The Daily Cryptomenon
24th July 2020
Your daily Cryptocurrency Market Analysis News brought to you by the CryptoAltum Cryptomenon Team.
This analysis was written at 9:00 am GMT +3, on 24.07.2020
Our Cryptocurrency Trio found the right kind of JetPacks yesterday, as their rally hasn’t faded out one bit. In fact, it seemed to only get stronger and stronger! The movement on these instruments remains quite incredible, to say the least. Ethereum, specifically, had put a missile on its back instead of a JetPack since it outpaced every other digital currency out there. With that said, let’s find out what today holds for the digital currencies on July 24th, 2020.
Yesterday was a nuclear bomb, but today that nuclear bomb had a secondary bomb built within it which caused everything to soar even higher! This rise has produced the first positive performance when compared to the beginning of June, which speaks volumes as resistances were in place to stop that from happening. However, the Bulls took charge of the attack and obliterated those levels, as they set their eyes on fresh new targets.
Bitcoin (check out the chart below you’ll find that Bitcoin is the purple line) has managed to turn positive reaching a 0.05% performance since June and this shows that the Bulls are looking to keep the positive momentum going. Ethereum (red line), has held on to its positive streak and kept on going higher reaching 14.39% since the beginning of June. Ripple (orange line) has followed in the footsteps of its brothers and rose to reach 0.44% since the beginning of June.
What’s the strategy you’re going to use when it comes to these cryptos? Do you think that the Bulls have beaten the Bears once and for all? Or have the Bears taken a serious hit and now it’s their time to push? Whatever you choose to believe, you can react to it all on CryptoAltum.
BTC/USD: Bitcoin Rises and Stalls Around $9,700
Since Tuesday, the Bulls have remained relentless in the push for gains towards the psychological $10,000. The return of volatility following extended motionless trading is still exciting among the buyers. A brief but impressive rally on Wednesday stalled under $9,600. However, the price action on Thursday sent BTC a notch higher where the price closed in on $9,700 but formed a weekly high at $9,684.
Technically, the bearish pressure would continue to build in the current and the incoming session. The Relative Strength Index (RSI) has commenced the retreat from the overbought region (above 70). If the downward trend isn’t interrupted, sellers are likely to continue gaining traction. As things stand, the current support that the Bears are looking to overtake is the $9,470. Breaking below said level, would clear the way for the Bears to reach the $9,200 once again.
ETH/USD: Ethereum Looks at $300 as the Next Target
Ethereum made another grand spike on Thursday building on the rally witnessed on Wednesday. As we’ve been saying all along, the largest altcoin stepped above the coveted $280 zone. However, the Bulls hit a wall at $283 which caused them to temporarily stop the price action. At the time of writing, Ether adjusted to $273. However, the Bulls were able to step in around the $270 level creating a bit of support to rally from. This level is considered to be a threshold for a comeback past $280 and the majestic rally eyeing $300.
With all this positive news surrounding Ether, especially now that Ethereum 2.0 is finally going to be ready for lunch by August 4th, it’s easy to miss the negative side of things. However, we’re worried about the over-extended rally into the extensive overbought territory as the RSI is showing.
RSI hasn’t only broken through the 70-level, but also through the 80-level, showing just how strong this rally is. However, what goes up must come and down, and that’s the case with this digital currency as the market is showing extreme momentum loss as the last large rally higher was barely registered on the RSI. So, a good move lower could be expected.
Bulls beware, if you fail to hold onto the $270, the move towards the majestic $300 could be very well in jeopardy. To keep the momentum alive, a sustained break above the $280 is needed to stay alive.
Ripple has tried extremely hard to be one of the big boys during July as it tried to step up to Bitcoin and Ethereum and mimic their behaviours. First, the fourth-largest altcoin recovered from the losses incurred in June where levels at $0.1690 were refreshed. The price action consistently climbed several barriers in the first week of July but hit a wall marginally above $0.21 in the second week (precisely $0.2119 on July 9). A reversal issued from this zone, forcing XRP below $0.20. The bearish leg extended, briefly stepping under $0.19.
Over the last seven days, Ripple has engaged forward thrusters with a recovery from the dip under $0.19 sending the price above $0.20. In the last 24 hours, the crypto asset stepped above $0.21 but this time, it stopped at $0.2107. However, increased seller presence at the $0.21 is proving to be quite the challenge for XRP to breakthrough. When it failed twice, a double top formation happened, meaning that there could be a reversal happening.
For now, most of the attention and effort in the bullish camp should be channeled towards holding the price above $0.20. This will help avert losses into the $0.19 range as well as protect the gains accrued in the last seven days. Furthermore, the RSI is still showing that there’s the possibility of a move higher as the indicator prints around the 60-level, so the push lower by the Bears is evident, but the Bulls still hold on the reins tightly for the meantime.
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