Home Daily Analysis Crypto Market sentiment Daily Crypto Brief for July 8 – Mildly Bullish Week-End Sentiment

Daily Crypto Brief for July 8 – Mildly Bullish Week-End Sentiment

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This weekend the cryptocurrency sector, overall, had a bullish impulse, Notably, Ethereum(15%), and Monero (20%). Bitcoin moved about 7% but although relatively bullish is still moving in a consolidating area near 11,500.

What’s Happening

The taxation agency of the Singaporean government is proposing to exempt from taxation transactions using cryptocurrencies that function as a medium of exchange.

From 1 Jan 2020, to better reflect the characteristics of digital payment tokens, the following changes will take effect:

(i)  The use of digital payment tokens as payment for goods or services will not give rise to a supply of those tokens; and

(ii)  The exchange of digital payment tokens for fiat currency or other digital payment tokens will be exempt from GST

 

UK’s FCA, according to the Guardian, is proposing a ban on crypto-derived financial instruments, explaining these financial assets could cause extreme losses for retail investors “unlikely to understand their risk or value”.

 

The Chicago Mercantile Exchange CME has released a video explaining Ether and Ethereum.

 

Technical Analysis

 

Bitcoin



Yesterday Bitcoin has moved slightly above the upper channel trendline and continues making tiny movements trying to consolidate above that line.  The Stochastics is not showing much bias, and the MACD is totally flat, also unable to give any hint about direction. Only the CCI points to a bullish continuation. A movement above $11,600 might give the pair a bullish impulse. A drop below $11,200 will start a short-term bearish leg.

Ethereum



Ethereum has definitively broken the pennant pattern to the upside and currently consolidating the last bullish candle made yesterday. Its next target seems 323; the top reached on Jun 30. Stochastics point to overbought, which is the reason for the current consolidation movements. The MACD and CCI are bullish.

TRON



Yesterday, TRON created a large bullish candle, and the last three candles have been consolidating at the top of the range. MACD and CCI are bullish, while the Stochastics touches the overbought level. The outlook is bullish, and a break of the recent high may be a good entry point, with a target at $0.04

Cardano



Cardano has broken the descending wedge to the upside and currently is moving up 2.4%. The Stochastics has made a bullish crossover and heading up, the CCI is also trying to left the negative region, while the MACD, although still bearish its histogram points to a bullish crossover soon. The reward-to-risk factor is very good for  long entry at this point with a target near 0.1

 

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