Digital Asset Insights
Digital Asset Insights #75
The right information and predictions are here to guide you through the delicate crypto season. Ensure you do not miss these weekly updates to stay informed about the next bullish run of your favorite digital currency.
Bitcoin price dipped into the $19,284-to-$20,726 demand zone, which could result in a potential reversal that pushes BTC higher. This run-up could trigger a rally that could retest the $25,000 level. A daily candlestick close below $19,284 will invalidate the bullish thesis. Bitcoin price targets $16,000
Bitcoin price’s failure to break from the triangular consolidation is early evidence of a future liquidity hunt targeting the $16,000. Last week. traders took their first paper cut by attempting to join a bullish breakout with a target in the mid $25,000 region. Unfortunately, the call for Crypto Season was short-lived. The triangular pattern seems to have been another smart money trap meant to entice bulls to enter the market. On Tuesday, 2022, Bitcoin traded at $19,928.
On Wednesday, July 13, 2022, Bitcoin price traded at $19,340. Bitcoin has never spent more than one month within the $19,000 region. In December 2017, BTC price traded briefly near the $19,000 level before plummeting to $3,850 during the Coronavirus pandemic. BTC price spent just a short period of four weeks on Thursday, Bitcoin price set to be repriced at $16,000.
Bitcoin price traded at $20,793 as July 12's fall into the upper $19,000 region was short-lived. Amidst the sell-off, Bitcoin witnessed a signal from the notorious Pi Cycle Indicator (PCI). The PCI is quite infamous in the crypto space as it accurately signalled the market bottom in 2018 for BTC price at $3,000 with just two days of latency. Additionally, it warned traders to exit the market in 2017 at $19,000 and in 2020 within the $60,000 highs.
If Bitcoin's Pi Cycle Indicator repeats history, market conditions will drastically shift. Traders should consider spending time updating their exchange accounts, watch lists, and overall trading plans to be readily prepared for the opportunity to strike.
Ethereum price looked to find a stable support floor after rejecting the $1,284 resistance level on Monday, July 11, 2022. Ethereum's price was last week's best-performing trade after a 14% gain. On Tuesday, the Ethereum price provided early evidence of failure as the decentralized smart contract token failed to propel from the steep ascending trendline. During the Asian session, the bears accomplished a break of the supportive barrier at a 4% profit as Ethereum traded at $1,083.
On Wednesday, July 13, the Ethereum price was in search of stable floors. Ethereum's price crashed below the midpoint of the $878-to-1,284 range at $1,081. This move is the third rejection at the equal highs formed at $1,284. Interestingly, the third rejection was also due to the presence of the 200 four-hour SMA.
Ethereum price fell 13% since the last bearish trade setup was issued on July 11. The trade aimed for $976 while keeping an invalidation at $1,218. On July 15, the bulls stepped in to provide support at $1,006 and fully reversed the trend by piercing the bearish invalidation level.
Traders who partook in July 4's bullish trade setup aiming for $1,400 may recall the issuance of a broader invalidation level at $978 to avoid any last-minute liquidity hunts. The technicals suggest the smart money operators involved with the previous bullish forecast are still in control and will likely target $1,300, $1,380, and potentially $1,450 in the short term.
Invalidation of the bullish count remains a breach below $978. A loss of the bullish invalidation level could put the power back into the bears' hands targeting the June 18 low at $881.56. The sell-off would result in a 27% decrease from the current Ethereum price.
Ripple price attempted to rally after a dip into the four-hour demand zone, extending from $0.286 to $0.306 on Monday, July 11, 2022. This move pushed XRP price up by 17% and above the midpoint of the range at $0.336. However, the bulls failed to sustain it, leading to a retracement. The pullback headed back into the aforementioned demand zone, where buyers had another chance at a comeback.
Ripple's XRP price has been the underperforming asset amongst the top 3 for the past three weeks. Ripple has not shown an impulsive rally worth believing in. On July 11, the bears validated the cautionary warnings by breaking the weekly trend line at $0.32. Ripple price traded at $0.315 as the bears profited 8%.
On Wednesday, Ripple's price hovered below the high-time-frame support level at $0.332, after weeks of consolidation. Confirmation of a flip of this foothold into a resistance barrier is most likely to trigger a 40% crash to the volume point of control (POC) at $0.187. A POC is the highest-volume traded level; for Ripple, the volume profile extends from January 2017 to July 2022. Hence, a retest of the level should see some buyers come in and rescue the token. Ripple (XRP) price is the most sensitive one of the top 3 cryptocurrencies on negative news.
