall back to sub-$0.59 levels before finding support.

At the time of writing, Ripple’s XRP was up by 0.45% to $0.59328. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.58951 before rising to a high $0.59433.

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

XRPUSD 170721 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.5988 pivot to bring the first major resistance level at $0.6101 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.61 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $0.61832 would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test resistance at $0.63 before any pullback. The second major resistance level sits at $0.6296.

Failure to move through the $0.5988 pivot would bring the first major support level at $0.5794 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.5681.

Looking at the Technical Indicators

First Major Support Level: $0.5794

Pivot Level: $0.5988

First Major resistance Level: $0.6101

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 Return to $32,000 Levels Will Bring sub-$30,000 into Play

Yet more losses for Bitcoin and the broader market through this morning, after a bearish Thursday.

At the time of writing, Bitcoin, BTC to USD, was down by 1.40% to $31,445.0. A mixed start to the day saw Bitcoin rise to an early morning high $32,085.0 before hitting reverse.

Falling short of the first major resistance level at $33,010, Bitcoin slid to a late morning intraday low $31,352.0.

In spite of the reversal, Bitcoin managed to avoid the first major support level at $30,960 through the morning session.

BTCUSD 160721 Hourly Chart

The Rest of the Pack

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

Through the morning, Crypto.com Coin slid by 4.49% to lead the way down,

Binance Coin (-3.16%), Cardano’s ADA (-3.52%), and Polkadot (-3.87%) also saw relatively heavy losses.

Bitcoin Cash SV (-2.67%), Chainlink (-2,36%), Ethereum (-2.43%), Litecoin (-2.46%), and Ripple’s XRP (-0.59%) saw more modest losses, however.

Through the early hours, the crypto total market rose to an early morning high $1,312bn before falling to a low $1,272bn. At the time of writing, the total market cap stood at $1,276bn.

Bitcoin’s dominance fell to an early low 45.79% before rising to a high 46.28%. At the time of writing, Bitcoin’s dominance stood at 46.22%.

For the Afternoon Ahead

Bitcoin would need to move back through the $32,080 pivot to bring the first major resistance level at $33,010 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $32,085.0.

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 $34,000 levels. The second major resistance level sits at $34,130.

Failure to move back through the $32,080 pivot would bring the first major support level at $30,960 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 $30,030 should continue to limit the downside.

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

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

A further 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 back through the pivot to $32,080. A lack of support could bring the sub-$31,000 levels and the second major support level at $30,030 into play. An extended sell-off and Bitcoin would likely return to sub-$30,000 for the first time since late June.

Bitcoin Is Moving Towards The Major Support Level At $30,000

Bitcoin Remains Under Pressure

Bitcoin managed to get below the support level at $32,000 and is slowly moving towards the psychologically important support at $30,000 while most other cryptocurrencies remain under pressure.

Ethereum is currently trying to settle below the $1900 level while Dogecoin is trying to get below $0.18.

Crypto markets lack upside catalysts at this point. Without positive catalysts, crypto markets continue to drift lower, which puts pressure on traders who established their positions at higher levels and triggers new waves of selling.

It should be noted that the current decline is very measured, and there is no true sell-off. However, the true amount of leverage at crypto markets is not known, and the situation may change quickly in case Bitcoin manages to settle below the key support level at $30,000.

Technical Analysis

bitcoin july 16 2021

Bitcoin is currently trying to get to the test of the major support level at $30,000. RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

If Bitcoin declines below the support at $30,000, it will move towards the next support level at June lows at $28,800. A move below June lows will likely trigger an additional wave of selling. In this case, Bitcoin could quickly get to the test of the next support level which is located at $27,700. A move below this level will open the way to the test of the support at $25,800.

On the upside, the previous support level at $32,000 will serve as the first resistance level for Bitcoin. In case Bitcoin manages to settle back above this level, it will head towards the 20 EMA which is located at $33,600. A move above the 20 EMA will open the way to the test of the resistance at $35,000.

