Published 25 Jul by Cryptodiffer Team
Highlights on DataDash Daily Update Jul 24
Bitcoin looks optimistic, we see confirmation of the uptrend. However, about the altcoins can not say the same thing, most of the coins are in a drawdown. As I said earlier, most likely, the market felt the bottom for a capitalization of 250 billion dollars.
BTC domination continues to grow, and I think that in the short term it will easily reach 50%. While the share of altcoins will fall to ~ 17%, as it was in March of this year. This is supported not only by the fact that we observed a similar situation in July-August last year, but also news related to the ETF.
BTC overcame an inclined resistance, restraining its growth since January. Most likely, the following resistance levels will be a moving average of 200 days and at least $ 10,000, if we draw a parallel with a similar situation in 2014. If we assume that the ETF will still be accepted in the next couple of months, then the growth should be much stronger, above $ 20,000. Even with a low probability of ETF decision making, the BTC risk/reward ratio is now simply astronomical, since the market can come huge money in the form of pension funds, investment banks and similar sources. RSI is now in the overbought zone, however, MACD gives a good bullish signal. I think that in the next few days we are expected to see a price increase, with a 200-day moving average slipping with a correction to the recently formed level of sloping support. Then, we are waited for retest moving average and further growth.
The leading altcoins today also look good. For example, DASH and LTC returned to their autumn support levels paired with the US dollar. It is worth noting that, given the behavior of altcoins on BTC correction this winter, it is logical to assume that many good altcoins are now in a very attractive area for purchases.
The article is devoted to the publication in the ICO journal informing that according to information from two insider sources (one of the SEC, the other of the CFTC), the ETF on the BTC will be approved before the end of this year. I do not think this is an extraordinary statement. I think that at least we will see confirmation, not direct input, as it was with futures. However, one should not completely trust such speculative anonymous sources.
The G20 specifies the date of the meeting about "very specific recommendations" for cryptocurrencies (source):
The meeting will be held in mid-October. Comments on the positions of the participants are very positive. It is worth noting that the discussion will concern the market as a whole, not just the ETF on bitcoins. One of the main issues on cryptology is protecting investors from scammers and shadow businesses.
Translation from this source