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Price analysis 7/29: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

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Price analysis 7/29: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

Bitcoin (BTC) hit a six-week high above $24,000 on July 29, extending its rally that picked up momentum after the United States Federal Reserve hiked rates by 75 basis points on July 27. If the rally sustains for the next two days, Bitcoin could be on target to close the month of July with gains of more than 20%, according to data from Coinglass.

It is not only the crypto markets that have seen a post-Federal Open Market Committee (FOMC) rally. The U.S. equities markets are on track for big monthly gains in July. The S&P 500 and the Nasdaq Composite are up about 8.8% and 12% in July, on track to their best monthly gains since November 2020.

Daily cryptocurrency market performance. Source: Coin360

The crypto and equities markets have risen in the expectation that the pace of rate hikes by the Fed will slow down in the future. Arthur Hayes, ex-CEO of derivatives platform BitMEX, believes that the Fed will not increase rates further and may eventually return to an accommodative monetary policy and more neutral rates.

Could Bitcoin and altcoins extend their recovery over the next few days? Let’s study the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

Bitcoin closed below the 20-day exponential moving average (EMA) ($22,213) on July 25 but the bears could not sustain the lower levels. The bulls bought the dip below $21,000 and propelled the price back above the moving averages on July 27.

BTC/USDT daily chart. Source: TradingView

The moving averages have completed a bullish crossover and the relative strength index (RSI) is in the positive territory, indicating that bulls are in control. If buyers drive the price above $24,276, the BTC/USDT pair could pick up momentum and rally toward the pattern target of $28,171. If this level is crossed, the next stop could be $32,000.

Alternatively, if the price turns down from the current level or fails to sustain above $24,276, it will suggest that demand dries up at higher levels. In that case, the critical level to watch on the downside is the 20-day EMA. If this support cracks, it will suggest that the bullish momentum has weakened. The pair could then decline to the 50-day simple moving average (SMA) ($21,589).

ETH/USDT

Ether (ETH) rebounded sharply off the 20-day EMA ($1,470) on July 27 and broke above the critical resistance at $1,700 on July 28. However, the bears are not willing to relent and are trying to pull the price back below $1,700 on July 29.

ETH/USDT daily chart. Source: TradingView

The bulls and bears may engage in a tough battle near $1,700 but the upsloping 20-day EMA and the RSI in the positive zone indicate an advantage to buyers. If bulls sustain the price above $1,700, the momentum could pick up and the ETH/USDT pair could rally to $2,000 and later to $2,200.

Conversely, if bears pull the price below $1,590, aggressive bulls could get trapped and the pair may drop to the 20-day EMA. A strong rebound off this level will increase the possibility of a break above $1,700 but a break below the 20-day EMA could sink the pair to $1,280.

BNB/USDT

BNB has been trading inside an ascending channel for the past few days. The price bounced off the 50-day SMA ($239) on July 26 and rose above the downtrend line, indicating a potential change in trend.

BNB/USDT daily chart. Source: TradingView

The bullish momentum continued and the buyers have driven the price above the resistance line of the ascending channel. If bulls sustain the price above the channel, the BNB/USDT pair could rally to the overhead resistance at $350.

Alternatively, if bulls fail to sustain the price above the channel, it will suggest that bears are active at higher levels. The pair could then re-enter the channel and drop to the downtrend line. A strong rebound off this level could improve the prospects of a break above the channel. The bears will have to sink the price below the channel to gain the upper hand.

XRP/USDT

Ripple (XRP) is range-bound in a downtrend. The bears pulled the price below the moving averages on July 25 but could not sustain the lower levels and challenge the strong support at $0.30.

XRP/USDT daily chart. Source: TradingView

This suggests strong demand at lower levels. The buyers pushed the price back above the moving averages on July 27 and are attempting to clear the overhead hurdle at $0.39. If they succeed, it will suggest the start of a new up-move. The pair could then rally to the target objective at $0.48.

Contrary to this assumption, the price has turned down from $0.39. The bears will try to sink the XRP/USDT pair below the moving averages. If they do that, the pair could consolidate between $0.30 and $0.39 for a few more days.

ADA/USDT

The bulls pushed Cardano (ADA) above the moving averages on July 27, indicating strong buying near the $0.44 support. The price has reached the overhead resistance at $0.55, which could act as a stiff barrier.

ADA/USDT daily chart. Source: TradingView

If the price turns down from $0.55, the ADA/USDT pair could drop to the moving averages. A break below this support could keep the pair range-bound between $0.44 and $0.55 for a few days. The bears will have to sink the pair below the $0.44 to $0.40 support zone to signal the resumption of the downtrend.

Conversely, if bulls thrust the price above $0.55, it will suggest the start of a new up-move. The pair could then rally to $0.63 and later to $0.70.