From a big picture point of view, Bitcoin remains in a downside trend, and the current technical setup looks rather dangerous for Bitcoin bulls. That said, Bitcoin’s near term dynamics will depend on the test of the key $30,000 level. If Bitcoin manages to stay above this level, it will have a decent chance to rebound.

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

The Crypto Daily – Movers and Shakers – July 16th, 2021

Bitcoin, BTC to USD, fell by 2.84% on Thursday. Reversing a 0.29% gain from Wednesday, Bitcoin ended the day at $31,890.0.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $33,200.0 before hitting reverse.

Falling short of the first major resistance level at $33,438, Bitcoin slid to a late afternoon intraday low $31,150.0.

Bitcoin fell through the first major support level at $31,898.

Steering clear of sub-$31,000 support levels, Bitcoin partially recovered to end the day at $31,890 levels. The first major resistance level at $31,898 pinned Bitcoin back at the day’s end.

The near-term bullish trend remained intact, in spite of the latest return to $31,000 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.

Binance Coin rose by 2.1% to buck the trend on the day.

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

Chainlink and Crypto.com Coin slid by 7.03% and by 6.35% respectively to lead the way down.

Cardano’s ADA (-3.03%), Ethereum (-3.81%), Litecoin (-3.99%), and Ripple’s XRP (-3.72%) also saw heavy losses.

Bitcoin Cash SV (-2.67%) and Polkadot (-2.38%) saw relatively modest losses on the day.

In the current week, the crypto total market rose to a Monday high $1,419bn before falling to a Thursday low $1,257bn. At the time of writing, the total market cap stood at $1,293bn.

Bitcoin’s dominance fell to a Tuesday low 45.74% before rising to a Wednesday high 46.84%. At the time of writing, Bitcoin’s dominance stood at 45.95%.

This Morning

At the time of writing, Bitcoin was down by 0.60% to $31,698.0. A mixed start to the day saw Bitcoin rise to an early morning high $31,959.0 before falling to a low $31,673.0.

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

Elsewhere, it was a bearish start to the day.

At the time of writing, Crypto.com Coin was down by 0.97% to lead the way down.

BTCUSD 160721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $32,080 pivot to bring the first major resistance level at $33,010 into play.

Support from the broader market would be needed for Bitcoin to break out from $32,500 levels.

Barring a broad-based crypto rally, the first major resistance level and resistance at Thursday’s high $33,200.0 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 $34,130.

Failure to move through the $32,080 pivot would bring the first major support level at $30,960 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 $30,030 should limit the downside.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 16th, 2021

Ethereum

Ethereum slid by 3.81% on Thursday. Reversing a 2.77% gain from Wednesday, Ethereum ended the day at $1,918.07.

A mixed start to the day saw Ethereum rise to an early morning intraday high $2,039.99 before hitting reverse.

Falling short of the first major resistance level at $2,054, Ethereum slid to a late afternoon intraday low $1,880.00.

Ethereum fell through the first major support level at $1,900 before a partial recovery to end the day at $1,918 levels.

At the time of writing, Ethereum was up by 0.06% to $1,919.13. A mixed start to the day saw Ethereum rise to an early morning high $1,925.77 before falling to a low $1,903.23.

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

ETHUSD 160721 Hourly Chart

For the day ahead

Ethereum would need to move through the $1,946 pivot to bring the first major resistance level at $2,012 into play.

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

Barring an extended crypto rally, the first major resistance level and Thursday’s high $2,039.99 would likely cap any upside.

In the event of a broad-based crypto rally, Ethereum could test the second major resistance level at $2,106.

Failure to move through the $1,946 pivot would bring the first major support level at $1,852 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$1,800 levels. The second major support level sits at $1,786.

Looking at the Technical Indicators

First Major Support Level: $1,852

Pivot Level: $1,946

First Major Resistance Level: $2,012

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin slid by 3.99% on Thursday. Following a 0.31% loss on Wednesday, Litecoin ended the day at $125.79.

In a mixed start to the day saw Litecoin rise to an early morning intraday high $133.07 before hitting reverse.

