Bitcoin Defiant Bulls Eye $72,000, BTC Chipping USD Dominance

Posted on July 17, 2024 by Dalmas Ngetich

Bitcoin was mostly held within the July 15 range yesterday, but the uptrend remains. Looking at the current formation, every low might offer entries for buyers aiming for $66,000 or better in the coming sessions as long as $60,000 holds. Technically, the uptrend holds, especially following the eruption over the weekend, which convincingly reversed losses of July 4 and 5, which had seen BTC dump below June and May 2024 lows.

At press time, Bitcoin buyers have the upper hand. It is up 4% in 24 hours, pushing weekly gains to over 11%. The spike in valuation also comes amid rising trading volume. Presently, it stands at over $39 billion, meaning despite the initial dump earlier today, buyers are determined to prop up prices. If prices continue breaking higher, the odds of engagement further rising will be higher; a development that could lift Bitcoin above $66,000.

The following Bitcoin news events are trending today:

Mt. Gox creditors have begun distributing coins. According to Kraken clients, they received information that the exchange will begin the exercise within the next few days. Yesterday, there were significant transfers from Mt. Gox-related addresses.
Janet Yellen, the United States Treasury secretary, is warning that Bitcoin is gradually chipping the USD dominance. Increasingly, more people are opting for BTC over the greenback, considering the global and low fees associated with its transfer.

Bitcoin Price Analysis

From the daily chart, [[BTC/USD]] is firmly in an uptrend.

As long as prices are trending above $60,000 and $62,000, traders should consider longs.

Notice that yesterday’s bar ended with a long lower wick, pointing to the rejection of lower prices.

Since the coin is within a bullish breakout formation, closing above the 20-day moving average, buyers appear to be setting their eyes on $66,000.

If bulls push on, Bitcoin might fly to June highs of $72,000 in a buy trend continuation formation.

Ethereum Bulls Eye $3,700 Before Spot ETFs Hit the Market

Posted on July 17, 2024 by Dalmas Ngetich

Ethereum is steady at press time, and trending higher looking at events in the daily chart. Though bulls had to dig themselves out of the pit printed in the earlier Asian session, the uptrend remains. Of importance, prices remain above $3,300, meaning bulls of the past two days are still in control. Ethereum bulls are charged by expectations of spot ETFs. Once the product hits the market in the United States, it will be the second only after Bitcoin.

At press time, Ethereum is up 3% in 24 hours, extending weekly gains to over 13%. As things stand, traders are pouring into ETH reading from participating volume. Thus far, the average trading volume stands at over $19 billion and might continue rising in the coming sessions.

The following Ethereum news events are worth watching in the coming days:

As Ethereum bulls pour in, traders want to capitalize on price gains. The problem is that the current uptrend is propelled by unusually light liquidity. For this reason, some analysts think the upcoming rally will be “crazier” and take several months. Therefore, the probability of ETH floating to new all-time highs remains high.
The United States SEC has reportedly given preliminary approval to at least three ETF issuers. For now, this means that the derivative product will hit the market next Tuesday, July 23.

Ethereum Price Analysis

[[ETH/USD]] is firmly on an uptrend.

Since Ethereum is above $3,300, traders can consider longs from here.

Technically, the long lower wick of July 16 points to resistance; a net positive.

At the same time, since prices are bullish, aligning with gains of July 14 and 15, buyers have the upper hand from an effort versus result perspective.

Note that Ethereum also closed above the 20-day moving average. Besides, the close of July 15 had a high trading volume, pointing to participation.

As things stand, Ethereum might float to retest $3,700 and later $3,900.

Any dump below $3,200 cancels this outlook.

XRP Flying, Volume Spikes 2X As Ripple Buyers Target $1

Posted on July 17, 2024 by Dalmas Ngetich

XRP is outperforming top altcoins and Bitcoin, based on price action in the daily chart. After the bounce on July 8, the coin has been edging higher, adding an impressive 50% when writing. Most crucially, the coin is turning around and is officially within a bullish breakout formation following gains of July 16. As things stand, buyers have the upper hand. Once more, prices are above a multi-week consolidation after the collapse in mid-April.

With XRP galloping higher, the coin is stretching gains versus BTC and ETH. So far, it is up 12% in 24 hours against the greenback, extending them to over 37% in the previous week. As XRP clear liquidation levels, the resulting short squeeze is pushing volume higher. In the past 24 hours, it now stands at over $3.3 billion, more than 2X the average of the last two weeks.

The following XRP and Ripple news developments are worth tracking:

XRP recently broke above a critical resistance level. With the breakout, analysts now claim the next stop is $1 as buyers of Q1 2024 push prices to new highs.
Ripple CEO Brad Garlinghouse thinks the landmark ruling of July 13, 2023, was massive for XRP and the broader industry. In his view, it remains a “core memory.” Still, the case continues and will likely be settled in the coming days.

XRP Price Analysis

[[XRP/USD]] is flying at press time.

As it is, the coin is stretching gains versus ETH and BTC, backed by rapidly swelling trading volume.