On Friday, July 15, 2022, Ripple's XRP price persisted in erratic sideways behavior. On July 15, the bears flexed their control over the XPR price, rejecting it from the upper-contracting trendline. XRP price traded at $0.32 on Friday, July 15. It may be best for traders to consider scouting for better opportunities as the symmetrical triangle can continue to frustrate and fake-out short-term trajectories. If the bulls can establish a candlestick close above $0.3590, they could induce a volatility spike targeting $42 for a 20% increase in price.
At the opening of the week, Cardano price continued to retest the $0.443 to $0.459 four-hour demand zone, hinting at a bullish move. Cardano price has been consolidating since the second week of June with no signs of a clear breakout. However, in this sideways movement, ADA seemed to have formed a bullish reversal setup that could be the key to escaping the ranging markets.
On Tuesday, Cardano price fell in free fall fashion despite several cryptos providing a break-even opportunity. ADA price could continue declining into the $0.35 barrier. Invalidation of the beamish trend remained at $0.50. Cardano price traded at $0.42.
ADA price suffered a 12% devaluation in the first three trading days of the week. Although several cryptocurrencies were showing signs of a reversal on Wednesday morning, traders had to be aware of the technicals, as some could hold an unpleasant surprise when trying to pre-position for a recovery.
ADA price printed a double bottom on July 13. Invalidation of the bearish macro count was a breach above $0.71. Going into the weekend, Cardano price traded at $0.43 as an ongoing consolidation ensues post-rebound from the double bottom established on July 13 at $0.4019.
Cardano price will likely sweep the lows at $0.40 and break into the $0.34 barrier long anticipated here at FX street. It is possible that a newfound low could be the shakeout Wyckoff analysts are looking for to mark a significant bottom. Traders who partook in last week’s bearish trade setup have witnessed a 15% decline and may want to trail safety stops as liquidity hunts are likely
Investors on the other hand should probably avoid engagement with the ADA price until the macro invalidation level is breached. Remember that a breach of the bearish thesis at $0.71 could set up a rally towards $2.00, resulting in a 350% increase from the current ADA price.
At the start of the week, July 11, 2022, Solana price hovered at $35.45 as the bears were in control of the price action to start the second trading week of July. The 3-day chart showed the bears were inching away from breaching the counter-trend rally’s ascending trendline. Solana price dropped on Monday, finishing the day with a 9% fall.
Solana (SOL) price is under pressure from Europe after news that the European Union created a framework for cryptocurrencies, limiting the possibility to make payouts towards investors without being taxed and making it more difficult for Europeans to invest in cryptocurrencies overall. To make matters even worse, the European bloc is facing the most significant energy crunch, putting households on rationing and passing on elevated prices to households not seen since the world wars. This means that European households will have no funds to allocate towards cryptocurrencies, making the industry miss out on billions of possible investment flows for at least this year.
On Thursday, July 14, Solana price traded at 36.76 as the bulls produced a 17% rally since this week's low at $31.82. Solana price showed increased seller's action on Volume Profile Indicator. Being an early buyer is risky as the bearish scenario still targets $10. Intraday traders should consider looking for better opportunities in the market as the pattern of the SOL price will bring forth erratic and unpredictable movements.
In the past 7 days, Tether's price has risen by 0.07%. In the last 24 hours, the price increased by 0.00%. During the past hour, the price increased by 0.01%. USDT is currently priced at $0.999835. The price of Tether is 18.05% below its all-time high of $1.22. Currently, 65,896,277,710.421 USDT is circulating.
BNB is on the rise this week.
Since the beginning of the week, the price of BNB has gone up by 12.23%. There has been an increase of 3.84% in the price in the past 24 hours. There has been an increase of 0.09% in the price in just the last hour. As of right now, the price per BNB is $261.200357. There is a 62.20% drop from $690.93 to $620.70 for BNB.
Dogecoin's price has increased by 2.08% over the past seven days. In the last 24 hours, the price increased by 3.78%. The price has increased by 0.27% in the past hour. There is a current price of $0.066725 per DOGE. A high of $0.74 for Dogecoin is 90.98% below its current price. 132,670,764,299.894 DOGE is currently circulating.