Falling short of the first major resistance level at $134, Litecoin slid to a late afternoon intraday low $121.95.

Litecoin fell through the first major support level at $126 before briefly revisiting $126 levels. The first major support level at $126 pinned Litecoin back late in the day.

At the time of writing, Litecoin was up by 0.58% to $126.52. A mixed start to the day saw Litecoin fall to an early morning low $124.82 before rising to a high $126.57.

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

LTCUSD 160721 Hourly Chart

For the day ahead

Litecoin would need to move through the $127 pivot to bring the first major resistance level at $132 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $130 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $133.07 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 $138.

Failure to move through the $127 pivot would bring the first major support level at $121 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$120 levels. The second major support level sits at $116.

Looking at the Technical Indicators

First Major Support Level: $121

Pivot Level: $127

First Major Resistance Level: $132

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 3.72% on Thursday. Reversing a 0.21% gain from Wednesday, Ripple’s XRP ended the day at $0.59773.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.62652 before hitting reverse.

Falling short of the first major resistance level at $0.6348, Ripple’s XRP slid to a late afternoon intraday low $0.58810.

Ripple’s XRP fell through the first major support level at $0.5944 before a briefly revisiting $0.60 levels.

At the time of writing, Ripple’s XRP was up by 0.59% to $0.60126. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.60232 before falling to a low $0.59476.

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

XRPUSD 160721 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.6041 pivot to bring the first major resistance level at $0.6201 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.62 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $0.62652 would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test resistance at $0.65 before any pullback. The second major resistance level sits at $0.6425.

Failure to move through the $0.6041 pivot would bring the first major support level at $0.5817 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.5657.

Looking at the Technical Indicators

First Major Support Level: $0.5817

Pivot Level: $0.6041

First Major resistance Level: $0.6201

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 – “The Rock Bottom”

Once again, this level is technically significant as it represents a 61.8% retracement from where we mark the beginning of the rally that took us to all-time highs. This is important to note because this would be a logical level for a deep retracement to find support and pivot from. With so many bearish fundamentals in the form of a regulatory crackdown, and negative media/social media, it is easy for one to lose hope for a quick return back to rally mode. However, this Holy Grail of technical integers (1.618) having foretold the most likely pivot point, and that pivot point has held astonishingly. So, on a purely technical basis, things don’t look so bleak, and I have found that BTC moves follow technical order more so than most markets.

The negative social media I am referring to is, of course, is the tweetstorm released by Dogecoin’s co-creator Jackson Palmer. He basically laid out a 10-part tweet on why he chose to leave the crypto industry; here are some keywords,

“After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents…

…Despite claims of “decentralization,” the cryptocurrency industry is controlled by a powerful cartel of wealthy figures who, with time, have evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace.”

This had an effect on the markets, although mostly to Dogecoin itself, which suffered the biggest drawdown (5.49%) as of 6:30 PM Eastern Daylight Time. All of the other major crypto’s besides Binance Coin (BNB) continued on their current trajectory with small but steady declines across the board.

Bitcoin on spot exchanges at 6:30 PM EDT is trading down roughly $1150 on the day, equivalent to a 3.5% drop. In the same timeframe Ethereum has fallen roughly the same amount down 3.9% on the day, the other two autistic twins Cardano and Ripple were down slightly less at approximately a 3% decline for the other two coins I put (at least with Ripple) in the same category as a doge.

I want to apologize as I was not specifically clear with my last article as I stated that there were two scenarios that were both the most likely one. What I meant to say was that these two scenarios were together the most likely scenario meaning one of these two would probably be the outcome. We can definitely deduce that the slow and stable range-bound scenario appears to describe the current action in the markets. However, another mistake I made drawing my wedge in my last article was putting the flat bottom above where support is. When we do this, we see that we are still inside of a flat bottom descending top that has yet to reach its apex.

thursday #1

With all this considered, my forecast is that we will remain somewhat stable until we reach the apex, which could be next week. And when we do reach that apex, a breakout will occur, but it is not written in stone which direction that will take as of yet. So, with all the doubters coming out recently against crypto amidst widespread regulatory crackdown as a technical trader and a Bitcoin bull, I can’t forgo that there is a strong possibility that the breakout will take us to higher pricing as we have completed the checklist for a strong correction already.

