Cryptocurrency Market Overview
Bitcoin (BTC) and Ethereum (ETH) both continued on this impressive bull run. Bitcoin (BTC) and Ethereum (ETH) both up about 10.12% and 5.42%, respectively. Market capitalization increased from $269B USD to $294B USD which is a 9.2% increase in just 24 hours. This 24 hour volume of $20.2B is up significantly from yesterdays’ $13.8B. BTC dominance of 43.1% is slightly higher compared to yesterday.
Below we are going to highlight the coins that we hold, and are watching. We will include our technical analysis along with entry and exits and support and resistance areas to look for.
These coins include, Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCC), Cardano (ADA), Stellar (XLM), Digibyte (DGB), NEO (NEO), EOS (EOS), and Nucleus.Vision (NCASH).
Bitcoin (BTC) may have broken out of this downtrend which started in May. The Volume has picked up significantly as well. If Bitcoin (BTC) is to continue this rally, look for the $7800 area as the next resistance. Breaking the $7800 resistance will give Bitcoin (BTC) enough juice that could potentially catapult it to the $9000 range once again.
If we were to see a failed rally, then you can expect Bitcoin (BTC) to fall back into the $6800-$7200 range once again and down to low $6000 if it fails to hold the $6800-$7200 range.
The narrative has certainly changed and it appears that there is an increase in the overall volume in the past few days. The most important date in the next few months will be August 10th, which is when you can expect to hear the SEC’s decision regarding the Cbeo’s ETF application. The results could essentially result in the price of Bitcoin (BTC) to significantly move in either direction.
We are buyers of Bitcoin (BTC) at the $7200 – $6800 – $6000 levels.
Similar to Bitcoin (BTC), Ethereum (ETH) has gained some traction as well. It appears that $500 is the resistance point for Ethereum (ETH) it had made multiple attempts to break this level earlier in July, and it was rejected back to the $400 range. It is attempting to break this level again – as it did yesterday, however it has pulled back once again.
Depends on the market conditions, investors can expect Ethereum (ETH) to breakout to the $550 range. Once past the $550 resistance, investors can expect a price surge to $750 – $800 range.
The downside risk is that market does not rally as expected, we can see Ethereum (ETH) price to drop back to what appears to be the $400 support. With the downside of Approximately $90 (20%) and an upside of 37.5 – 65% – accumulation of Ethereum (ETH) in this range could prove beneficial for the longterm investors.
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