Crypto Market Analysis

Daily Crypto Review, July 28 – Bitcoin Spikes to $11,000; Over $300 Million Liquidated

The cryptocurrency market spent made yet another boom as Bitcoin passed the $11,000 benchmark. Bitcoin is currently trading for $11,024, which represents an increase of 7.7% on the day. Meanwhile, Ethereum lost 1.04% on the day, while XRP gained 2.85%.


 Daily Crypto Sector Heat Map

When talking about top100 cryptocurrencies, gained 14.29% on the day, making it the most prominent daily gainer. Divi (13.17%) and Band Protocol (12.84%) also did great. On the other hand, Ampleforth has lost 23.81%, making it the most prominent daily loser. It is followed by Flexacoin’s loss of 17.11% and Augur’s loss of 11.43%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level increased since we last reported, with its value currently at 64.33 %. This value represents a 2.78% difference to the upside when compared to yesterday’s value.

Daily Crypto Market Cap Chart

The cryptocurrency market capitalization skyrocketed and now confirmed its position above the $300 billion mark. Its current value is $320.99 billion, which represents an increase of $20.52 billion when compared to the value it had yesterday.


What happened in the past 24 hours?



Technical analysis



It’s safe to say that the largest cryptocurrency by market capitalization had another amazing day as it broke a major benchmark of $11,000 and reaching a final price of $11,394 before cooling down. The moment Bitcoin broke $10,000, on-chain activity registered a great increase in exchange inflow, which ultimately led to this fast price increase. During the process, Bitcoin managed to liquidate over $300 million in sell orders.

BTC traders should look for a trade opportunity either with another move up (aggressive) or when the price cools down slightly and makes a top (safer).

BTC/USD 4-hour Chart

Technical factors:

  • Price is currently above its 50-period EMA and its 21-period EMA
  • Price is slightly below its top B.B.
  • RSI is in severely overbought territory (84.33)
  • Volume greatly increased

Key levels to the upside          Key levels to the downside

1: $10,855                               1: $10,505

2: $11,090                               2: $10,015

3: $11,630                                3: $9,870


Ethereum looks like it has found its top at $330 after rising in price for the past 6 days. The final move brought the second-largest cryptocurrency by market cap to the highs of $333 before cooling off a bit. Ethereum now seems like it will (if nothing major happens to Bitcoin) possibly head towards the nearest support level to test it.

Ethereum traders should look for a trade opportunity in Ethereum’s pullbacks and confirmations.

ETH/USD 4-hour Chart

Technical Factors:

  • Price is above the 50-period EMA and the 21-period EMA
  • Price is below the top B.B.
  • RSI elevated (64.32)
  • Extremely high volume

Key levels to the upside          Key levels to the downside

1: $340                                    1: $302

2: $362                                    2: $289

                                                 3: $278


The third-largest cryptocurrency by market cap had quite a stable day as it confirmed its path above $0.214. XRP then bounced up and tried to make a break above the $0.227. However, the move was unsuccessful due to the wall of sellers present. XRP will most likely continue to trade within a range, bound by $0.214 to the downside and $0.227 to the upside.

XRP traders can look for an opportunity within the range XRP is currently trading in.

XRP/USD 4-hour Chart

Technical factors:

  • XRP in a mid-term descending trend (though it broke the trend in the short-term)
  • Price above 21-period and the 50-period EMA
  • Price is below the top B.B.
  • RSI is elevated (61.27)
  • Average/slightly higher than average volume

Key levels to the upside          Key levels to the downside

1: $0.227                                  1: $0.214

2: $0.235                                  2: $0.205

3: $0.245                                 3: $0.2



By Ilija Rankovic

Cryptocurrency trader, analyst and writer with a prolific experience in the industry. Moved from trading/analysis of the traditional markets to cryptocurrencies in 2013. His industry career includes jobs such as ICO advisor, analyst, crypto algorithmic trading contributor etc.

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