Encryption becomes an integral part of the global financial system-analysis, July 12 | Via Bitvalex | Capital | July 2021
On July 7, Visa stated that in the first half of this year, cryptocurrency users spent more than $1 billion on different goods and services through their cryptocurrency cards. This is a signal that the integration of cryptocurrencies in global trade is underway.
According to Bloomberg, as cryptocurrencies are becoming an integral part of the global financial system, Bank of America has created a new research team that specializes in blockchain and digital assets. The main goal of the newly formed bank team is to take advantage of one of the fastest growing emerging technology ecosystems.
On July 9, Tesla CEO Elon Musk, the famous Dogecoin bull, criticized Bitcoin and Ethereum again. This time Musk claimed that both cryptocurrencies are slow and transaction fees are high:
Interestingly, this time the prices of Bitcoin and Ethereum did not respond to Musk’s tweets. They are not affected-this shows that the “musk effect” is beginning to fade and people who call themselves “Dogefather” are losing their influence on the market.
Although some famous billionaires like Musk have been skeptical of Bitcoin lately, others have become more optimistic. Apple co-founder Steve Wozniak called this cryptocurrency “the most amazing mathematical miracle” and shared his admiration for BTC:
After another week of cryptocurrency trading within a very narrow range, the market started to get on the right track on Monday. According to Coin360.com, the price of a Bitcoin is 28,960.38 Euros (+2.77%), an Ethereum-1,818.08 Euros (+3.15%), a DOGE-0.1826 Euros (+2.62%), and a UNI ——17.87 Euro (+5.48%):
Let us now analyze the price chart of the major cryptocurrencies against the euro in the most notable time frame.
Bitcoin / Euro
On the daily chart (1W), the price of Bitcoin is at merge range:
360-day moving average (Horse 360) It is very close to the current Bitcoin price, and we expect that BTC will receive strong support from it.
In the 1-hour chart (1H), BTC/EUR has formed similar to Symmetrical triangle — A form that proves that the bulls and the bears have reached a consensus:
Although the market continues to fluctuate within the range, we know that the longer the consolidation period, the more stable and sustainable the follow-up trend will be. It is only a matter of time before the market becomes more interesting.
In the daily chart (1D), despite the recent price rebound, ETH/EUR is still at Ascending channel:
However, as shown in the figure, the price continues to test the lower line of the channel, trying to get back to it.
Ethereum bulls should pay close attention to the 1-hour chart (1H), where ETH/EUR fell within 1 hour Downstream channel:
Currently, the price is consolidating on the line of the channel. If a breakthrough occurs, ETH/EUR may end the callback.This situation will increase the chance of return Ascending channel In the daily time frame and resume the upward trend.
In the weekly chart (1W), DOGE/EUR formed another small bearish candlestick, with a lower local high than the previous one:
The candlestick sequence of the declining local high confirms that the bears are still dominating the market and trying to push down prices further.
As we have mentioned in the previous analysis, Only when the price of Dogecoin breaks through Resistance line In the 4-hour time frame (4H):
Now, we see the initial breakthrough attempt. If this happens, the most aggressive Dogecoin bulls will start long trading.
Unity / euro
In the weekly chart (1W), UNI/EUR formed a Doji Candlestick after Bullish engulfing — Signals that the market has consolidated in the past week:
We consider the current Doji As a small bullish signal, trying to consolidate the support area Bullish engulfing.
If the bulls can maintain control of the market, we expect the price rebound will at least reduce DOGE/EUR 38.2 Fibonacci retracement level Or 0.2163 Euro in a 4-hour time frame (4H):
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.