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Cryptocurrency technical analysis: cryptocurrency assets began the rally
Top crypto assets have been in an uptrend this week. One of the reasons for the growth was the positive dynamics in the US stock market. This was facilitated by the decision of the US Federal Reserve to continue the asset repurchase program in current volumes until March 2021. In addition, a number of news has influenced the digital asset market. So, on July 25, Chief Justice of the District Court of the District of Columbia Beryl Howell recognized bitcoin as a form of money and stated that the asset falls under the money laundering law. This decision was made during the $311 million laundering case, where the head of the Coin Ninja crypto project Larry Dean Harmon is the defendant.
Also since the beginning of the week, Bitcoin futures trading volumes have shown impressive growth, and the regulated crypto exchange Bakkt has reported closing of record high trading sessions. Also, significant support for the growth of the first cryptocurrency was provided by the massive closing of short positions, which were liquidated on July 28 for more than $500 million. And on July 29 it became known that the Central Bank of the Philippines is now participating in the race to launch the first national cryptocurrency. For this, a special committee will be created that will study the issue of launching the CBDC and the legal norms necessary for its work.
BitcoinAfter a rebound from support at $9150, bitcoin quotes easily overcame the $9500 level, which now also acts as support. The 200-day simple moving average (SMA) line passes in this area, as well as the boundaries of the technical analysis “Triangle” (they are marked in pink on the chart below). This allowed Bitcoin to reach the first goal in the form of cluster boundaries of $9,900- $10,000 and $10,400- $10,500.
Now the movement is taking place within the consolidation of $10,800- $11,300. In the coming weeks, maintaining the upward momentum will allow BTC quotes to rush to the following targets — $11,580 and $12,000. divergences ”between the highs on the chart and the MACD oscillator. If this scenario is realized, the targets will be the levels of $10,400 and $10,000. Further downward movement looks unlikely, but may lead to a retest of the $9,500- $9,600 area, where whales will most likely prefer to gain new positions in bitcoin.
BTC / USD chart, four-hour timeframe
On the daily chart of Bitcoin, you can see that there was a breakthrough of the boundaries of the technical analysis model “Triangle” (in the chart below they are marked in orange). From the point of view of technical analysis, a retest of the upper border of this figure should follow in the near future. This can lead to a decrease in the price from the current resistances of $11,000 and the cluster $11,200- $11,300 back to the supports at $10,500 and $10,000. If this scenario is implemented, there is also a chance of Bitcoin falling to the important cluster of $8900 (50% retracement at Fibonacci levels) — $9580.
The presence of divergence between the BTC price and the MACD oscillator indicates a high probability of a correction. But at what levels this reversal will occur is not yet known. But until the end of this year, the first cryptocurrency is ready to maintain its growth trend, which can lead to reaching $11,800, $12,500, a cluster of $13,100- $13,350 and $14,000.
BTC / USD chart, daily timeframe
EthereumAltcoins went up after bitcoin. The ether also shows good growth, the quotes of which continue to confidently rise from the support at $233, below which the 200-day SMA line is located. After overcoming the first target at $280, the ether rushed to the next targets located at the resistance levels of $300 and $320.
Now the ETH quotes have returned to the framework of the “Flag” graphical model, which can reduce the volatility of the asset. At the same time, a correctional decline below $320 will allow big capital to gain positions. The support levels will be $300, $280 and $251. The targets for the development of a long-term upward movement are $363.80, $400 and $420.
ETH / USD chart, daily timeframe
LitecoinOn the daily chart, Litecoin confidently maintains a positive momentum, which led to a breakout of the boundaries of the Descending Triangle technical analysis model. The upward breakout of the $47.45 level, just above which the 200-day moving average (MA) line is located, allowed LTC to go to the targets of $51.50 (38.2% correction level along the Fibonacci lines) and $56.80.
In the medium term, further upward movement may develop to $60.80, $65, $70 and even $83. However, in the event of a correction from the current levels, the whales are likely to gain positions only at the previously tested levels of $50 and $51.50.
