Price Analysis 7/6: Btc, Eth, Xrp, Bch, Bsv, Ltc, Ada, Bnb, Cro, Eos

Tuesday 7 July 2020, 7:28 AM AEST - 1 month ago

The U.S. equity markets, gold, crude oil and the crypto markets are all up today. This shows that the U.S. investors have returned from the holiday weekend charged up and ready to buy assets to fight the likely devaluation in the U.S. dollar due to the Federal Reserves current monetary policy.

Sino Global Capital CEO Matthew Graham believes that China wants to internationalize the renminbi as a direct challenger to the dollar. Hence, the digital yuan will use the latest technologies to counter Swift, CHIPS, Fedwire [...], which are all technologies used by the U.S. dollar but are antiqued and expensive.

Daily cryptocurrency market performanceDaily cryptocurrency market performance. Source: Coin360

Bitcoins (BTC) dominance, which was close to 70% on May 15, has gradually dropped and now rests below 64%. This suggests that after the halving, traders interest in the top-ranked asset on CoinMarketCap declined compared to the altcoins.

Does this mean that altcoins are likely to outperform Bitcoin in the short-term or is this a rally that will be sold into? Lets analyze the charts to find out.

BTC/USD

Repeated failure by the bears to sustain Bitcoin (BTC) below $9,000 has attracted buyers who have now pushed the price above the 20-day exponential moving average ($9,255). The bears might aggressively defend the 50-day simple moving average ($9,392).

BTC/USD daily chartBTC/USD daily chart

If the BTC/USD pair turns down from the moving averages, the bears will make one more attempt to sink the price below the $8,825–$8,638.79 support zone. If successful, a deeper correction is possible.

Conversely, if the bulls can drive the pair above the 50-day SMA, a rally to $10,000 is likely. The long-term downtrend line is placed just above this level, he ...

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