SOL/USDT

Solana (SOL) rebounded off the support line on July 26, indicating strong buying at lower levels. The bulls built upon the momentum and pushed the price above the moving averages on July 27.

SOL/USDT daily chart. Source: TradingView

The SOL/USDT pair could reach the overhead resistance at $48, which is an important level to keep an eye on. If bulls overcome this barrier, the pair will complete an ascending triangle pattern. The pair could then start an up-move toward the pattern target at $71.

On the contrary, if the price turns down from $48, the pair may extend its stay inside the triangle for a few more days. A break and close below the support line could tilt the advantage in favor of the bears.

DOGE/USDT

Dogecoin (DOGE) bounced off the trendline of the ascending triangle pattern on July 27 and rose above the moving averages. This indicates strong demand at lower levels.

DOGE/USDT daily chart. Source: TradingView

The bulls will now try to push the price toward the overhead resistance at $0.08. The moving averages have completed a bullish crossover and the RSI has jumped into the positive territory indicating advantage to buyers.

If bulls drive the price above $0.08, the bullish setup will complete and the DOGE/USDT pair could rally to the pattern target of $0.11. The bears will have to sink the price below the trendline of the triangle to invalidate the bullish view.

Related: Bitcoin bear market over, metric hints as BTC exchange balances hit 4-year low

DOT/USDT

Polkadot (DOT) turned up and broke above the moving averages on July 27, indicating that lower levels are attracting buyers. The price has reached the strong overhead resistance at $8.50 where the bears may mount a strong defense.

DOT/USDT daily chart. Source: TradingView

The moving averages are on the verge of a bullish crossover and the RSI is in the positive territory, indicating that the bears may be losing their grip. If bulls push and sustain the price above $8.50, it will suggest the start of a new up-move to $10 and later to $10.80.

Contrary to this assumption, if the price turns down from $8.50 and slips below the moving averages, it will suggest that the DOT/USDT pair may oscillate inside a range for a few more days. The bears will have to sink the pair below $6 to start the next leg of the downtrend.

MATIC/USDT

Polygon (MATIC) bounced off the 20-day EMA ($0.79) on July 26 and rose above the downtrend line on July 27. This indicated that the minor corrective phase was over.

MATIC/USDT daily chart. Source: TradingView

The bulls pushed the price to $0.98 on July 28 and 29 but the long wick on the candlesticks suggests that the bears are defending the level with vigor. The upsloping 20-day EMA and the RSI in the positive territory indicate that the path of least resistance is to the upside.

If bulls push the price above the psychological level of $1, the MATIC/USDT pair could extend its rally to $1.26. This bullish view could be invalidated in the near term if the price turns down and breaks below the 20-day EMA.

AVAX/USDT

Avalanche (AVAX) rebounded off the 50-day SMA ($19.48) on July 26 and is nearing the overhead resistance at $26.38 on July 29. The bears will try to stall the recovery at this level.

AVAX/USDT daily chart. Source: TradingView

The gradually upsloping 20-day EMA ($22.10) and the RSI in the positive territory indicate an advantage to buyers. If bulls drive the price above $26.38, the bullish momentum could pick up and the AVAX/USDT pair could rally to $33 and then to $38.

Contrary to this assumption, if the price turns down from $26.38 and breaks below the 20-day EMA, the bears will make one more attempt to sink the pair below the 50-day SMA and challenge the support line.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

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Bitcoin (BTC) Nearly Taps $25,000 Level For the First Time Since June

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Bitcoin (BTC) Nearly Taps $25,000 Level For the First Time Since June

Bitcoin (BTC) is showing several bullish signs in the daily time frame but has yet to break out from a short-term corrective pattern.

Bitcoin has been moving upwards since reaching a long-term low of $17,622 on June 18. On July 19, it broke out from a long-term descending resistance line, which had been in place since the end of March. 

On Aug. 11, BTC reached a local high of $24,918, which was the highest since June 12. However, it failed to sustain this increase and created a long upper wick in its daily candlestick (red icon).

If the upward movement continues, the closest resistance area would be found at $29,370. This target is the 0.382 Fib retracement resistance level.

An interesting reading comes from the daily RSI, which moved above 50 at the same time which the price broke out from the descending resistance line. 

Since then, the RSI has created an ascending triangle (dashed), which is often considered a bullish pattern. The indicator is currently at 61, right at the resistance line of this pattern. 

Therefore, a breakout above it would likely also cause the price to accelerate upwards.

Short-term BTC pattern

Despite the relative bullishness from the daily time frame, the six-hour chart shows that BTC has been trading inside an ascending parallel channel since the June 18 bottom. Such channels usually contain corrective patterns, meaning that an eventual breakdown from it would be expected. 