In a bullish breakout formation, traders might consider longs.

This position remains as long as prices remain above $0.55.

The immediate target will be $0.66 and later $0.74.

Forex Signals Brief July 16: Canada CPI Inflation and US Retail Sales!

Posted on July 16, 2024July 16, 2024 by Skerdian Meta

Yesterday the week started with a round of economic data from China which once again leaned on the soft side, setting the tone for the Asian and European sessions. as A Result, European and Asian stock markets ended up lower, while risk currencies gained against the USD, which started the week on the soft side too.

Continue reading “Forex Signals Brief July 16: Canada CPI Inflation and US Retail Sales!” →

Bitcoin Defying Gravity: Explodes 11% As BTC Bulls Target $66,000

Posted on July 16, 2024 by Dalmas Ngetich

Bitcoin is defying gravity, looking at the performance in the daily chart. After doubts of last week and the hesitation among bulls to breach $60,000, the breakout has been decisive. Notably, prices are now firmly above $62,000 and extending gains from the psychological round number, confirming the presence of buyers. From a technical perspective, it is clear that bulls are in the driving seat now that prices are trending above the flexible 20-day moving average.

Amid optimism of even more gains going forward, Bitcoin is stable in the past 24 hours and up by over 11% in the previous week. At this pace, it is evident that buyers are in the driving seat. In the past day, engagement has increased to over $37 billion in 24 hours. If prices continue rallying, confirming the bullish breakout of the past 48 hours, participation will also spike.

Traders are closely monitoring the following Bitcoin news events:

Following gains of the past 48 hours, it appears that there are new traders keen on accumulating. The short-term holder supply now stands at above 200,000, pointing to surging demand. Technically, the more there are traders, the stronger the upside momentum.
Bitcoin is surging partly because of increasing odds of former president Trump clinching the presidency in November. Over the weekend, he survived an attempt on his life. This coincided with crypto and BTC prices rallying.

Bitcoin Price Analysis

[[BTC/USD]] is bullish at press time.

Looking at the daily chart, BTC is up roughly 11% in the previous trading week.

With prices trading above $62,000 and convincingly breaking out above $60,000, bulls are in control.

Beyond this, Bitcoin is also above the 20-day moving average for the first time in over a month; a milestone.

Aggressive traders can continue loading on dips above $62,000 with immediate targets at $66,000 and later $72,000.

Any unexpected dump below $60,000 cancels this preview.

Ethereum Spikes 10% in 7 Days: Spot ETF Hopes Spurs Buyers Aiming For $3,700

Posted on July 16, 2024 by Dalmas Ngetich

Ethereum, more like Bitcoin, is also exploding, looking at price action in the daily chart. The liftoff is primarily due to shifting sentiment among traders. The United States SEC is also increasing expectations that they will approve all spot ETH ETF applications this week. This confidence is fueling the uptrend, confirming the breakout pattern over the weekend. As bulls pour in, prices are tracking higher—a huge development for ETH.

At press time, Ethereum is outperforming Bitcoin, looking at the performance over the past day and week. For now, ETH is up 1% in 24 hours and an impressive 11% in the past week. Moreover, there is an uptick in trading volume, pointing to interest from traders. For now, the average trading volume in 24 hours rose to over $18 billion. Once the spot ETF goes live in the next few days, it is likely that engagement will rapidly swell, fanning the upside momentum.

The following Ethereum news developments are trending today:

Eyes are on the United States SEC and whether they will accelerate their approval of spot ETFs in the coming days. There is speculation that the regulator will allow these derivatives to trade on July 23. With this product, analysts expect ETH to attract billions, just like spot Bitcoin ETFs did.
ETH continues to outperform BTC ahead of the spot ETF launch. This trend could continue in the coming days, cementing the coin’s position in crypto and narrowing its valuation gap with the world’s most valuable coin.

Ethereum Price Analysis

[[ETH/USD]] is firmly in an uptrend, gaining 11% in one week.

With prices trading above the $3,300, buyers are back in the equation.

As things stand, Ethereum buyers can choose to ride the uptrend, loading on every attempt lower with immediate targets at $3,700.

Notice that ETH is within a bullish breakout, overcoming the dynamic resistance line set by the 20-day moving average. At the same time, all losses of July 4 and 5 have been reversed.

With the uptrend defined, traders can look at $3,700 and $3,900 as the immediate targets.

Any unexpected dump below $3,300 cancels out this outlook.

XRP Surge 30% Amid Whale Accumulation: Do Ripple Bulls Have What It Takes To Break $0.55?

Posted on July 16, 2024 by Dalmas Ngetich

XRP is rapidly turning around, looking at events in the daily chart. After consolidating for weeks within a narrow range, prices exploded on July 12 and 13. The result was a solid close above $0.50 and a retest of $0.55 in a refreshing turn of even that signals a potential shift in trend. From the candlestick arrangement, the uptrend remains, and buyers can explore loading opportunities. This will especially be the case should prices continue trending above $0.50 in the upcoming sessions.

