Bitcoin’s taproot update is approved and will take effect in November — analysis, June 14 | Via Bitvalex | Capital | June 2021


Last week, miners around the world approved the Taproot upgrade for Bitcoin:

Source: Twitter

The Taproot upgrade is the most important upgrade since the SegWit upgrade in 2017 and is expected to take effect in November. Many blockchain experts believe that Taproot will improve the privacy and efficiency of Bitcoin transactions.

But this is not the only good news for the Bitcoin ecosystem. Tesla CEO Elon Musk reiterated that Tesla only sold 10% of its BTC holdings and outlined that if the cryptocurrency mining process becomes more environmentally friendly, it will resume allowing Bitcoin transactions:

Source: Twitter

The famous Bitcoin bull market, PlanB, emphasizes that the Bitcoin price target at the current market stage is $288,000:

Source: Twitter

The good news last week supported the price of cryptocurrencies. The market started with a steady price rebound on Monday. According to Coin360.com, the price of a Bitcoin is 32,722.51 Euros (+11.31%), an Ethereum-2,066.22 Euros (+6.32%), a DOGE-0.2673 Euros (+4.95%), and a UNI —— 18.94 Euro (+10.19%):

Source: Coin360.com (daily crypto market performance)

Now, let’s analyze the price chart of major cryptocurrencies against the euro in the most significant time frame.

Bitcoin / Euro

In the weekly chart (1W), last week BTC/EUR formed a hammer Candlestick after Doji Since last week:

This hammer Technical patterns are candlestick patterns formed at the bottom of price adjustments and usually mark the beginning of an uptrend update. This is why the chance of a price rebound has increased.

In addition, in the 1-hour chart (1H), BTC/EUR has just experienced Resistance line:

We think this break out As an initial bullish signal, it indicates that the upward trend may resume. In our opinion, if the price does not break below the resistance line anymore, some more aggressive traders will start to open long positions.

Ethereum/Euro

On the daily chart (1D), ETH/EUR continues to be Ascending channel (uptrend):

Although there is a Ascending channel, Traders holding long positions must be very cautious, because it can be seen from the chart that the 30-day moving average (Horse 30) Is approaching the 90-day moving average (Horse 90),with one Moving average crossover It may happen. If it happens, we would consider it a small bearish signal, because according to technical analysis theory, Moving average crossover It is a form of trend reversal technology.

Dogecoin/Euro

In the 4-hour chart (4H), the price of Dogecoin is at the 90-day moving average (90-day moving average) And 30-day moving average (30-day moving average):

As can be seen from the chart, the 90-day moving average is located at the 38.2 Fibonacci retracement level (about 0.2305 euros), and the 30-day moving average is located at the 61.8 Fibonacci retracement level (about 0.2821 euros). We expect DOGE/EUR to remain range-bound between these two levels this week. However, if there is a major change in the cryptocurrency market, it will also affect the price dynamics of DOGE/EUR.

Unity / euro

As we have outlined in the previous analysis, In the daily chart (1D) of UNI/EUR, a Moving average crossover (Common trend reversal technical pattern) has occurred:

As can be seen from the chart, the 30-day moving average (Horse 30) Is still below the 90-day moving average (Horse 90). This is why we prefer to stay away from this cryptocurrency pair.

However, in the 4-hour chart (4H), it seems that UNI/EUR is trying to form a Ascending channel:

If the price continues to travel within the channel, a bullish signal may appear and the bearish signal from the channel may be cancelled Moving average crossoverThis is why it is worth paying attention to Uniswap’s price charts in different time frames.

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This analysis is purely informational and does not constitute investment, financial, trading, or any other type of advice, and you should not regard any content of Bitvalex as such. Bitvalex does not recommend that you buy, sell or hold any cryptocurrency. Before making any investment decision, you are solely responsible for conducting your own due diligence and consulting consultants.

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