Moreover, the price has created what resembles an even shorter-term double top (red icons), which is considered a bearish pattern made at the resistance line of the channel.

On Aug. 9 (green circle), the price rebounded from the midline of this channel and at a short-term ascending support line. 

So, whether BTC breaks out from the channel or breaks down from the support line will likely determine the direction of the future trend.

Wave count analysis

The main wave count indicates that BTC is likely in wave three of a five-wave upward move (black). The sub-wave count is shown in yellow, and also suggests that the price is in wave three. So, this seems to be a 1-2/1-2 wave formation. If correct, it would mean that the upward move will accelerate in the near future. 

In order for the count to remain correct, Bitcoin has to hold on above the slope of the original 1-2 (black).

The most likely long-term wave count is also bullish, aligning with the proposed short-term count.

For Be[in]Crypto’s previous Bitcoin (BTC) analysis, click here

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Binance recovers the majority of funds stolen from Curve Finance

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Binance recovers the majority of funds stolen from Curve Finance

Binance recovered and froze around $450,000 worth of the stolen assets, which is around 80 percent of the stolen funds.

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Binance recovers the majority of funds stolen from Curve Finance

Crypto exchange Binance has recovered a big part of the funds from the recent hack that targeted the decentralized finance (DeFi) protocol Curve Finance. 

In a tweet, Binance CEO Changpeng Zhao announced that the exchange has frozen and recovered $450,000 of the stolen assets, which is more than 80 percent of the stolen funds. According to Zhao, the hacker tried to send the funds to the exchange in various ways but was detected by Binance. The exchange is currently working to return the funds to their rightful owners.

The Curve Finance team detected the hack on Tuesday and alerted their users to refrain from using their website. An hour after the warning, the team announced that it was able to find and resolve the issue. However, the attackers were still able to hijack around $537,000 worth of USD Coin (USDC) before the issue was resolved.

According to experts from the blockchain analytics firm Elliptic, a hacker compromised the domain name system (DNS) of Curve Finance, which ended with malicious transactions getting signed. The experts told Cointelegraph that the funds were then sent to various exchanges and crypto mixers in an attempt to hide the trail. In the end, the funds were sent to Binance and were caught by its team.

Related: Cross-chains in the crosshairs: Hacks call for better defense mechanisms

This is not the first time this week that the good actors in the crypto community have worked to return stolen funds. On Monday, whitehat hackers and researchers returned an estimated $32.6 million worth of USDC, Tether (USDT) and other altcoins to Nomad, following the recent $190 million exploit.

The Curve Finance exploit is only one of the many attacks that happened in 2022. According to analytics firm Chainalysis, $2 billion worth of funds were drained because of cross-chain bridge hacks. This is 69% of the overall stolen amount in the year.

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Institutional staking won’t take off unless asset lock-up solved: Coinbase CFO

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Institutional staking won’t take off unless asset lock-up solved: Coinbase CFO

Coinbase’s new institutional-focused staking product won’t be a “near-term phenomenon” while liquid staking is still being worked out.

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Institutional staking won’t take off unless asset lock-up solved: Coinbase CFO

Institutional staking of crypto assets, including the post-Merge Ethereum, could become a “phenomenon” in the future, but not while their assets still need to be “locked up.”

Speaking during a Q2 earnings call on Tuesday, chief financial officer Alesia Haas noted that she didn’t expect their new exclusive institutional staking service, rolled out in Q2, to be a “near-term phenomenon” until a “truly liquid staking option” is available:

“This is the first time we had the products available. Previously, the way that institutions could have access to staking is via Coinbase Cloud […] But offering it as the delegated staking service similar to what we have for retail customers.”

However, Haas said it was still “early days” for their new staking service, adding they’ll likely only see a “real material impact” when they have created a liquid staking option for post-Merge Ethereum, also known as Eth2.

Liquid staking is the process of locking up funds to earn staking rewards, while still having access to the funds. 

Haas explained that many financial institutions “don’t want their assets held indefinitely:”

“So when you stake ETH2 you are locking in your assets into Ethereum until the Merge and then some period after. For some institutions, that liquidity lock-up is not palatable to them. And so, while they may be interested in staking, they want to have staking on a liquid asset.”

Haas reaffirmed this issue is “something we are looking to solve,” and added that once this liquid staking is available for financial institutions that can pool in funds at higher proportions, “we’ll see the real material impact of institutional revenue.”

Related: Coinbase partners with BlackRock to create new access points for institutional crypto investing

Investors and institutions have been able to access Coinbase’s delegated staking service through Coinbase Prime, which was first launched in Sep. 2021. The platform also offers other integrated services, such as access to a custody wallet with enhanced security, real-time crypto market data and analytics, and other crypto-native features like decentralized governance.

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