Home Daily Analysis Crypto Market sentiment Crypto Brief For July 2: The Bears Push for New Lows!

Crypto Brief For July 2: The Bears Push for New Lows!

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After the large bullish candle that carried Bitcoin to almost $14,000, the bears have taken control of the Bitcoin price. This is the fourth consecutive day in the red. Also, today the Bitcoin price came down below the $10,000 level.


Bitcoin(BTC)

Currently, the Bitcoin has retraced 62% of its last bullish leg, but the daily chart still doesn’t show any signs that this is the bottom. The MACD shifted to a bearish phase yesterday while the Stochastics 10,3,3 continue moving down to oversold levels, although still not entirely in the oversold area.

Yesterday the price touched the 9,950 support level twice, and the second time bounced with strength reaching the $10,600 level, but it has lost its force during the eastern markets and crossed the psychological $10,000 level. The current bias is bear until we see a consolidation level.


Ripple (XRP)


Ripple is moving in a slightly upward channel, and currently, the price is very close to the lower trendline. The MACD phase is bearish; the stochastics also continue descending and close to oversold, Also the CCI at -121 shows that the price is at a 1.21 standard deviation from its mean.

Since the overall bearishness might persist, we cannot trust the lower trendline to hold. The price may go down to 0.3624, which is long-term support for the price.


Ethereum (ETH)


Ethereum is moving in sync with Bitcoin, its big brother, but with much less bearish outlook. Currently, the price is near its $274 support level. The MACD is also in a bearish phase, and the Stochastics near oversold, while the CCI is negative but not to an extreme. This may signify ETHUSD may continue travelling to its next support level at $262. The current situation is also bearish.

LiteCoin (LTC)


Litecoin has been trying to recover in the past days from the heavy correction after its $146.95 high on June 22. This recovery couldn’t make a new high and now the price is in an area between $121 and $111 which seems to act as support. Today’s action is bearish, in sync also with the Bitcoin. The MACD is bearish, the stochastics is non-oversold, and the CCI is negative and below -100 suggesting a bearish continuation. If the $111 support is pierced the next support level is $99.5

 

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