LTC / USD chart, daily timeframe
Bitcoin CashBitcoin Cash, as expected, soared from the borders of the “Triangle” price model (on the chart below the borders are marked with pink lines) to the resistance located at the upper border of the “Horizontal Channel” $200- $272. Then the altcoin continued its way to the $305 area.
A correction may develop towards the 200-day SMA line, which is located in the $272 area. But in the long run of the coming months, we can expect a breakout of the $305 level, which will allow Bitcoin Cash to go up to the $356- $368 cluster and further to $400.
BCH / USDT chart, daily timeframe
XRPXRP also took advantage of an influx of liquidity, which led to the breakout of the boundaries of the Descending Triangle model. This allowed the asset to break through the boundaries of the “horizontal channel” of $0.18- $0.2050, in the area of which the 200-day MA line passes. As a result, XRP reached its first targets at $0.2360 and $0.2540.
In the long term, the bulls will be able to take profits at $0.27, $0.2860 and $0.3080. At the same time, the levels of $0.2040, $0.2360 and $0.2540 in the event of a correction can act as supports for the current XRP quotes.
XRP / USD chart, daily timeframe
Binance CoinBinance Coin also did not fail to take advantage of the market situation to break through the resistance in the form of the upper boundary of the “Ascending Triangle” and the level of $18.14. This allowed us to start the long-awaited growth towards the first target in the form of a powerful $19.36– $20 cluster. Maintaining this momentum in the months ahead will lead to the achievement of targets at $21.30, $23.50, $25.80 and $28.20.
But before that, the asset may wait for a correction to the levels of $19.36 and $18, where the 200-day SMA line is located.
BNB / USDT chart, daily timeframe
At the end of this week, we can confidently say that another rally has begun among crypto assets. Moreover, it occurs before the start of the correctional decline on the world stock markets, which some investors warn about. Thus, the cryptocurrency market is becoming a new safe haven for whales, which have preferred to accumulate positions since March. We will not be surprised if this upward movement will last more than one month.
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The United Nations established a digital group research blockchain, and Ma Yun Gates served as co-chair of the groupsubmitted by LotoBlock to LotoBlock [link] [comments]
The UN News Center announced on July 12 that UN Secretary-General Antonio Guterres established the "United Nations Secretary-General's High-level Panel on Digital Cooperation" and clearly proposed to put blockchain technology on the agenda of the group.
It is reported that the group will bring together 20 celebrities from all walks of life to strengthen cooperation in the digital field by governments, the private sector, civil society, international organizations, technology and academia, and other relevant stakeholders. According to the news, the Secretary-General has announced the appointment of Melinda Gates (Mr. Bill Gates, Chairman of the Bill & Melinda Gates Fund Opportunity) and Ma Yun as co-chairman of the group.
The United Nations has been exploring the application of blockchain technology in humanitarian applications.
In April of this year, the United Nations World Food Program (WFP) began using blockchain technology to assist Syrian refugees, benefiting 10,000 people. In addition, the United Nations has implemented a digital identity system based on blockchain technology to combat global trafficking in children.
Gates keeps a distance from Bitcoin, but Microsoft has a long-term layout of the blockchain.
During Reddit Ask Me Anything in February this year, Bill Gates sneered at the cryptocurrency. Gates attacked the anonymity of virtual currency because they hindered the identification of anti-money laundering, anti-terrorist financing, and anti-tax evasion. In an interview with CNBC's Squawk Box, he said, "If there is a simple method, he will short the bitcoin."
But on the other hand, the Bill and Melinda Gates Foundation has been supporting blockchain projects, especially in Africa. In 2015, the foundation donated $100,000 to the Kenya Bitcoin merchant payment platform Bitsoko. The Bill and Melinda Gates Foundation has been driving the development of virtual currency in Africa because they can provide low-cost trading services for the poor.
