Analyses

Crypto Becoming Integral Part of Global Fin System – Analysis, 12 July

Figures Finance Technical Analysis Bitvalex 12 July 2021

On July 7, Visa said that cryptocurrency users spent more than $1 billion on different goods and services through their crypto-linked cards in the first half of the year. That is a signal that the integration of cryptocurrencies in global trade is on the way.

Because cryptocurrencies are becoming an integral part of the global financial system, Bank of America has created a new research team dedicated to blockchain and digital assets, Bloomberg reports. The main goal of the newly created bank team is to take advantage of one of the fastest-growing emerging technology ecosystems and capitalize on it.

On July 9, Tesla CEO and well-known Dogecoin bull, Elon Musk criticized Bitcoin and Ethereum once again. This time Musk claimed that both cryptocurrencies are slow and with high transaction fees:

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Source: Twitter

Interestingly, this time the prices of Bitcoin and Ethereum did not react to Musk’s tweet. They remained unaffected – an indicator that the ‘Musk Effect’ is starting to fade away and the self-proclaimed ‘Dogefather’ is losing his influence over the market.

And although some famous billionaires like Musk have recently become skeptical about Bitcoin, others are becoming more optimistic. Apple co-founder Steve Wozniak shared his admiration for BTC by calling the cryptocurrency “the most amazing mathematical miracle”:

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Source: Twitter

After another week in which the cryptocurrencies were trading in a very tight range, the Monday market starts on a positive footing. According to Coin360.com, one Bitcoin costs €28,960.38 (+2.77%), one Ethereum – €1,818.08 (+3.15%), one DOGE – €0.1826 (+2.62%), and one UNI – €17.87 (+5.48%): 

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Source: Coin360.com (Daily crypto market performance)

Now let us analyze the price charts of the leading cryptocurrencies against the euro in the most noteworthy time frames.

BTC/EUR

In the daily chart (1W), the price of Bitcoin keeps on moving sideways within the consolidation range:

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The 360-day Moving Average (MA 360) is already very close to the current Bitcoin price, and we expect BTC to receive strong support from it.

In the 1-hour chart (1H), BTC/EUR has formed something similar to a Symmetrical Triangle – a formation proving that the bulls and the bears have found consensus:

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Although the market continues to be range-bound, we know that the longer the consolidation, the more solid and sustainable the subsequent trend will be. It is just a matter of time before the market becomes more interesting.

ETH/EUR

In the daily chart (1D), despite the recent price rebound, ETH/EUR remains outside the Ascending channel:

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However, as the chart shows, the price continues to test the lower line of the channel, trying to return to it.

The Ethereum bulls should keep an eye on the 1-hour chart (1H), where ETH/EUR has been declining within a Descending channel:

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Right now, the price is consolidating at the upper line of the channel. If a breakout happens, ETH/EUR may put an end to the correction. This scenario will increase the chances for a return to the Ascending channel in the daily time frame and resume the uptrend.

DOGE/EUR

In the weekly chart (1W), DOGE/EUR has formed another small bearish candlestick with a local high below the previous one:

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The sequence of candlesticks with descending local highs confirms that the bears are still dominating the market and trying to push the price further down.

As we already mentioned in our previous analysis, the bullish sentiment will return only if the price of Dogecoin breaks through the resistance line in the 4-hour time frame (4H):

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Right now, we see initial attempts for a breakout. If it takes place, the most aggressive Dogecoin bulls will start to open long trades.

UNI/EUR

In the weekly chart (1W), UNI/EUR has formed a Doji candlestick after the Bullish Engulfing – a signal that the market has consolidated this past week:

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We consider the current Doji as a small bullish signal which tries to cement the support area of the Bullish Engulfing.

If the bulls can keep control over the market, we expect the price rebound to take up DOGE/EUR at least to the 38.2 Fibonacci retracement level or €0.2163 in the 4-hour time frame (4H):

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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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