Bitcoin (BTC / USD), Ethereum (ETH / USD) and Alt coin analysis and graphs:
- Ethereum acceptance of the offer before the renewal of London.
- Bitcoin continues to respect resistance.
- The binance remains perpendicular to the regulator.
The cryptocurrency market has risen everywhere this week as most coins and tokens book double-digit gains over the past seven days. The daily moves have been small, but in line with today’s daily candle, which is the only (currently) unprofitable one, as BTC made its lowest level of $ 29,500 on July 21st. Today’s low sales are partly driven by the news that Binance, the largest cryptocurrency by turnover, immediately stopped offering futures and derivatives in Germany, Italy and the Netherlands. This is the latest in a series of recent Binance closures that are under the difficult control of many regulators. Binance CEO Changpeng Zhao said this week that he would resign if a replacement was found as the company sought regulatory approval and licenses around the world.
Bitcoin (BTC) continues to respect the resilience around the $ 40k to $ 42k zone, although all withdrawals have been small, suggesting that further attempts are likely in the near future. The previous resistance, which was just under $ 37,000, should now serve as first-aid support, especially after Bitcoin convincingly exceeded both the 20-day and 50-day simple moving averages. The market has been strongly overbought by the CCI indicator, which refers to a short-term consolidation period of less than $ 40,000 before a new attempt to rise higher.
Bitcoin (BTC / USD) daily price schedule
Ethereum (ETH /USD), volatility may emerge in the coming days as the London upgrade emerges. An update (EIB) 1559, which will increase the clarity of miners’ fees, will see the supply of Ethereum tokens reduced and the size of the blocks will double, taking place next week.
Ethereum is trying to break out of its recent range, although current pricing suggests that new tests are likely to be possible. ETH is back above all three simple moving averages and, although it has just invaded overbought territory, it has been at an extreme level in recent months. The current trading pattern is also reminiscent of the price activity seen at the end of February – beginning of April this year, before the ETH rose sharply. Initial support can be seen from the previously reported moving averages between $ 2135 and $ 2065.
Ethereum (ETH) daily price schedule
The spread of Ethereum / Bitcoin is recovering and starting to approach the trend line that has assessed the spread over the last few months. Support for about 550 will continue, leaving a meeting of support and resistance in the near future.
Daily distribution of Ethereum / Bitcoin
Chart through @IG.com
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