The recovery of the past three days means XRP is volatile when writing. Of note, the coin is up 2% in 24 hours but up double-digits in the past week, adding 25%. Following this uptick is a surge in participation, which now stands at over $2.3 billion on the previous day. If buyers press on, any breach of $0.55 might trigger more gains, lifting sentiment and, thus, trading volume.

Traders are keenly watching the following Ripple and XRP news today:

As prices move, Ripple whales are accumulating. The latest report shows that they have scooped more than 300 million XRP in two days. The more whales and diamond hands there are, the stronger the uptrend will be.
Ripple and the United States SEC lawyers are reportedly holding private talks. Some now claim the closed-door meeting revolves around a possible resolution of the ongoing court case.

XRP Price Analysis

[[XRP/USD]] is firmly up.

Since the coin is up 33% from July 8, the shift in momentum is favorable for Ripple bulls.

Crucially, all losses of July 4 and 5 were reversed.

What this means is that traders can look to pick the dips above $0.50.

Conservative traders can wait for a clean break of $0.55 before committing.

If the breakout is with rising volume, confirming gains of July 13, XRP will likely fly to $0.66 in a bull trend continuation formation.

XRP is within the broader $0.46 to $0.55 range, with whales possibly accumulating.

Mog Coin posts an all time high

Posted on July 15, 2024July 15, 2024 by Olumide Adesina

Mog Coin increased by over a third of its value in the past two days, setting a new record high of $0.00000258. The meme asset has doubled in value over the past three weeks as MOG has profited from the criticism of Donald Trump.

In just one day, Mog Coin’s open interest jumped from $11 million to $16 million, a 45% increase. An increase in open interest indicates more contracts in the market, and a positive funding rate typically indicates a predominance of long contracts.

The meme coin Mog Coin (MOG), which has gained more than 30% in the last day, has hit a new all-time high of $0.00000258.This is the second all-time high for the meme coin in less than 30 days. With a 420,690,000,000,000 token maximum supply, MOG has fully accepted its degen status. The meme features merchandise and even a coupon for Pit Viper sunglasses. it’s often regarded as a playful symbol.

This momentum also benefited MOG, as seen by the meme coin’s $735 million market valuation. Consequently, the Open Interest has increased by 45% in a single day to $15.99 million. Memes like PEPE, Dogwifhat (WIF), and BONK were first brought to the cryptocurrency market during the meme coin boom.

Bitcoin and Ethereum appreciated 10% against the US dollar in the past 7 days. Other cryptocurrency assets posted double-digit gains; the meme token MOG led the way with a 54.9% boost.
A few more noteworthy movers were MKR, PEOPLE, VTHO, ICP, STX, TRUMP, and OM. The largest volumes this week were reported by SOL, BNB, XRP, PEPE, DOGE, NOT, ADA, WIF, and TRX

Investor observations of inflows rose sharply in tandem with the meme coin’s increase. Investors in MOG poured money into the asset, and the bullishness was also evident in the futures market

Forex Signals Brief July 15: ECB and Retail Sales Week!

Posted on July 15, 2024July 15, 2024 by Skerdian Meta

In the first half of last week, the attention was on FED chairman Jerome Powell initially, who didn’t really offer much. Markets were expecting some dovish remarks, but he sounded balanced and that left markets unmoved. On Wednesday morning, the RBNZ left interest rates unchanged at 5.50%, but they also tilted toward dovish, which sent the NZD 70 pips lower.

Continue reading “Forex Signals Brief July 15: ECB and Retail Sales Week!” →

Investors still bullish on crypto market amid Bitcoin’s volatility

Posted on July 14, 2024July 14, 2024 by Olumide Adesina

82% of participants in a 2,588-person CoinGecko survey stated they believed the cryptocurrency bull run was still going strong, and more than 50% claimed it was just getting started. The research study found that different roles within the crypto community have different sentiments.

55.5% of investors believe the bull run is still in its early stages, compared to 28.8% who believe it is halfway through. 84.3% of investors think that the bull market is still strong overall.

Market players are also optimistic about the future of crypto assets, irrespective of their degree of experience. 52.7% of respondents with 0–3 years of experience, 52.2% with 4–7 years of experience, and 51.8% with 8 years or more think the market is just beginning a bull run.

Builders and traders, meanwhile, are more cautious. The survey indicates that 74.9% of builders and 78.6% of traders think the cryptocurrency bull run is ongoing. It should come as no surprise that the most pessimistic market participants were those classified as observers, with only 69% thinking that the bull run could continue.

Furthermore, Kaiko reports that the market depth for meme tokens reached an all-time high of $128 million in early June, indicating a rise in liquidity. Price appreciation and the increase in transaction volumes are the two causes of this growth.

Put differently, participants’ perceptions of the current cycle’s bull run did not appear to be particularly influenced by their years of expertise with cryptocurrencies. Rather, the distribution of both optimistic and pessimistic views was similar, according to CoinGecko.

CoinGecko data also revealed that 21.3% of participants predict a super cycle with continuous increases, while 60.4% of participants believe the market hasn’t peaked and will climb again. This implies that, given the current market cycle, Bitcoin’s March