Gold reached a new high today, easing an earlier high in 2011. This may be the result of investors buying the asset as a way to hedge a possible weakening of banknotes due to the massive stimulus packages announced by various central banks around the world. ,
So far, gold has risen more than 26% under very favorable conditions, while Bitcoin (BTC) has risen about 50%, even when it was in the investors favor. This indicates that the relatively new asset is losing its first crisis since its inception and easily outperforms traditional havens.
Today, top notch CoinMarketCap assets were followed by a surge in gold prices, breaching the tough resistance of $ 10,500. This is likely to improve sentiment in the crypto zone, as well as attract new investors.
If the founding investors choose to allocate a small portion of their money to bitcoin, the rest of the year could rise dramatically.
BTC / USD
Bitcoin (BTC) broke from the critical $ 10,500 air resistance. This completed three different ascending charts that could give traders short, medium and long term targets.
If the price (UTC time) closes above $ 10,400, it will complete the ascending triangle pattern with a target of 11,870.50. This is a short-term goal.
Then, if BTC / USD (UTC time) closes above the resistance area of $ 10400-10500, it will complete the upside inverted head and shoulders pattern with a target of $ 16,997. This is a mid-range goal. ,
The bulls have already drawn the cross across the resistance line of the large symmetrical triangle. This setting has a target of $ 28,881.90, which is likely to be achieved over the long term.
However, if the pair fails to hold above the $ 10400-10500 resistance area, the bears will try to push the price below $ 10,000. If this happens, it will be very negative because it will indicate a lack of demand at higher levels.
ETH / USD
Ether has been in a strong trend since breaching the $ 253,556 resistance, suggesting that traders are buying strongly due to the fear of losing a rally.
Vertical highs in recent days have pushed the RSI deep into the overbought zone. History shows that Level 2 cryptocurrency on CoinMarketCap is corrected when RSI reaches above 87.
In mid-May last year, the correction was slight and the ETH / USD pair resumed its recovery after several days of consolidation. However, in mid-February. By this year, the pair had peaked and the price had fallen steeply, recovering all the gains.
Therefore, risky stalking after the recent rally could be a risky strategy. It is best to wait for the downside or consolidation before entering into new positions as this provides a logical stop to the loss loss and improves the risk-reward ratio.
Initial support for this drop is $ 288.599. Withdrawing from this support will be positive as it will indicate strong demand for decline. Next target is $ 366. If the momentum gauge is above this level, then the next target is $ 480.
Contrary to the opinion of many people, if speculators fall to below $ 288,599, this indicates weak momentum and could lead to a deeper correction or several days of consolidation.
XRP / USD
On July 25, XRP broke the head and shoulders neck. The target for the breakout pattern from this bullish setup is $ 0.25. In general, after an outbreak, try the neck price again.
If the fourth-level cryptocurrency on CoinMarketCap returns from the neck, it will likely start rising. There is little resistance at $ 0.235688, but it can expand. A 20-day exponential moving average ($ 0.20) and RSI in the overbought zone indicate that the bulls are in leadership mode.
However, if the bears sink and support the XRP / USD pair under their necks, it will be very negative. This could lead to a drop to $ 0.188499, as traders who bought after starting the call will have to close their positions.
BCH / USD
Bitcoin Cash (BCH) broke the $ 260 resistance, which indicates that bulls are continuing to buy at higher levels. The next level to look at is $ 280.47.
If bulls can take the cryptocurrency to fifth in CoinMarketCap above $ 227, then a new rally is possible. The target for a breakout in the range of $ 280.47 – $ 200 is $ 360.94.
However, if the bulls failed to push the BCH / USD above $ 280.47, it might drop to $ 260.