Price Analysis 19/07: Btc, Eth, Xrp, Ltc, Bch, Bnb, Eos, Bsv, Trx, Xlm
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Market data is provided by the HitBTC exchange.
The bashing of Libra continues, with G7 finance ministers warning that if the project is not regulated tightly, it can upset the global financial system. The ministers are against a private company issuing its own currency without any control.
Nonetheless, the project got support from unexpected quarters. The head of Germany's central bank Jens Weidmann, who previously was not very supportive of cryptocurrencies, said during a G7 event that the regulators should not try to kill the project without allowing it to prove itself. If Libra can deliver on its promises, it can be attractive to consumers.
Even before its launch, Libra is challenging the way money is being transferred across borders. BlackRock CEO Larry Fink, though not supportive of Libra, said that the high transaction fees of five to ten percent for cross-border transactions will have to be dealt with using technology.
United States Treasury Secretary Steven Mnuchin continued his tirade against cryptocurrencies, repeating the same old story of how cryptocurrencies can be used for illicit purposes such as money laundering.
We believe that these attempts to suppress the rise of cryptocurrencies will only cause a temporary hurdle in the short term. The long-term story remains optimistic and cryptocurrencies will only emerge stronger than before.
Bitcoin (BTC) continues to be the strongest cryptocurrency. The dip below the 50-day SMA was bought aggressively and the price has reached the 20-day EMA. This shows strong demand at lower levels. However, the bears are trying to defend the 20-day EMA.
If the BTC/USD pair turns down from current levels and plummets below $9,080, it will indicate a change in trend. The next support on the downside is at $7,451.63. The 20-day EMA is marginally down and the RSI is just below 50, which suggests that bears only have a slight advantage.
Conversely, if the next dip to $9,080 holds or if bulls scale above the 20-day EMA, it will indicate strength. We view this fall as a buying opportunity, but we will wait for a bottom to form before proposing a trade in it.
The pullback from the uptrend line hit a barrier at $$224.086. This level, which had prev ...