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    Thread: Cryptocurrency Analysis

    1. #2504 Collapse post
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      Trading plan for Bitcoin for July 15, 2021

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      Technical outlook:
      Bitcoin had dropped through $31,500/600 levels yesterday, before finding support, and managed to pullback above $32,000 around end of the day. The price action is now clearly suggesting a potential bottom being formed around $31,500 levels and that bulls are poised to set higher highs and higher lows at least towards $42,000, going forward.

      Bitcoin is seen to be trading close to $32,650 levels at this point in writing and is expected to push higher towards $36,000 in the immediate future. The crypto faces resistance at $36,000, followed by $41,600 mark, while support comes in around $28,500 levels respectively. Bottom line for bulls to remain in control is $28,500 levels.

      Only a break below $28,500 mark can change the above described bullish scenario and turn lower towards $16,000 levels in the next several weeks. On the flip side, a continued rally through $36,000 and $42,000 would instill further confidence on the bullish structure. Traders are advised to build long positions here.


      Trading plan:
      Remain long, add more around $32,500/600, target @ 42,000

      Good luck!




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      Oscar Ton
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      Microsoft will create a project based on Bitcoin's fundamental features

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      Microsoft will create a project that will be based on Bitcoin's every fundamental feature. The company wants to create a project that will be completely unique and decentralized and will have an identical common database that is used to record Bitcoin transactions, better known as the blockchain.

      This project will be called ION, where decentralized identifiers will be used, which can be an archived motive force for our work on the Internet. If Bitcoin, being completely decentralized, carries significant importance, since it is beyond the control of the government and centralized institutions, this ION project will carry the same importance, but this will already concern online identity.

      Microsoft wants to create a technology that will help protect the user's ownership rights to their virtual identities since the current era, which is the 21st century, has full Internet accessibility. This means that the Internet has full control over the online profile accounts of various users.

      The head of the project, Daniel Buechner, was at the very important congress in Miami for Bitcoin with various crypto enthusiasts, such as Michael Saylor, Jack Dorsey, and others.

      Microsoft wants to create this project on the Bitcoin blockchain technology to create unique digital identifiers. To authenticate identity on the Internet, users will no longer have to suffer from passwords, cell numbers, and mailboxes to confirm and verify their identity. The project will be fully launched on the main Bitcoin network. Therefore, ION will become completely decentralized and secure, it will not rely on centralized objects, validators, or different protocols.




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      Vitaly Kolesnikov
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      Jack Dorsey and his company Square are developing an innovative Bitcoin wallet

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      Jack Dorsey said in his social networks that his company Square is developing an innovative wallet for storing bitcoins. This is done in order to make bitcoin even more popular, and also so that storing the number one cryptocurrency would no longer be difficult.

      Jack Dorsey is very excited about this project and wants all Twitter users, as well as those who store or plan to store bitcoin, to be constantly active, communicating with him, and saying their wishes in terms of what they would like to see this wallet for storing cryptocurrency.

      Especially for this, the Square team is recruiting many different developers from around the world to develop the most innovative and secure wallet. Most likely, a cash app will be integrated into the bitcoin wallet, and it will be 100% protected from hacking.

      Now in the era of innovative technologies, many people use the Internet through their mobile gadgets, Dorsey and his company want to make it so that it is convenient to use it on various gadgets without any problems. Cash up payment applications will be integrated into it, which will allow you to use this innovation.

      Dorsey has long been an ardent supporter of bitcoin and one of its main engines in the mainstream. Along with Michael Saylor, Jack Dorsey is constantly looking for ways and ways to improve mining and how to make bitcoin more popular. Recently, Dorsey said that he could even leave the post of CEO of Twitter and engage in an exceptional improvement of bitcoin in terms of its technology and environmental friendliness. Creating such a wallet can significantly simplify the storage of the number one cryptocurrency, which will make bitcoin even more popular for both inveterate holders and various small players in the market.




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      Vitaly Kolesnikov
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      Bitcoin and inflation protection: a controversial issue

      Bitcoin is falling, inflation in the United States is growing at its highest rate in 13 years. Both look depressing at first glance. Although both have a relatively optimistic explanation.

      Federal Reserve Chairman Jerome Powell claims that the rise in prices was caused by temporary factors. And while the recovery of all processes after the pandemic is not over, and the effect of a low comparison base is in effect, one can agree with him.

