Home Daily Analysis Crypto Market sentiment Daily Crypto Brief, July 29 – Still in Corrective Mode

Daily Crypto Brief, July 29 – Still in Corrective Mode

108
0

This weekend can be described as a slump and bump type price action. It was a whale fight. After a whale-type bullish spike at precisely 0:10 which drove the price of Bitcoin above $10,200, hours later another huge spike with a $100 million volume moved it again below $9,500. The rest of the cryptocurrencies mimicked the Bitcoin.

Since then it moved in a tight range until Sunday evening, when it had another drop with high volume that moved BTCUSD down to test the $9,100 level. From there, the price bounced with strength and high volume, and now is currently sitting above $9,600. The current market cap is 266.5 billion with the Bitcoin dominance at 64.5%. Below the infographics for the day.

 

What is happening?

Facebook’s Libra may have “lifted” ideas from a 2018 paper by MIT fellows Alex Lipton, Thomas Hardjono and Aled Pentland. The idea of maintaining stable value of the digital currency by supporting it with a basket of fiat currencies and short-term debt was proposed in that paper.

Japanese financial services company Monex to join Libra Association, according to an article by cryptoglobe.com. The application to join was announced by the president of the group, Oki Matsumoto during the second quarter firm meeting.

Huawei CEO Ren Shengfei said in an interview with Italian magazine L’economia that it was the perfect time for China’s government to preempt Facebook’s Libra by issuing its own version of the digital currency.

“Even China is able to issue such currencies, why wait for Libra? The strength of a state is greater than that of an Internet company.”

source: condesk.com

Bank of China, one of the biggest banks of that country, posted an article on July 27 on the merits of the Bitcoin. According to a decrypt.co article, this shows a change of stance favouring the Bitcoin and cryptos in this big country.

Verizon seems to begin joining the blockchain space, as it is currently offering on its website 35 vacant job positions requiring blockchain technology experience. source: bitcoinst.com

Mike Novogratz, Ceo of crypto investment bank Galaxy Digital, says he sees Bitcoin reaching all-time highs this year. He thinks that Facebook’s Libra and Telegram TON projects are very bullish to the Bitcoin.

So before Facebook launches, we’re going to have a real view at an experiment called Telegram where they also have a userbase. These projects, if it’s Bitcoin or Ethereum, it’s converting new users. It’s not offering a new product to existing users. So I think the chances of adoption in these existing platforms is pretty high and that will spill over into the broader crypto community.”

Source: dailyhodl.com.

 

Technical Analysis

Bitcoin


BTCUSD has been moving in a slightly upward movement after its Saturday’s price slump. The good news is that it tested the $9,100 level producing a strong bounce. Currently, it is fighting to move above the $9,600 level. The Stochastics and the MACD shows some degree of upward bias, but the price is bouncing off if the mid-Bollinger line. Also, the Bollinger lines point to the downside. Therefore our current outlook is still bearish.

Ripple



XRPUSD is moving sideways after Saturday’s price drop, in sync with Bitcoin. The price is moving near support levels, and the MACD and Stochastics seem a bit positive. The Bollinger bands are horizontal, which is good, but the price moves below the central line, which is bearish.

Ethereum


Ethereum’s price moves inside a triangular formation. The price has followed the path of the Bitcoin but, currently, its price movement is slightly more bullish. MACD and Stochastics are a bit bullish also. The price needs to move outside this triangular formation to clearly define its new trend direction.

Litecoin



Litecoin does not have any different feature to the rest of the analysed cryptos. It is moving inside a triangular formation and inside a support area. Stochastics and MACD shows a slightly positive outlook but the Bollinger bands points down, and the price is below the central line, which is bearish.

 

Overall:

  • The Bitcoin price-action dominates
  • The action is driven by spikes produced by whale trades. The rest of the time, the volume is thin and the action sideways.
  • Buyers seem to lack enthusiasm or have gone on holiday.

LEAVE A REPLY

Please enter your comment!
Please enter your name here