Home Daily Analysis Crypto Market sentiment Daily Crypto brief, July 25 – Finally The Rebound!

Daily Crypto brief, July 25 – Finally The Rebound!

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Early morning, finally, the bitcoin made a bullish candlestick that drove the price back to $10,000. Most of the altcoins joined the rebound, most notably, Ethereum is up 8% from its 24h price, EOS moved 11% in the last 24 hour as well. Cardano, Iota, Neo and COsmos also up around 8%.

The crypto market cap is currently 278.3 billion and the Bitcoin dominance dropped to 64.7%

What is Happening?

Youhodler crypto lending platform had a severe data breach that has affected thousands of cryptocurrency users. The privacy data exposed linked crypto wallet addresses with user names. The complete article is by bitcoinist.com.

Coinbase has crossed the 30 million clients mark. With 5 million customer growth in the past ten months.

Source: beincrypto.com

 

Major Japanese Trading House Marubeni Corp will partner with WePower, a Lithuanian startup to in its blockchain project to improve access for smaller companies to renewable resources. Source: beincrypto.com.

Tim Hockey, the brokerage giant TD Ameritrade’s, CEO, said there is a “heightened interest again with Bitcoin”.

“Especially given the discussions around Libra and the rebound in bitcoin, there’s heightened interest again,”

TD Ameritrade customers are able to buy BTC futures and buy stocks of companies specialising in cryptocurrencies.

“There is a lot of regulatory scrutiny, whether it be for Libra or crypto generally, We would like to be able to participate, but we want to be comfortable with the risk to our clients and ourselves in a world where crypto has still got lots of debate about a number of items that we’re all hearing about.”

Source: thestreet.com.

US Senate plans a hearing on Bitcoin and Crypto.  The event will take place next week according to a news article by dailyhodl.com. The Committee on Banking, Housing and Urban Affairs has scheduled an open session titled “Examining Regulatory Frameworks for Digital Currencies and Blockchain”  according to its press release. The hearing will be webcast live on Tuesday, July 30 at 10 AM EST.

 

 

Technical Analysis

Bitcoin



Finally, after touching several times the 9,550 support level this was unsurpassable for the bears, and the kind of descending pennant formation, usually with a bullish resolution, was pierced to the upside. Action which has cut through the $9,850 key level and also through the $10,000 level. All technical indicators show a transition to bullish. Therefore, we expect that this price action continues. Its next resistance level is $10,400 and then $11,000.

Ripple



XRPUSD anticipated yesterday noon the bounce of the bitcoin and altcoins. Yesterday noon, the price moved out and above the descending trendline, anticipating early morning’s bitcoin movement. After bouncing off of 0.32384, it seems it is waiting for more buying strength. MACD and CCI show a phase change to bullish. The chart shows supports as blue lines and resistances as red lines.

Ethereum



Yesterday noon, ETHUSD also anticipated today’s bitcoin price action, with a bullish candle. Now the price is fighting to jump to the next area above $222. MACD and CCI show upward bias, while the stochastics is kind of overbought.  Nonetheless, I think the price would try to move to touch the $235 resistance.

Litecoin



Litecoin is moving in a tiny triangular formation after its large bullish candlestick. The MACD and CCI show bullish bias.

Nano



Nano made a large spike with a high volume on July 17. Right now moves in a bullish trend. MACD has made a crossover to bullish and the CCI is already positive and showing bullish bias, the price is not too overextended since the CCI are still in 132, while overextension happens above 200. Also, stochastics are not overbought.

 

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