      The fall in bitcoin also does not look catastrophic. Big players, as the data show, are accumulating positions, thanks to which the main cryptocurrency is technically trading sideways and has every chance of recovering.

      But if you combine these two processes, the question arises as to whether bitcoin is really good as a defensive tool against inflation. The crypto community is divided over their correlation.

      According to some analysts, bitcoin allegedly failed as a defense against inflation, as its price nearly halved from $64,000.

      For example, Ed Moya, senior market analyst at Oanda states that the main cryptocurrency no longer behaves like a hedge of inflation, and expectations about it are exaggerated. But many industry advocates stressed that their early investments in bitcoin and the profits they made "already secured the future." Crypto enthusiasts note that, historically, BTC has grown, showing huge profits in the long term.

      But doubts about the protective function of the main digital asset are not without foundation. Mati Greenspan, founder of money management firm Quantum Economics, told Cointelegraph that "there seems to be no correlation" between bitcoin's price action and inflation or deflation data.

      "Of course, bitcoin has shown great results in the past. But most of the profits from it came during the period of global deflation, when all risky assets were growing. Now that inflation is really rising, for the first time since bitcoin, it is lagging far behind," Greenspan said.

      However, some global investors like Paul Tudor Jones have switched to bitcoin to protect their investments from inflation.

      Which of them is right? Time will tell. But even if there is no correlation, bitcoin has other attractions for institutions as well. At least they are still accumulating positions.

      But speculators do not care about the presence or absence of correlation. They need a good entry point, which may soon be formed to buy in the event of a price rebound up from the support levels of 31,082.82 (red dotted line) or 28,392.99. Today's upward rebound from the level of 31,082.82 already looks encouraging, but it is not a fact that the price will not go lower.

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      Ekaterina Kiseleva
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    5. #2500 Collapse post
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      Trading Signal for Ethereum ETH/USD for July 14 - 15, 2021: Buy above $1,875

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      Ethereum (ETH / USD) is trading under downward pressure according to the 4-hour chart. On the above chart, we have drawn a downward pressure line, now located below this area, below the SMA of 21 and the EMA of 200, adding selling pressure.

      Yesterday, ETH / USD was bouncing above the key support of 2/8 of murray (1,875). The market does not want to depart from this level as there is medium-term prospects of a return to the key price of $2,500.

      But first it must challenge 3 resistance zones until it reaches this level. The first is the bearish line ($ 2,000), the second is the 200 EMA and at the same level is the 3/8 of murray ($ 2,187). Finally, the strong 4/8 murray resistance is seen at ($2,500).

      While Ethereum is consolidating above 1,875, it is likely to make a technical rebound to the zone of $ 2,187 and $ 2,500 in the short term.

      On the contrary, a close and consolidation below $ 1,800, a fall to the support zone of $ 1,500 could occur. This is a key level where selling pressure is expected.

      The US CPI rose 0.9% in June and accelerated the annual rate of growth to 5.4%, marking its highest level since 1991. Traders sold Ethereum from the psychological level of 2,000 to the support of 1,875 due to fears that a continuously rising inflation rate induces the US Federal Reserve to withdraw its quantitative easing policies.

      Our recommendation is to buy now or with the technical rebound at 2/8 or murrya, whenever the price of ETH is located above 1,875, with targets in $2,000 and $2,187 zone of the 200 EMA. The eagle indicator is in the oversold zone and could favor our bullish strategy.


      Support and Resistance Levels for July 14 - 15, 2021
      Resistance (3) 2,150
      Resistance (2) 2,096
      Resistance (1) 1,975

      Support (1) 1,826
      Support (2) 1,755
      Support (3) 1,663




      Dimitrios Zappas
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      Bitcoin & Ethereum: Large investors continue to work in the cryptocurrency market

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      The cryptocurrency market continues to move sideways without showing strong price changes. The behavior is very similar to the stage of regrouping trading forces, clearing the market of weak hands.

      Small players and newly arrived hamsters leave the market with losses during April, fearing to lose everything they have invested in cryptocurrency, but their volumes are happily picked up by big players, accumulating them in financial portfolios.

      Following the analytical data from the end of May, about 2,000 BTC is withdrawn daily from centralized exchanges to cold wallets, this leads to the fact that bitcoin reserves on the exchanges have decreased to the April level.

