Home Daily Analysis Crypto Market sentiment Daily Crypto Brief, July 24 – The Buyers are on Holidays!

Daily Crypto Brief, July 24 – The Buyers are on Holidays!

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After a brief recovery at the end of the day, cryptocurrencies continued descending at a slow but continuous pace.  Currently, the Bitcoin is -2.25% down from yesterday’s close moving below the $10,000 mark, at $9,650. The rest of the crypto coins are moving following a similar path. Market Capitalisation descended to $264 billion, and Bitcoin dominance is currently 65.03%, down 0.11%.

What is happening?

The New York Times is researching the use of blockchain to combat fake news. They aim to authenticate news photographs. The project is being developed in partnership with IBM Garage. More info at coindesk.com.

Facebook and Instagram have a problem with scam Libra ads by fake accounts that had, even, created ads using Facebook. This has been reported by the washingtonpost.com, which reports a dozen fake libra pages offering the participation in a pre-sale of the libra coins at a discount. More information at cointelegraph.com.

Justin Sun cancels lunch meeting with Warren Buffet due to health problems.

“Thanks to friends from all walks of life for their concerns, I was in a hospital for sudden kidney stones, and I canceled the lunch with Mr. Buffett. At present, the physical condition is all stable and in the recovery period. I cannot accept the interview. Please forgive me. After the recent physical recovery, you will soon meet the outside world. The donation to the Glide Foundation has been completed and is still valid.”

Source: fxstreet.com

India’s Government Committee recommendation of a total ban on private cryptocurrencies is still generating reactions. Indian government public stance regarding cryptocurrencies is clear

The Committee is of the clear view that the private cryptocurrencies should not be allowed. These cryptocurrencies cannot serve the purpose of a currency. The private cryptocurrencies are inconsistent with the essential functions of money/currency, hence private cryptocurrencies cannot replace fiat currencies

Industry representatives consider the recommended prohibition drastic and warned that his policy would harm India’s tech sector.

“Banning cryptocurrencies is a regressive step and no country or government should ban a new technology such as this.”

Source: cryptoglobe.com.

The latest bitcoin scam is an email impersonating the British Financial Conduct Authority (FCA).

Source: cryptoglobe.com.

 

Technical Analysis

 

Bitcoin


 

The price of the Bitcoin broke the small pennant formation to the downside and crossed the psychological $10,000 mark again. Currently, it is in another area of support ($9,600) if it is crossed to the downside it will visit the $9100 again. in a wider outlook, we see that the price is moving inside another big pennant-like structure, so the price may find support near the lowest part of this shrinking channel.

From the indicator’s side, we see that the MACD is in a bearish phase, the CCI is also bearish, while the Stochastic lines are in the oversold region but without signs of moving back to the upside.

Ripple



The price of the XRPUSD crypto pair moves is still below a descending trend line; it went below the 0.39 support. The CCI and the MACD are bearish. Besides being in the oversold area, the Stochastics does not show any useful information. Its next support is 0.3

Ethereum



The above chart shows that the ETHUSD price moves inside a tight descending channel. Early this morning the price broke below the last lows, below $208 and bounced at $201. Currently, the price is retracing a bit, at $204. Both MACD and CCI are bearish, while the Stochastics turned down to the oversold region.  If the $201 support is broken, its next one is $195.

Litecoin



Litecoin is moving inside a pennant-like structure and currently is in a support region. The MACD and CCI are bearish and the Stochastics in the oversold area, finding support at $87. If this support fails, the next one is $85.

 

 

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