Bitcoin: We need a break back above 23000 for a buy signal

(Jason Sen – DayTradeIdeas.co.uk)

Bitcoin we wrote: bulls failed to hold prices above 23000/22500, killing the buy signal.

All is lost for the bull as the bear trend resumes.

Ripple cannot build upward momentum & is stuck in a narrow sideways trend.

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Ethereum break of support at 1500/1450 this morning is a sell signal.

We reached 1630.

Daily analysis

Bitcoin had their chance to beat 200 week moving average re The break below 22200 targeted 21400/200 & 21000/20900, being hit as I write over night & further losses are expected now of course to 20500/400, perhaps as far as 20100/20000. Eventually we should hit 19000/18900.

First resistance at 22100/300. Strong resistance at 22900/23000. We need a break back above 23000 for a buy signal initially targeting 24600/700.

Ripple broke support at 3450/3400 & a break below 3300 resumes the 8 month bear trend initially targeting 3200 & 3130/20. Further losses test the July low at 3040/20 – I doubt this will hold!

First resistance at 3400/3450. Strong resistance at 3550/3600.

Ethereum breaks support at 1500/1450 for a sell signal targeting 1400, 1320, probably as far as 1250.

Bulls need prices above 1500 but we meet resistance again at 1550/1575.

Bitcoin’s normal sluggishness

(Alexander Kuptsikevich – FxPro Financial Services Limited)

Bitcoin has lost 3.5% in 24 hours, having rolled back to $21,100 at the time of writing. Meanwhile, Ethereum has lost 6.1% in the same time frame, to $1430. Altcoins in the top 10 have fallen from 3.5% (XRP) to 6.8% (Solana). ¬¬

Total crypto market capitalisation, according to CoinMarketCap, fell 3.7% to $971bn overnight.

Bitcoin continued its corrective decline near its 50-day average on Monday but began to pull away from it on Tuesday morning. Without support from stock indices, the cryptocurrency market is buckling under its own weight with no meaningful growth drivers

This situation is fuelling expectations of a prolonged lull, which fits into historical patterns. The history of previous cryptocurrency cycles teaches us that even after a bottom is reached, buyers may be slow to buy, as a sustained rally should be expected about a year after the previous peak. But even then, the last, brightest episode of FOMO-based growth will have to wait about another year. The history of cryptocurrencies is still too short to count on any trends. However, a prolonged pause in hype names after a massive sell-off is a familiar phenomenon in equities as well, though without specifying a period.

According to Glassnode, around 80% of bitcoins are already concentrated in the long-term holders’ hands, which could indicate the ‘bottom’ is near.

Retail investors have rushed to buy up cryptocurrency stocks. In 10 days, capital inflows into crypto stocks totalled nearly $1 billion, according to VandaTrack.

A class action lawsuit has been filed in the US against Celsius Network, which filed for bankruptcy on 14 July. The crypto lending platform is accused of violating the Securities Act by selling unregistered securities.

The developers of Shiba Inu are preparing to issue a Visa-backed card to accelerate the burning of SHIB, thereby boosting the price.

Read Bitcoin heads into FOMC day on 24-hour highs amid concern over $24.3K top

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