Bitcoin’s defense of the $38,000 level and prolonged interest from institutional investors could prove to be a sign that the bull trend is coming back. Bitcoin (BTC) and the major altcoins are trying to break their specific overhead resistance levels pointing out the return of the bulls.
Bitcoin’s defense of the $38,000 level and prolonged interest from institutional investors could prove to be a sign that the bull trend is coming back. Bitcoin (BTC) and the major altcoins are trying to break their specific overhead resistance levels pointing out the return of the bulls. The data by ByBt shows that the Grayscale premium has been increasing and had reached -5.88% on July 27 this is the closest level to Zero since May 25. This proves that institutional investors have initiated building positions through the Grayscale Bitcoin Trust.
According to Swiss private bank Vontobel in its half-year financial report that its Bitcoin tracker certificate investment product has created a special interest from clients. Zeno Staub the CEO of Vontobel says that its wealthy clients have assigned a part of their wealth to cryptocurrencies. Peter Doyle the Horizon Kinetics co-founder has said that the world is at an ending point due to the increasing debt caused by the pandemic. This “means either default or currency debasement.” \
Bitcoin’s candle end on the July 26 candlestick shows that bears have belligerently sold nearly $40,550 but the positive sign is that bulls turned the $36,670 level into support on July 27. This proves a probable change in sentiment from sell on rallies to buy on dips. The bulls have increased the price higher than $40,550 today but the candles end today’s candlestick points out that bears have not surrendered yet. They will again try to compartmentalize the recovery in the overhead resistance zone at $41,330 to $42,451.67.
If the price goes down from the present level or the overhead zone, the BTC/USDT pair could again drop to $36,670. A tough rebound from this level will point out that the bulls are not waiting for a sharper dip to get in. the moving averages have finished a bullish crossover and the relative strength index (RSI) has increased up to the overbought zone showing that bulls are back in the game. This shows that the view will disprove if the price breaks under the moving averages. This will bring large range between $42, 451.67 and $28,805 into action.
Ether (ETH) low from the downtrend line from July 26 but the bears were not able to sink and sustain the price under the moving averages. This proves that bulls are buying on minor dips. The moving averages are close to finishing a bullish intersection while the RSI has increased up to the positive zone, pointing out that the bulls are ahead of the race. If the bulls are able to rise above the downtrend line, the pace might increase. This could give opportunities for a rally to $3,000. Hence, if the price goes down from the present level or the overhead resistance and dips below the moving average, the ETH/USDT pair could go down to the critical support at $1,728.74.
The candle thread on the July 26 candlestick points out that the bears are sold out at higher levels. They tried to trap the belligerent bulls by pulling Binance coin (BNB) back below the downtrend line but the buyers did not back down. The bulls stood by the 20-day exponential moving average ($304) on July 27 and are trying to increase the price above the 50-day simple moving average ($312) today. If they pass this, the BNB/USDT pair could increase up to the overhead resistance at $340. If the price goes down from the present level or the overhead resistance and breaks under the 20-day EMA this could result in a fall to $254.52.
The candle thread in Cardano’s (ADA) July 26 candlestick proves that the traders are selling on rallies. The bears have tried to pull and assist the price below the 20-day EMA ($1.25) on July 27 but failed, specifying buying at lower levels. They might have probably rejuvenated the buyers who are again trying to increase the price above the 50-day SMA ($1.33). In case this happens, the ADA/USDT pair could gradually increase to $1.50. This level may seem as a tough challenge for buyers but if they can overcome it, the pair could start its northward journey toward $1.94. So basically, if the price goes down from the present level or the overhead resistance and slides under $1.20 this says that bears will continue to sell at every major higher level. Which will result in a retest of the critical support at $1.