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Daily Crypto Review, July 30 – Bitcoin Confirmed as Better Hedge than Gold? BTC fighting for $11,000

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The cryptocurrency market mostly traded sideways as Bitcoin was fighting to regain $11,000. Bitcoin is currently trading for $11,065, which represents an increase of 1.2% on the day. Meanwhile, Ethereum gained 0.33% on the day, while XRP gained 0.45%.

 Daily Crypto Sector Heat Map

When talking about top100 cryptocurrencies, Travala.com gained 21.78% on the day, making it the most prominent daily gainer. Digitex Futures (16.68%) and Aave (11.94%) also did great. On the other hand, Ampleforth has lost 35.64%, making it the most prominent daily loser. It is followed by Aurora’s loss of 10% and iExec RLC’s loss of 8.31%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level increased slightly since we last reported, with its value currently at 63.66%. This value represents a 0.35% difference to the upside when compared to yesterday’s value.

Daily Crypto Market Cap Chart

The cryptocurrency market capitalization increased since we last reported. Its current value is $325.17 billion, which represents an increase of $4.246 billion when compared to the value it had yesterday.

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What happened in the past 24 hours?

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Technical analysis

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Bitcoin

The largest cryptocurrency by market capitalization had another slow day, where it tried to pass $11,000 and consolidate above it. However, while it has passed the threshold, BTC hasn’t confirmed its position above it, making the $11,000 mark uncertain. The $10,855 support level is, on the other hand, a strong support that has been confirmed.

BTC traders should look for a trade opportunity when BTC bounces off of $10,855 or falls below it.

BTC/USD 4-hour Chart

Technical factors:

  • Price is currently above its 50-period EMA and its 21-period EMA
  • Price is between its top B.B. and its middle B.B (20-period SMA)
  • RSI is elevated (62.24)
  • Volume increased (descending)

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

Ethereum spent its day consolidating above the $315 level, finding support at the 21-period moving average. The second-largest cryptocurrency by market cap ensured its position above $302 (at least in the short-term). Its future movement will most likely be determined by Bitcoin’s next move.

Ethereum traders should look for a trade opportunity after the cryptocurrency breaks its consolidation phase.

ETH/USD 4-hour Chart

Technical Factors:

  • Price is above the 50-period EMA and the 21-period EMA
  • Price is under the middle B.B. (20-period SMA)
  • RSI has normalized (56.41)
  • Above-average volume (descending)

Key levels to the upside          Key levels to the downside

1: $340                                    1: $302

2: $362                                    2: $289

                                                 3: $278

Ripple

Unlike Bitcoin and Ethereum, the third-largest cryptocurrency by market cap maintained high volume and tried to make a move that would break its current ranging position. XRP first moved to the upside, trying to break $0.2454, but failed to do so, which triggered a reaction from XRP bears. The cryptocurrency then made an attempt to break $0.235 to the downside but failed in doing that as well, therefore “locking” XRP in a range between the two resistances.

XRP traders can look for an opportunity when the cryptocurrency breaks its ranging moves to either side.

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 between the top B.B. and the middle B.B. (20-period SMA)
  • RSI is elevated (65.63)
  • Elevated volume

Key levels to the upside          Key levels to the downside

1: $0.235                                  1: $0.227 

2: $0.245                                  2: $0.214

                                               3: $0.205

 

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