In addition, Microsoft's layout in the blockchain field is also deep. In 2015, Microsoft launched the "Azure Blockchain as a Service (BaaS)" program. The program introduces blockchain technology to the Azure cloud computing platform to serve financial industry customers using Azure cloud services, allowing users to tailor their blockchain services to their business and innovation needs. In 2016, Microsoft further relied on Azure cloud services to launch the “Open, Modular Blockchain Component” program, using Microsoft's own architecture to create a blockchain enterprise ecosystem, and open a series of blockchain agreements to address early cross-spans. The problem of industry blockchain users is integrated in terms of platform openness, user identity, key management, privacy security, operations management and interactivity. In May of this year, Microsoft released the Azure blockchain work platform at the Global Developers Conference, which has been used by hundreds of companies. In June of this year, Microsoft acquired GitHub, a world-renowned software hosting platform, with a $7.5 billion Microsoft stock. GitHub is an important gathering place for blockchain projects, with more than 80,000 blockchain projects. In addition, Microsoft has expanded its strategic partnership with R3 to integrate R3's distributed ledger platform, Corda and R3Net, with Azure. Microsoft has also strengthened cooperation with super-books, the United Nations, and Cornell University's blockchain research groups to conduct blockchain research.
Ali is also actively trying blockchain business, Ant Financial is a pioneer
In July 2016, Ant Financial Services joined the blockchain technology in Alipay's love donation platform; in October 2016, Ali Financial Cloud and Yicheng Interactive jointly launched “Yunyou Mall”; in the same month, with Microsoft, Xiao ant, Fa Da, etc. Co-developing “Law Chain”; cooperating with PricewaterhouseCoopers in March 2017 to build a traceable cross-border food supply chain; investing in Symbiont in May 2017; and in August 2017, Ali Health and Jiangsu Changzhou will cooperate The joint + blockchain pilot project; in October 2017, Ant Financial CTO first disclosed the "BASIC" strategy, B is the blockchain; in November 2017, Tmall International announced the upgrade of the global origin traceability plan; the same month, Ali built the digital Xiong'an blockchain implementation platform; in January 2018, the ant blockchain was launched, and Xiong'an built a blockchain rental application platform; in February 2018, the rookie and Tmall International enabled blockchain technology tracking Logistics full link information on imported goods; in June 2018, AlipayHK launched the world's first blockchain-based e-wallet cross-border remittance service.
Among them, the most important thing to ignore is the breakthrough of Ant Financial in the cross-border remittance service of e-wallet based on blockchain. As early as 2016, Ma Yun proposed eWTP to make Ali's business worldwide, which requires worldwide data flow, capital flow, and material flow. Aliyun is responsible for data flow, rookie logistics is responsible for material flow, and cross-border flow of funds is the task of Ant Financial.
In fact, Ant Financial's use of blockchain technology for cross-border remittances is a part of Alipay's globalization. In the form of acquisition or investment or cooperation, Ant Financial has covered Alipay's globalization strategy to more than 70 countries and regions. For example, in the eight countries of Southeast Asia, support local Alipay wallets: Touch’n Go in Malaysia, Emtek in Indonesia, GCash in the Philippines, Paytm in India, Easypaisa in Pakistan, BKash in Bangladesh, AscendMone in Thailand, and Hellopay in Singapore. There are also Kakao Pay in Korea and Telenor in Norway.
In addition, Alipay's international partners include Worldpay in the UK, Concardis and Wirecard in Germany, Ingenico in France, Recruit in Japan, ICB and KICC in Korea, Supay in Australia, Magic Compass and IE money in New Zealand, Webmoney and Qiwi in Russia, and Boleto in Brazil.
All in all, Alipay's globalization strategy has begun to take shape. From AlipayHK's launch of the world's first blockchain-based e-wallet cross-border remittance service, the use of blockchain technology to support cross-border remittances may be around the world. Each country's “local Alipay” node builds a blockchain solution for cross-border remittance services.
Invited to serve as co-chair of the UN High-level Panel on Digital Cooperation, Ma said that in the DT era, data and technology are more widely available, which is an opportunity for all young people, small businesses and women. He is happy to join and promote global cross-disciplinary cooperation to create a digital future for universal young people.
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