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Daily Crypto Brief for July 09 – Bitcoin Second Impulse to New Highs!

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Yesterday, the Bitcoin price left its boring sideways meandering and started an impulsive movement which, without pause, drove its price from $11,200 to the current $13,700, overcoming the $12,000 resistance level with easy and also its minor top of 12,444 made on June 28.

 

Latest Developments

 

$8 million in Bitcoin, which was stolen from Binance in May has been moved as the BTC price was reaching $12,000. Twitter bot @wale_alert detected two transactions, with one at 707.1 BTC and the other at 1 BTC. The coins were transferred coinciding with Tether’s recent USDT printing spike and Bitcoin push up to $12,750. The complete article is here.

One positive note is shown in this article by beingcrypto.com. According to it, the People’s Bank of China Blockchain platform, released in September 2018, has already processed $4.4 billion in foreign exchange transactions.

IRS is starting a plan to identify and prosecute cryptocurrency-related crimes. The cybercrimes program manager James Daniels devised the plan in a 181 slide presentation, which includes open-source searches, electronic surveillance and also, personally identifiable information shown in public social platforms such Facebook, Twitter and others. The article can be found in cryptoslate.com.

European Central Bank Executive Board Member Benoit Coeure has issued a warning to Facebook for its Libra project. “It’s out of the question to allow them to develop in a regulatory void for their financial service activities because it’s just too dangerous,”. The article has been published by beingcrypto.com

China’s Central Bank is creating its state-run cryptocurrency as a response to Libra, according to this article by cryptoslate.com.

Deutsche Bank will lay off 20% of its workers globally, on a restructuring program that will also close its Equity Sales & Trading business. According to some sources Deutsche Bank has a $49 Trillion derivatives book. 10X the size of the German GDP. Source, beingcrypto.com.

 

Technical Analysis

 

Bitcoin



Bitcoin price has left the sideways area where it was moving last week. Yesterday, it started a movement that pushes the price to the $11,700 level and then up above $12,000, a movement which was followed during the Asian session. Right now the price is moving between $12,432 and $13,000, its next resistance level. The last candle seems to preclude a consolidation. The Stochastics is overbought, and the CCI is recovering from peak levels. All indicators are currently bullish.


Ethereum



Ethereum has moved as we expected yesterday. The price has followed the Bitcoin lead and is now at $316.7, fighting a resistance area near $323. The Stochastics are in the overbought area, but the CCI is moving at +100, which means the price is not too overextended. MACD is also bullish. Therefore we expect the price will continue moving up.


Ripple



Ripple has been moving sideways supported by the lower trendline of a wide channel that defines its price. After the last bullish 4H candle on June 6, the price has been ranging. Right now, it is trying to break the 0..407 resistance level. If it breaks, it could be making a new impulsive movement. The MACD is still slightly bullish, and the CCI is also bullish. The Stochastics are moving to an overbought region.  Buyers should wait for the break of the 0.407 level before committing funds to this pair.


Litecoin



Litecoin has been helped by Bitcoin’s impulse and is now moving up, although not with the strength of its father.  The CCI is bullish, and the MACD seems to catch some bullishness too. The Stochastics are not overbought. Currently, it is consolidating the candle made during the Asian session. A break of the recent high will be a good place to open a long position. The invalidation level is below the yellow ascending trendline that supports the recent price action.


Bitcoin Cash



Bitcoin Cash has broken its triangular formation to the upside on July 6 then it retraded this candle to touch the upper trendline and bounced off of it and supported by the lower trendline it moved up and now is fighting to keep above $424. The CCI is bullish and also the MACD. A break of the latest high (429) will may carry the price to its next resistance level at $450.

 

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