Cryptonaire weekly magazine 244th edition is out now
After three consecutive negative monthly closes, Bitcoin made a comeback in July with a 16.8% gain, according to Coinglass data. In comparison, Ether had much better performance as it rallied more than 56% during the same period. This indicated that investors may have started accumulating at lower levels, anticipating that a bottom may be in place.
Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said in a tweet on July 29 that “Fed Chairman Jerome Powell’s “meeting by meeting” comment may mark the pivot for Bitcoin” to outperform most assets. In another tweet on July 31, McGlone said that Bitcoin may be on track to recover from the “steepest discount” to the 100- and 200-week moving averages. He added that the risk-to-reward ratio may be “tilted favourably for one of the greatest bull markets in history.”
Bitcoin reversed direction from $20,715 on July 26 and rose above the ascending channel on July 28. However, the bulls could not build upon this advantage and sustain the higher levels. This indicates that bears continue to sell on rallies.
The failure to sustain the price above the channel may have attracted profit-booking from short-term bulls and shorting from aggressive bears. That has pulled the price to the 20-day exponential moving average (EMA).
This is an important level to keep an eye on. If the price rebounds off the 20-day EMA, the bulls will again try to push the price above the overhead resistance at $24,666. If they succeed, the BTC/USD pair could start an upmove toward $30,000.
Alternatively, if the price slips below the 20-day EMA, it will suggest that the bullish momentum may be weakening. The pair could then decline to the 50-day simple moving average (SMA).
The flattening 20-day EMA and the relative strength index (RSI) near the midpoint suggest a range-bound action in the near term. The pair may remain stuck between $20,715 and $24,666 for a few days.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
Featuring in this weeks Edition:
- Globiance
- WeedoVerse
- Cardalonia
- CollectiVerse
- H2O Securities
- ZiberBugs
- AiBook.Art
- Immunify.Life
- DC Pay
- LunaOne
Read More
CRYPTO TRADE OPPORTUNITIES
Bitcoin bulls defend $23K amid warning bear market rally 'alive and well'
Marathon Doubles Loan Borrowing Capacity to $200M as Mining Rigs Sit Idle
CryptoPunk Ethereum NFT Sales Jump 248% After Tiffany Launch
Ethereum-Based Gaming Altcoin Rallies After Coinbase Suddenly Adds It to Listing Roadmap
CollectiVerse – A more secure and safe way to invest in the DeFi and NFT market
ZiberBugs Prototype Launch: The Perfect Time to Invest for the Long Term
Immunify.Life: Redefining The Healthcare Landscape with Blockchain Technology
DC Pay: Gateway to Crypto Trading
LunaOne – Making the Metaverse a reality
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