Thursday #2

Bitcoin Price Prediction – Failure to Return to $33,000 Levels Will Bring Support Levels into Play

For the broader crypto market, the bearish week continued through Wednesday and into this morning.

Bitcoin also gave up modest gains from Wednesday, with indicators continuing to flash red…

At the time of writing, Bitcoin, BTC to USD, was down by 1.22% to $32,422.0. A mixed start to the day saw Bitcoin rise to an early morning high $33,200.0 before hitting reverse.

Falling short of the first major resistance level at $33,438, Bitcoin slid to a late morning intraday low $32,325.3.

In spite of the reversal, Bitcoin managed to avoid the first major support level at $31,898 through the morning session.

BTCUSD 150721 Hourly Chart

The Rest of the Pack

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

Through the morning, Binance Coin found support, rising by 1.35% to buck the trend, with Bitcoin Cash SV flat at the time of writing.

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

Chainlink and Crypto.com Coin slid by 2.71% and by 2.72% respectively to lead the way down this morning.

Cardano’s ADA (-1.97%), Ethereum (-1.64%), Litecoin (-1.86%), Polkadot (-1.03%), and Ripple’s XRP (-1.78%) also struggled, however.

Through the early hours, the crypto total market rose to an early morning high $1,348bn before falling to a low $1,310bn. At the time of writing, the total market cap stood at $1,315bn.

Bitcoin’s dominance rose to an early high 46.38% before falling to a low 46.12%. At the time of writing, Bitcoin’s dominance stood at 46.23%.

For the Afternoon Ahead

Bitcoin would need to move back through the $32,513 pivot to bring the first major resistance level at $33,438 back into play.

Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $33,200.0.

Barring a broad-based crypto rebound, the first major resistance level and resistance at $33,500 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 $34,053.

Failure to move back through the $32,513 pivot would bring the first major support level at $31,897 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 $30,973 should continue to limit the downside.

Looking beyond the support and resistance levels, we saw the 50 EMA narrow on the 100 and 200 EMAs before pulling back through the late morning.

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

A further 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 $32,513. A lack of support could bring the sub-$31,000 levels and the second major support level at $30,898 into play.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 15th, 2021

Ethereum

Ethereum rose by 2.77% on Wednesday. Partially reversing a 4.43% fall from Tuesday, Ethereum ended the day at $1,994.11.

A bearish start to the day saw Ethereum fall to a late morning intraday low $1,865.50 before making a move.

Ethereum fell through the first major support level at $1,890 before rallying to an early afternoon intraday high $2,019.90.

Coming up against the first major resistance level at $2,020, however, Ethereum slipped back to end the day at sub-$2,000 levels.

At the time of writing, Ethereum was down by 0.27% to $1,988.64. A mixed start to the day saw Ethereum rise to an early morning high $1,998.58 before falling to a low $1,986.64.

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

ETHUSD 150721 Hourly Chart

For the day ahead

Ethereum would need to avoid the $1,960 pivot to bring the first major resistance level at $2,054 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $2,019.90.

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 $2,114.

A fall through the $1,960 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 $1,805 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,900

Pivot Level: $1,960

First Major Resistance Level: $2,054

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 0.31% on Wednesday. Following a 1.45% fall from Tuesday, Litecoin ended the day at $131.02.

In a bearish start to the day saw Litecoin slide to an early morning intraday low $123.88 before making a move.

Litecoin fell through the first major support level at $129 and the second major support level at $127.

Steering clear of the third major support level at $122, however, Litecoin struck an early afternoon intraday high $132.39.

Falling well short of the first major resistance level at $134, Litecoin eased back to end the day at $131 levels.

At the time of writing, Litecoin was down by 0.08% to $130.91. a mixed start to the day saw Litecoin rise to an early morning high $131.51 before falling to a low $130.80.

