Bitcoin Signals a Bull Run After Touching the $40,000 Mark
Cryptocurrency prices are in the green on July 29. The whole market cap on crypto-currency is US$1.54 trillion, up 6.42% over the last day, while the overall market volume for crypto-currency for the past 24 hours is $89,77 trillion, down 17.17%.
Bitcoin is Finally Back to $40,000
This week’s Bitcoin price blasted out in a 25% rise from $30,000 to $ 40,000. Although an epic short squeeze gives momentum if the diagonal downward trend resistance breaks, the leading crypto-currency might remain significantly higher by the market cap.
After one of the worst monthly sell-offs that has wiped 50 percent off crypto prices every month, investors are sighing relief as Bitcoin is finally moving away from the $30,000 bottom.
A few briefs plunge into the year’s opening was obtained with fury, leading to a reversal and a short squeeze. With Bitcoin’s price now back to about $40,000, and the leading crypto by market cap is forming what appears like the first phases of a firm performing bull market bottom.
Dip Supported in BTC?
If Bitcoin does not climb over $40,200 and $40,500, another downside might begin. Initial downward support is close to 39,400 dollars, and the trend is below the triangle.
The first significant support is at the $38,600 level. The upward trend is near the 50% level of the Fib retracement from the low of $36,397 to $40,930. An evident downturn below the support of $38,600 could call for a move to level $37,600. Near the $37,200 zone is the next significant support.
ETH is Struggling to Break Resistance
Ethereum surged roughly 30% this week on the back of BTC. During the weekend, the crypto-currency was successful at breaking the 50-days AM, and on Monday, it continued to increase its resistance in a downward trend.
Since then, ETH has struggled to break through resistance by a negative level of .236 fib retraction, for around $2340. It is the July resistance, and a candle on the daily chart should close over it, signaling a possible bull going forward.
On the 4-hour chart, ETH is trading inside a short-term ascending price channel. It is using the lower angle of this price channel as local support.
ETH Short Term Prediction
The first resistance is $2,340, looking ahead. Following that, the decreasing trend line will be $2,400. Added resistance is 2,530 dollars (200-day ma), 2,600 dollars, and 2,640 dollars.
The first support is $2,250 on the other side and is followed by support between $2,150 and $2,070.
The daily RSI is above the middle line and shows a bullish dynamic. It struggles to break 60 and has to go on to show increasing bullish momentum.