      In simple words, when there is a stage of bitcoin inflow to the exchanges, it signals its possible decline, which was observed at the time when the cost of the first cryptocurrency was in the range of $60,000 - $64,000. At a time when there is an outflow of bitcoin from exchanges, this signals the accumulation of the volume of the first currency by big players, as it already happened at the time of the recent upward cycle, where financial funds increased their portfolios.

      Will the BTC outflow signal a new upward cycle this time around? Why not?

      Cereal players are active

      Just a few days ago, a message appeared on the website of the US Securities and Exchange Commission (SEC) that the American investment company Capital International Investors, which manages about $2.3 trillion, acquired 12.2% of shares in MicroStrategy, which has 105,085 BTC on its balance sheet.

      In fact, Capital International Investors invested in the first cryptocurrency in this way in anticipation of its growth in the future.

      It is worth recalling that MicroStrategy has been increasing the volume of bitcoin on its balance sheet for almost a year, attracting more and more new investors.


      Purchase history:
      August 2020: purchase of BTC for $250 million
      December 2020: purchase of BTC for $650 million
      February 2021: purchase of BTC for $1 billion
      March 2021: purchase of BTC for $40 million
      April 2021: purchase of BTC for $15 million
      May 2021: purchase of BTC for $25 million
      June 2021: purchase of BTC for $489 million

      The positive news does not end there, the American holding company Fidelity Investments, which provides financial services, is increasing the staff in the division of the digital assets by 70% (+100 employees) due to the great interest in the new type of assets from institutional investors.

      Fidelity Investments is considered one of the largest asset management companies in the world. Assets under management: USD 10.4 trillion.

      There is much to say that cryptocurrency is a surrogate, an asset without a future and much more, and perhaps you will be right, but not only geeks and small market participants are interested in it. Banks, insurance companies, payment systems, corporations, and institutional investors take interest in cryptocurrency too.

      In simple words, it is already impossible to simply ignore the cryptocurrency, and perhaps it is worth measuring up and getting to work.

      What happens on Bitcoin and Ethereum trading charts?

      I really want to tell you about strong price changes or drastic changes in market cycles, but, unfortunately, the market continues to follow a sideways course, as if preparing us for something truly grandiose.

      Bitcoin, despite everything, continues to follow in the wide side channel of $30,000/$41,500, where the amplitude has shrunk to the boundaries of $30,000/$36,675 for about 2.5 weeks.

      New frames can play the effect of a compressed spring for a new round of acceleration, but dramatic changes will occur after the break of the $30,000 or $41,500 marks.

      Where should we go?

      If you focus on the big players, then there is a prospect of a new upward cycle, but do not forget that these players view the investment as a long-term investment, not a short-term game.

      Ethereum, unlike bitcoin, has characteristic price cycles, where, following the movement in the period of July 7-14, there is a weakening of the ETH rate.

      Due to the clock component, a new area of interaction of trade forces was determined, these are coordinates $2,400/$2,450. A breakdown of this area will accelerate the movement towards the psychological level of $3,000.

      The downward development will enter the active phase if the price is kept below the $1,700 mark.

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      Gven Podolsky
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      Bitcoin Price Analysis, 14 July

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      BTCUSD has fallen below the $32,000 support level after another Chinese province announced that they are banning Bitcoin mining. The BTCUSD pair is likely to target the $31,000 support level while weakness persists below the $33,000 resistance level. In order for a meaningful recovery to begin the BTCUSD pair needs to start to strengthen above the $33,800 resistance level.

      The BTCUSD pair is only bullish while trading above the $33,000 level, key resistance is found at the $33,800 and $34,700 levels.

      If the BTCUSD pair trades below the $33,000 level, sellers may test the $31,500 and $31,000 levels.



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      Jan Novotny
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      BTC analysis for July 144,.2021 - Potetnial for the upside movement towards $33.200

      Technical Analysis:

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      BTC has been trading upside this morning and I see the corrective rally to continue till end of the day.


      Trading recommendation:
      Due to breakout of the downside channel, watch for intraday bull opportunities with target at $33.200.

      Stochastic oscillator is showing oversold condiiton and fresh bull cross, which is good sign for further rally....