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

LTCUSD 150721 Hourly Chart

For the day ahead

Litecoin would need to avoid the $129 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 Wednesday’s high $132.09.

Barring an extended crypto rally, the first major resistance level and resistance at $135 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.

A fall through the $129 pivot would bring the first major support level at $126 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$120 levels. The second major support level at $121 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $126

Pivot Level: $129

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 rose by 0.21% on Wednesday. Following a 1.76% fall from Tuesday, Ripple’s XRP ended the day at $0.62000.

A bearish start to the day saw Ripple’s XRP slide to an early morning intraday low $0.58370 before making a move.

Ripple’s XRP fell through the first major support level at $0.6030 and the second major support level at $0.5881.

Steering clear of sub-$0.58 levels, Ripple’s XRP rallied to a late afternoon intraday high $0.62407.

Falling well short of the first major resistance level at $0.6381, however, Ripple’s XRP eased back to end the day at $0.62000.

At the time of writing, Ripple’s XRP was down by 0.60% to $0.61625. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.62186 before falling to a low $0.61625.

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

XRPUSD 150721 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid the $0.6093 pivot to bring the first major resistance level at $0.6348 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 would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test the second major resistance level at $0.6496.

A fall through the $0.6093 pivot would bring the first major support level at $0.5944 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.58 levels. The second major support level sits at $0.5689.

Looking at the Technical Indicators

First Major Support Level: $0.5944

Pivot Level: $0.6093

First Major resistance Level: $0.6348

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

GameStop Investors Speculate on Meme Stock’s NFT Launch

Meme-stock and cryptocurrency investors alike are speculating on Twitter about whether today is the day that the company will introduce a non-fungible token, or NFT. Non-fungible tokens are digital assets that integrate some object, such as a piece of artwork, video, or anything that the creator can imagine, including a game apparently.

Based on the source code of a GameStop blockchain contract, July 14 had emerged as the speculative launch date for the NFT. That theory is losing its luster, however, as the clock continues to tick. That doesn’t mean that a GameStop NFT isn’t in the works.

A GameStop NFT website has already been launched, fueling the speculation that the unveiling of the gaming token is not too far behind. Plus the company recently brought on Matthew Finestone as head of blockchain.

Investors are anxiously awaiting the details of what the digital token will have to offer and have begun to unpack the coding tied to a cryptocurrency wallet address for clues. Solidity developer and Twitter account @0xfoobar is reportedly behind the GameStop blockchain contract and has seemingly been busy building the NFT. The GameStop team has been keeping the details of a gaming NFT close to the vest, but the launch could be tied to the Ethereum network upgrade.

Source: Twitter

Gaming and NFTs

Gaming is a natural fit for NFTs, given that gamers are already accustomed to buying in-game virtual assets like skins, currency and more to up the ante. The most popular NFTs have been known to sell for tens of millions of dollars. A GameStop NFT could generate some excitement both in the blockchain industry and among traditional gamers, which has the potential to spill over into the stock to give it a much-needed jolt.

GameStop, the meme stock that started it all, has seen its value decline by close to 20% in the month of July so far. Year-to-date, shares of GameStop have gained more than 800%.  Short interest in the stock hovers at 13.3% and has increased more than 9% in recent days, as per S3 Partners data cited by CNBC.

Meme Stock Malaise 

July is almost halfway over and meme stock investors are licking their wounds after a bout of declines. Based on the activity on Reddit and other social media platforms, retail investors are holding, for the most part, and waiting for their fortunes to turn around. They are also getting tired of seeing red day after day as their strategy to squeeze sophisticated traders hits a bump in the road.

The major meme stocks are still up for the year and have outperformed the broader markets, but they have tumbled in recent weeks. Some are blaming it on the rise of inflation rather than anything company-specific in their favorite stocks. Either way, the bears appear to be in control for the time being as trading volumes weaken and the summer doldrums kick in. It is nothing a GameStop NFT could potentially fix, but when that will become a reality is the question.

 

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)