Home Crypto Libra Daily Crypto Brief – July 12 – Donald Trump Doesn’t like...

Daily Crypto Brief – July 12 – Donald Trump Doesn’t like Bitcoin!

84
0

After two days of heavy drops, all cryptocurrencies seem to be looking for their support level. The Asian session moved the Bitcoin and most of the major cryptocurrencies in a tight range. Let’s see what we can expect during the next trading hours.

Current Developments

 

Donald Trump Does not like Bitcoin. In a recent tweet the president of the USA, Donald Trump stated his belief that Bitcoin and other cryptocurrencies are not money and that the real money is the US dollar. He also said that if Facebook or other technological company wanted to operate as a bank they “must seek a Banking Charter”.

This is called ” possibly the largest bull signal for BTC ever” by Jeremy Allaire

 

Japanese Crypto Exchange Bitpoint suffers $32 million Hack According to this cointelegraph.com article, about 2/3 of the hacked money belonged to customers. A total of five different cryptocurrencies were affected, including XRP and Bitcoin. The hack seems to have happened to its hot wallets. The cold wallets were not compromised, according to the article.

 

Technical Analysis

 

Bitcoin




Currently, the bitcoin is creating a Harami figure. The harami figure is a reversal signal if viewed in a higher timeframe. The pattern is still incomplete because it’s left another two hours for the last candle to close. But the indicators on the chart also show signs of a recovery today.

Specially, Stochastics in oversold condition and the CCI making a break of the trendline and pointing to a movement to positive territory. On the chart, we see also that the support area in green has been respected by the price action.

Ripple




Ripple has been one of most bearish crypto coins, losing more than 18% in the last two days. The Asian session moved its price in a kind of rounded consolidation action, which may give signs of a bounce to 0.35.

For this scenario to happen we have to see first a break of the latest tops at 0.332. A break below 0.32 would drive XRP valuation to visit the 0.3 level.

Ethereum




Ethereum is moving inside a support area (green).  The price has been touching the descending trendline that is acting as support as well.  Stochastics is in the oversold area and seems ready to move upwards. The CCI, though is not showing an overextension of the prices. The MACD, although in a bearish phase, its histogram is moving towards positive territory.

Anyway, We have to wait for the price to move out of this green area to make any trading decision.

Litecoin





Litecoin, after these two bearish days, is finding support in the green area between $105 and $100. The Stochastics moved slightly out of the oversold area and the CCI is approaching its zero-line. The MACD is bearish but its histogram is approaching the zero line as well. The price action, though, is very bearish, this situation seems only temporarily.

The most probable continuation is to the downside, visiting the $95 to $85 region. For this to occur we need to see first a candle closing below $100. A close above the green area will signify a bounce to $108 or $110.

Binance Coin


After the severe drops on this coin, following the steps of Bitcoin and the rest of the cryptocurrencies, Binance Coin is up 9% today, almost recovering all the losses of the last two days. All indicators point to a bullish phase in this coin. The price may find resistance at the current levels, so, we should wait for the price to consolidate, before taking long positions.

Dogecoin



 The recent Dogecoin price action has moved the price down, as on all crypto assets, but Dogecoin’s price has been stopped by the lower trendline of this triangular formation. As we can see, the long-term price outlook seems bullish.

Today’s price is up 2% and the indicators, CCI, MACD and Stochastics point to a positive continuation during today’s session. The price might find resistance at the upper trendline levels ($0.00336).

LEAVE A REPLY

Please enter your comment!
Please enter your name here