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      Petar Jacimovic
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      Bitcoin may drop below $30,000, but the market is giving bullish hints: what will happen next

      Over the past few weeks, bitcoin has been fluctuating within the wide range of $31,000-$41,000. Due to numerous factors, the cryptocurrency cannot break through the final mark to launch an upward trend. Despite the uncertainty and the lack of short-term prospects, a positive attitude is being formed towards BTC. Whales continue to stock up on the asset, despite the outflow of retailers (a record low number of unique addresses). The crypto coin was able to maintain an extremely important horizontal support level in the area of $32,800, which also inspired optimism.

      However, as of July 14, the coin temporarily fell beyond the safe boundary and is quoted in the region of $31,900. At the same time, the local dynamics of the price movement remain negative, and the coin continues its downward movement. In total, bitcoin fell by 4% a day, and in a week it fell by 5.5%, starting a smooth downward movement from the $34,000 mark. The market will likely try to push the BTC quotes above the safe mark. However, with low daily trading volumes of $20 billion, this looks like a difficult task. The situation is also worsened by the fact that in the medium term, the main technical indicators of the cryptocurrency indicate a bearish mood. The MACD remains within the red zone, and the RSI has sunk beyond 25. At the same time, bullish signals are observed in the narrower dynamics. However, the presence of local bullish impulses does not indicate a change of course, but only gives a probability that has never justified itself over the past month.

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      The main reason for the downward movement of bitcoin was the next wave of mining bans in the Chinese province of Anhui. In the short term, interest in bitcoin will fall even more, and this already affects the quotes. In the medium term, the hashrate of the asset will significantly suffer, as well as the interest of large mining companies in BTC. If we look a little further, then the next wave of migration of miners from China will have a positive impact on the decentralization of the asset and the entire industry. It is also worth noting that the market reacted more calmly to another negative from China. In June, such a statement caused a massive sale, which even medium-term holders went to. This time, the situation is calmer, which indicates that the market is adapting to a constant negative attitude. This is a very important aspect for the future of BTC quotes, as it indicates the maturity of the market. Given that the electric grid Corporation of China has already announced the need to completely stop mining in the country, this will give bitcoin greater stability.

      Despite the stable wave of negative news from China, the market is showing tendencies towards the beginning of an upward movement. The main reason for this was the on-chain data, which states that large market players began to accumulate coins. According to Glassnode, users of crypto exchanges withdraw 2,000 bitcoins from the platforms every day. The dynamics of the outflow of assets from cryptocurrency platforms have been observed since the beginning of May, but it was in July that it reached record levels. If the rate of accumulation of BTC continues, then by the end of this week, the volume of the coin will be commensurate with the indicators of April, when bitcoin set the last historical maximum.

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      At the same time, bitcoin needs a powerful impulse to start moving up. Since the coin is mired in negative news, which is accompanied by technical problems, investors need a signal to buy. Given that the activity of stock markets and institutional players traditionally decreases in the summer, the probability of such an impulse is extremely small. Right now, BTC is closer to testing the strength of the $30,000 milestone. When it breaks, a sale may begin and the swing range of bitcoin may shift to $25,000 - $30,000. To maintain the possibility of a bullish breakout by the end of the week, the cryptocurrency needs to finish the current day above the support level at $32,800. The market can help BTC jump even higher, to $34,000. The current state of affairs on the market indicates the upcoming retest of local support at the level of $31,800. Taking into account the short-term technical indicators of the RSI and MACD, the asset will be pushed to the $32,800 zone, after which bitcoin will continue to trade within a narrow range.




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      Artem Petrenko
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      Trading plan for Ripple for July 14, 2021

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      Technical outlook:
      Ripple might have carved an interim bottom around $0.50 lows registered on June 22, 2021. Please note that prices have found support at the fibonacci 0.786 retracement of the recent upswing between $0.17 and $1.84/85 levels as shown on the above chart. Furthermore, also note that Ripple has found support around the past resistance turned support zone $0.50-0.55 levels.

      High probability remains for a bullish reversal from here at least towards $1.05 levels before hitting resistance again. Ripple is seen to be trading close to $0.60 levels at this point in writing and is expected to turn higher towards $1.05 at least. Immediate resistance is also marked around $1.05, while support is seen at $0.36 levels respectively.

      Ripple might be ready to turn higher again at least in a corrective wave towards $1.05 levels. We shall again review when the crypto reaches there to decide further direction. Bottom line remains prices should stay above $0.50 lows, to keep the bullish structure intact over short term.


      Trading plan:
      Remain long, stop @ 0.36, target @ 1.05

      Good luck!


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      Oscar Ton
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