Analyses

Musk Hypes Dogecoin on Twitter; Twitter Accounts of Major Companies, Individuals Hacked – BTC, ETH, LTC Price Analysis, 20 July 2020

Billionaire and CEO of Tesla and SpaceX Elon Musk wrote on Twitter that it is inevitable that the Dogecoin cryptocurrency (DOGE) will take over the global financial system:

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Source: Twitter

After the tweet was published, the price of DOGE increased by almost 17% — from $0.003 to $0.0035.

However, most people in the crypto community think that Musk is just trolling the Bitcoin community by publishing funny and hilarious tweets about Dogecoin and it doesn't mean that he believes in the long-run success of the cryptocurrency. 

Another event that attracted the attention of the crypto community was the massive attack that happened on Twitter. The accounts of major companies (e.g. Apple, Uber) and individuals (Barack Obama, Joe Biden, Elon Musk, Bill Gates) were compromised. Immediately after that, cryptocurrency enthusiasts started discussing the need for blockchain-based, decentralized, and more secure social media platforms. For example, Binance CEO Changpeng Zhao wrote a tweet asking if HIVE and STEEM could be such kind of alternatives to Twitter:

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Source: Twitter

The consolidation in the cryptocurrency market continues. At the time of writing, according to Coin360.com, one Bitcoin costs €8,060.03 (+0.45%), one Ethereum – €208.99 (+1.87%), and one Litecoin – €37.37 (+0.68%):

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Source: Coin360.com (Daily crypto market performance)

Now let's have a look at the price charts of the major cryptocurrencies against the euro.

BTC/EUR

In the daily time frame (1D), BTC/EUR has formed a «Descending Triangle»:

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According to the Technical Analysis theory, a «Descending Triangle» is a bearish chart pattern that signals lower prices to come. 

However, in the price chart of Bitcoin, the triangle is at the top of a price rebound (uptrend). That's why there is also a slight probability for a breakout in the upward direction.

We would like to mention that at the moment, the price chart of BTC/EUR is close to the end of the triangle. And, usually, traders don't take any action when the price is in the final third of a «Descending Triangle».

ETH/EUR

In the 1-day chart (1D), ETH/EUR is approaching the upper line of the «Falling Wedge»:

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As seen in the chart above, ETH/EUR is fluctuating between parallel green lines (ascending channel). It is highly probable that within this ascending channel, the price of Ethereum will reach the upper line of the «Falling Wedge» or a level of approximately €225 per one digital coin. 

LTC/EUR

In the daily chart (1D) of LTC/EUR, the 30-day Moving Average (MA 30) and the 90-day Moving Average (MA 90) continue to move sideways:

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In our estimation, LTC/EUR will stay within a tight range, close to the MAs, at least until the end of the week if nothing significant happens to the crypto market.

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The analysis is purely informational and does not constitute investment, financial, trading, or any other sort of advice and you should not treat any of Bitvalex's content as such. Bitvalex does not recommend that any cryptocurrency should be bought, sold, or held by you. You are solely responsible to conduct your own due diligence and consult an advisor before making any investment decisions.


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