Last week, the market capitalization of crypto-currencies reached $303 billion (as of 25 July), and then went down again to $286 billion (July 27). At the time of writing (30 July) capitalization of nearly $295 billion the price of bitcoin was moving in the range of $7783,94-8500,43. On Tuesday, July 24, the price has overcome important psychological level of $8000, but already from Wednesday, July 25, the correction has begun, which resulted in the price 26 July reached the level of $7840. In particular, the correction reinforced the news that the Winklevoss brothers once again gave the refusal to launch a bitcoin ETF. At the time of writing, the price of cryptocurrency number one is $8134,98.
Due to the above-described movement of bitcoin price chart was fixed above the long term trend line and currently konsolidiruyutsya to continue the upward trend.
Fig. 1 — BTCUSD, Daily
In this situation the trigger for continued growth will be a break of the resistance level of $8500,43. And the next strong resistance level will be $9946,43 and psychological level of $10,000.
The dominance of the uptrend tells a consolidation of the price chart above the heavy exponential moving average with period 200 and the intersection of fast ЕМА24 slow ЕМА50 from the bottom up. The RSI is at the level of 70.00, indicating a high level of overbought asset. This could extend the price consolidation is in the sideways channel of $7783,94-8500,43.
Ethereum
Ethereum does not show such a strong growth as bitcoin. Currently the price for one ETH is $462,90.
Price schedule of this cryptocurrency continues to move within rising channel near its support level (the lower boundary).
Fig. 2 – ETHUSD, Daily
There is a resistance level of $486,02-515,40. In case of breakout and consolidation above it will be formed the upward movement, which will meet the next resistance level — $547,95.
Also important is the support level of $406,64-432,08. As a result of his breakout price may reinforce the downward movement will continue up to $359,00.
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Egor Tishin, an analyst at TSI Analytics, especially for Coinspot
The review reflects the subjective position of the analyst-partners Coinspot subject to personal trading style. Trading operations with cryptocurrency are increased risks due to the nature of the market. The editors are not responsible for your trading decisions and recommends trading only to those funds, the loss of which will not be critical.
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